Day Notice Of Termination Of Storage Space Rental Agreement: Fill & Download for Free

Most standard rental contracts include:1. Rental property address and details. This is especially important when you have one building with multiple units so there’s no confusion.2. Details on any furnishings, parking space, storage areas, or other extras that come with the rental property. Will the unit be furnished or unfurnished? Will a refrigerator be included? Etc. You can see how disagreements here could lead to problems.3. Names of all tenants. Every adult who lives in the rental unit, including both members of a married or unmarried couple, should be named as tenants and sign the lease or rental agreement. This makes each tenant legally responsible for all terms, including the full amount of the rent and the proper use of the property.4. Limits on occupancy. Your agreement should clearly specify that the rental unit is the residence of only the tenants who have signed the lease and their minor children. This guarantees your right to determine who lives in your property -- ideally, people whom you have screened and approved -- and to limit the number of occupants. The value of this clause is that it gives you grounds to evict a tenant who moves in a friend or relative, or sublets the unit, without your permission.5. Term of the tenancy. Every rental document should state whether it is a rental agreement or a fixed-term lease. Rental agreements usually run from month-to-month and self-renew unless terminated by the landlord or tenant. Leases, on the other hand, typically last a year. Your choice will depend on how long you want the tenant to stay and how much flexibility you want in your arrangement.6. Deposits and fees. Expect to see details on the dollar amount of a security deposit, cleaning deposit, or last month’s rent BEFORE the tenant can move in. Are deposits refundable or nonrefundable?7. Rent. Your lease or rental agreement should specify the amount of rent, when it is due (typically, the first of the month), and how it's to be paid, such as by mail to your office. To avoid confusion and head off disputes with tenants, spell out details such as:acceptable payment methods (such as personal check only)whether late fees will be due if rent is not paid on time, the amount of the fee, and whether there's any grace period, andany charges if a rent check bounces.8. Repairs and maintenance. Your best defense against rent-withholding hassles and other problems (especially over security deposits) is to clearly set out your and the tenant's responsibilities for repair and maintenance in your lease or rental agreement.9. Entry to rental property. To avoid tenant claims of illegal entry or violation of privacy rights, your lease or rental agreement should clarify your legal right of access to the property -- for example, to make repairs -- and state how much advance notice you will provide the tenant before entering.10. Restrictions on tenant illegal activity. To avoid trouble among your tenants, prevent property damage, and limit your exposure to lawsuits from residents and neighbors, you should include an explicit lease or rental agreement clause prohibiting disruptive behavior, such as excessive noise, and illegal activity, such as drug dealing. Is cannibus on the premises allowed or prohibited? In some state it’s legal but for federal purposes it is currently illegal.11. Pets. If you do not allow pets, be sure your lease or rental agreement is clear on the subject. If you do allow pets, you should identify any special restrictions, such as a limit on the size, type, or number of pets or a requirement that the tenant will keep the yard free of all animal waste.12. Utilities. The landlord should state who pays for what utilities. Normally, landlords pay for garbage and sometimes for water, if there is a yard. Tenants usually pay for other services, such as Internet, gas, and electricity.13. Extended absences. Some leases and rental agreements require a tenant to notify the landlord in advance if you will be away from the premises for a certain number of consecutive days (often seven or more). Such clauses may give the landlord the right to enter the rental unit during your absence to main­tain the property as necessary and to inspect for damage and needed repairs. You’ll most often see this type of clause if you live in a cold-weather place where, in case of extremely cold temperatures, landlords want to drain the pipes to guard against breakage.14. Limits on tenant behavior. Most form leases and rental agreements contain a clause forbidding tenants from using the premises or adjacent areas, such as the sidewalk in front of the building, in such a way as to violate any law or ordinance, including laws prohibiting the use, possession, or sale of illegal drugs. These clauses also prohibit tenants from intentionally damaging the property or creating a nuisance by annoying or disturbing other tenants or nearby residents—for example, by continuously making loud noise. Leases and rental agreements may prohibit smoking, in individual units as well as in common areas.15. Restrictions on use of the property. Landlords may throw in all kinds of language limiting tenant use of the rental property and who may stay there. These may be minor (for example, no waterbeds, plants on wood floors, or bikes in the hallway) or quite annoying. These may be in a separate set of rules and regulations or individual clauses. Basically, landlords can set any kind of restriction they want—as long as it’s not discriminatory or retaliatory or otherwise violates your state law.16. No home businesses. Landlords may prohibit tenants from running a business from your home, by including a clause specifying that the premises are “for residential purposes only.” The concern here is generally about increased traffic and liability exposure if one of your customers or business associates is hurt on the premises. Obviously, working at home on your computer is not likely to bother your landlord, and may not even be noticed.
