New NC Landlord Trying to Navigate Existing Lease!

[Jordan Sellers]

Hello!

I have just closed on a 2 unit property in North Carolina and inherited tenants in one of the units. They are paying way below market value for their unit and it would be ideal if I could either propose a rent increase or ask them to vacate. The former landlords were a retired couple who didn't seem to do things by the books so the lease is quite confusing and I'm hoping for some help..

The pertinent line item of the lease reads as follows: "Month-to-Month Tenancy: This agreement may be terminated by mutual consent of the parties or by either party giving written notice at least 60 days prior to the end of any monthly period. Any provision of this agreement may be reasonably changed by the Owner in like manner, thus THIS RENTAL CONTRACT ESTABLISHES A MONTH TO MONTH TENANCY ONLY! All parties agree that termination of this agreement without prior notice before December 2019 will constitute breach of the tenancy as agree on Page 1, and all security deposits shall be forfeited in favor of the Owner as full Liquidated damages at Owner's option following termination without notice"

So.. what are my options? I would like to propose that I raise the rent effective next pay period or they vacate by May 31. In NC, I believe -only 7 days notice is required for month-to-month leases.. Any help would be very greatly appreciated!

Thank you!