Reletting Fee definition
Examples of Reletting Fee in a sentence
Resident acknowledges that the Reletting Fee is not a cancellation fee or a buyout fee.
The Assignment Fee described in this Lease Contract is separate and distinct from the Reletting Fee.
The Reletting Fee is applicable when Owner finds a suitable replacement resident for the remainder of the Lease Term.
In the event Resident moves out prior to the end of the Lease Term, Resident shall be responsible for either the Reletting Fee or the Assignment Fee, in addition to continuing liability for Rent through the end of the Lease Term until a suitable replacement resident is identified.
The Reletting Fee is separate and distinct from the Assignment Fee.
In addition, in the event of Resident’s default, Resident shall be liable for and shall pay: (i) a Reletting Fee, as provided herein this Addendum, to offset the costs of reletting the Premises; (ii) all monthly Rent and other charges which are payable during the remainder of the Term of the Lease, which shall be accelerated automatically without notice and shall be immediately due and delinquent; and (iii) any other sums that may be due pursuant to the Lease or applicable law.
The Reletting Fee is a liquidated amount covering only Owner’s damages associated with Owner’s time, effort, and expense in finding and processing another resident to occupy the Premises.
The Reletting Fee does not release you from continued liability for future or past-due rent, charges, fees or other sums due under this Lease Contract.
You agree that the Reletting Fee is a reasonable estimate of such damages and that the fee is due whether or not Owner’s reletting attempts succeed.
The Reletting Fee applies if and/or when Owner finds a suitable replacement resident, whereas the Assignment Fee applies when Resident finds a suitable replacement resident approved by Owner.