COMMENT OF THE DAY: THE CLUE THEY’LL BE TEARING IT DOWN “The standard Texas Apartment Association lease does not give the owner the right to cancel the lease in the event of a sale. If the land value is approaching the as-built value, however, a smart landlord is going to put a clause in the lease that allows for a 30-day termination. At the complex I listed above, that was exactly what happened. The landlord had a cancellation clause in the lease for years before the property was sold to a developer. Some tenants may be turned off by it. It may have some affect on the rental rates. You have to weigh the pros and cons. Every situation is different.” [Bernard, commenting on New Owner Orders Everybody Out of the Greenbriar Chateau Apartments]