 If you want to run a day care operation in your rented home, your landlord may not be able to flatly prohibit it. Laws in some states, including California and New York, are designed to encourage family-run day care. Landlords in these states may limit the number of children, however, and any business you run must comply with state fire and health regulations regarding minimum size of the facility and fire exits.17. No assignments or sublets without landlord permission. Most careful landlords will not let tenants turn their rental over to another tenant (called “assignment”), let someone live there for a limited time while you’re away (called a “sublet”), or let you rent an extra bedroom to another occupant, with you as the “landlord” (also called a sublet), without their written consent. 
Lease clauses often specifically prohibit tenants from renting rooms on Airbnb or similar short-term rental services.18. Attorney fees and court costs in a lawsuit. Many leases and rental agreements specify who will pay the costs of a lawsuit if you go to court over the meaning or implementation of a part of your rental agreement or lease—for example, a dispute about rent or security deposits. These clauses do not apply to legal disputes that arise independently of the lease or rental agreement—for example, lawsuits over alleged discrimination. A common and evenhanded attorney fees clause will explicitly require the losing side in a landlord-tenant dispute concerning the lease or rental agreement—whether it’s the landlord or the tenant—to pay attorney fees and court costs (filing fees, service of process charges, deposition costs, and so on) of the winning party. Watch out for clauses that make only the losing tenant pay for the owner’s lawyer’s fees. In several states, these unfair arrangements will be interpreted to run both ways, even though the landlord didn’t intend it that way (in other words, if you win, the landlord has to pay your costs).19. Grounds for termination of tenancy. You’ll often see a general clause stating that any violation of the lease or rental agreement by you, or by your guests, is grounds for terminating the tenancy according to the procedures established by state or local laws. Rules for terminating a tenancy differ depending on whether or not you sign a lease or rental agreement, and vary by state (and, in some cases, by city, if the property is under some form of rent control).20. Other Restrictions. Be sure your lease or rental agreement complies with all relevant laws including rent control ordinances, health and safety codes, occupancy rules, and antidiscrimination laws. State laws are especially key, setting security deposit limits, notice requirements for entering rental property, tenants' rights to sublet or bring in additional roommates, rules for changing or ending a tenancy, and specific disclosure requirements such as past flooding in the rental unit.These are just a few of the most common clauses usually found in lease agreements. Work with a local property manager in your state to develop a lease that is appropriate to your property and tenants. They are worth their weight in gold when it comes to finding reliable tenants, screening and leasing. And their fee should be tax-deductible to an active property owner while your personal time spent in these activities is not.

It is crucial a self- storage owner take all the appropriate steps when advised a tenant is bankrupt. Handling this matter properly will ensure the owner is not in violation of bankruptcy law and can proceed in his efforts to collect the secured debt.Types of BankruptcyChapter 7 is liquidation. In a Chapter 7 case, where the debtor can be an individual or a corporation, a trustee under supervision of the bankruptcy court collects the debtor's property, converts it to cash, and distributes the cash to the creditors.Chapter 11 is reorganization. In a Chapter 11 case, where the debtor is likely a corporation, the debtor creates--again under the supervision of the bankruptcy court--a plan to pay off the creditors, usually from post-petition (after the bankruptcy filing) earnings.Chapter 13 is also a reorganization but is limited only to individuals who meet certain requirements. Here, the individual files with the court a plan to pay off his debts over time with a so-called "wage earner" plan.The Bankruptcy ProcessWhat follows are the steps a self-storage owner should take upon notification of a tenant's bankruptcy. Also included are possible strategies to recover the debt or simply make the occupied unit available for rent.Step 1: Stop the sale.If the facility is contemplating or in the process of a foreclosure sale, all sale efforts must cease immediately. This includes any preforeclosure notices, placing any ads and, of course, selling the tenant's property.Step 2: File proof of claim.The proof of claim is a document that may be obtained from the bankruptcy court. It is imperative to check the document to determine whether it is filed with the court or the trustee. This often is determined by the type of bankruptcy. The document identifies all the debt that occurred up to the time the petition for bankruptcy was filed (the "prepetition" debt). It will serve to identify the storage facility as a creditor against the debtor. Because most rental agreements provide for a lien against the tenant's property and a possessory interest in it, an owner can identify himself as a secured creditor. Because these proofs of claim often have deadlines, the storage facility must file this document with the appropriate entity as soon as possible.Step 3: Continue to charge rent and other fees