What is the name of your state (only U.S. law)?
Some of you might recall me from another questions regarding a lease I am reviewing prior to signing. I started a new thread because it is involving a different area
Binding Effect The covenants, obligations and conditions herein contained shall be binding on and inure to the benefit of the heirs, legal representatives, and assigns of the parties hereto
Does this clause mean that if I die, my heirs would be bound to continue payment of this lease?
This is very important to me as I am currently battling Cancer, for the 2nd time. Of course, I fully expect to beat it again (Mind over matter), but should the worse happen, I have only 1 son, who is just 18 yrs old. This is a very expensive 2 yr lease and I would not want him to have a court case on his hands during a difficult time as he would be unable to pay.
I was planning to request a Death Clause being put in the lease to handle this concern, and would have to ask this to be striked as well if I am understanding it correctly. Of course I understand that the LL is not obligated to accept either request, but want to see if I understand this clause correctly because I must make the mod request if I do.
I searched google before posting here, but came up with nought (Granted my search skills are not top notch)
So my life insurance would be required to pay out the lease before being dispersed to my beneficiaries?
Would my son then be able to continue to live in the space since its been paid? Or would it only have to pay to the point of re-renting to another tenant?
Your life insurance goes to beneficary that is listed, not to rental company or LL.
I would say your son would have to sign a new lease, if he wanted to stay there. He is not obligated to the lease that you signed.
You really need to have a will made. This will help your son more.
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