This agreement is entered into between Northgate Property Management ("the lessor") and the undersigned tenant or tenants ("the lessee"), who together agree to the terms set out below for the rental of the residential premises.
Parties and Premises
The lessor leases to the lessee the premises described above for residential use only. Where the lessee consists of two or more individuals, each shall be bound by joint and several liability, meaning the lessor may enforce the full obligations of this Agreement against any one tenant individually or against all tenants together.
Rent and Security Deposit
The lessee shall pay the monthly rent in advance on the first day of each month. Upon signing, the lessee shall provide a security deposit equal to one month's rent, which the lessor may apply toward unpaid rent or the repair of damage beyond ordinary wear at the end of the tenancy.
Rent Adjustment
This Agreement contains an escalation clause: upon each renewal, the monthly rent may increase by the lesser of the regional rent index or four percent, provided written notice is given at least sixty days in advance.
Assignment and Subletting
The lessee shall not sublet the premises, in whole or in part, nor assign this Agreement, without the prior written consent of the lessor. Any attempt to sublet without consent shall be void and may be treated as a breach of this Agreement.
Indemnification
The lessee agrees to indemnify and hold harmless the lessor against any claim, loss, or expense arising from the lessee's use of the premises or from the negligence of the lessee or the lessee's guests.
Default and Remedies
The lessee shall be in default if rent remains unpaid for ten days after its due date, or if the lessee fails to observe any material term of this Agreement. Upon default, the lessor may pursue all remedies available at law, including termination of the tenancy and recovery of the security deposit toward amounts owed.
Force Majeure
Neither party shall be liable for any failure to perform its obligations where such failure results from a force majeure event — including fire, flood, natural disaster, or government order — that lies beyond the reasonable control of that party, provided reasonable notice is given.