​D&L Ventures

LEASE AGREEMENT 3206 Quail Ridge

 

    This Lease agreement (“Lease”) is made and effective the _________ day of __________________, 20____, by and between D & L Ventures, LLC  (hereinafter Landlord) _____________________, __________________(hereinafter Tenant “Tenant”, whether one or more).  This Lease creates joint and several liability in the case of multiple Tenants.

 

WITNESSETH:

    In consideration of the covenants, terms, conditions, agreements and payments hereinafter set forth, the parties hereto covenant and agree as follows:

 

1.               PROPERTY – LEASED PREMISES

        A.                PROPERTY DESCRIPTION

    Landlord is the owner in fee simple of the following described premises:

3206 Quail Ridge

Jonesboro, AR 72401

         LEASED PREMISES

Landlord hereby leases to Tenant said property, being approximately 1330 square feet.

Landlord hereby leases to Tenant and Tenant accepts in its present condition the house at 3206 Quail Ridge.

 

2.               TERM

        A.               TERM

   The term of this lease shall be for 24 month(s) and shall commence at 12:01 a.m. on the ________ day of ________________,

20______, and unless terminated as herein provided for, shall end at 11:59 p.m. on the ________ day of __________________, 20_______.

In the event that the Landlord is unable to provide the Unit on the exact start date, then Landlord shall provide the Unit as soon as possible and Tenant’s obligation to pay rent shall abate during such period.  Tenant shall not be entitled to any other remedy for any delay in providing the Unit.  Tenant also agrees to pay any additional days during a prorated period.

 

       B.            TERMINATION

​

The Tenant may be allowed to terminate this agreement after agreeing to the following terms:  the Tenant must make a written appeal to Landlord; sign a lease termination agreement and make a payment to the Landlord of three (3) extra months’ rental before last day of occupancy.

 

3.            RENT

Tenant agrees to pay, without demand, to Landlord as rent for the Unit on the first day of each calendar month, to:

    D & L Ventures, LLC

   

 at such place as Landlord may designate.  Landlord may impose a late payment charge of $25 per day for any amount that is more than five (5) days late.  Rent will be prorated if the term does not start on the first day of the month or for any other partial month of the term.  All rent payments shall be credited to Tenant upon the date of receipt by Landlord, in determining any delinquencies or defaults by Tenant hereunder.  Any rent that is past due or unpaid for 10 days past the first day of each calendar month will be a breach of this lease agreement and cause for immediate eviction and loss of security deposit.  Tenant will still be liable for all past due rent including late payment charges.

 

        A.            RENTAL

24 month lease:

The rental during the term of this Lease shall be for twenty four months, payable in equal monthly installments of $1450.00.  Rent shall be on the first day of each month, commencing ___________________, 20______.

 

        B.            DEPOSIT

Upon execution of this Lease, Tenant deposits with Landlord $1450.00, of which $250 is nonrefundable, as security for the performance by Tenant of the terms of this Lease to be returned to Tenant within (90) days from the expiration of this Lease, without interest, following the full and faithful performance by Tenant of this Lease less any expense Landlord incurs in returning the premises to the condition that they were in at the time this Lease began and less any other amounts used by the Landlord to fulfill any of Tenants obligations hereunder.  In the event of damage to the Unit caused by Tenant or Tenant’s family, agents or visitors, Landlord may use funds from the deposit to repair, but is not limited to this fund and Tenant remains liable. 

 

4.            UTILITIES

All utilities shall be arranged for and paid for by the Tenant.  Any failure to pay the utilities when they come due shall be a breach of this agreement.

 

5.            USE OF PREMISES

        A.            The Unit shall be used and occupied by Tenant exclusively as a private residence.  Neither the Unit nor any part of the yard or premises shall be used at any time during the term of this Lease for the purpose of carrying on any business, profession or trade of any kind or for any purpose other than as a private residence, unless authorized by Landlord in writing.  Tenant shall not store or do anything in or about the leased premises which will in any way void or make voidable or tend to increase the rates for insurance on the leased premises.

        B.            Tenant shall comply with all the health and sanitary laws, ordinances, rules and orders of appropriate governmental authorities with respect to the Unit.

 

6.            NUMBER OF OCCUPANTS

Tenant agrees that Unit shall be occupied by no more than four (5) total number of persons, including no more than three (3) under the age of eighteen (18) years, without the prior written consent of Landlord. 

