Joint tenant lease refers to a lease agreement in which the landlord leases the property to more than one tenant and they are jointly held responsible for fulfilling all the obligations of the lease agreement. Joint Tenants should be prepared for facing the difficulty if any one of the does not meet their liabilities.
Sample Joint Tenant Lease
This Lease Agreement is made and effective on 25th June 26, 2012 by and between William Hudson henceforth known as the landlord and Lisa Rachel and Julie Henry henceforth known as the tenants. This Lease creates joint and multiple liabilities as there are two tenants. The following are the terms of the agreement.
- Landlord hereby rents to Tenants the residential property at 142, Hudson Lane, Euston, U.S.A. (house) and the tenants accept it.
- The lease shall commence on 1st July 2012 and end on 30th June 2015. In case of delay on the part of the landlord to provide the house the tenant shall not pay the rent for that period.
- Tenant shall pay the annual rent of $2, 40,000 payable in monthly installment of $ 20,000 each payable on the 1st day of each month in advance by a cheque drawn in the name of the landlord.
- Tenant shall pay a security deposit of $35,000 jointly.
- Each tenant involved in the contract shall be severally and equally responsible for the performance of all the obligations listed in the agreement from rent to cost of damages caused by the tenant or their guests.
- The leased premises should solely be used for residential purpose by the tenants and not for any other use what so ever it may be
- At the expiry of lease the tenants should surrender the house to the landlord in the same present condition, reasonable wear and tear excepted.
- The lease can be canceled any time by the landlord or the tenant on reasonable grounds by giving a 30 days prior notice.
The undersigned acknowledges the lease agreement.
Signature of the Landlord:
Signature of the Tenant 1:
Signature of the Tenant 2: