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Commercial Rent Arrears Policy

Effective Date: August 9, 2009

 

Policy Statement

Commercial tenants must keep their lease obligations and pay their rent and fees in full and on time. Those who have rent arrears are obligated to make full payment. Staff must, to the best of their ability, treat tenants fairly and consistently.

Reason(s) for the Policy

From a University-wide perspective, it is important that there is some consistency of treatment of commercial tenants and that it is possible to show that consistency to tenants and those who inquire and advocate on their behalf.  The response to these tensions is likely to be in procedural consistency that requires the same schedule and type of follow up with a tenant, and still allows for individual plans and discretion on escalation to more stringent enforcement of an arrears case. 

Primary Guidance to Which This Policy Responds

None

Responsible University Office & Officer

Vice President for Real Estate, Real Estate Group

Controller, Finance

Revision History

None

Who is governed by This Policy

Staff of Commercial Leasing, Asset Management and Leasing & Acquisitions

Controller's Office and Finance Department

Who Should Know This Policy

Staff of Commercial Leasing, Asset Management and Leasing & Acquisitions

Controller's Office and Finance Department

Exclusions & Special Situations

None

Policy Text

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