Chapter 22 - § 22.8 • LANDLORD'S CHECKLIST

• Jurisdiction: Colorado

§ 22.8 • LANDLORD'S CHECKLIST

[ ] Set forth a list of remedies in the event of a tenant default.

[ ] Allow the landlord to terminate the lease and recover possession of the property by notice to the tenant in event of the tenant default. Provide that even if the landlord terminates the lease, it is entitled to recover unpaid rent, rent for the balance of the term, and other damages for any default.

[ ] Provide that the landlord may recover possession of the premises without terminating the lease.

[ ] Reserve the right to collect each installment of rent as it comes due after a default.

[ ] Allow the landlord to collect from the tenant the entire unpaid amount of rent due for the balance of the term of the lease. Under an acceleration clause, consider reducing the lump sum being sought by the fair rental value of the premises and discount the lump sum award to its present value. Provide that fair market value will be determined by an appraiser chosen by the landlord. Keep the discount rate for the acceleration clause as low as possible and use simple interest rather than compounded interest.

[ ] Provide that the tenant loses any unused allowances and inducements on default and that the landlord has the right to recover any allowances and inducements the tenant has already received.

[ ] Allow the landlord to perform the tenant's obligations on the tenant's behalf and charge the tenant with cost of performance. If the landlord provides for notice and cure prior to performing the tenant's obligations, make an exception for emergencies. Consider adding an administrative charge from 5 to 20 percent for performing the tenant's obligations. Consider adding interest on the amount the landlord spends.

[ ] State that the landlord may sue the tenant for damages under the lease.

[ ] Impose a late charge if rent is not paid within a specified number of days. Consider stating that the late charge is to compensate the landlord for administrative costs.

[ ] Provide that rent not paid when due will accrue interest at a specified interest rate (from 10 to 24 percent) from the due date until the date paid. If a floating interest rate is used, define it carefully. If the floating rate references a specific bank also reference successors to the bank and how an alternative bank may be selected.

[ ] If the landlord recovers possession of the premises, allow it to lease the premises to another tenant without terminating the lease. Detail the amounts recovered by the landlord from...