Comment of the Day: The Clue They’ll Be Tearing It Down

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]

6 Comment

  • 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.


  • 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.