By agreeing to these Terms the Tenant authorizes Rentable to:
- hold and accrue interest on certain last month’s rent and/or security deposit payments made by Tenant to Landlord for the duration of the tenancy and engage in certain other activities incidental thereto according to the Terms herein; and
- disburse the last month’s rent payment to Landlord on the date that the payment is due under the terms of your lease, and upon Landlord’s authorization.
2. Tenant's Obligations
Tenant recognizes that Rentable is the agent of the Landlord and owes duties to the Landlord in providing the SDMP, and that Rentable does not owe the Tenant any fiduciary duties or other obligations except as specifically described in these Terms and subject to any limitations provided herein.
Tenant confirms that the SDMP is a deposit management service platform and not an electronic funds transfer service as defined under applicable law.
By accepting these Terms, Tenant agrees to comply with the privacy policies, including sections regarding confidentiality of information, of Rentable and its third-party vendor’s set for below in Section 5.
3. Rentable's Obligations
The duties, responsibilities and obligations of Rentable shall be limited to those expressly set forth herein, and no additional duties, responsibilities or obligations shall be inferred or implied. Rentable shall not be subject to, nor required to comply with, any agreement between or among Landlord and the Tenant (even though reference thereto may be made herein), or to comply with any direction or instruction (other than those contained herein or delivered in accordance with these Terms) from any party other than Landlord. Rentable shall not be required to, and shall not, expend or risk any of its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder.
Rentable shall not be liable for any action lawfully taken or omitted, or for any loss or injury resulting from its actions or its performance or lack of performance of its duties hereunder in the absence of bad faith, gross negligence or willful misconduct on its part. In no event shall Rentable be liable (i) for acting in accordance with or relying upon any written instruction, notice, demand, certificate or document from the Landlord, (ii) for any consequential, punitive or special damages, or (iii) for an amount in excess of the value of the Security Deposit in issue.
Rentable may consult legal counsel of its own choosing in the event of any dispute or question as to the construction of these Terms or Rentable’s duties hereunder, and Rentable will incur no liability and will be fully protected with respect to any action taken or omitted in good faith in accordance with the reasonable opinion and instructions of such counsel.
Rentable shall not incur any liability for not performing any act or fulfilling any duty, obligation or responsibility hereunder by reason of any occurrence beyond the control of Rentable (including but not limited to any act or provision of any present or future law or regulation or governmental authority, any act of God or war, or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility).
If at any time Rentable is served with any judicial or administrative order, judgment, decree, writ or other form of judicial or administrative process which in any way affects the Security Deposit (including but not limited to orders of attachment or garnishment or other forms of levies or injunctions or stays relating to the transfer of escrow property), Rentable is authorized to comply therewith in any manner as it or its legal counsel of its own choosing reasonably deems appropriate; and if Rentable complies with any such judicial or administrative order, judgment, decree, writ or other form of judicial or administrative process, Rentable shall not be liable to any of the parties hereto or to any other person or entity even though such order, judgment, decree, writ or process may be subsequently modified or vacated or otherwise determined to have been without legal force or effect.
4. Using the Website
You acknowledge that the quality and speed of access to the Rentable Website and SDMP will be impacted by the quality and bandwidth of your internet or network service. We are not responsible in any respect for the failure of such services.
You understand that the technical processing and transmission of the SDMP and/or the Rentable Website may involve: (i) transmissions over various networks; and (ii) changes to conform and adapt to technical requirements of connecting networks. We generally will inform you of any material changes to the technical requirements which may impact on your ability to use the SDMP or access the Rentable Website in advance of implementing such changes.
The SDMP may be integrated with third-party applications, websites, and services to make available content, products, and/or services to you. These Third-Party Applications may have their own terms and conditions of use and privacy policies and your use of these Third-Party Applications will be governed by and subject to such terms and conditions and privacy policies. You understand and agree that we do not endorse and are not responsible or liable for the behavior, features, or content of any Third-Party Application or for any transaction you may enter into with the provider of any such Third-Party Applications.
