Alcove's early lease termination policy

This article covers lease terminations and room switch policies

The tenant lease termination policy states: Roommate hereby agrees that any notice of termination submitted shall not be effective until the final day of the initial term. Consequently, regardless of the duration of the notice provided by Roommate, termination of this Lease Agreement shall not occur prior to the last day of the initial term, unless Landlord specifically consents in writing via a separate signed instrument. The Roommate shall not attempt to sublease or transfer their rental agreement. The Roommate is required to follow all terms and conditions of the lease until the date of cancellation, including termination obligations.

Subject to Landlord’s approval, the Housemate may be permitted to terminate this Agreement early under certain circumstances.

Tenant - Landlord Agreement

The tenant has the option to start a resolution case through Alcove, and the landlord can agree to a lease cancellation that deviates from the terms of the lease. To come to an agreement, both the tenant and landlord should communicate through the resolution center and reach an understanding on Alcove's platform.

For tenant's, this process be started in your 'MyAlcove' portal -> 'Move out options'. 

1. A replacement roommate may be required

The default policy in accordance to local law and the lease is as follows:

A tenant may choose to terminate their lease with the understanding that the lease is valid and live until a replacement tenant of a comparable lease has been acquired.

The tenant or landlord always has the right to default to the lease and state law, acquiring a roommate replacement. As Alcove conducts the compensable work to acquire the replacement, a tenant is not required to pay supplemental compensation for related damages for the replacement. The landlord does have the right to compensation of property damages over normal wear and tear once the tenant has vacated the property. 

If a housemate wishes to switch rooms within the same home, landlord approval is still required. However, there is no need to find a replacement roommate. 

2. If the landlord does not require a replacement roommate, they can enforce a notice period.

If the landlord agrees to waive the requirement for a replacement. The Landlord has the authority to charge an early termination fee and/or implement the following timeline for the termination of the Housemate's lease:

3. Alcove's termination Fees apply
 
Unless the Housemate is room switching to another Alcove room, they agree to pay for Alcove’s lease cancellation fee of $200.00 in addition to any fee that the landlord requires. 

In addition, any outstanding charges to the Housemate will have to be paid before the agreement is terminated. The charges are separate Alcove's lease termination fee.

4. Once a lease termination request has been submitted, it cannot be cancelled 

Once a lease termination request has been submitted, it cannot be canceled as Alcove will promptly start begin the marketing process for the room.

Both the tenant and the landlord must come to a mutual agreement on any terms that deviate from the lease or Alcove's policies via a separately signed instrument provided by Alcove.

Summary of termination, terms and fees: