Lease Rent Clauses - Indemnification Clause by W. Lewis Burger
By: Micha K.
Submitted: 2010-07-22 04:17:36 | Word Count: 535
I've been an actual estate investor for over thirty years and I like selling a home on a lease purchase.
Indemnification Clause: Merely acknowledged, the tenant holds the landlord's agent innocent due to injury to the tenants (and their visitor and members of the family) and harm to premises their possessions.
In my business, the actual estate is owned by a Land Trust. I am not the Trustee. I'm an agent of the Land Belief and simply doing what I am advised, by the Landlord and Trustee. The tenants can sue the Trust all they wish to however, I'm merely the agent/trustee.
The only asset owned by the Land Trust is that single property.
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The exact paragraph and verbiage is in my Lease and below.
15. INDEMNIFICATION OF LANDLORD/LESSOR, TRUSTEE AND AGENT: (If this is not in your current Lease, you would be held personally chargeable for a host of issues that might arise from owning this house. All my houses are titled in separate Land Trusts and I'm not the Trustee; though, I'm an Agent of the trust. The belief is answerable for all the unhealthy stuff that could happen however, not me personally.)
All events acknowledge and agree that the _________ Land Trust, as Landlord/Lessor is executing this Lease Agreement. All parities further acknowledge and agree that the trustee(s) and/or the agent(s) of the Landlord/Lessor, is performing as an agent Landlord/Lessor, is not personally accountable for any agreement entered into or action (or inaction) of the Landlord/Lessor. The trustee(s) and/or agent(s) shall not be liable for any purpose or for any motion (or inaction) or to any extent pursuant to this agreement, any agreement or any transaction between the Parties herein above named. Landlord/Lessor shall not be accountable for any damage or injury to Lessee/Tenant, or to every other particular person, or to any property, occurring on the Property. Lessee/Tenant agrees to hold Landlord/Lessor innocent from any claims for damages, aside from damage or damages for which Landlord/Lessor is held legally responsible. Lessee/Tenant agrees to hold Landlord/Lessor harmless from any claims for damages attributable to acts of nature or these past the control of Landlord/Lessor.
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Author Resource:-
W. Lewis Burger CCIM, has written many articles on real property investing and self directed IRA's and has been an investor for thirty years. Mr. Burger is a CCIM (Certified Commercial Investment Member) designee. The kinds and agreements on http://RealEstateFormsForInvestors.com have been developed using this experience and hundreds transactions. These forms and agreements are very detailed and strongly favor the landlord.
