LEAP LANDLORD AGREEMENT
THIS AGREEMENT (the “Agreement”) is dated and is effective as of ________, 2018 (the “Effective Date”) by and between Leap Insurance Agency, LLC, a New Jersey limited liability company (“Company”) and ____________________ (“Landlord”).
W I T N E S S E T H :
WHEREAS, the Landlord is interested in joining the Leap Lease Program and benefiting from lease guaranties provided through the Company;
WHEREAS, the Leap Lease Program is offered by the Company through United Specialty Insurance Company (“Insurer”) and provides a guarantee of performance for certain Tenants under their leases (“Leases”) with the Landlord;
WHEREAS, the Landlord is willing join the Leap Lease Program and to allow prospective tenants and actual tenants to utilize the services of the Company to arrange for the purchase or provision of a guaranty of performance under their Leases;
NOW THEREFORE, in consideration of the premises and of the mutual covenants herein contained, the parties agree as follows:
- Policy. Landlord and Company acknowledge and agree that any guarantee by the Company will be provided through a policy in substantially the form of the specimen policy attached hereto as Exhibit A (“Policy”).Coverage under this Policy will be bound once the first tenant is approved by Leap, the applicable fee (“Fee”) is paid and the tenant executes the relatedLease with the Landlord. This Leap Landlord Agreement will remain in force until terminated by either party upon thirty (45) days advance written notice; provided that the termination of this Agreement shall not terminate any coverage that has been previously bound under the Policy.The Policy cancellation rules are set forth in the Policy.
- Fees. Landlord understands and agrees that the Fee is paid by the tenant to the Company for the benefit, and on behalf, of the Landlord. The Company will transmit part or all of the Fee to the Insurer as required to bind applicable coverage.
- Representations and Warranties. Landlord represents and warrants that all information provided to the Company during the Policy coverage termwill be true and complete.Landlord represents that it has read, understood and accepted the terms of the Policy.
- Governing Law.This Agreement will be interpreted in accordance with the laws of the State of New York, without regard to principles of conflicts of law.
- Any amendments or modifications to this Agreement will only be effective if they are in writing and signed by the person against whom enforcement of the amendment or modification is sought. This Agreement, including the Policy, reflects the full and complete Agreement of the parties with respect to the Leap Lease Program.
- Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original and all of which when taken together shall constitute but one and the same instrument.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.