 

7.            ANIMALS

Tenant shall keep no domestic or other animals in or about the Unit or premises without the prior written consent of Landlord.  No animal, fowl, fish, reptile, and/or pet of any kind shall be kept on or about the premises, for any amount of time, without obtaining the prior written consent and meeting the requirements of the OWNER.  Such consent, if granted, shall be revocable at LANDLORD’S option upon giving a 30 day written notice.  In the event permission is granted to have a pet and/or animal of any kind, an additional deposit in the amount of a (non-refundable) $100.00 each

shall be required

 

8.            NO SMOKING ADDENDUM

           DEFINITIONS: Smoking shall include the inhaling, exhaling, breathing, carrying, or possession of any lighted cigarette, cigar, pipe,  or other product containing any amount of tobacco, or other similar lighted product.

           No Tenant shall smoke in his/her unit. Tenant shall not allow his/her family members, occupants, invitees or guests to smoke in the Tenant’s unit..  If Tenant smokes in the Tenant’s unit, this will be a violation of this Lease agreement and could result in immediate termination of Lease by Landlord.  Tenant will be responsible for any cost incurred to remove any smell or residue from smoking in Unit.

              COMPLIANCE: Landlord shall take reasonable steps to ensure compliance with the terms and provisions of this Addendum. Tenant shall inform Tenant’s guests of the no smoking rule. Tenant shall promptly give Landlord notice of any incident of smoking or migrating secondhand smoke. Landlord shall take reasonable steps to ensure compliance with the terms and provisions of this Addendum, including the use of appropriate enforcement.  Tenant shall inform Tenant’s guests of the no smoking rule.  Tenant shall promptly give Landlord notice of any incident of smoking or migrating secondhand smoke.

 

9.            NOISE:

Tenant agrees not to cause or allow any noise or activity on the premises which might disturb the peace and quiet of another neighbor.  Said noise and/or activity shall be a breach of this agreement.

 

10.          RIGHT OF INSPECTION/ENTRY

Landlord and Landlord’s agents shall have the right at any reasonable time and at all times during emergencies for the term of this Lease and any renewal of this Lease to enter the Unit for the purpose of inspecting the premises and/or making any repairs to the premises or other item as required under this Lease.  Landlord shall be allowed to take all materials into and upon said premises that may be required therefore without the same constituting an eviction of Tenant in whole or in part, and the rent reserved shall in no way abate while such repairs, alterations, improvements or additions are being made.  During the two (2) months prior to the expiration of the term of this Lease, or any renewal thereof, Landlord may exhibit the premises to prospective tenants and may place upon the leased premises the usual notices indicating the lease premises are for lease and may exhibit the premises to prospective purchasers and place upon the premises the usual notices indicating the leased premises are for lease at any time during the term hereof, including renewal periods.

 

11.            MAINTENANCE AND REPAIR

        A.            Tenant will, at Tenant’s sole expenses, keep and maintain the Unit and all appliances in good and sanitary condition during the term of this Lease. 

        B.            Tenant agrees to promptly notify Landlord in the event of any damage, defect or destruction of the Unit, or of any of Landlord’s appliances or mechanical systems. 

        C.            Tenant shall not paint, wallpaper, alter or redecorate, change or install locks, install antenna or other equipment, screws, fastening devices, large nails, or adhesive materials, place signs, displays, or other exhibits, on or in any portion of the premises without the written consent of the Landlord.

        D.            Tenant shall deposit all garbage and waste in a clean and sanitary manner into the proper receptacles and shall cooperate in keeping the garbage area neat and clean. Tenant shall be responsible for disposing of items of such size and nature as are not normally acceptable by the garbage hauler.

        E.            Any maintenance or repairs that are deemed to be caused by Tenant and or Tenants, his/her family members, occupants, invitees or guests shall be the sole financial responsibility of Tenant and/or Tenants.   Landlord will contact and secure maintenance/repair persons and payment will be due by Tenant at the time of repairs.

 

12.            CHANGE OF TERMS

 The terms and conditions of this agreement are subject to future change by Landlord after the expiration of the agreed lease.

 

13.            INSURANCE

        A.            Tenant acknowledges that Landlord will not provide insurance coverage for Tenant’s property, nor shall Landlord be responsible for any loss of Tenant’s property, whether by theft, fire acts of God or otherwise.

        B.            Tenant shall be responsible to procure, pay for and maintain hazard insurance coverage at all times on Tenants personal possessions and other furniture, fixtures and equipment in the leased premises which may belong to Tenant.

