Team Project Contract-Lease Assignment
This Residential Lease Agreement (hereinafter “Lease”) is entered into this the 10-01-11, by and between the Lessor: George Murphy, (hereinafter referred to as “Landlord”), and the Lessee(s): Benjamin Potter for the Potter Corporation. All Lessees (hereinafter referred to collectively as “Tenant”), are jointly, severally and individually bound by, and liable under, the terms and conditions of this Lease. 1.
GRANT OF LEASE: Landlord does hereby lease unto Tenant, and Tenant does hereby rent from Landlord, solely for use of space on the building roof for the construction of a sign owned by The Potter Corporation. The building is located in Clark County, with the address of: 1234 S. County Line Road
TERM OF LEASE: This Lease shall commence on the 1st day of October, 2011, and extend until its expiration on the 31th day of October, 2013. 3. SECURITY DEPOSIT: Upon execution of this Lease, Tenant shall deposit the sum of $1,000.00; to be held by Landlord as a security deposit for reasonable cleaning of, and repair of damages to, the premises upon the expiration or termination of this Lease, or other reasonable damages resulting from a default by Tenant. Tenant shall agree that if the Tenant shall fail to take possession of the premises or shall repudiate the lease before the beginning of the term, the Landlord shall keep the deposit as liquidated damages for such breach and any other money paid in reference with this lease agreement. Tenant shall be liable to Landlord for all damages to the leased premises upon the termination of this Lease, ordinary wear and tear excepted. Tenant is not entitled to interest on the security deposit. Tenant may not apply the security deposit to any rent due under this Lease. If Landlord sells or assigns the leased premises, Landlord shall have the right to transfer Tenant’s security deposit to the new owner or assignee to hold under this Lease and upon so doing Landlord shall be released from all liability to Tenant for return of said security deposit. Under Indiana Code § 32-7-5-12:
Upon termination of a rental agreement, all of the security deposit held by the landlord shall be returned to the tenant, except for any amount applied to:
(1) The payment of accrued rent;
(2) The amount of damages that the landlord has or will reasonably suffer by reason of the tenant's noncompliance with law or the rental agreement; and
(3) The landlord is not liable until supplied by the tenant in writing with a mailing address to which to deliver the notice and amount prescribed by this subsection. The tenant is not entitled to apply a security deposit to rent.
4. RENT PAYMENTS: Tenant agrees to pay rent unto the Landlord during the term of this Lease in equal installments of $400.00 for each month for 24 months being due and payable on or before the 1st day of the month (or the first day for the accrual period), the first full rent payment under this Lease being due on the 1st Day of October, 2011, along with the Security Deposit of $1,000. The total of $12,000.00 is due for the term of the lease.
Tenant agrees that if rent is not paid in full on or before the 10th day of the month, Tenant will pay a late charge of $25.00 and an additional $10.00 per day as allowed by applicable Indiana law.
Rent payments shall be made payable to George Murphy via check or cashier check, however if the check is returned due to insufficient funds there will be a $25.00 service charge. Monthly payments are to be sent to the attention of the Landlord at P.O.Box 123, Roderick, Indiana 46123. All notices from Tenant to Landlord under this Lease and applicable Indiana law shall be delivered to P.O. Box 1234, Roderick, IN 46123.
CONSEQUENSES OF BREACH BY TENANT: If Tenant, by any act or omission, Tenant shall be considered in breach of this Lease. In case of such breach Landlord may deliver a written notice to...
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