MANGMT 3540 1st Edition Lecture 24 Outline of Last Lecture I Types of Tenancies II Leases III Rights to Possession IV Duty to Repair V Tenant s Obligation to Repair Outline of Current Lecture VI Lease Clauses as to Payment VII Assignment and Sublease VIII Termination IX Remedies Current Lecture I Lease Clauses as to Payment A Rent i A defendant covenant landlord can break the lease if you fail to pay B Late Charges i A type of liquidated damages if too high they become an unenforceable penalty C Deposits These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute i Secure against nonpayment of rent and against damages D Taxes and Insurance i Usually the landlord pays but in commercial leases or leases with options to buy the tenant frequently pays all or part of these expenses II Assignment and Sublease A Types i Assignment transfer by tenant of all first tenant s rights to second tenant assignor to assignee ii Sublease transfer of part of tenant s rights to second tenant sublessor to sublessee B Missouri Rule i No sublease or assignment of a lease of less than two years duration is valid without written approval of the landlord C Release i Agreement to release by landlord necessary to release first tenant from liability where sublease or assignment III Termination A Notice to Quit i A notice to quit is a notice by the landlord or tenant of the intent to a periodic tenancy ii Month to Month 1 Notice must be given before the first day of the month to terminate the lease at the end of the month iii Year to Year 1 Notice must be given 60 days prior to the end of the lease year to terminate the lease at the end of the year B Holding over after Lease Term i With landlord s approval the lease reverts to month to month ii Without approval of the landlord the tenant is responsible for double rent IV Remedies A Summary Procedures i Allow a landlord to evict a tenant quicker by providing for a quicker trial date and fewer defenses ii Example a rent and possession action B Landlord s Lien i Allows a landlord to keep tenant s property as security for damages to the real estate ii No landlord s lien in Missouri except for on crops C Duty to Mitigate i Duty to lessen tenant s damages usually by seeking a new tenant ii No duty of a landlord in Missouri to mitigate unless the landlord keeps the security deposit
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