5. Electronic Signatures
Using the electronic signature service to sign documents is optional, and parties can choose to manually sign documents if they prefer. If a party would like to manually sign a document, said party should make sure that they do not electronically sign the document via the electronic signature services and obtain a physical copy of the document to be signed. Rentable has no responsibility or liability with respect to providing a physical copy of the document to be signed.
Rentable has no responsibility or liability with respect to the content, validity, or enforceability of any document, nor is it responsible or liable for any matters or disputes arising from any documents.
Rentable makes no representations or warranties regarding the validity or enforceability of electronic documents or electronic signatures. UNDER APPLICABLE U.S. STATE AND FEDERAL LAWS, ELECTRONIC SIGNATURES ARE NOT ENFORCEABLE ON SOME DOCUMENTS. IT IS THE RESPONSIBILITY OF THE PARTIES TO THE DOCUMENT TO BE SIGNED TO CONSULT WITH AN ATTORNEY TO DETERMINE WHETHER A DOCUMENT WILL BE ENFORCEABLE IF IT IS ELECTRONICALLY SIGNED VIA THE ELECTRONIC SIGNATURE SERVICE.
6. Rentable Management Accounts
- You must use your real name when creating an RMA.
- Your registered name must be your legal name and correspond to your name as a Tenant in your rental agreement with the Landlord.
You warrant and represent that the information provided when creating your RMA is complete, true and accurate in every respect and is not misleading in any respect. You must promptly update your RMA if any of this information changes. By using the SDMP, you authorize to make inquiries to verify your identity in accordance with applicable laws. If you do not respond to such inquiries or we cannot verify your identity, we can refuse to allow you to use the SDMP. By linking your bank account to your RMA, you authorize us and our third party providers to access your financial accounts on your behalf, and to gather information about you in connection with your use of the SDMP.
You must use the username and password chosen by you as a part of the RMA registration process.
You are responsible for keeping your password confidential, safe and secure. If you know or suspect that anyone other than you knows your password details or believes its integrity has been compromised, you must change it immediately and notify us at firstname.lastname@example.org.
You are responsible for ensuring that all details you provide to us through your RMA are correct including, in particular, any bank account details. Any payment made by us from your RMA to an incorrect account is not our responsibility and we may charge you for any cost we incur to assist you in recovering such payments. We will make reasonable efforts to ensure the information provided through your RMA is accurate and up to date. There may be a time lapse for transactions which are in progress.
Rentable is not liable where your RMA is used by someone other than you. You agree to notify us immediately by email to email@example.com if you suspect any unauthorized use has been made of your RMA.
7. Using the SDMP
To use the SDMP:
- The landlord must create an RMA. Landlord must send a Rentable Request to the Tenant. This request will set out the Landlord’s and Tenant’s details and details of the property, including the amount of the Deposit and the Rental Term. Tenant may set up an RMA, but is not required to do so.
- After the Rentable Request is sent to Tenant, the Deposit Sub-Account will be created. Once the Deposit Sub Account is created, Rentable will only release the Security Deposit (in whole or in part) to either the Landlord or Tenant in accordance with Section 10 below.
- Each Deposit Sub Account is separate and distinct from any other Deposit Sub Account. For instance, if a Landlord has multiple properties, a separate and distinct Deposit Sub Account is created in accordance with Section 7 in respect of each Deposit for each respective property.
- By creating a Deposit Sub Account, the Landlord and Tenant agree that the Deposit Sub Account shall in so far as is permissible under applicable law prevail over any agreement, lease or similar arrangement between the Landlord and Tenant in relation to the Security Deposit.
The SDMP may only be used for lawful purposes and transactions. You shall not use the SDMP in connection with any marijuana related business, including without limitation the leasing of real estate for purposes of operating a marijuana related business, or any transaction that is illegal or violates any laws in your jurisdiction or involves transactions directly or indirectly involving individuals, persons or entities with whom US persons are prohibited from engaging pursuant to laws, regulations, sanctions and export controls administered by the Departments of Treasury, Commerce and State or other agencies.
