Leap Lease Program is offered by Leap Insurance Agency, LLC, a New Jersey limited liability company and its affiliates (“Leap”). This Document sets forth the terms and conditions of your relationship with Leap and any entity engaged by Leap to provide a Leap Rental Bond, as defined below, to the Landlord (“Provider”), and your and their respective obligations. In these Terms & Conditions, the terms “you”, “your”, “me”, “I”, “my” and “mine” refer to you, the undersigned Tenant(s).
These Terms & Conditions apply to the Lease you enter into with the Provider.
BY ACKNOWLEDGING THE TERMS & CONDITIONS BELOW, YOU ACKNOWLEDGE THAT YOU HAVE READ AND AGREE TO THE FOLLOWING IMPORTANT TERMS:
You understand and agree that these Terms & Conditions will not under any circumstance:
- relieve you of your obligation to pay rent to the owner of the Apartment (the “Landlord”); nor
- protect you from, or prevent, an eviction if you do not pay your rent to the Landlord.
You understand that if you do not pay your rent or meet your other obligations to the Landlord, the Landlord may make a claim under the Leap Rental Bond. If such a claim is paid by the Provider, you agree that you will reimburse the Provider (or Leap as their agent) for all amounts that the Provider has paid to the Landlord as a result of a claim made under the Leap Rental Bond.
You understand and agree that the coverage provided by the Leap Rental Bond is solely for the benefit of the Landlord, and that you have no right to seek any benefits from, or payments under, the Leap Rental Bond.
You understand and agree that if you do not pay your rent or meet your other obligations to the Landlord, Provider (or Leap as their agent) may report this information to the three major credit bureaus- Equifax, Experian and TransUnion.
RECITALS
I would like to enter into a lease for the Apartment but may not meet the Landlord’s qualifications for a lease, or I may prefer to qualify in a manner that does not require a lump sum deposit of an amount equal to all or a substantial portion of the rent to be due under the lease;
I understand that I will only qualify to enter into a lease for the Apartment (the “Lease”) if my performance under the Lease is guaranteed by a third party acceptable to the Landlord;
I would like to utilize the services of Leap to arrange for the purchase or provision of a Leap Rental Bond to guarantee my performance of the Lease; and
I have submitted an application to join the Leap Lease Program (“the Application”) and have been notified by the Provider or Leap that my Application has been approved.
TERMS AND CONDITIONS OF THESE TERMS & CONDITIONS
In consideration of the payment of the Fee and the mutual promises and covenants set forth herein, the parties agree as follows:
- Joining Leap Lease Program. Leap agrees that upon my (a) paying the Fee, (b) entering into a Lease with the Landlord, and (c) making any required payments in connection with the Lease (including but not limited to payment of the first month’s rent and/or a security deposit), Leap will cause the Provider to issue a Leap Rental Bond to the Landlord, guaranteeing my performance under the Lease as set out in that Leap Rental Bond (the “Leap Rental Bond”). A copy of the Leap Rental Bond is available for my review upon request.
- Accuracy of Information. I represent and promise that (a) all information that I provided to Leap in the Application continues to be true and complete, and (b) I will immediately notify Leap if as a result of subsequent events, any of the information I provided to Leap in the Application ceases to be true or complete.
- Fee. I agree and understand that the Fee is earned when paid and is not subject to refund or adjustment for any reason unless (a) expressly set forth in these Terms & Conditions or the Leap Rental Bond, or (b) required by applicable law. The Fee is not intended as, nor is it to be construed as, a payment to the Landlord, and will not for any purpose be considered a payment of rent or other consideration to the Landlord. A portion of the fee will be treated as a payment on behalf of the Landlord for purposes of obtaining the Leap Rental Bond.
- Obligation to Pay the Landlord. I UNDERSTAND, AND EXPRESSLY AGREE AND ACKNOWLEDGE THAT ANY ASSISTANCE PROVIDED TO ME BY THE LANDLORD AND THE AGENT IN CONNECTION WITH MY JOINING THE LEAP LEASE PROGRAM, AND THE ISSUANCE BY THE PROVIDER OF THE Leap Rental Bond, DOES NOT IN ANY WAY RELIEVE ME OF ANY OF MY OBLIGATIONS TO MAKE PAYMENTS TO THE LANDLORD UNDER THE LEASE.
