This office lease clause states that in the event the tenant becomes a debtor under Chapter 7 of the federal Bankruptcy Code and the Trustee of the tenant's property or the tenant elects to assume the lease for the purpose of assigning the same or otherwise, such election and assignment may only be made if all of the terms and conditions are satisfied. If such Trustee shall fail to elect or assume the lease within sixty (60) days after the filing of the petition, the lease shall be deemed to have been rejected.
Delaware Landlord Bankruptcy Clause
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FAQ
Whether the tenant's lease/rental agreement is weekly, monthly, or fixed-term, a Delaware landlord must provide all tenants a 60-days' written eviction notice to vacate the premises.
Early termination by tenant If the tenant wishes to terminate the lease early, they have to give a notice period of 60 days. For more information on Delaware Landlord Tenant laws please visit their website here.
§ 5514. Security deposit. (a) (1) A landlord may require the payment of security deposit. (2) No landlord may require a security deposit in excess of 1 month's rent where the rental agreement is for 1 year or more.
Rental agreements for period longer than one (1) year must be in writing. (§5106) Unless a rental agreement is in writing, it will not be effective for any longer than one (1) year. An agreement that has no term will be for a term of month to month.
(§5502) If the tenant fails to pay rent, the landlord may, on the day after rent is due, send the tenant a notice that rent must be paid within five (5) days from the date the notice was given or sent, or the rental agreement will be terminated.
Delaware landlords cannot raise rent during the lease term unless the lease agreement allows for it. Additionally, if the rental property is a mobile home, rent increases are limited to once per year. Landlords must provide 60 days' notice before raising rent, and for mobile homes, a 90-day notice is required.
§ 5106. Rental agreement; term and termination of rental agreement. (a) No rental agreement, unless in writing, shall be effective for a longer term than 1 year.