Rentable, in its sole discretion, may refuse to complete any transaction if Rentable has reason to believe the transaction is unauthorized or made by someone other than you, may violate any law, rule or regulation, or if Rentable has other reasonable cause not to honor it.
8. Making a Deposit
The Security Deposit continues to be the property of the Tenant. A Landlord only has a contractual right to claim on the Deposit in accordance with the terms of the lease and the laws of the state where such Security Deposit is held.
Your RMA and the Security Deposit are not an asset or the property of Rentable, and each is managed on behalf of the Landlord.
The use of a credit or debit card may be limited by your agreement with your financial institution and/or by applicable law. Rentable is not liable to any person or entity if your financial institution fails to honor any credit or debit to or from your RMA.
9. Rentable SDMP Fee
The SDMP Fee is a one-time fee of 3% of the Security Deposit up to a maximum of USD $25 or such other fee that has been agreed between Rentable and the Landlord (or their agents) for each Deposit Sub Account plus any applicable sales or other local tax. This fee covers the SDMP provided hereunder beyond the maintenance of the Security Deposit under the applicable lease. The Tenant is under no obligations to select the SDMP that are covered by this SDMP Fee, and the Tenant does so voluntarily.
The non-refundable SDMP Fee is payable when the Deposit Sub Account is created in accordance with Section 7 herein.
If Tenant pays any sums by credit or debit card, and later cancels the payment, Tenant is required to pay us any charge we incur to our payment processor as a result of the cancellation. We may deduct this amount from any sums credited to your RMA or the Security Deposit (in which case the person that made the cancellation is then responsible for making a further payment through its RMA to increase the Security Deposit to the amount required under the Deposit Sub Account).
We can, at any time, change the SDMP Fee and notify you of such change as set out herein. This change will apply for any Deposit Sub Account which you create after the date of the change but won’t apply to any existing Deposit Sub Account. By continuing to use the SDMP, you are deemed to have accepted such change.
10. Payment Plan Option
11. Release Events and Withdrawals
- Return the entire Security Deposit to the Tenant;
- Deliver a stated amount of the Security Deposit to the Landlord to compensate Landlord in accordance with the terms of the residential lease between Landlord and the Tenant and return the balance to the Tenant; or
- Deliver the entire Security Deposit of the Tenant to the Landlord to compensate Landlord in accordance with the terms of the residential lease between Landlord and the Tenant. If Landlord fails to issue a written instruction pursuant to this Section 10 within thirty (30) days following the Lease Termination Date, Rentable is authorized to return the entire Security Deposit to Tenant.
Tenant’s SDMP and Deposit Sub Account shall be terminated on the date on which the entire Security Deposit has been distributed.
Disbursements made by Rentable by check can be expected within 14 business days, while disbursements made by Rentable via the Automated Clearing House (“ACH”) can be expected within 5 business days.
