Hello everyone,
Please I need help understanding this term in more detail it's unclear to me as I'm not familiar with agreements & terms.
The term says:
"LIQUIDATED DAMAGES. If the tenant breaches a material term of this Agreement that causes the landlord to end the tenancy before the end of any fixed term, or if the tenant provides the landlord with notice, weather written, oral, or by conduct, of an intention to breach this Agreement and end the tenancy by vacating, and does vacate before the end of any fixed term, the tenant will pay to the landlord the sum of 400$ as LIQUIDATED DAMAGES and not as a penalty for all costs associated with re-renting the rental unit. Payment of such LIQUIDATED DAMAGES does not preclude the landlord from claiming further rental revenue losses that will remain unliquidated."
We asked the landlord manager before signing this agreement "if we leave the unit before ending the one year what will happen? He said you need to pay me 400$ and you are good to go we will not hold you to the contract"
Now I got a job offer in other city and I want to move.
As usual I ask here before taking action at least I have ideas from the members.
Please tell if there is something negative that may happen and if so what is it & what will be the consequences?
Thanks everyone
Please I need help understanding this term in more detail it's unclear to me as I'm not familiar with agreements & terms.
The term says:
"LIQUIDATED DAMAGES. If the tenant breaches a material term of this Agreement that causes the landlord to end the tenancy before the end of any fixed term, or if the tenant provides the landlord with notice, weather written, oral, or by conduct, of an intention to breach this Agreement and end the tenancy by vacating, and does vacate before the end of any fixed term, the tenant will pay to the landlord the sum of 400$ as LIQUIDATED DAMAGES and not as a penalty for all costs associated with re-renting the rental unit. Payment of such LIQUIDATED DAMAGES does not preclude the landlord from claiming further rental revenue losses that will remain unliquidated."
We asked the landlord manager before signing this agreement "if we leave the unit before ending the one year what will happen? He said you need to pay me 400$ and you are good to go we will not hold you to the contract"
Now I got a job offer in other city and I want to move.
As usual I ask here before taking action at least I have ideas from the members.
Please tell if there is something negative that may happen and if so what is it & what will be the consequences?
Thanks everyone