 

14.            GOVERNING LAW

It is agreed that this Lease shall be governed by, construed and enforced in accordance with the laws of the State of Arkansas as provided in ARKANSAS RESIDENTIAL LANDLORD AND TENANT ACT

 

15.            HOLDOVER BY TENANT

Should Tenant remain in possession of the Unit with the consent of Landlord after expiration of the Term of this Lease, unless a new Lease has been signed, a new tenancy from month to month shall be created which shall be subject to all the terms and conditions of this Lease, but shall be subject to the monthly rate as dictated by Landlord.  If Tenant holds over without Landlord’s consent, Landlord is entitled to double rent, pro-rated per each day of the holdover, lasting until Tenant leaves the Unit.

 

16.          SURRENDER OF PREMISES

At the expiration of Lease, Tenant shall quit and surrender the Unit in as good a condition as it was at the commencement of this Lease.

 

17.          ABANDONMENT

If at any time during the term of this Lease, Tenant abandons the Unit or any of Tenant’s personal property in or about the Unit, Landlord shall have the following rights:  Landlord may, at Landlord’s discretion, enter the Unit by any means without liability to Tenant for damages and may relet the Unit, for the whole or any part of the then unexpired term, and may receive and collect all rent payable by virtue of such reletting;  Also, at Landlord’s discretion, Landlord may hold Tenant liable for any difference between the rent that would have been payable under this Lease during the balance of the unexpired term, if this Lease had continued in force, and the net rent for such period realized by Landlord by means of such reletting.  Landlord may also dispose of any of Tenant’s abandoned personal property as Landlord deems appropriate, without liability to Tenant.  Landlord is entitled to presume that Tenant has abandoned the Unit if Tenant removes substantially all of Tenant’s furnishings from the Unit, if the Unit is unoccupied for a period of two (2) consecutive weeks, or if it would otherwise be reasonable for Landlord to presume under the circumstances that the Tenant has abandoned the Unit.

 

18.          SECURITY

Tenant acknowledges that Landlord does not provide a security alarm system or any security for the Unit.  Tenant hereby releases Landlord from any loss, suit, claim, charge, damage or injury resulting from lack of security or failure of security.

 

19.          FORFEITURE OF SECURITY DEPOSIT-DEFAULT

It is understood and agreed that Tenant shall not attempt to apply or deduct any portion of any security deposit from the last or any month’s rent or use or apply any such security deposit at any time in lieu of payment of rent.  If Tenant fails to comply, such security deposit shall be forfeited and Landlord may recover the rent due as if any such deposit had not been applied or deducted from the rent due.  For the purposes of this paragraph, it shall be conclusively presumed that a Tenant leaving the Premises while owing rent is making an attempted deduction of deposits.  Furthermore, any deposit shall be held as a guarantee that Tenant shall perform the obligations of the Lease and shall be forfeited by the Tenant should Tenant breach any of the terms and conditions of this Lease.  In the event of default, by Tenant, of any obligation in this Lease which is not cured by Tenant within fifteen (10) days notice form Landlord, then in addition to forfeiture of the Security Deposit, Landlord may pursue any other remedy available at law, equity or otherwise.

 

20.          ASSIGNMENT AND SUBLETTING

        A.            Tenant shall not assign or sublet any portion of the leased premises without the written consent of the Landlord.

        B.            Any assignment, subletting, concession or license without the prior written consent of Landlord shall be void and at Landlord’s option, terminate this Lease.

 

21.          CHANGES AND ADDITIONS TO IMPROVEMENTS

Landlord reserves the right at any time to make alterations or additions to the leased premises at Landlord’s expense.

 

22.          CARE OF LEASED PREMISES

        A.            Landlord shall maintain, repair and replace any and all structural components of building, including the roof, and exterior of the building, including but not limited to plumbing, heating, air conditioning, electrical systems and equipment as necessary, unless such repair, maintenance or replacement is caused  or necessitated by the acts or negligence of Tenant, his/her family members, occupants, invitees or guests, in which case Landlord may make such alterations, repairs, or replacements and charge the Tenant the same as additional rent hereunder. 

        B.            Tenant shall otherwise keep and maintain the leased premises in good condition and shall, at the end of the term hereof, return the leased premises to Landlord in as substantially as good condition as when received.

        C.            Tenant shall allow no items to be placed on or in the woodwork, floors or ceilings of the leased premises in such manner as would result in holes being made or as will otherwise mar or damage the improvements on the leased premises without the written permission of Landlord in which case, if given, may result in reduction of deposit to repair holes.  We want tenants to make there unit feel like home and the use of non-invasive hanging devices where possible would be the best choice.

