Sample Auto Renewal Lease Agreement - Free Download
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Automatic Renewal Lease Agreement
Birmingham, AL 35205
STATE OF ALABAMA )
___________ COUNTY )
THIS AGREEMENT, date ____________________, is between Spartan Value Investors, LLC, the Landlord, and
____________________________________________, the Tenant(s).
In consideration of the payment of rent and the keeping and performance of the covenants in this agreement, the Landlord
hereby agrees by lease to the Tenant(s), and the Tenant(s) hereby agrees to hire and take from the Landlord, the Leased
Premises below pursuant to the terms and conditions specified herein:
1. Leased Premises. The Leased Premises are those premises described as:
2. Term. The initial term of this Lease shall be for a period of (1) year beginning on ____________________
and ending on ____________________. After the initial term, this lease shall renew from year-to-year
thereafter, provided that in no event shall this lease extend for more than a ten year term. Either party may terminate
this lease by giving the other party written notice not less than sixty days in advance of the next upcoming renewal
3. Rent. The Tenant(s) hereby agrees to pay rent for the premises in monthly installments of:
a. ___________________ to be paid on or before the first day of the month for which rent is due.
b. The monthly rent and other charges due hereunder are due to be paid by Automatic Direct Draft from the
Tenant(s)’ account on the first day of the month. This account should be specified on the
“AUTHORIZATION AGREEMENT FOR AUTOMATIC DIRECT DRAFT” that will be signed along with
this agreement. If the Landlord agrees to take payment by mail, the amounts due are to be sent to the
Birmingham, AL 35205
Or such other address designated in writing by the Landlord.
4. Late Payment and Return Check Charges. In the event that rent is not received in the possession of the Landlord
in full by the 1
day of the month due, Tenant(s) will be in default of this lease. The late payment charge is $50.00 if
the full payment is received by the 7
of the month. On or after the 7
day of the month the late payment charge
becomes 15% of the monthly rental rate. If Tenant(s) check is returned unpaid by the bank, for any reason, Tenant(s)
agree and to pay a returned check charge of $35.00 to cover the Landlord’s expense in addition to the late payment
charge. After the first instance of a returned check or insufficient funds, all payments must be made by certified funds.