This office lease form is regarding the renewal or other extension of the lease as it relates to the "Base Year Taxes" and the "Base Year for Operating Expenses".
Arkansas Option to Renew that Updates the Tenant Operating Expense and Tax Basis
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Multi-State
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US-OL2402
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How to fill out Option To Renew That Updates The Tenant Operating Expense And Tax Basis?
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FAQ
Unlawful Detainer Method (civil eviction): When an Arkansas tenant fails to pay rent on the due date, the landlord must wait five days. If the rent isn't paid within five days of the due date, the landlord has the right to terminate the tenancy by giving the tenant an unconditional notice to quit (move out).
Rent and Fees Rent Increases: There is no statewide rent control in Arkansas. Late Fees: There are no statutory late fees in Arkansas. Grace Period: There is no mandatory grace period in Arkansas. This means landlords can charge a late fee as soon as rent is late.
Creditors legally can't charge excessive late fees, which means they must be reasonable, although what constitutes a "reasonable" fee is open to debate. In most cases, late fees typically range between $25 and $50. Some creditors may provide a grace period before they impose the late fee.
If an issue of noncompliance arises (and rent is current and noncompliance is not excused) and the landlord does not remedy the noncompliance within 30 days after receiving notice from the tenant, the tenant may terminate the lease or rental agreement without penalty and receive a refund of his or her security deposit.
California law states that a late rent fee should be ?reasonable,? though it does not set any restrictions when it comes to a maximum late fee for rent. Generally, a reasonable late rent fee in the state is considered 5% to 10% of the cost of rent, with most California landlords charging 5% for any late rent payments.
Failure to pay rent or to pay rent on time, for any reason, is grounds for eviction. In Arkansas, a landlord may pursue a tenant in a civil action for an ?unlawful detainer.? Unlawful detainer actions require a landlord to provide you with a three days' written notice to vacate.
Arkansas tenants have the right to seek a rental unit without being discriminated against by their landlord. On the other hand, tenant rights allow them to report any safety or health violations to the local authorities.
Late Fees - Section 2.1 If the rent is not received on or before the 5th day of the month, you may charge your tenants a late fee of 5% of the total unpaid rent amount. So for example, if today is the 6th and your tenants have not paid their $1,000 monthly rent amount, then you may charge them a late fee of $50.
