Common use of Gross Rent Clause in Contracts

Gross Rent. $ Monthly Rent Discount/Incentive/Concession/Credit (if applicable):$ Resident acknowledges that late payments may result in the loss of Monthly Rent Discount/Incentive/Concession/Credit. Net Rent (gross rent minus concessions): $ Resident agrees to pay net rent of $ due on or before the day of each month. For tenancy beginning after the first of the month, the rent will be prorated as follows (select one): □First month’s will be prorated the first month rent will be $ . Resident is responsible for paying the full the regular monthly rent on the date due. □Second month’s will be pro-rated. The prorated amount is $ from / / through / / . Pro-rated rent amount is calculated by dividing the monthly rent by 30-days to calculate the daily rate. and then multiplying the number of days tenant is occupying the residency. Succeeding monthly periodic rental payment shall commence as outlined above. Resident agrees to pay rent at the management office or at such other place as Owner/Agent may designate: (address) Additional instructions: . If Resident submits payment of rent to a “drop box” provided by the management office, rent shall be deemed submitted on the next business day. If the Resident submits payment by mail, rent shall be deemed submitted five (5) days after the postmark. Rent payments must be tendered by [select all applicable; at least two must be checked] □ check, □ certified cashier’s check, □ electronic payment or fund, □ money order, or □ cash. All monies paid are applied to the oldest outstanding balances first. Owner/Agent may change the terms of this lease in accordance with applicable law, including rent increases and other modifications to the terms of the contract. Rent payments made by a third-party or an individual(s) not named on this agreement shall be accepted by Owner/Agent and shall be deemed tendered on behalf of the residents/occupants named in this agreement only and does not constitute a tenancy with the payor.