Can you let me know what your company does for an employee lease agreement if the employee is laid off/not retained during a buyout?

The property I’m at is officially on the market & I have a question on what your company does for any employee they can’t retain.

There is a bonus structure in place for any employee who helps out and stays through the transfer of ownership.

If I can be retained, I will receive 2 weeks pay as a bonus and be placed at another property.
If I can not be retained, I will receive 5 weeks pay + all PTO.

BUT. I live in another property that isn’t being sold, currently owned by the company I’m with. what I don’t think is fair is that my lease will be affected. Per the teammate addendum I signed, I immediately lose my 20% discount and lose the ability to be able to give 30 days move out notice with no re-letting or termination fee. I feel the teammate addendum was drafted when the company was very young and didn’t plan on getting rid of any communities, meaning I feel the teammate agreement is directed towards people who choose to leave the company or people who get fired. I am neither. I am hoping to stay and be retained. But if I am unable to be retained, I should at least be able to give the 30 days notice and be good. I understand that the discount may have to go away, but the discount going away Immediately doesn’t seem fair.

Can you let me know what your company does for an employee lease agreement if the employee is laid off/not retained during a buyout?

I’ve seen a similar pay package and loss of discount, but ownership would still allow a 30-day notice w/o penalty.

Yes, through the remainder of the lease, although you do loose the discount. It doesn’t seem right, but that is standard from what I’ve seen here in the D-FW market.

I signed a lease at 1071/month and then the 20% discount brings it to 863. But per the teammate housing addendum, separation would cause me to have to pay market rent.

The entire teammate housing addendum should still apply, minus the 20% discount. I think the discount should still be there for 1-2 months. But I need to be able to give notice and not be penalized. Why should I be penalized for someone else’s decision..

I agree with you, but the teammate addendum is null and void as you are no longer a “teammate” with the company if you go to work for the new company.

Meaning I need it to be apart of the Bonus Structure. The 30days notice through the remainder of the lease + 1-2 months of discounted rent + not paying market rent should be apart of the Bonus Structure.

Is that a reasonable request?

Daniel Currie I would say no. Are you fee managed or owner managed?

owner managed

Tim N Kelly Hullender Do you feel that if I only ask to be able to end my lease with 30 days notice and pay no termination fee is asking too much as well?

well... if you stay employed and the property you live at is still owned by him- should not make a difference. But if you leave or the Property is not his the discount should end and you should be offered apartment at current leasing rate-

If your no longer an employee of that company than the addendum is null and void. You become a regular resident. That’s typical and very standard practice.

I think that fairness should be apart of the standard practice. I signed the lease knowing I could leave with 30 days notice, planning to stay with the company during the lease. I am being faithful to them, I just ask for them to be faithful to me. Everyone honestly thinks that being able to give the 30 days move out notice and not pay a fee is too much to ask? It should at least be allowed for three months after separation. It is not my choice and I am not being terminated.

I understand completely. But for the most part employee lease addendum are intended to protect the company not necessarily the employee . What I always tell me employees when an upcoming sale is coming is that it doesn’t happen over night. Start planning now so that you have your options available before the sale date

We evaluate each individual and usually come up with something fair.

Definitely bring this up. It needs to be discussed within your company. Just say what you said here...You would definitely lose your discount, but as you aren’t sold yet, you can prepare for that. But maybe they can let you stay through a certain date to give you a chance to decide if you want to move or remain on a standard lease. Come with solutions that benefit both you and the company...

Shoudn't matter. If they manage the property you live on and you're their employee, what's the issue? If they sell the property you will have to give up your discount but should be able to re-apply and be qualified or not. Same crieria as any resident. Read your lease. If it's MTM they can give you a 30 day notice. One lease in the state if OK. It's the OK Landlord Tenant Act. Read it too. Good luck.

Your company is very generous, and good employees are never without a job.

IMO, all employees should get 2 months salary as a stay bonus regardless if you are retained or not.

You should be on a month to month lease as an employee so the notice should only be the standard notice. If you aren’t on month to month then yes, to me that’s a new/green company that didn’t understand standard procedure.

An Employee Housing Addendum is designed to protect the company/Owner offering it. Company paid discounts go away if the company doesn’t own/manage that property any more. It seems to me you should make your decision now or as soon as possible. If you live your current company you can choose now to work through the sale and then move offsite and continue employment with current company. In my experience you’ll know quickly if you want to stay with your property or go with current company. The Addendum is fair in what it represents, as an employee. Property sales bring up all kinds of feelings. Talk to your boss and see if there is any room for negotiation.

Regardless of what the lease agreement was. If I had en employee tangled up in a situation like this, I allowed t(em to stay through the lease under the original agreement. My opinion was that the employee didn’t cause this situation, and I profited from the sale. Anyways, they wound up ,moving after a few months.

I would talk to the new owners, they may work something out. All things considered, it’s a Small a,punt when compared to the sale price of the property.

The last thing you said is exactly what I’m thinking.

Talk through it with both. Two things neither side want - an angry employee (current or former) or an empty apartment... Hopefully, they'll see things your way.