Commercial Real Estate Investment/lease problem
I am in AZ. I have leased a storage unit since 2005. I have always been given the option to pay for one year in advance for a 10% discount. Two years ago a new owner took over and allowed the same terms.
This year in 1/1/2014, I received a bill which allowed me to pay the annual payment as usual. The check for 12 months was cashed 1/16/14. I received a registered letter dated 2/5/14 due to construction, remodeling and other purposes we must vacate our unit by 4/7/14.
Our lease says "the lease will be renewed on a month to month, quarterly or years bases (depending upon payment method chosen). Either party may terminate this agreement upon given written notice of (30) thirty days"
Question - Since they cashed my check, didn't return my money with the eviction notice, didn't even acknowledge having a year of rent payment, can they legally evict me before the end of my 12 months paid period?
Loss of this storage unit right now would be a financial hardship as comparable unit size and cost are not available in this area.
I would appreciate your thoughts on this matter.
well for starters, laws vary from state to state and 2nd, Im in Canada so I don't know how much help I can be to you.. that said, I would look at your lease...
is there a provision in the lease for demolition/ construction? your lease should say how this is to be handled.
if there is such a clause and they went by the book, eg give you proper notice, then they should return the money to you prorated, what was used / what is still paid in advance.
if there is no such clause, you could argue this. your lease is a way of holding real estate.
without actually reading your lease, theres not much more I can say but contract law anywhere should be "what's written between the four corners of that contract" everything else is hearsay.
let me know how it turns out.