Redi/Reader Key Lease Agreement
This lease agreement made this date ___________________ by and between Greater Augusta Association of REALTORS, Inc. (GAAR), and __________________________________ herein referred to as “lessee” (who may be a Participant or a non principal broker, sales licensee, or licensed or certified appraiser), and _________________________________ herein referred to as “co-lessee” (the Participant/Responsible Broker).
1 - GAAR
hereby leases to lessee & co-lessee and lessee & co-lessee hereby
leases from GAAR at will, a Redi/Reader Key (Key) which operates
RediSafes. (NOTE: A Redi/Reader Key is defined as the
electronic key device providing access to the RediSafe).
2 - The
leased Key is and shall at all times, be and remain, the sole and exclusive
property of GAAR. The lessee and/or
co-lessee shall have no right, title or interest therein.
3 - Lessee
and/or co-lessee agrees to pay GAAR an annual lease fee of $115.00.
4 - A
deposit of $50.00 shall be paid to GAAR and is due from the lessee and/or
co-lessee upon signing of this form.
The deposit will be refunded when Key is returned to GAAR.
5 - Replacement
for a first lost key will cost $100.00, second or additional replacement keys
will be $150.00. If key is damaged, it
is the responsibility of the Lessee to repair or replace the Key.
6 - In
the event of a lost Key, it shall be the joint obligation of the lessee and co-lessee to give notice
within two (2) working days to GAAR concerning the circumstances of the lost or
stolen Key prior to the issuance of a replacement Key. If lessee and/or co-lessee finds and returns
his/her previously lost or stolen Key, GAAR shall refund the deposit.
7 - Lessee
and/or co-lessee shall keep the Key in a safe place, shall not in any manner
attach the identity number to the Key, shall not divulge his/her Key identity
number to anyone, shall not duplicate or attempt to duplicate the Key.
8 - Lessee
and/or co-lessee shall not assign, transfer, pledge, change this Lease
Agreement, the Key or any interest therein or sublet or lend the Key, or permit
the Key to be used by anyone other than lessee and/or co-lessee.
9 - Any
changes must be registered with GAAR.
If lessee changes offices the Key must be returned to GAAR. A key agreement with the new office must be
completed, signed and returned to the GAAR office. Failure to return the key within 5 days will result in a fine of
$50.00 to the co-lessee.
10 - When
participation in the service is terminated or lessee decides to no longer hold
a Key, the Redi/Reader Key must be returned within 2 days to GAAR. Lessee’s or co-lessee’s failure to remain in
good status with the Association or failure to adhere to any rules/regulations
of the Association shall constitute a default of this Lease Agreement.
11 - GAAR
shall have the right to inspect the Key at any reasonable time upon giving key
holder 72 hour notice. There shall be
an audit, annually, of all Keys which may be satisfied by a physical inventory
or, alternatively, by receipt of a statement signed by the key holder and the
Broker/Participant. If, at the time of
inventory, a Key is unaccounted for, or if a key holder refuses or is unable to
demonstrate that the Key is within their physical control, then the Key will be
considered unaccounted for and any funds on deposit will be forfeited to GAAR.
12 - All
costs and expenses, including attorney’s fees, incurred by either party in
exercising any of the terms, conditions, or provisions hereof, shall be awarded
to the prevailing party.
13 - If
any provision of this Lease Agreement is determined to be ineffective or
invalid, all other provisions of this Lease Agreement shall remain effective
and valid.
14 - Lessee
and/or co-lessee shall indemnify GAAR against, and hold GAAR harmless from, any
and all actions, suits, costs, expenses, damages and liabilities, including
attorney’s fees, arising out of, connected with, or resulting from the Key.
15 - In the event the security of the lockbox system is compromised as a result of carelessness on the part of the lessee or co-lessee the lessee and/or co-lessee shall pay to GAAR as liquidated damages, and not as a penalty, the sum of $5,000 or amount of actual damages, whichever is less. This provision shall only apply to misuse of the Key as determined by GAAR or failure to return it upon demand.
16 - No
covenant or condition of this Lease Agreement can be waived, except by written
consent of GAAR.
17 - GAAR
Keysafe Rules and Regulations are hereby incorporated into this Redi/Reader Key
Lease Agreement.
Lessee and co-lessee hereby agree that he/she has read, understands and
is bound by this agreement and the Keysafe Rules and Regulations of GAAR.
________________________________________ __________________ Previous / New
Lessee Dated Keyholder
The information listed below is used if you forget your PIN number and must phone the GAAR office for it. For security reasons the GAAR staff must be able to verify who is calling. If you elect not to provide the confidential information, you must appear in person at the GAAR office to receive your PIN number.
Mother’s maiden name, birthplace, or unique password: ________________________________________________
________________________________________ __________________
Participant or Managing Broker (co-lessee) Dated
______________________________________________________________________________________
(Do not write below this line – for GAAR staff use only)
Redi/Reader Key Serial #: ___________________ PIN #: ______________ Deposit: $ ___________
For Returned Redi/Reader Keys:
Date Returned: ________________ Received by: __________________________
Inactive?: ___ yes ___ no Staying with firm?: ___ yes ___ no Paid Check#:___________
Lessee Name: _________________________________________________
Address: _________________________________________________
_________________________________________________
Replacement or Re-issue:
Redi/Reader Key Serial #: ___________________ PIN #: ______________ Deposit: $ ___________
Reason for replacement: __________________________________________ Date: ____ / ____ / ____