This is the form that I use, I have used it in the past to collect the past incentive from tenants at the Landlord & Tenant Board. As long as you add the cumulative amount it should be ok.
If you get a bleeding heart adjudicator you may not get the incentive portion cumulatively. So far I have not had this problem.
So for example a tenant with a $100 rental incentive defaults in month 10... 10 X 100=$1000 added to the N-4 on top of the regular rent. You can also use it for a parking incentive.
Schedule A – Rental Incentive
Smart Landlord shall provide to the resident a rental incentive of $___________ per month limited from ______________________ to ____________________________. The resident hereby agrees that this rental incentive is in consideration of the residents providing Smart Landlord with 10 post dated checks for rent and parking if applicable in advance of the initial rental term
This rental incentive will cease immediately if the resident fails to remit the full rent owing by the 1st day of each month or if the tenant fails to provide to Smart Landlord with post dated checks as described herein.
If the tenant vacates the unit prior to the end of the first year, the cumulative rental incentive will become immediately due and payable and the rental incentive shall cease immediately.
The reason I have so many to give in January is because with the .07 increase last year...once we knew that the new increase was 3.1% it did not make sense to give the increases out from June and onwards!
We are not going to increase our rents this year as our tenants gave us feedback on how much their utilities have gone up in 2010/2011 and our oldest house is 6 years old .Can't imagine what utilties would be on older less efficient hones these days.We are happy with what we get now and the increase won't make a big difference to us but may to them.
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