Posted by John Merchant on May 07, 2003 at 15:53:28:
In so many words, you’re asking if one of the two parties in a 2 party contract can later change the terms. Right?
Well, in an answer I think is understandable: HE!! NO. Would YOU let the other party in one of your contracts unilaterally, all by himself, change the K? Same answer.
The way you might get this done, amicably and legally is to go to the other guys with some kind of deal where you’re BOTH benefitting from a couple of “minor” changes you propose…i.e., you’re giving up something minor in exchange for getting something you want.
Important Michigan Legal Question - Posted by Matthew Rogers
Posted by Matthew Rogers on May 07, 2003 at 15:33:39:
In a nutshell: I have several lease options currently. My residents tend to pay anywhere from 1-8 days late. Most on them come from rentals where there is a 5 day grace period. my contracts however state that a payment that is a day late results in a $25 dollar late fee and $5 every day after that. What can I do legally to change the payment time from a (no grace period) to a 5 day window, and to change the $25 + $5 in contract rule to a (10% of the monthly payment extra charge) if they fail to pay within the 5 day grace period. Since I have so many lease options, it would be hard to write up and sign all those addendums. Just like a mortgage lender would, can’t I just send out two notices in the mail informing the residents of the change, and then change it. Somebody has to know the answer to this one. Any advice (legal) would be greatly appreciated.