Rent Protection Sample Clauses
The Rent Protection clause is designed to safeguard the landlord’s right to receive rental payments even in situations where the tenant may be unable or unwilling to pay. Typically, this clause outlines mechanisms such as requiring a guarantor, insurance, or other financial assurances to cover unpaid rent. By establishing clear procedures and remedies for missed payments, the clause ensures the landlord’s income stream is protected and reduces the financial risk associated with tenant default.
Rent Protection. In 2004, the Maryland General Assembly enacted legislation requiring landlords to confirm their compliance with Maryland’s Lead Risk Reduction in Housing Law when filing for repossession of property based on a tenant’s failure to pay rent. If the property to be repossessed was constructed prior to 1978, the landlord must state that they are currently registered with Maryland Department of the Environment and provide the certificate number for the inspection conducted for the current tenancy. Failure to provide this information may result in the dismissal of the landlord’s complaint.
Rent Protection. We will indemnify You for any outstanding Rent amount (less the Deposit), subject to a maximum amount equivalent to three (3) months rent for each Tenant in any Period of Insurance, for which You have successfully obtained a Court judgment against the Tenant and the Tenant has not paid the amount stated in the judgment within one month of the Court ruling, provided always that:
(a) You have taken legal action against the Tenant for forfeiture of tenancy to regain possession of the Insured Premises;
(b) The Tenant has not paid the Insured the amount stated in the judgment within (1) month after Court ruling. If the Tenant pays the judgment debt to You after a claim has been paid under this Section 1, You must pay to Us the amount received by the Tenant. An excess of 3/4 of one month’s Rent will be applied to each and every claim under Section 1 (Rent Protection).