Good morning John!
Thank you for that! The leases with this specific facility are already TSSA leases. We still are trying to get in touch with them to sign new ones though. We just like to have a signed one with our terms when we acquire a facility.
Unfortunately though, the tenants that are in auction status and won't answer the calls, emails, or physical letters are the same ones who won't answer us to sign a new lease.
I did see in the GoldBook that you can auction a unit as long as you have a lease signed "by the tenant". I think that will give us what we need to auction these few units. I would think if both parties signatures were required (which we do), the terminology in the GoldBook would say you needed a lease signed "by both parties".
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Terri Wood
Executive Assistant
Ideal Self Storage
Waco TX
(254) 301-4071
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Original Message:
Sent: 09-21-2023 08:11 AM
From: John McAfee
Subject: Recently acquired facility leases
In the assignment of leases when you acquire a property you assume the leases in place. Signed or not by lessor or lessee something is assumed to be in place.
but, you need to work to get the TSSA Lease in place. Best if everyone signs, e-sign or signature, better is emailed lease saying this is the new lease we are operating under. Signed or not. If you go to court you will lose but at least you're not held hostage. Do your best to build a case for you doing everything in your power but in the end you may still
lose. But you can't be tied up and stuck with a non paying unit for 6+ mo. Make your best move forward and do your best to manage the downside. Next. JMc
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John McAfee
The Storage Place - DFW, Frisco
Frisco TX
(214) 923-0070
Original Message:
Sent: 09-20-2023 05:06 PM
From: Terri Wood
Subject: Recently acquired facility leases
Has anyone had an issue where when you acquired a facility some of the leases were signed by the tenants but not the previous owners? We are trying to find out if we can auction these since the "Lessor" did not sign them. We don't feel comfortable signing them as we were not the owners when the agreement was made. Thanks!
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Terri Wood
Executive Assistant
Ideal Self Storage
Waco TX
(254) 301-4071
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