Sacha LaCoss
Contractor not meeting Deadlines
27 April 2020 | 4 replies
The contract says:Completion TimeA: The parties agree that time is of the essence and therefore the work to be performed under this contract shall be commenced on or before the 2nd day of March and shall be substantially completed on or before March 31st.
Don Jackson
Trying to evict, tenant got attorney, now suing me-North Carolina
29 February 2020 | 26 replies
Thanks for your replies.Here is the TERM section of the lease:---------------------------Term: The term of this lease shall be for "one year" (duration) commencing 01-01-2019(date) and expiring at 11:59 PM Eastern Time 12-31-2019 (date (the “Initial Term”).Either Landlord or Tenant may terminate the tenancy at the expiration of the Initial Term by giving written notice to the other at least 30 days prior to the expiration date of the Initial Term.This notice shall contain a definitive move-out date after which the Tenant must have completely vacated the property.
Javier D.
Coup d etat by tenants. What would you do?
7 June 2020 | 7 replies
Usually When I stabilize a property I would just commence eviction process but here enter pandemic eviction moratorium.
Kevin Allen
Cares act 401k question
1 May 2020 | 4 replies
Please note that per the multiple loan rules, the amount of the loan must be reduced by the highest outstanding balance of any other 401k participant loan over the prior 12 months (regardless of whether such other loan is currently outstanding).Monthly or Quarterly Payments: The loan must be paid back in equal monthly or quarterly payments of principal and interest.Interest Rate: The interest rate is equal to prime plus 1% (or CD rate plus 2%) and is a fixed rate that is set at the time that the loan is taken.Term of the Loan: Five-year term unless the proceeds of the loan are used to purchase a primary residence in which case the term of the loan may be up to 30 years.First Payment:For monthly payments, the first payment that would otherwise be due is delayed until January 2021 (e.g. if the first monthly payment would have been due on May 15, 2020, it will be due on January 15, 2021).For quarterly payments, the first payment that would otherwise be due is delayed until the first quarter of 2021 (e.g. if the first quarterly payment would have been due on May 15, 2020, it will be due on February 15, 2021).EXISTING LOANS:The CARES Act which was enacted to provide relief to individuals impacted by COVID-19 allows for increased 401k loans and more flexibility for repayment of these loans.Specifically, you must be an individual who meets one of the following conditions to demonstrate that you have been impacted by the crisis (and it will be your responsibility to retain documents in your files that demonstrates that you are a qualified individual):Individual who is diagnosed with COVID-19, with a CDC-approved test;Individual whose spouse or dependent is diagnosed with COVID-19, with a CDC-approved test; ORIndividual who experiences adverse financial consequences as a result of being quarantined, furloughed, laid off, having work hours reduced, being unable to work due to lack of child care due to COVID-19, closing or reducing hours of a business owned or operated by the individual due to COVID-19; or other factors as determined by the Treasury Secretary.If you meet the above conditions:You may delay making any 401k loan payments due between 3/27/2020 and 12/31/2020.You must commence making loan payments in January 2021 (or the first quarter of 2021 if your loan payments are due on a quarterly basis).If you elect to delay making such loan payments, the term of your loan will be appropriately extended.
David Herrera
Are Borrowers Protected from NON-Judicial Foreclosures?
5 May 2020 | 0 replies
. =) In summary, no judicial foreclosure proceeding may be commenced, nor may nonjudicial foreclosure sales occur, until 15 days after the applicable Emergency Rule and shelter in place orders expire.
Anthony Paul Guglielmi
BRRRR-ing with existing tenants
10 January 2020 | 8 replies
.:1) I can keep the rent close to what they are paying now, and they will have to vacate the basement area for construction to commence.2) They can keep their current arrangement, but rent will be raised to a competitive level.3) They can vacate - this being their 30 day notice.Do you all think this is a fair and smart approach?
Anthony Paul Guglielmi
Question about lease terms...
12 January 2020 | 3 replies
Can anyone tell me what these this language would mean today:"This lease will commence February 16, 2012 and terminate February 29, 2013.
Roy N.
Tenant triggers bank to call note (mortgage)
16 November 2013 | 7 replies
A new tenant, or rather tenants (there are 4 of them) had signed a lease back in April which commenced on September 01.
Bennet Sebastian
Legal question - can a valid contract be nullified due to a pre-existing first right of refusal?
5 December 2013 | 13 replies
., Buyer's sole and exclusive remedies shall be to either (i) terminate the Agreement......... or (ii) commence an action for specific performance of the Agreement within thirty (30) days after the date of Seller's default."
Aaron Mazzrillo
EPA & Lead Based Paint
23 December 2013 | 15 replies
We are fortunate that our painter is licensed and EPA certified and we get the required paperwork prior to work commencing and we also provide the disclosures required by law to the new occupants.