Lease Renewals
We love to keep our Residents right where they are! We give our current tenants the first opportunity to lease the property for another year. Renewal notices are sent to tenants ahead of the lease Renewal Deadline. The renewal deadline for current residents will be late September/early October. Any properties that are available after the renewal deadline will be offered to groups on the Wait List. Please remember, properties cannot be “passed” or “handed” down. Properties are offered on a first come, first served basis. If you have friends or siblings who are interested in living in your CBS house or apartment next year, please tell them to contact us immediately to learn more about our leasing process.
Lease Renewal Agreement
When one or more of the current tenants choose to lease the property for another consecutive term, this is called a Lease Renewal. Before a lease can be renewed, we require written consent from all current tenants, including outgoing tenants who will not be signing for another year, along with any incoming (new) tenants. This consent is given in the form of a Lease Renewal Agreement, which outlines the following conditions:
· Outgoing and Incoming Tenants agree to work out between themselves a fair exchange of security deposit. The security deposit paid during the initial lease term carries over to any renewal term(s). We will not issue individual deposits to outgoing tenants. The outgoing and incoming Residents are solely responsible for working out the details of the deposit and collecting any monies owed. CBS is not involved in this process.
· Any increase in security deposit will be noted on the Lease Renewal Agreement and is due at lease signing.
· Because the lease is a renewal, we do not conduct a move-out inspection or “make ready” the premises before the start of the renewal term. Incoming and Outgoing tenants should account for any billable damages and cleaning issues, pursuant to the lease, in their fair exchange of deposit. We are happy to make any needed repairs, but billable repairs will be charged to the tenants listed on the lease at the time the repairs are made.
· The Move-In Inspection (condition report) on file will be used to determine any damages at the end of the renewal term.
· Any balance due at the end of the initial lease term carries over to the renewal term, and all Residents listed on the renewal lease are responsible for the balance.
The Lease Renewal Addendum is available upon request and must be signed by all incoming and outgoing residents before a new lease can be signed.
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