Steps to take when a resident with Padder Guarantor moves out. **Where do you go?

If an Event of Default occurs under the Bonded Lease, leading to a Rent Protection Event, the landlord must take the following steps within 45 days after the default occurs:

1. Commence Standard Rent Collection Process:

   • Engage in negotiations with the tenant to establish a payment plan.

2. If Payment is Not Made:

   • Negotiate with the tenant to surrender possession of the apartment and take possession when it becomes vacant.

3. If Tenant Refuses to Surrender:

   • Commence an eviction proceeding or bring a monetary claim against the tenant under the Bonded Lease.

Claim Submission Process:

Upon submitting a claim, the landlord must promptly provide Padder with the following documentation:

• A complete and accurate description of the Event of Default and Rent Protection Event that caused the Covered Loss, per Padder’s online claim submission process [HERE].
• An itemized ledger or account statement detailing the charges, payments, and non-payments by the tenant under the Bonded Lease.
• All notices, pleadings, and papers served, filed, or otherwise required in connection with the eviction proceeding or monetary claim, and any other relevant documents.
• Any judgment of possession or stipulation of settlement obtained, or a statement by the landlord and associated evidence that the apartment has been abandoned by the tenant.
• Any money judgment obtained in respect of the Event of Default.
• Documentation evidencing the basis for and manner in which the Last Month's Rent Deposit was applied.
• Evidence, documentation, or photographs of the state of the apartment when the tenant vacated, or invoices for repairs supporting the repair costs of the apartment.
• Any other documents reasonably requested by Padder with respect to the Event of Default.