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Updated 12 months ago on . Most recent reply

User Stats

28
Posts
16
Votes
Bob Avery
  • Investor
  • Saint Paul, MN
16
Votes |
28
Posts

Understanding BP Lease Fields

Bob Avery
  • Investor
  • Saint Paul, MN
Posted

Hey folks! 

I'm working on my first rental and trying to understand the best practices for how to use the template leases I can find. For example, below are three sections from the BP landlord forms lease. For (C) (ii), if parking spaces are "0", is "Identified as _____ and containing _____ parking spaces" left blank?

For (D), if I don't have a management agent, do I leave it blank? Put myself and my own address there? Delete it entirely?

For (G), what is the appropriate way to fill in those fields? Check marks / X's seems too ambiguous. Am I misinterpreting the purpose of the ___ fields, and they just mean "modify this in some way", and in the (G) instance the correct modification would be to delete the payment types which aren't accepted?

I understand the safest option is to have a lawyer review the lease, but I figured I'd try to answer my beginner questions here and not waste the lawyers time (and my money) on the "for dummies" explanation.

Thank you!

(C) As used in this Lease, “Premises” means that certain private dwelling residence situated in ________________________________________ County, Minnesota and having an address of ____________________________________________________________________________________. Along with the dwelling unit described herein, the Premises include the following: (i) _____ Storage Locker; (ii) _____ Parking space(s) (Identified as _____ and containing _____ parking spaces (also see Section 9 below); (iii) _____ Garage (Identified as _____ and containing _____ parking spaces and _____ transmitters (also see Section 9 below).

(D) As used in this Lease, Landlord’s “Authorized Management Agent” means ______________________________, address:___________________________,who is also authorized to act on behalf of Owner for the purpose of Service of Process and accepting Notices

...

(G) Acceptable forms of payment of Rent (including Additional Rent) are ___ personal check, ___ cashier’s check, ___ bank check, ___ money order, and ___ the following online/ACH payment methods ____________________. No other forms of payment will be accepted by Landlord.  

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