How would you like to supplement your finance with the earnings from the space you do not use? If anybody offers you any such proposal, you sure would be thrilled. Who will not want steady source of income from unused space but, how could anyone earn from such unused space? You can simply let out or rent a portion of your unused space or garage for the steady source of income.
There are numerous home owners, who have vacant garage portion, which are not used. They use it to dump their unused articles or keep it as it is, as they have no use for that space. If you are bright enough, you can rent out that portion to somebody, who has a car and looking for the space for their car. There are even tenants in the cities, who find renting an Apartment or house very expensive and look for accommodations, which need paying lower rents. For such people, garage portion is most ideal.
But, the tenant should also note that, before renting the Apartment, it is necessary to enter into a Garage Rental Agreement with the house owner. The Agreement has provisions, which protects the rights and mentions the duties of either party. The Agreement is also binding on both parties and can be produced in the court of law for dispute settlements.
The important provisions in the Garage Agreement include:
By signing the Contract, the landlord and Tenant are both bound by the Agreement to act as per the provisions recorded in the Agreement. Any breach of Contract may facilitate legal action or notice to vacant the rental space by the tenant.
You can also draw your own Garage Rental Agreement from the below given Contract template:
GARAGE RENTAL AGREEMENT
Date: _____________________
Landlord Details Tenant Details
Name: __________________
Phone No. _______________
Email: __________________
Address: ________________
Name: __________________
Phone No. _______________
Email: ___________________
Address: _________________
Location of Garage:__________________________
___________________________________________
This Agreement is made and entered into on the Date specified above between
the “Landlord” and the “Tenant”.
1. The Landlord hereby leases to the Tenant the garage located at the premises
described above for the following term:
Fixed Rental Period: _______________ to________________
OR
Rental Start Date:________________
Termination Notice Required:_____________
2. Tenant agrees to pay the stipulated rent in advance on the _____ day of each
week/month to the Landlord or his agent by mail or in person at their
respective address as noted above.
Rental Terms:_________ per week / month (delete as appropriate)
Deposit:_________
3. Upon receiving any payment of garage rent in cash, the Landlord agrees to
issue a receipt if requested stating the name of the Tenant, the amount of rent
paid, the designation of the garage and the period for which said rent is paid.
4. The Landlord is not responsible for any vehicle or any items left in a vehicle
parked in the designated space.
5. The Landlord covenants that the leased premises are clean and dry and that
there exists no violation of any applicable building code, law or regulation.
6. The Tenant agrees to use the premises exclusively for parking or the storage
of personal property, merchandise, supplies or other material owned by
Tenant and for no other use.
7. The Tenant agrees to keep the immediate premises in good order and to
advise the Landlord or his agent of any needed maintenance or repairs.
8. The Tenant shall not keep or have in or on the leased premises any article or
thing which might be pronounced
ʺhazardousʺ or ʺextra hazardousʺ by any
responsible insurance company.
9. The Tenant agrees not to commit a nuisance in or upon said premises so as to
substantially interfere with the comfort or safety of occupants of adjacent
buildings.
10. The Landlord is not responsible for any loss or damage due to fire, theft,
water, wind, hurricane or any cause whatsoever to the property of the
Tenant, nor is the Landlord required to carry any insurance to cover same.
11. The Tenant, at his own expense, shall obtain his own insurance, if any, to the
property stored in said premises.
12. The Tenant shall not sublease said premises without the written consent of
the Landlord.
13. The Tenant may not make any alterations to the premises without the written
consent of the Landlord.
14. The Tenant agrees that the deposit may be used by the Landlord at the
termination of this lease for the cost of repairs, if any, to the premises caused
by the intentional or negligent acts of Tenant.
15. The Landlord agrees to return said security deposit to Tenant upon Tenantʹs
vacating the premises in a clean condition subject to the terms and conditions
set forth herein.
16. The Landlord shall have the right to enter said premises at any time to inspect
same, to make repairs or to enforce this lease.
17. The Tenant agrees that this lease shall be subject and subordinate to any
mortgage or mortgages now on said premises, or which Owner of said
premises may hereafter at any time elect to place upon said premises.
18. The Landlord and Tenant agree that this lease, when filled out and signed, is
a binding legal obligation.
19. Lease constitutes the entire Agreement between the parties hereto.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on
the date first above written.
Landlord: _____________________
Tenant: _____________________