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Updated almost 8 years ago, 01/04/2017
Lease Addendum for Landlord to Terminate Lease Due to Sale
Hi BP'ers. Does any have experience with adding verbiage into their lease or addendums that gives the owner the right to terminate the lease with the tenant (not at the end of the lease) in 30/60/90 days because of a decision to sell the property?
I assume that as long as your tenant agreed and signed, this process could be legally binding. However, I feel that it may be hard for a tenant to sign such an addendum because of the unknown. I would not be offering the reverse (tenant's right to terminate earlier than the lease end date).
Thanks!