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Updated over 2 years ago on . Most recent reply

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Vicky Lewis
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Question: I'm using the BP Lease agreement.

Vicky Lewis
Posted

The BP Lease agreement looks to be month-to-month with a term. I'd like to just do a 1 year lease and be done with it. Can I use this form but put the term at one year? 

2. Term. Subject to the terms and provisions of this Lease, Landlord leases the Premises to Tenant from twelve o’clock noon on ____________________, 20______ until 11:59 p.m. on ________________________, 20_____ or ___ on a month-to-month basis (the “Term”). Subject to

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Sergey A. Petrov
  • Real Estate Consultant
  • Seattle, WA
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Sergey A. Petrov
  • Real Estate Consultant
  • Seattle, WA
Replied
Quote from @Matt Devincenzo:

You fill in the dates for a year creating a year lease term. The phrase 'month to month' basis is indicative of the payment schedule not that this lease term itself is month to month. It's a legal nuance but there is a difference...the above is the correct way to structure that lease section to provide for a 1 year lease term with monthly payment basis


 this is incorrect. fill in the first blank to give you the start date. for the second part either fill in the second blank (after words "...until 11:59pm on..." ) or add a checkmark for month-to-month. See that "OR" in there? either a term lease until whatever date you pick or it is month-to-month. To be even more clear strike one or the other depending on which direction you are taking. So, if creating a one year lease strike "or ___ on a month-to-month basis" and add a date that is a year away to the "until 11:59pm on..." blank field.



"...until 11:59 p.m. on ________________________, 20_____ or ___ on a month-to-month basis (the “Term”)..."

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