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My girlfriend and I about to sign a "standard" lease.

Customer Question
Hi My girlfriend and I about...
Hi
My girlfriend and I about to sign a "standard" lease. While the rent indicated is as we've agreed upon, a secondary amount is also listed, which apparently is the market value of the apartment.
They are telling us that because the "rent stabilized rate" is higher than the rate we are being given, they must have both amounts indicated on the lease.
Is this right?
Are we ever going to be held responsible for this higher amount that is also listed?
Any circumstances that would make us responsible for that higher 'rent stabilized rate'?
ADDITIONAL CLAUSES ATTACHED AND FORMING A PART OF THE LEASE DATED
April 18, 2016
______________________ BETWEEN BROOKLYN TILLARY LLC (LANDLORD) AND ____________________
Borchers
___________________________________________________________________________________________
_______________________________________________________________________(TENANT) REGARDING
APARTMENT _____ IN THE PREMISES LOCATED AT GOLD STREET, BROOKLYN, NY 11201. IN THE
EVENT OF ANY INCONSISTENCY BETWEEN THE PROVISIONS OF THIS RIDER AND THE PROVISIONS OF
THE LEASE TO WHICH THIS RIDER IS ANNEXED, THE PROVISIONS OF THIS RIDER SHALL GOVERN AND
BE BINDING. THE PROVISIONS OF THIS RIDER SHALL BE CONSTRUED TO BE IN ADDITION TO AND NOT
IN LIMITATION OF THE RIGHTS OF THE OWNER AND THE OBLIGATIONS OF THE TENANT.
Veronika
PREFERENTIAL RENT RIDER
Veronika Borchers
IT IS HEREBY AGREED by and between Brooklyn Tillary LLC, owner of the premises known as and located at
Gold Street, Brooklyn, NY 11201 and
___________________________________ (hereinafter "Tenant"), tenant of Apartment _____ in the subject
premises (hereinafter "subject apartment") as follows. This additional clause is attached to and forming a part of
Lease dated ______________________.
1. The parties agree that the legal regulated rent for the subject apartment is $____________ per month, as set
forth in the Lease dated ______________________ (hereinafter the "Lease"); and
2. During the entirety of said Lease term, which expires on ______________________, subject to any lawful
adjustments, the legal regulated rent shall remain $____________ per month; however, the parties agree that the
Tenant may tender and the owner will temporarily accept a reduced amount of $____________ per month, subject
to any lawful adjustments, in full payment and satisfaction for the monthly rent for the ________________________
6 days
_______________ period from ______________________ through ______________________, representing a
temporary concession of rent.
3. Owner has agreed to this temporary rent concession due to a temporary downturn in the rental market reflective
of temporarily depressed economic conditions; said temporary concession is neither intended as a permanent rent
reduction, nor is it intended as a preference to govern throughout Tenant's tenancy.
4. Other than during the ________________________________________, where you will be paying
$____________ as specified herein, the full monthly rent recited in this Lease or any renewals thereof, subject to
4650.00
future lawful adjustments (if any) must be paid in order to satisfy Tenant's rent obligation pursuant to the lease then
in effect; and
5. It is acknowledged and agreed by the parties that the legal regulated rent for any subsequent lease renewal will
be based upon the legal regulated rent of $____________ per month as set forth in the Lease dated
______________________, subject to any lawful adjustments, such that the owner's willingness and agreement to
accept a temporarily reduced rent shall have no affect upon the legal regulated rent, as such term is defined in the
Rent Stabilization Law and Code; and
6. Rent increases and rent adjustments shall be in the amounts permitted by law and shall, during this tenancy,
have the effect of increasing the legal regulated rent by the applicable percentages, increments or adjustments
permitted by law.
7. It is understood that, to the extent, if any, that the Owner applies for and is granted any rent adjustments during
the tenancy, for the purpose of calculating and implementing such adjustments, such calculation and adjustment
shall be by reference to the legal regulated rent then in effect.
8. The parties shall be deemed to have jointly drawn this Rider in order to avoid any negative inference against the
preparer of the document.
9. The covenants, agreement, terms, provisions and conditions contained in this Rider shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and assigns.
Submitted: 1 year ago.Category: Real Estate Law
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Answered in 12 minutes by:
4/20/2016
Real Estate Lawyer: Christopher B, Esq., Lawyer replied 1 year ago
Christopher B, Esq.
Category: Real Estate Law
Satisfied Customers: 2,983
Experience: associate attorney
Verified
My name is***** and I will be helping you with your question today. This is for informational purposes only and does not establish an attorney-client relationship. Every rent stabilized apartment has a maximum legal rent based on its unique history. Landlords are required to register the “legal regulated rent” of rent-stabilized apartments with a state agency (New York State Homes & Community Renewal) every year, but may offer the apartment for a lower amount called a “preferential rent” or reduced rent. Not all preferential rents work the same. Sometimes a tenant is entitled to keep the preferential rent as long as he/she lives in the apartment. But in most cases the preferential rent can be revoked whenever the lease is renewed, and the landlord can start charging the higher “legal regulated rent” plus other allowable increases. Preferential rents are sometimes offered as a favor to tenants, but other times they are used to hide that a landlord is registering an illegally high rent for that apartment with the state. It looks as though this reduced rent is not permanent and she will be due the higher rent at some point. It looks as though there is a time frame that the reduced rent is set for so you would be responsible at some point per the leases terms. See link for more info: http://metcouncilonhousing.org/help_and_answers/preferential_rentsPlease let me know if you have any further questions and please positively rate my answer if satisfied. There should be smiley faces and numbers from 1 through 5 to choose from. This extra step will cost you nothing extra and will only ensure that I am compensated by the site for my time.
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Real Estate Lawyer: Christopher B, Esq., Lawyer replied 1 year ago
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Christopher B, Esq., Lawyer
Category: Real Estate Law
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