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]
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I doubt any of the tenants noticed or cared about that clause. They probably also waived a jury trial, punitive damages and attorneys fees in that lease– a thirty day termination is a drop in the bucket when you consider the rights people routinely contract (or even more disturbingly, legislate)away.
That’s where you’d be wrong, Mel. I signed the lease. I knew about it. In fact, it was VERY CLEARLY explained to me by the friendly leasing agent. Not only did I know about it, I cared about it. I clearly would have preferred not grant the landlord an option to terminate the lease with 30 days notice. In the end though, just like in renting any apartment, I weighed numerous factors before signing the lease. I knew the risk I was taking. No regrets.
Oh, excuse me Bernard. Apparently I stand corrected because you cared deeply, passionately about a thirty day clause you obviously assumed would never be invoked during your tenancy. Right. Anyway, my point stands, your personal impassioned experiences aside.
Well if that little exchange doesn’t belong in a Downfall parody I don’t know what does.
(http://www.telegraph.co.uk/technology/news/6262709/Hitler-Downfall-parodies-25-worth-watching.html)
Even Wilshire Village residents got more than $250 for moving expenses – sad.
There were Wilshire tenants when that place was bought? I remember walking it, thinking how I’d love to buy it (to keep it as apartments but fixed up, I still think they were very cool). Walking around there was like walking around a ghost town.