**Disclaimer: we are not lawyers and you may need to consult with your advisor or the state associations in your area to ensure you are in compliance with all laws and regulations for your state.**
In the sixth video of our series, Jimmy Sorensen (Co-Owner of Easy Storage Solutions), discusses lease agreements and late/lockout/lien/auction procedures and the laws associated with each of them. He also explains why it is important to “play by the rules” as an owner in the industry.
Lease Agreements
There are ten items that we suggest putting in your lease agreement. (Please remember that we are not lawyers and you may need to consult one to ensure you are in compliance with your states laws.)
- Limitation of Liability
- Indemnification Provision
- Hold Harmless Provision
- Insurance Mandate & Limitation of Value
- Prohibition of Property With Sentimental Value
- Prohibition of Property That Is Dangerous or Illegal
- Disclaim Warranties
- Facilities Rules & Regulations & Your Rights to Change Them
- Waiver of Right to Jury Trial
- Rights As An Owner In The Event of Late/Lien Situation
Late/Lockout/Lien/Auction
Remember to check with your state’s association & the laws in your state to ensure you are in compliance since some of the rules regarding the lien/auction process vary from state to state. The process typically goes like this:
- Tenant Becomes Late After ___ Days (varies from state to state)
- The Owner/Manager Of The Facility Overlocks the Unit (when this can be done varies from state to state.)
- Pre-lien Notice Is Sent (when this can be sent varies from state to state)
- Lien Is Placed On The Unit
- Auction Is Held (some states have regulations on how this should be handled)
**Disclaimer: we are not lawyers and you may need to consult with your advisor or the state associations in your area to ensure you are in compliance with all laws and regulations for your state.**