after the date of the petition.Depending on the strategy used to proceed in the storage facility's collection efforts, it is important to continue charging the tenant for use of the space. One remedy for recouping the post-petition rental fees is requesting rent be paid as "administrative costs" of maintaining the property. Additionally, a debtor or trustee may assume the rental contract, as clarified below.The owner must also review the tenant's debt by examining the amounts owed and, more specifically, payments received in the 90 days prior to the filing of the bankruptcy. The concern about payments in the 90-day period relates to "preferential claims." A nonaffiliated creditor cannot accept more than $600 payment toward debt within 90 days prior to the filing of the bankruptcy. If money is paid in excess of the $600, the trustee will demand the funds be returned to the debtor's estate as a preferential claim, and the funds will be distributed among all the creditors. Failure to respond to the trustee's demand will result in a suit against the facility owner to recapture those funds.Step 4: Contact the debtor's attorney and the bankruptcy trustee.The contact information for the debtor's attorney and the trustee is listed on the bankruptcy petition. The objective of this contact is to determine the intent of the tenant.Possible Courses of ActionThe actions a storage facility may take after a tenant files bankruptcy are:Assumption of the contract. The debtor can ask the bankruptcy court to allow it to assume the contract. This is called assuming an "executory contract." If the debtor assumes the contract, the monthly rent gets paid while the case is pending, and the outstanding past-due rent must be paid to the debtor out of default. This situation moves the self-storage owner to the front line of priorities. Nonetheless, if the trustee does not believe it will benefit the debtor to keep the property in storage, he will reject the contract. If the trustee takes no action to accept or reject the lease within 60 days after the date of the order for relief, the lease is deemed rejected and the automatic stay is terminated under 11 U.S.C. sec. 365 (d)(4).Relief from stay or adequate protection. A creditor may request a "relief from the stay" that, if granted, allows the facility operator to enforce his lien rights to foreclose on the property. A request for relief from the stay is filed in the form of a motion with the court, requesting that the court "lift the stay."Alternatively, a motion for adequate protection may be filed. Whether a secured creditor is entitled to adequate protection depends on whether he is over secured or unsecured. An oversecured creditor has collateral worth more than the debt. An unsecured creditor has debt greater than the worth of the collateral. Adequate protection can come in the form of post-petition interest on its claim for an undersecured creditor and payment of principal and interest for an oversecured creditor.When a secured creditor has an interest in the property to be used, sold or leased by the trustee or debtor, the court may prohibit or condition such use, sale or lease as is necessary to provide him adequate protection. Under 11 U.S.C. ß 363(o), the bankruptcy trustee or debtor-in-possession has the burden of proof on the issue of adequate protection, and the secured creditor who has asserted a lien on the property to be sold has the burden of proof on the validity, priority or extent of the lien.Apply for administrative costs. In Chapter 11 or 13, the store owner can request the trustee or debtor to pay the costs to maintain the property in the storage facility. The bankruptcy court can make the determination that certain costs are required to proceed with the bankruptcy, and the maintenance of the debtor's property in the storage facility could be considered such a cost.Turnover. Certain creditors may be required to "turn over" property of the debtor to the bankruptcy trustee. This allows the bankruptcy court to collect the assets of the debtor to distribute to all of the creditors. If the bankruptcy court requires the storage facility to turn over the stored property to the trustee, the facility will receive a notice of the request in the form of a motion for turnover, which will require the facility's response. However, turnover may not be required by the court unless the debtor can provide sufficient collateral to the creditor to ensure its claim is protected. The bankruptcy court will not require a secured creditor to give up its possessory interest if by doing so it will lose its security rights.Abandonment. Another approach under bankruptcy is to file a motion with the bankruptcy court requesting it order the trustee to "abandon" the tenant's property. The motion must demonstrate to the court that this property is burdensome and of "inconsequential value and benefit" to the debtor. If the trustee is ordered or chooses to abandon the property, it will be released to the storage facility as the secured creditor, the stay will be lifted, and the property can be sold in an effort to recoup monies owed on the storage facility's claim. If nothing else, an abandonment would allow the storage facility to remove the property from the unit.Statutory liens. Whether the storage facility's tenant files a Chapter 7, 11 or 13, it should be assumed that if the facility is holding the tenant's property and has a signed rental agreement providing for a statutory lien, it is a secured creditor. This fact provides it additional priority over other creditors who are unsecured and will entitle it to faster payment for the outstanding debt.