12. Limited Warranty, Limitations of Liability and Indemnity
EXCEPT AS OTHERWISE STATED IN SECTION 4 ABOVE, RENTABLE DOES NOT REPRESENT (i) THAT TENANT’S USE OF THE SERVICE WILL BE SECURE, TIMELY, UNINTERRUPTED OR ERROR FREE, (ii) THAT ALL ERRORS IN THE SERVICE AND/OR DOCUMENTATION WILL BE CORRECTED, (iii) THAT THE SYSTEM THAT MAKES THE SERVICE AVAILABLE WILL BE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS, (iv) THAT THE SERVICE WILL OPERATE IN COMBINATION WITH OTHER HARDWARE, SOFTWARE, SYSTEMS OR DATA NOT PROVIDED BY RENTABLE, (v) THAT THE OPERATION OF THE SERVICES WILL BE SECURE, THAT RENTABLE AND ITS THIRD PARTY VENDORS WILL BE ABLE TO PREVENT THIRD PARTIES FROM ACCESSING TENANT DATA OR CONFIDENTIAL INFORMATION, (vi) THAT ANY ERRORS WILL BE CORRECTED, (vii) THAT ANY STORED TENANT DATA WILL BE ACCURATE OR RELIABLE, (viii) OR THAT THIRD PARTY INFORMATION OR DATA MADE AVAILABLE AS PART OF THE SERVICE WILL BE COMPLETE, RELIABLE OR ACCURATE. THE OBLIGATIONS STATED IN SECTION 4 ABOVE ARE THE SOLE AND EXCLUSIVE OBLIGATIONS OF RENTABLE. THERE ARE NO OTHER WARRANTIES OR CONDITIONS, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, THOSE OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. THE SERVICE IS PROVIDED TO TENANTS ON AN “AS-IS” AND “AS AVAILABLE” BASIS, AND IS FOR PERSONAL USE ONLY. TENANT ASSUMES ALL RESPONSIBILITY FOR DETERMINING WHETHER THE SERVICE OR THE INFORMATION GENERATED THEREBY IS ACCURATE OR SUFFICIENT FOR THE TENANT’S PURPOSE.
NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY FOR EXEMPLARY, PUNITIVE, SPECIAL, INCIDENTAL, INDIRECT OR CONSEQUENTIAL DAMAGES INCLUDING WITHOUT LIMITATION, INTERRUPTION OF BUSINESS, LOST PROFITS, LOST OR CORRUPTED DATA OR CONTENT, LOST REVENUE ARISING OUT OF THIS AGREEMENT (INCLUDING WITHOUT LIMITATION THE SERVICE, THE USE OF THE SERVICE OR THE INABILITY TO USE SERVICE), EVEN IF THE PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
DIRECT DAMAGE LIMITATIONS:
- IN NO EVENT SHALL THE AGGREGATE LIABILITY OF RENTABLE OR ANY THIRD PARTY VENDORS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT, INCLUDING ANY LICENSE, USE, OR OTHER EMPLOYMENT OF THE SERVICE, WHETHER SUCH LIABILITY ARISES FROM ANY CLAIM BASED ON BREACH OR REPUDIATION OF CONTRACT, BREACH OF WARRANTY, TORT, OR OTHERWISE, EXCEED THE TOTAL AMOUNTS OF FEES ACTUALLY PAID BY TENANT TO RENTABLE IN THE THREE (3) MONTH PERIOD IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO SUCH CLAIM. THERE SHALL BE ONLY ONE AGGREGATE LIABILITY CAP UNDER THIS AGREEMENT EVEN IF THERE ARE MULTIPLE CLAIMS; EACH CLAIM SHALL REDUCE THE AMOUNT AVAILABLE IN THE AGGREGATE.
- RENTABLE SHALL NOT BE LIABLE FOR ANY DAMAGES RESULTING FROM THE LOSS OR CORRUPTION OF ANY DATA OR CONTENT WHETHER RESULTING FROM DELAYS, NONDELIVERIES, MISDELIVERIES, SERVICE INTERRUPTIONS OR OTHERWISE.
- EXCLUSIONS: THE FOREGOING LIMITATIONS OF LIABILITY SHALL NOT APPLY WITH RESPECT TO: (I) DAMAGES TO PERSONS AND/OR TANGIBLE PROPERTY OCCASIONED BY THE WILLFUL MISCONDUCT OR GROSS NEGLIGENCE OF A PARTY, OR (II) LANDLORD’S OR TENANT’S UNAUTHORIZED USE OF RENTABLE’S OR THIRD PARTY VENDOR’S INTELLECTUAL PROPERTY, MATERIALS OR ASSETS; DAMAGES AS LIMITED BY THIS SECTION 12 ARE TENANT’S SOLE AND EXCLUSIVE REMEDY.
