Reletting definition

Reletting what does that mean?? Reletting is simply finding someone else to take over the terms of your Lease by signing it over to him/her. Before you do that, there are a few things to know: You are still bound by the terms of the Lease and are not permitted to cancel it prematurely. Not all communities allow reletting, and those that do, are not always successful in finding a replacement resident. The new resident and new guarantor will need to be approved by management before the reletting process is complete and relieves you of your Lease agreement. A new Lease and a new Guaranty Agreement must be completed and submitted. Furthermore, the standard move-in and move-out procedures will be performed. The new resident must inspect the apartment, note all damages on the Unit Condition Checklist and accept the apartment. The new resident will be required to pay a new security deposit, application fee, prepaid rent, and all other applicable fees and deposits. Once all of these conditions have been met, the effective date of the transfer will be the date the new resident moves in (“Effective Date”). You will be refunded your security deposit, less any deductions for damages, cleaning or other charges associated with the Lease. You and your guarantor will remain financially liable for all charges incurred until the Effective Date and will be released from all obligations under the Lease which arise after the Effective Date. You should ensure that the new resident successfully switches all utilities payable from your name to his/her name. If you pay a reletting fee for a transfer that is unsuccessful, you will receive a credit toward future rent payments.
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Reletting. In any case where LANDLORD has recovered possession of the Leased Premises by reason of TENANT'S default, LANDLORD may, at LANDLORD'S option, occupy the Leased Premises or cause the Leased Premises to be reasonably redecorated, altered, divided, consolidated with other adjoining premises, or otherwise changed or prepared for reletting, and may relet the Leased Premises or any part thereof as agent of TENANT or otherwise for a term or terms to expire prior to, at the same time as, or subsequent to the original expiration date of this Lease, at LANDLORD'S option, and receive the rent therefor, applying the same first to the payment of such expenses as LANDLORD may have incurred in connection with the recovery of possession, redecoration, altering, dividing, consolidating with other adjoining premises, or otherwise changing or preparing for reletting, and the reletting, including reasonable brokerage fees and attorneys' fees (to the extent allowed by law) and then to the payment of damages in amounts equal to the rent hereunder and to the cost and expense of performance of the other covenants of TENANT as herein provided; and TENANT agrees, whether or not LANDLORD has relet, to pay to LANDLORD damages equal to the rent and other sums herein agreed to be paid by TENANT during the remainder of the original term of this Lease, less the net proceeds of the reletting, if any, as ascertained from time to time and the same shall be payable by TENANT on the several rent days above specified. LANDLORD shall have the right, in reletting the Leased Premises, to grant reasonable rent concessions and TENANT shall not be entitled to any credit by reason thereof. No such reletting shall constitute a surrender and acceptance or be deemed evidence thereof or in any way relieve TENANT of its obligations under this Lease except to the extent of the net proceeds received from such reletting.
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Examples of Reletting in a sentence

  • Reletting can be for a period shorter or longer than the remaining term of this Lease.

  • Reletting may be for a period shorter or longer than the remaining term of this Lease.

  • Resident acknowledges that the Reletting Fee is not a cancellation fee or a buyout fee.

  • Reletting may be for a period shorter or longer than the remaining Term of this Lease.

  • Tenant shall pay Landlord, on demand, all past due Rent and other losses and damages Landlord suffers as a result of Tenant’s Default, including, without limitation, all Costs of Reletting (defined below) and any deficiency that may arise from reletting or the failure to relet the Premises.

  • Tenant shall pay Landlord on demand all past due Rent, all Costs of Reletting and any deficiency arising from the reletting or failure to relet the Premises.

  • Reletting can be for a period shorter or longer than the remaining Term of this Lease.

  • The Assignment Fee described in this Lease Contract is separate and distinct from the Reletting Fee.

  • Reletting may be for a period shorter or longer than the remaining Term.

  • The Reletting Fee is applicable when Owner finds a suitable replacement resident for the remainder of the Lease Term.

Related to Reletting

  • Costs of Reletting shall include all reasonable costs and expenses incurred by Landlord in reletting or attempting to relet the Premises, including, without limitation, legal fees, brokerage commissions, the cost of alterations and the value of other concessions or allowances granted to a new tenant.

  • the Premises means the building or part of the building booked and referred to in the contract

  • Rent means “eligible rent” to which regulation 12 of the Housing Benefit (Persons who have attained the qualifying age for state pension credit) Regulations 2006 refer, less any deductions in respect of non-dependants which fall to be made under paragraph 30 (non-dependant deductions);

  • Leased Premises means the premises which are material to the Company or any Subsidiary and which the Company or any Subsidiary occupies or proposes to occupy as a tenant, sub-tenant or occupant;

  • Demised Premises or “Premises” (and whether or not capitalized) is used herein, it shall be understood to mean the “premises leased hereby”; and whenever the term “Entire Premises” is used herein (and whether or not capitalized), it shall be understood to mean all of the contiguous land and buildings owned by Landlord at this location, which include the premises leased hereby. The term “Non-leased Premises” shall mean the Entire Premises less the Leased Premises.