Basement Rental Agreement Letter
Date: August 14, 2050
[YOUR NAME]
[YOUR COMPANY NAME]
[YOUR COMPANY ADDRESS]
[YOUR COMPANY EMAIL]
[YOUR COMPANY NUMBER]
Michael Carter
456 Oak Avenue
Springfield, IL 62705
Subject: Basement Rental Agreement
Dear Mr. Carter,
This letter serves as a formal agreement between [YOUR NAME] (Landlord) and Michael Carter (Tenant) regarding the rental of the basement at the property located at 123 Elm Street, Springfield, IL 62704. The terms and conditions outlined below shall govern the rental arrangement.
1. Property Description:
The Landlord agrees to rent to the Tenant the basement unit located at the aforementioned address. The basement includes a living area, kitchenette, and private bathroom.
2. Term of Lease:
The lease term shall commence on September 1, 2050, and continue through August 31, 2051. Either party may terminate the agreement with a 30-day written notice prior to the end of the lease term.
3. Rent and Payment Terms:
The monthly rent for the basement unit shall be $1,200. The Tenant agrees to pay the rent on or before the 1st day of each month. Payments should be made by check or electronic transfer to the Landlord’s designated account.
4. Security Deposit:
A security deposit of $1,200 is required upon signing this agreement. This deposit will be held to cover any potential damages and will be returned to the Tenant within 30 days of lease termination, subject to any deductions for damages.
5. Utilities:
The Tenant shall be responsible for the payment of all utilities associated with the basement unit, including electricity, gas, water, and internet services.
6. Use of Property:
The Tenant agrees to use the property solely as a residential dwelling. No commercial activities or alterations to the property are permitted without prior written consent from the Landlord.
7. Maintenance and Repairs:
The Tenant agrees to keep the premises in good condition and report any maintenance issues to the Landlord promptly. The Landlord will be responsible for major repairs, while the Tenant will handle minor maintenance.
8. Termination of Agreement:
Upon termination of this agreement, the Tenant agrees to vacate the premises and return all keys to the Landlord. The property should be left in a clean and undamaged condition.
9. Governing Law:
This agreement shall be governed by and construed in accordance with the laws of the State of Illinois.
10. Signatures:
By signing below, both parties agree to the terms and conditions set forth in this Rental Agreement.
[YOUR NAME]
Landlord
[DATE]
Michael Carter
Tenant
[DATE]
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