TENANT AGREES THAT TENANT SHALL BE LIABLE TO RENTABLE AND SHALL FULLY AND EFFECTIVELY INDEMNIFY AND HOLD HARMLESS RENTABLE AND ITS AFFILIATES AND THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYERS, SUCCESSORS AND ASSIGNS FROM AND AGAINST ANY COSTS, LOSSES, EXPENSES, DAMAGES AND LIABILITIES SUFFERED, INCURRED OR AGREED TO BE PAID OUT BY RENTABLE IN CONNECTION WITH ANY CLAIM TAKEN OR THREATENED AGAINST RENTABLE ARISING FROM OR RELATED TO YOUR NEGLIGENCE, FRAUD, CRIMINAL BEHAVIOR OR BREACH OF THESE TERMS OF SERVICE. THIS CLAUSE SURVIVES THE TERMINATION OR EXPIRATION OF THE TERMS OF SERVICE.
13. License and Acceptable Use
You may not use any of Rentable’s trademarks, logos, or other proprietary graphics without express written permission, which may be denied in Rentable’s absolute discretion. Rentable’s logos and product and service names are trademarks of Rentable. All other trademarks appearing on the website or in connection with the SDMP are trademarks of their respective owners, and our reference to them does not imply or indicate any approval or endorsement by their owners unless such approval or endorsement is expressly made.
- modify, alter, tamper with, repair or otherwise create derivative works of any of the SDMP
- reverse engineer, disassemble or decompile the software used to provide or access the SDMP, or attempt to discover or recreate the source code used to provide or access the Services, except and only to the extent that the applicable law expressly permits doing so;
- use the SDMP for research or benchmarking or any related endeavor with the intent of creating a competing or similar product;
- sell, lend, rent, resell, lease, sublicense or otherwise transfer any of the rights granted to you with respect to the SDMP to any third party;
- remove, obscure or alter any proprietary rights notice pertaining to the SDMP
- access or use the SDMP in a way intended to improperly avoid incurring fees or exceeding usage limits or quotas;
- use the SDMP to: (i) engage in any unlawful or fraudulent activity or perpetrate a hoax or engage in phishing schemes or forgery or other similar falsification or manipulation of data; (ii) send unsolicited or unauthorized junk mail, spam, chain letters, pyramid schemes or any other form of duplicative or unsolicited messages, whether commercial or otherwise; (iii) advertise or promote a commercial product or service that is not available through Company; (iv) store or transmit inappropriate content, such as content: (1) containing unlawful, defamatory, threatening, pornographic, abusive, libelous or otherwise objectionable material of any kind or nature, (2) containing any material that encourages conduct that could constitute a criminal offense, or (3) that violates the intellectual property rights or rights to the publicity or privacy of others; (v) store or transmit any content that contains or is used to initiate a denial of service attack, software viruses or other harmful or deleterious computer code, files or programs such as Trojan horses, worms, time bombs, cancelbots, or spyware; or (vi) abuse, harass, stalk or otherwise violate the legal rights of a third party;
- interfere with or disrupt servers or networks used by Rentable to provide the SDMP or used by other users to access the SDMP, or violate any third party regulations, policies or procedures of such servers or networks or harass or interfere with another user’s full use and enjoyment of any of the SDMP;
- access or attempt to access Rentable’s other accounts, computer systems or networks not covered by this TOS, through password mining or any other means;
- share passwords or other access information or devices or otherwise authorize any third party to access or use the SDMP.
14. Events Beyond our Control
Rentable may send any formal notice under these Terms to you by sending it by email to the email address registered to your RMA, by post to the address registered to your RMA or through an in-app communication.
Rentable may assign, transfer or otherwise dispose of all or any of Rentable’s rights or obligations under these Terms, in whole or in part, with prior notice to you, provided that in doing so we do not materially prejudice your interests under these Terms.
