Version November 16, 2020
1) PAYMENT TERMS: Peak shall pay Client the Fee in quarterly installments on or before the 15th day of each month following the end of the quarter (e.g. April 15th, July 15th, Oct. 15th, Jan. 15th). Payments begin accruing on the first day of the calendar quarter following the Go-Live Date (as defined in section 6 of this RIMF TOU). Payments shall be made in arrears. Payments will be prorated for Properties canceled or terminated within a calendar quarter. Client is responsible for all applicable taxes, duties and tariffs (exclusive of taxes based on Peak’s net income) applicable to this Agreement.
2) If Client has executed and delivered either (i) a Renter’s Insurance Master Policy Management Agreement, between Client and Peak (“Master Policy Agreement”), or (ii) a Tenant Legal Liability Agreement, between Client and Peak (“TLL Agreement”) then Peak will only pay Client the Fee with respect to those Units not covered by a Master Policy (as defined in the Master Policy Agreement) or TLL policy (as defined in the TLL Agreement) as of the end of each quarter. The number of Units eligible for the Fee would be the total Units as set forth in item (1) above, less the number of Units covered by a Master Policy or TLL policy as of the end of the quarter.
3) Peak reserves the right to adjust the Fee at any time upon written notice to the Client after the first anniversary of the Effective Date, based on actual adoption-rates of the Policies by Residents. Adoption rates are determined by the percentage of Client’s Residents selecting and enrolling in the Policies against the overall number of units participating in the program pursuant to this Agreement.
4) The following Section 3.i. is hereby incorporated into the Agreement by this reference.
3.i. Client represents and warrants that, within 30 days of the Effective Date, and except with respect to any rent-controlled, affordable or other non-mandatory/non-Fee Units identified above, its standard leasing documentation will require that the Resident must maintain a minimum of $100,000 in personal liability insurance coverage procured from the insurance provider of Residents’ choice. To the extent permitted by applicable law, Client shall include or cause to be included such insurance requirement in each new lease agreement or renewal entered into at least 30 days after the Effective Date, for the term of this Agreement. Promptly upon execution of this Agreement, Client shall provide Peak with a copy of each Property’s standard leasing documentation that includes such requirement.
5) The following Section 3.j. is hereby incorporated into the Agreement by this reference.
3.j. Client represents and warrants that, as soon as reasonably practicable after the Effective Date, Client shall activate, or cause or allow to be activated, each property management software feature relating to the enforcement and monitoring of the Resident’s leasing requirements as set forth in Section 3.k., including, without limitation, the feature that requires a Resident’s proof of renter’s insurance prior to establishing a new tenancy.
6) The “Go-Live Date” means the first business day after all of the following have occurred:
a. Client has complied with Section 3.i. (lease requirements).
b. Client has complied with Section 3.j. (property management features).
c. Client has approved the placement of Advertising Materials on-site at the Properties and on the relevant websites.
d. Client has provided Peak with a list of all relevant Properties and Units.
e. Each Property is listed on ResidentShield.com and the Policies are available to Residents through ResidentShield.com.
f. The Master Policy program has gone live (as defined therein), if Client has executed a Master Policy Agreement with Peak.
7) For the Term of this Agreement, Client agrees to exclusively market Peak’s ResidentShield® suite of insurance products throughout Client’s leasing offices, move-in packets, websites, etc.
8) Upon termination of this Agreement, Peak shall have no further obligation to pay Client any Fee, except for Fees accruing prior to the date of termination.