This office lease clause states that in the event the tenant becomes a debtor under Chapter 7 of the federal Bankruptcy Code and the Trustee of the tenant's property or the tenant elects to assume the lease for the purpose of assigning the same or otherwise, such election and assignment may only be made if all of the terms and conditions are satisfied. If such Trustee shall fail to elect or assume the lease within sixty (60) days after the filing of the petition, the lease shall be deemed to have been rejected.
Colorado Landlord Bankruptcy Clause
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US-OL28042
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Harassing the tenant ? in person, by phone, online, or through the mail. Changing the locks on the tenant's doors. Removing the tenant's possessions from the unit. Refusing to perform necessary repairs on a renter's unit.
Signed into law on June 6, 2023, and effective this August, this bill restricts landlords (with some exceptions) from considering or inquiring about certain information relating to a prospective tenant's amount of income and credit history. It also places a cap on security deposits.
Landlords can be hesitant to rent properties to prospective tenants with bankruptcy filings that occurred in the previous two years. However, as time passes, bankruptcy tends to have less of an impact on a debtor's ability to rent, particularly if he or she has been financially responsible in the intervening years.
The bankruptcy code gives a debtor the ability to assume or reject unexpired leases. Assumption means the debtor will continue to perform under the terms of the lease, while rejection means that the lease will end effective the date of rejection.
This is known as an ?automatic stay,? issued by the Colorado bankruptcy court as soon as you file. Foreclosure, repossession, or eviction can all be temporarily stopped by bankruptcy. However, these measures will cease automatically while they are still pending.
It is never legal for a landlord to evict a tenant without a court order. Self-help by a landlord is illegal in Colorado.
Tenant rights state that they may exercise their right to habitable housing whenever they consider it appropriate; this includes asking for utilities in good condition, getting repairs in a reasonable amount of time, and collecting their security deposit once they leave the premises.
If the problem significantly interferes with your life, health, or safety, your landlord must start taking action within 24 hours of getting the notice. For other, less urgent issues, the landlord must start taking action within 96 hours (4 days)