20. Compliance with Law
Rentable can take whatever action we consider appropriate to meet our legal obligations anywhere in the world (including suspending your RMA or any transactions) relating to the prevention of fraud, money laundering, terrorism or other criminal activity and to the provision of financial and other services to persons who may be subject to sanctions. If this results in a delay or failure to effect instructions, we are not liable for any resulting loss, damage or other liability suffered by you or any third party. We reserve the right to notify the appropriate authorities and/or terminate a Deposit Sub Account and return or withhold any Security Deposit or sum paid where we believe or suspect that our SDMP is being used for inappropriate or unlawful purposes or in breach of these Terms.
21. Entire Agreement
22. Governing Law
23. Definitions and interpretation
Reference to any gender includes all genders and number includes the plural and vice versa and words importing persons include firms or companies. The section headings to the provisions are inserted for convenience of reference only and are not a part of, and do not or affect the construction or interpretation of, the Terms of Service. None of these Terms of Service will be interpreted so as to deprive you of any rights you have under applicable law unless you may waive such rights.
The following expressions have the meanings given to them below:
“Bank” means the bank chosen by Rentable at which one or more of Security Deposits are held.
“Bank Account” means the bank account with the Bank where Security Deposits from the Tenant and other sums credited to the RMA by the Landlord, Tenant and others, are kept by Rentable for the purpose of providing the SDMP.
“Banking Day” means a day that all banks are open for business in Massachusetts, meaning Monday to Friday, excluding weekends and public holidays in Massachusetts.
“Rentable Management Account” means, as the context so admits or requires, the account set up on the Website by either a Landlord or a Tenant.
“Rentable Request” means the request setting out the details of a proposed Deposit Sub Account (including the Deposit amount, Tenant and Landlord name, Rental Term and property address) that is sent by the Landlord (or vice versa) through our Website and, once accepted by the other party, creates the Deposit Sub Account.
“Deposit” means the sum to be managed by Rentable pursuant to these TOS and the Deposit Sub Account, as that sum is more particularly identified in the Rentable Request.
“Deposit Sub Account” means the agreement, made in accordance with clause 7 by and between Rentable, the Landlord and Tenant identified in the relevant Rentable Request. The Rentable Sub Account ensures that the Security Deposit will be managed by Rentable on behalf of the Landlord and will be released by Rentable in accordance with these TOS. The specific details with respect to a Deposit Sub Account are set out in the relevant Rentable Request accepted by the Landlord or Tenant, as applicable.
“Deposit Management Service Platform” means the service provided by Rentable subject to, and in accordance with, these TOS to Landlords and Tenants.
“Landlord” means a person that: has a Landlord Rentable Management Account (whether set up and used by that person or by an agent on their behalf) as permitted under Section 6 herein. For the purposes of this definition, “agent” includes any Property Manager or a Property Management Company to which the Landlord has delegated authority to act on their behalf; andwith respect to a particular Deposit Sub Account, is identified in the Rentable Request as the Landlord of the property for which the Security Deposit is being made.
“Landlord Rentable Management Account” means a registered Landlord account with Rentable, created and managed through our Website, which contains the Landlord’s user profile.
“Release Event” means any of the release events described in Section 10.
“Rental Term” means the period during which a property is rented or leased by a Tenant as set out in the relevant Rentable Sub Account. The Rental Period can be extended by the Landlord and Tenant when the Landlord sends an extend request through our Website and the Tenant accepts that request.
“Property Management Company” or “Property Manager” is a company or an individual acting as an agent of the Landlord. Any reference to Landlord shall for the avoidance of doubt include a property management company or property manager acting as an agent for the Landlord.
“Tenant” means a person that has a Tenant Rentable Management Account; and with respect to a particular Deposit Sub Account, is identified in the Rentable Request as the Tenant of the property for which the Security Deposit is being made.
“Tenant Rentable Management Account” means a registered Tenant account with Rentable, created and managed through our Website, which contains the Tenant user profile.