In the last two years, the Government has taken a number of steps to curb the menace of black money in the economy including setting up of a Special Investigation Team (SIT); enacting a law regarding undisclosed foreign income and assets; amending the Double Taxation Avoidance Agreement between India and Mauritius and India and Cyprus; reaching an understanding with Switzerland for getting information on Bank accounts held by Indians with HSBC; encouraging the use of non-cash and digital payments; amending the Benami Transactions Act; and implementing the Income Declaration Scheme 2016.Black money disclosure scheme:In the biggest-ever black money disclosure, at least Rs 65,250 crore of undisclosed assets were declared in the one-time compliance window, yielding the government Rs 29,362 crore in taxes.A big blow was expected for the remaining black money holders who still were trying to get away with. On 8th November 2016 Indian Government in a sudden move declared Indian notes of Rs 500 and Rs 1000 as untenable currency till further notice to fight against terrorism and corruption in the Government.Connecting the dots:Jan dhan yojana will ensure that the poor people are not affected by such move. They just need to go the bank and get those exchanged which wouldn’t have been possible and streamlined without a bank account.Aadhaar ID and UPI will ensure all the transactions are linked and recorded to avoid someone tricking the system.The D-Day:The execution plan was extremely well planned.Declared in the evening – So that no one can either withdraw or deposit in the bank the same day.Short duration – (till midnight)- Less time for the culprits to plan and execute.Closure of bank the next one/two days: No hard cash transaction, but ensuring NEFT and RTGS transaction being feasible. If it would have to be declared on a Friday evening, it wouldn’t have possible. There is no issues with electronic transactions, as these are recorded.What’s Next:2000 Denomination:High value denomination will decrease the per unit printing cost. A 10 rupee note has a printing cost of 9.6% of its face value whereas 1000 rupee note has only 0.317% of its face value. In other words, for a given amount of money, it costs the RBI 30% less to print it in the form of Rs.1,000 notes than in Rs.10 notes.RFID/NGC Tracking: It is expected that the new 2000 denomination is embedded with NGC. Nano GPS Chip(NGC) is a type of RFID technology which can make the currency detectable. The unique feature of the NGC is it dosent need any power source. It only acts as a signal reflector. Storage of huge cash at a single space can be detected by satellite and there by avoiding black money accumulation.Cardless: RBI was on a printing spree till date. It had nearly lost control over the currency in the market as a high percentage of it is stored as black money. This move will revamp the scenario and will give RBI a fresh start to control the market. RBI can narrow down the cash flow to the market by focusing and promoting more cashless transaction. The UPI just ensured the readiness of such eco-system.E-Wallet: This will give a huge push to e-wallets like PayTM etc. As UPI is not in full-fledged now and most of the people don’t have their virtual UPI address yet. PayTM has already penetrated well into Tier-II cities and even small retail stores. It’s providing a huge number of options (like Movies, Flight ticket, Train ticket, Bill payment etc.). So market share of PayTM is expected to increase at a high rate in next few days.Terrorism and Corruption: Terrorism will reduce drastically as the black money was their major source of funding. This will also put an end to the bribe and corruption system in India.Indian Economy: Indian economy is now at a transformation stage. There is a slight chance of things going wrong also, but if executed perfectly this will give a huge push to the economy. The rupee value of dollar may come lower than 60 and the tax collection and GDP may rise significantly.Edit1: New initiatives taken by government on 8th December(after 1 month of demonetization) for a cashless economy.On an average, there are 4.5 crore petrol/diesel buyers in India and 1800 crores of sell per day. In first month after demonetization, the digital cash payment has increased from 20% to 40%. Cash requirement has decreased by 360 crore per day. To increase cashless payment, government has taken following initiatives:I. Petrol/diesel cheaper for those who pay by digital mode, to get 0.75% discountII. 10% discount on digital payments for RFID or FASTags procured through digital payments at toll plazas across all national highwaysIII. 5% discount on digital payment mode for railway facilities like catering, accommodation, retiring roomsIV. Insurance cover worth Rs 10 lakh for those who book Railway tickets through digital modeV. Buying general, life insurance policies from PSU insurers' websites and premium to get 10% and 8% discount respectivelyVI. People buying monthly seasonal tickets in the Suburban railway networks through digital payment mode , to get 0.5% discount. This is effective from Jan 1, 2017, starting from the Mumbai suburban railwaysVII. Govt will support regional rural banks and cooperative banks through NABARD to issue 'Rupay Kisan Card’ to 4.32 crore Kisan Credit Card holdersVIII. Govt to expedite digital switch-over; Two Point of Sale (PoS) machines each for one lakh villages with a population of less than 10,000. The exercise will be supported through financial inclusion fundIX. State-run banks to ensure that merchants should not be required to pay more than Rs 100/month as monthly rental for PoS terminals/micro ATMsX. Govt depts, PSUs to ensure that transaction, merchant discount rate (MDR) charges are not borne by customers for public dealings.Click here for the full post.