MANGMT 3540 1st Edition Lecture 24 Outline of Last Lecture I. Types of TenanciesII. LeasesIII. Rights to PossessionIV. Duty to RepairV. Tenant’s Obligation to RepairOutline of Current Lecture VI. Lease Clauses as to PaymentVII. Assignment and SubleaseVIII. TerminationIX. RemediesCurrent LectureI. Lease Clauses as to PaymentA. Renti. A defendant covenant—landlord can break the lease if you fail to payB. Late Chargesi. A type of liquidated damages—if too high they become an unenforceable penaltyC. 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 damagesD. Taxes and Insurancei. Usually the landlord pays, but in commercial leases or leases with optionsto buy, the tenant frequently pays all or part of these expenses.II. Assignment and SubleaseA. Typesi. 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 Rulei. No sublease or assignment of a lease of less than two years duration is valid without written approval of the landlord.C. Releasei. Agreement to release by landlord necessary to release first tenant from liability where sublease or assignmentIII. TerminationA. Notice to Quit i. A notice to quit is a notice by the landlord or tenant of the intent to a periodic tenancyii. Month to Month1. Notice must be given before the first day of the month to terminate the lease at the end of the monthiii. Year to Year1. Notice must be given 60 days prior to the end of the lease year to terminate the lease at the end of the yearB. Holding over after Lease Termi. With landlord’s approval, the lease reverts to month to month.ii. Without approval of the landlord, the tenant is responsible for double rentIV. RemediesA. Summary Proceduresi. Allow a landlord to evict a tenant quicker by providing for a quicker trial date and fewer defensesii. Example: a rent and possession actionB. Landlord’s Lieni. Allows a landlord to keep tenant’s property as security for damages to thereal estateii. No landlord’s lien in Missouri except for on cropsC. Duty to Mitigatei. Duty to lessen tenant’s damages, usually by seeking a new tenantii. No duty of a landlord in Missouri to mitigate unless the landlord keeps the security
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