Specifically with respect to rent, during the term of these Terms & Conditions I understand and agree that I am obligated to pay rent to the Landlord pursuant to the terms of the Lease, and that nothing contained herein or elsewhere is intended to excuse me, or is to be construed as excusing me, from my rent obligation under the Lease.
- Nature of Leap Lease Program. I acknowledge and agree that the Leap Rental Bond is purchased for the benefit of the Landlord and allows me to qualify to enter into the Lease. I further acknowledge and agree that I have no rights or obligations under the Leap Rental Bond. I expressly acknowledge and agree that I am not a third party beneficiary, insured party, or any other type of beneficiary with standing or capacity to receive any benefits under the Leap Rental Bond. I agree that I will not, under any circumstance, claim any benefit under the Leap Rental Bond.
- Reimbursement Obligation. I understand that if I fail to meet certain obligations under the Lease, the Landlord will have the right to make a claim under the Leap Rental Bond. For each claim that is paid by the Provider, and within ten (10) days of the mailing of a written demand for reimbursement by or on behalf of the Provider, I will immediately reimburse the Provider directly or indirectly through Leap as agent for all amounts paid by the Provider to the Landlord under the Leap Rental Bond (the “Reimbursement Payment”). Any demand for reimbursement will be mailed to me via overnight delivery service at the address set forth on the signature page for myself or the Responsible Party. I understand and agree that my obligation to reimburse the Provider in the event a claim is paid is entirely independent of any rights or obligations I may have under the Lease. In the event that I fail to make the Reimbursement Payment, the Provider or Leap as its agent will have the right to commence a lawsuit against me and may recover the amount of the Reimbursement Payment plus all attorney’s fees and costs of collecting the Reimbursement Payment. I AGREE THAT (A) SERVICE OF PROCESS IN ANY LAWSUIT TO COLLECT THE REIMBURSEMENT PAYMENT MAY BE MADE BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED OR OVERNIGHT DELIVERY (AT THE PROVIDER’S SOLE OPTION) TO THE ADDRESS SET FORTH ON THE SIGNATURE PAGE, AND (B) I HEREBY WAIVE THE RIGHT TO A JURY TRIAL IN ANY SUCH LAWSUIT.
- Co-Tenants. Each person agreeing to these terms as a Tenant on a single lease shall be jointly and severally liable with each other Tenant agreeing to these terms for all obligations under the Lease and these Terms & Conditions. If I am sharing the Apartment with one or more co-tenants (regardless of whether they have signed these Terms & Conditions as a Tenant), I understand and agree that the Provider will be able to seek the full performance of all obligations under the Lease and these Terms & Conditions from me individually, even if a co-tenant may be responsible for a failure to perform any Lease obligation or obligation under these Terms & Conditions.
- Term. These Terms & Conditions and the coverage provided through the Leap Lease Program will not under any circumstance apply to any extensions of the term of or renewals of the Lease. In the event that the Lease is terminated by the Landlord prior to its expiration for any reason, neither I, the undersigned Tenant(s), nor the Responsible Party will be entitled to any refund or rebate of the Fee, unless otherwise required by law. The Reimbursement Obligation set forth above will survive any expiration of these Terms & Conditions.
- Notices. Notices by any party to any other party may be delivered by hand, by certified mail, return receipt requested, or by overnight delivery service, at the addresses stated below.
- Governing Law. These Terms & Conditions will be interpreted in accordance with the laws of the State of New Jersey, without regard to principles of conflicts of law.
- Miscellaneous. Any amendments or modifications to these Terms & Conditions will only be effective if they are in writing and signed by the person against whom enforcement of the amendment or modification is sought. No oral modifications or waivers of any of the requirements of these Terms & Conditions will be effective. The Provider is a third party beneficiary under these Terms & Conditions.
These Terms & Conditions reflect the full and complete agreement of the parties with respect to my joining the Leap Lease Program from the Provider through Leap.
Leap Refund Policy
You are only eligible for a refund if you are unable to move into your apartment because either the apartment declines your application, or they have run out of available units.
If this is the case, please have your apartment building email underwriting@leapeasy.com with your name and reason for refund.