ASSET PROTECTION PLAN AGREEMENT
TERMS AND CONDITIONS
Please carefully read the terms and conditions of this LeasingDesk Agreement (“Agreement”). By executing and initialing the corresponding portion of the order form (“Order Form”) that incorporates by reference this Agreement, Subscriber (as identified on the Order Form) agrees to the foregoing terms and conditions governing the Leasing Desk Asset Protection Plan Program (“RP Program”) offered by Multifamily Internet Ventures, LLC (“LD”) The RP Program allows Subscribers to purchase liability insurance coverage for their rental property units ( each “Unit”) designated on the Order Form. Upon issuance of the insurance coverage for each designated Unit, such Unit shall be deemed a “Covered Unit”.
1. SERVICES TO BE PROVIDED BY SUBSCRIBER.
a. Appointment. Subscriber agrees to appoint LD as agent and broker with regard to RP Program for Covered Units and agrees to implement the RP Program by purchasing insurance coverage as “Named Insured” for Covered Units.
b. Unit Information. Subscriber agrees to provide LD with all necessary information required per the terms of the RP Program and further gives LD the authority to provide such information to the appropriate insurance carrier(s) or underwriter(s) which may require the same information to properly administer the RP Program. LD agrees not to solicit, distribute or disclose to any third party (other than to its employees, agents, affiliates, the appropriate insurance carrier(s) or underwriter(s) on a need to know basis) any of Subscriber’s or its affiliated entities’ resident’s names, addresses, social security numbers, credit card information, and any other resident information (“Proprietary Information” or “Information”), unless required by law. LD acknowledges that such Information is proprietary to Subscriber, and LD shall hold all Information in a secure environment with procedures/controls in place to assure security of such Information.
c. RenterProtection Policy. LD will cause to be issued for Subscriber the Asset Protection Plan (“RP Policy”) with a carrier/underwriter of LD’s selection. The RP Policy under the RP Program shall include, but not be limited to, water, fire, smoke, and/or explosion coverage for Covered Unit liability. LD will bill Subscriber by the tenth (10th) day of the month subsequent to which the election occurs and Subscriber shall submit payment by the fifth (5th) day of the following month
d. Payment. Subscriber will use reasonable care in processing of data collected for LD. The RP Program for the Covered Units shall be provided on a month-to-month basis; whereas, the only Units which will be included in the RP Program for any given month will be the Covered Units listed in Subscriber’s monthly report to LD. In the event Subscriber does not provide LD with a list of Covered Units in any given month, Subscriber shall not be billed for such month and no coverage shall be provided. The fee, including all taxes, fees, and surcharges (“Fee”), for the RP Program shall be as set forth on the Order Form. The cost of the RP Program shall represent a $100,000 liability limit for each Covered Unit regardless of respective occupants of each Covered Unit.
2. INSURANCE RECORDS..
a. All forms, manuals, and brochures relating to LD and/or the RP Program are the property of LD and will be kept in the strictest confidence by the Subscriber and its employees. All insurance records will be kept in the strictest confidence by the Subscriber, LD and their respective employees and will be provided to LD by Subscriber upon reasonable request. LD shall keep all Proprietary Information concerning Subscriber’s business in confidence
b. All LD records in Subscriber’s possession shall be maintained at Subscriber’s premises or at the property in a safe and secure environment.
3. SALE OR TRANSFER. In the event Subscriber contemplates the sale or transfer of a Unit at which LD provides the RP Program under this Agreement, Subscriber will give LD no less than thirty (30) days prior written notice of said proposed sale or transfer (provided that the same is not subject to a confidentiality provision). Sufficient notice of a sale or transfer allows LD time to underwrite the new Subscriber/manager and determine if RP Program benefits will continue at the property.
4. RELATIONSHIP. LD and Subscriber are each independent entities, and neither shall have control over the activities of the other, except to the extent otherwise expressly provided in this Agreement. This relationship between LD and Subscriber established by this Agreement shall not be construed as a partnership, joint venture or franchise. Neither party shall be an agent or representative of the other for any purpose or shall have the authority to bind the other party and neither party shall at any time, make any promise, commitment, warranty, representation or agreement on behalf of the other with respect to any matter whatsoever. No statements, representations or covenants made herein shall require Subscriber to make the RP Program mandatory for occupancy at an Subscriber Unit.
5. TERMINATION. This Agreement may be terminated for any reason upon either party giving thirty (30) days’ written notice to the other party.
Notices under this Agreement may be provided by any of: U.S. Mail, a recognized private service such as Federal Express or UPS, receipted Fax (if fax number is designated) or e-mail (if e-mail address is designated), addressed:
If to Subscriber: NAME OF SUBSCRIBER
CITY, STATE ZIP
If to LD: Multifamily Internet Ventures, LLC
dba LeasingDesk Insurance Services
7585 Irvine Center Dr., Ste 200
Irvine, CA 92618
With a copy to :
2201 Lakeside Blvd
Richardson, TX 75082
Attn : Legal Department
Or to another address that either party shall specify to the other party by written notice
7. COMPLETE AGREEMENT. LD has not made any promises or representations to Subscriber, and Subscriber has not made any to LD, that are not in this Agreement. This Agreement is the complete agreement of the parties. This Agreement cannot be modified except in a writing executed by both parties to this Agreement. No waiver shall constitute a continuing waiver; thus, no waiver by either party of any default, misrepresentation, or breach of covenant of the other party under this Agreement, whether intentional or not, shall be deemed to extend to any prior or subsequent default, misrepresentation, or breach of covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence.
8. GOVERNING LAW, VENUE. This Agreement shall be governed by and interpreted according to the laws of the State of California, without taking into consideration California’s rules on conflicts of law. While the parties intend arbitration in the event of a dispute, any action arising out of this Agreement to compel arbitration, enforce an award, or which otherwise can appropriately be brought in a court shall be brought in any state or federal court located in Orange County, California, and each party irrevocably consents that any such court shall have personal jurisdiction over that party and waives any objection that the court is an inconvenient forum.
9. INDEMNITY. Subscriber shall indemnify and hold harmless LD its affiliates, and its and their directors, officers, employees, agents, successors and assigns against any and all loss, damages, costs and expenses (including reasonable attorneys’ fees) arising from judgments, settlements, penalties, paid or incurred in connection with claims by any party which are attributable to Subscriber under this Agreement, or arising from Subscriber’s property management activities at a Unit.
10. SEVERABILITY; HEADINGS. If any provision of this Agreement shall be prohibited or unenforceable by any applicable law, the provision shall be ineffective only to the extent and for the duration of the prohibition or unenforceability, without invalidating any of the remaining provisions. The article and section headings in this Agreement are inserted for convenience only and shall not constitute a part of the body or text of this Agreement or be considered in construing or interpreting this Agreement.