What is the name of your state? Pennsylvania
We have an apartment lease from 11/14/04 to 11/30/05. We just bought a condo and in order to make the deal we agreed to a settlement date of 8/11/05. We are paying $816 per month which includes a discount of $74 for prompt payment. The apartment manager has told us that if we give them 2 months notice (we would move by 8/31/05) we will be required to pay 2 months liquidated damages, plus the $74 per month discount we have received for prompt payment of the rent. This is a total of $2,372. Is this reasonable or punitive? What are the laws concerning liquidated damages and when they must be paid? If they charge us liquidated damages and they rent the apartment are we still required to pay them? We can't afford to pay the rent and our new mortgage. If we are required to pay liquidated damages the only way we could do it would be on a payment plan; is that allowed by law?
We have an apartment lease from 11/14/04 to 11/30/05. We just bought a condo and in order to make the deal we agreed to a settlement date of 8/11/05. We are paying $816 per month which includes a discount of $74 for prompt payment. The apartment manager has told us that if we give them 2 months notice (we would move by 8/31/05) we will be required to pay 2 months liquidated damages, plus the $74 per month discount we have received for prompt payment of the rent. This is a total of $2,372. Is this reasonable or punitive? What are the laws concerning liquidated damages and when they must be paid? If they charge us liquidated damages and they rent the apartment are we still required to pay them? We can't afford to pay the rent and our new mortgage. If we are required to pay liquidated damages the only way we could do it would be on a payment plan; is that allowed by law?