Early Termination Agreement

[Max T.]

Just thought I'd share an arrangement I came up with that my great tenants agreed to in exchange for letting them out of their leas a month early:

Background - They are great tenants. 6 years. First she rented from me, then a few years later her boyfriend (now husband) moved in. Original rent was $950. Raised up to $1050 after property taxes went up in 2014. Always pays early, lets me know about maintenance issues, no drama, etc... They have been married about 2 years now and will be settling on their first house May 1. I collected first, last, and security deposit when they moved in (all 950).

She asked to end their lease 1 month early (April 30). I agreed under the following conditions.

1. April's rent paid as usual by April 1st.

2. Clean and empty, keys returned, by April 30.

3. I would return half of what they paid for last month's rent (so 475) along with their security deposit minus damages, by May 30. I would also waive the $100 owed for the final month (difference between what was paid up front and current rent rate)

4. If they are not fully out and clean by April 30 I would charge them for the full month of May.

They agreed to my terms and I expect everything to go smoothly. They are great tenants so I did my best to help them out without losing much $$. This agreement basically buys me 2 weeks to get the place rent ready, which I should be able to do without much trouble.