 

23.          DAMAGE TO LEASED PREMISES

        A.            In the event the leased premises shall be totally destroyed by fire or other casualty or so badly damaged that in the opinion of the Landlord it is not feasible to repair or rebuild the same, Landlord shall have the right to terminate this lease as of the date of the damage. 

        B.            If the leased premises shall be partially damaged by fire or other casualty, and said leased premises are not rendered tenantable thereby, as determined by Landlord, an appropriate reduction of the rent shall be allowed for the unoccupied portion of the leased premises until repair thereof shall be substantially completed.

 

24.          MODIFICATION OR EXTENTIONS

No modification or extension of this lease shall be binding unless in writing, signed by Landlord and Tenant/Tenants.

 

25.          Crime Free-Drug Free Rental/Lease Addendum

 

        A.       Neither Tenant, nor any member of the Tenant’s household nor a guest nor other person under the Tenant’s control shall engage in criminal activity, including drug-related criminal activity, on or near the said premises. “Drug-related criminal activity” means the illegal manufacture, sale, distribution, use or possession with intent to manufacture, sell, distribute, or use of a controlled substance.

        B.            Neither Tenant, nor any member of the Tenant’s household nor a guest nor other person under the Tenant’s control shall engage in any act intended to facilitate criminal activity, including drug-related criminal activity, on or near the said premises.

        C.            Neither Tenant, nor any member of the Tenant’s household shall permit the dwelling unit to be used for criminal activity, including drug-related criminal activity, regardless of whether the individual engaged in such activity is a member of the household, or a guest.

        D.             Neither Tenant, nor any member of the Tenant’s household nor a guest nor other person under the Tenant’s control shall engage in the unlawful manufacture, selling, using, storing, keeping, or giving of a drug or controlled substance on or near the dwelling unit premises.

        E.              VIOLATION OF THE ABOVE PROVISIONS SHALL BE A MATERIAL AND IRREPARABLE VIOLATION OF THE RENTAL/LEASE AGREEMENT AND GOOD CAUSE FOR TERMINATION OF TENANCY.   A single violation of any provisions of this addendum shall be deemed a serious violation and material and irreparable non-compliance.  It is understood that a single violation shall be good cause for immediate termination of the rental/lease.

 

26.          OTHER BREACHES

It is expressly understood and agreed by and between the parties aforesaid, that if the rent, or any part thereof shall be in arrears or if default shall be made by Tenant of the covenants or agreements herein contained, it shall and may be lawful for the said Landlord to declare said term ended and re-enter in to the said  premises , or any part thereof, with process of law, to repossess and enjoy the premises, as in the first and former estate of the said Landlord.  And if at any time said term shall be ended as herein agreed, the said Tenant hereby covenants and agrees to surrender and deliver up said premises peaceably to said Landlord, immediately upon the termination of said term, and if the Tenant shall remain in possession of the same after the termination thereof, said Tenant shall be deemed guilty of a forcible detainer of the said premises as provided by law and shall be subject to eviction and removal, with process of law as above stated.

 

27.          CONTROLLING LAW-ATTORNEY’S FEES

This lease and all terms hereunder shall be construed consistent with the laws of the State of Arkansas.  Any dispute resulting in litigation hereunder shall be resolved in court proceedings instituted in Arkansas and in no other jurisdiction.  The prevailing party in any action brought regarding the validity or enforcement of this agreement shall be entitled to recover all costs of such action, including attorney’s fees and court costs.

 

28.          SEVERABILITY

If any part or parts of this Lease shall be held unenforceable for any reason, the remainder of this Agreement shall continue in full force and effect.

 

29.          PRIOR TO RENTAL INSPECTION

The Tenant will be given an inspection of Unit and premises and sign an inspection report as to the condition of Unit and premises.  Unit and premises must be surrendered to Landlord by Tenant in the same condition as said Unit and premises was prior to Lease to said Tenant.  Failure to do so may result in legal proceedings by Landlord in accordance with  Arkansas law.

 

               

 

 

 

 

IN WITNESS WHEREOF, the parties have executed this lease as of the day and year first above written.

 

LANDLORD:

_______________________________    ____________________________

 

Date__________________________     Date_________________________

 

TENANT:

______________________________    _____________________________

 

Date__________________________    Date_________________________