Erica Fenton, owner of Cloud IX, recently posted on her personal social media account “$175,712.28 worth of #RUMORS later, #AWOKAY” along with a photo of her inside Cloud IX. So we decided to verify the details of exactly how the $175,712.28 detainer warrant / eviction lawsuit breaks down. We obtained a copy of her signed lease, and independently confirmed the contract debt is valid per the terms she agreed to.
In short, Fenton signed a 5-year lease on the building, agreeing to the full amount of the 5 year lease, broken down into monthly payments – which in several pages of legalize means she owes the full amount if she doesn’t fulfill the terms of the lease, for ANY reason. The landlord can attempt to fill the remainder of the lease and credit her back any balance remaining in the term, but with the modifications and build-out she completed (rent-free) before opening, the location may not be conducive for another tenant in the near future. Here’s how it happened:
Fenton’s five year lease on the building for Cloud IX states the payments are broken down to monthly amounts, due on the 1st day of each month. Any monthly payment not received by the 5th of the month is considered ‘late’, and the landlord has no obligation to accept any payment not received by the 5th of the month, terminating the leasing contract, with full term amount due of the remaining five years. Erica Fenton signed this 14 page lease on 08/16/2016 at 6PM with the landlord and a witness from the realty company (Benchmark Investors Group).
According to records, Fenton’s December Rent (due 12/01/017) was not paid by the cut off date (12/05/17), and therefore she was in violation of the terms of her lease, and the landlord used his option in the contract to start the eviction process, with her owing for December, and all future months under the signed contract – that total is $175,712.28.
The lawsuit was filed on 12/07, two days after the date the December payment was due, and is for the exact amount highlighted above:
Here is the relevant portion of the lease, with the full signed PDF below.
Here is the fully signed lease for Cloud IX: