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Lease Subordination Agreement Michigan Form

Lease Subordination Agreement Michigan Form

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the application of funds clause and you may have this in your lease you may have read it before but most people don't know how to use it and don't know how to use it well the application of funds Clause essentially says you pay me money and no matter what you write on that form of payment whether it's a transfer by Zell with a little note whether it's a money order whether it's a check a cashier's check whether it's a bag of money with a dollar sign on the side and a note that says exclusively for rent none of these things matter with the application of funds Clause no marking or denotation or suggestion by your tenant limits you to how you apply these funds you can apply these funds first to non-rent obligations particularly old ones and so I recommend that you never go more than 30 days with an old debt that the subsequent rent payment should be applied first to clear out all old debt and any remaining portion gets applied to th

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