Michigan Termination of Ground Lease Agreement
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How to fill out Michigan Termination Of Ground Lease Agreement?
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FAQ
You can still break the lease by paying all the rent due for the remaining lease term. Under Michigan law, you only need to pay the amount the landlord loses, in the event of breaking the lease. No matter what your reason for leaving is, landlords must make reasonable efforts to re-rent the unit.
During the ground lease term, the tenant will typically own and depreciate the improvements. At the end of the term, ownership of the improvements may revert to the fee owner or the ground lessee may be required to remove them.Historically many ground leases had terms of 99 years.
Termination Fees Most agreements require you to pay 2-3 months' rent and forfeit your security deposit.
Tenant Rights to Withhold Rent in MichiganTenants may withhold rent or exercise the right to repair and deduct if a landlord fails to take care of important repairs, such as a broken heater. For specifics, see Michigan Tenant Rights to Withhold Rent or Repair and Deduct.
If the mandatory break fee applies, the set fee payable is: four weeks rent if less than 25 per cent of the agreement has expired. three weeks rent if 25 per cent or more but less than 50 per cent of the agreement has expired. two weeks rent if 50 per cent or more but less than 75 per cent of the agreement has expired.
In Michigan, the landlord must give the tenant at least 7 days' notice before filing to evict for non-payment of rent, for causing damage to the home, or for creating a health hazard.
Unless such a condition is explicitly stated in the lease or there is a rare jurisdictional law that requires a cooling period, your lease is binding the second you sign your name. The landlord has the right to decide whether to mutually agree to terminate the lease or to hold you to the terms.
Declare a Constructive Eviction. Point Out Landlord Breaches to Reduce Your Debt. Landlords Have a Duty to Mitigate Their Damages. Consequences for Breaking Your Lease. Look for These Clauses in Your Lease. Your Landlord May Have a Duty to Mitigate. Declare a Constructive Eviction.