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Updated about 10 years ago,
Changing Lease term mid lease at Landlords decision
I have a unique situation that drives a need to reduce the term of the lease. Tenant has not been paying on a timely basis and other significant factors (without elaborating..) that drive the need to do a workout plan and get a different tenant. An eviction proceeding was initiated to get their attention, but I don't like doing them if at all avoidable.
State is Indiana in this case, so it is likely state specific....BUT has anyone done what I would describe as a "contract ammendment" with a tenant to adjust / reduce the term of the original lease? I'm sure I can have my attorney do it, but if it is a common or acceptable trade practice to do a simple term change assuming both parties agree to the change. I would prefer to do so myself. If you have any direct experience with it or advice it is appreciated. Thanks in advance!