Legal Question in Landlord & Tenant Law in Georgia

Can a landlord use this clause when they just want to refinance (loan requires owner-occupied), but not sell

29. TERMINATION OF LEASE UPON SALE OF UNIT. Notwithstanding this Lease, Landlord shall be authorized to continue to market the Property for sale to prospective purchasers. With at least 24 hours prior notice to Tenant, by phone, fax, mail or electronic mail, Landlord shall be authorized to show the Property to prospective purchasers, and enter the Property to do so. If at any time during the term of this Lease, Landlord contracts for the sale of the Property, Landlord shall be entitled to terminate this Lease in accordance with this Paragraph. To do so, Landlord shall send Tenant written notice of such proposed sale, stating the date on which Tenant must vacate the Property, which date shall not be less than sixty (60) days from the date of the notice to vacate, unless the term of the Lease otherwise expires before that time according to its own terms. If Tenant is required to vacate the Property pursuant to this Paragraph, this Lease shall terminate upon the date which Tenant is required to vacate the Property as stated in the notice of sale. If the date of termination, as specified in the notice, is less than one hundred eighty (180) days from the date of commencement of this Lease, then Landlord shall pay Tenant a $500.00 early termination fee upon Tenant�s vacancy of the Property in accordance with this Lease, and such fee shall be Tenant�s sole right, compensation or damages for the early termination of the Lease

Kevin McIntyre

Asked on 8/02/12, 2:19 pm

Glenn M. Lyon, Esq. MacGREGOR LYON, LLC, Business Attorneys

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A refinance is not a sale of the property, but I can't definitively answer your question without reviewing the enter lease.

Answered on 8/02/12, 2:23 pm

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