North Carolina Waiver of Lease Provision by Lessor: Understanding the Basics In North Carolina, a waiver of lease provision by the lessor is a significant legal provision that grants certain rights and responsibilities to landlords and tenants. This provision typically refers to the legal act of the lessor (landlord) voluntarily relinquishing the enforcement of specific terms or clauses within the lease agreement. The North Carolina waiver of lease provision by the lessor allows the landlord to waive or forgo enforcement of a specific lease provision, ultimately giving flexibility and potential benefits to both parties involved. It is important to note that waivers must be agreed upon and executed in writing to be legally binding. There are various types of North Carolina waiver of lease provisions by the lessor, each serving different purposes. Let's take a closer look at some common types: 1. Rent Payment Waiver: This type of waiver allows the landlord to temporarily or permanently waive the tenant's obligation to pay a specific portion or the entirety of their rent. It could be due to unforeseen circumstances such as natural disasters, financial hardships, or other extraordinary situations. 2. Late Fee Waiver: With this provision, the lessor voluntarily agrees not to charge the tenant any late fees for delayed rent payments past the agreed-upon due date. However, it is important to note that this waiver is usually temporary and limited to situations where the tenant is facing genuine difficulties. 3. Maintenance and Repairs Waiver: In select cases, the lessor might choose to waive their responsibility for certain repairs or maintenance issues in the leased property. This waiver could be agreed upon when tenants willingly take on the responsibility of maintaining specific aspects of the property or if both parties agree to alternative arrangements. 4. Non-Compliance Penalties Waiver: This waiver pertains to any penalties or consequences stated in the lease agreement for the tenant's failure to comply with certain terms or conditions. The lessor could choose to waive these penalties temporarily or permanently, depending on the circumstances. It is important to thoroughly review and understand the specific details of each type of North Carolina waiver of lease provision by the lessor. Both landlords and tenants should consult with legal professionals to ensure their rights and obligations are appropriately protected when including a waiver provision in their lease agreement. In conclusion, a North Carolina waiver of lease provision by the lessor serves as an important legal mechanism that offers flexibility and potential benefits to both landlords and tenants. By understanding the various types of waivers available and consulting with legal professionals, parties can navigate lease agreements more effectively and address any unforeseen circumstances that may arise during the lease term.
North Carolina Waiver of Lease Provision by Lessor
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An agreement between a landlord and a receivables financier in which the landlord agrees to waive its rights to exercise distraint over a client's assets to meet sums due to the landlord, usually unpaid rent.
You can waive this notice in writing. Such an agreement is often called a ?Waiver of Notice to Quit.? For failure to pay rent, 10 days' notice is required. (For other lease violations, the notice must be 15 days for leases of less than a year and 30 days for leases of more than a year.)
The North Carolina Office of Administrative Hearings and the Fair Housing Act prohibit landlords from discriminating against potential tenants because of their race, religion, familial status, sex, gender, etc.
SDNA stands for Subordination Non-Disturbance and Attornment. It essentially guarantees that if the landlord defaults, neither the landlord nor the lender can cancel a tenant's lease. Each individual word references a separate provision; some lenders may desire some provisions and not others, depending on their goals.
A collateral access agreement is a legal document that outlines the terms and conditions of how an individual can borrow money from a business owner. It will state what the borrower needs to do in order to repay the loan, as well as any interest rates or penalties for late repayment.
§ 42-14. A tenancy from year to year may be terminated by a notice to quit given one month or more before the end of the current year of the tenancy; a tenancy from month to month by a like notice of seven days; a tenancy from week to week, of two days.
Justified Reasons to Break a Lease in North Carolina Active Military Duty. ... Uninhabitable Conditions. ... Domestic or Sexual Violence. ... Early Termination Clause. ... Landlord Harassment or Privacy Violation. ... Mental or Physical Disability. ... Landlord Retaliation.
Waiver is defined as follows: When the landlord knows that the tenant is breaching the lease, yet conducts the landlord-tenant relationship in the normal course (for example, accepts rent and otherwise does nothing to object to the violation of the lease), then the court may infer that the owner has waived, or forgiven ...
