Tennessee Assignments of the Lease

State:
Multi-State
Control #:
US-OG-781
Format:
Word; 
Rich Text
Instant download

Description

This lease rider form may be used when you are involved in a lease transaction, and have made the decision to utilize the form of Oil and Gas Lease presented to you by the Lessee, and you want to include additional provisions to that Lease form to address specific concerns you may have, or place limitations on the rights granted the Lessee in the “standard” lease form.

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FAQ

A lease termination clause usually allows a tenant to break a lease early in exchange for a penalty fee. The penalty fee is oftentimes the equivalent to one month's rent or two month's rent. The landlord may also require that tenants exercising this clause provide them with sufficient notice.

When making a request for consent to assign a lease, the Tenant should include all relevant information about the proposed assignee, to enable the Landlord to make a decision. Relevant information is likely to include company details, audited accounts and references.

Notice of Lease Terminations: In Tennessee, the notice period for terminating a lease depends on the type of tenancy and the reason for termination. For example: For a month-to-month tenancy, either the landlord or the tenant can terminate the lease by giving 30 days written notice.

As long as the tenant does not violate any rules from their lease, they can stay until their rental period ends. However, a tenant may be evicted if they stay in the property even a day after their written lease ends (and have not arranged for a renewal).

While breaking a lease often results in penalties, Tennessee law allows tenants to break their lease legally in certain situations. In these situations, the tenant will only have to meet the set conditions prior to moving out.

An assignment is the transfer of one party's entire interest in and obligations under a lease to another party. The new tenant takes on the lease responsibilities, including rent and property maintenance, and the original tenant is released from most (if not all) of its duties.

Many Tennessee property management companies also ask their tenants to provide a Notice to Vacate at least 30, 60, or 90 days before the lease has expired if they plan to move out at the end of the term.

In Tennessee, a landlord or tenant may terminate a week-to-week tenancy with at least 10 days' written notice. To end a month-to-month tenancy, the landlord or tenant must provide written notice at least 30 days before the specified termination date.

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Tennessee Assignments of the Lease