Professional Documents
Culture Documents
9. Calculation of Payment to Landlords. Regardless of the situation under which a tenant may default, Lynxource will reimburse landlord for
rents not paid by tenant during the term of the lease up to the Limitation of Liability until the unit is re-let, until the lease expires or until
Lynxources obligations otherwise cease, whichever shall come first. Lynxource will not begin disbursing payments to Landlord until the unit
is back available to rent, has been listed for rent, i.e., published, and has been shown, unless a court has issued an unlawful detainer order
requiring Tenant to vacate the Property, in which case payment will be made within 10 days after presentment of such order to Lynxource by
Landlord.
10. THIS CERTIFICATE MUST BE PAID FOR AND IN-FORCE BEFORE OCCUPANCY OCCURS OR THIS CONTRACT IS VOID.
11. Situations When Lynxource Will Not Pay an Amount. If the following are to occur Lynxource shall not pay the Landlord:
IF LANDLORD ALLOWS TENANT TO TERMINATE A LEASE.IF TENANT HAS NOT VACATED THE UNIT AND LANDLORD HAS TAKEN
NO LEGAL ACTION TO EVICT.
IF LANDLORD HAS ALLOWED A SUB-LET OF THE UNIT.IF THE LEASE EXTENDS BEYOND 12 CALENDAR MONTHS.
This agreement is ONLY valid for 12 month residential leases,In the event that the lease is longer than 12 months, a new agreement must be
executed after the initial term. IF THE LANDLORD TERMINATES THE LEASE VOLUNTARILY OR WITHOUT CAUSE, This agreement shall
expire on the same day as the rental agreement with Tenant, but under no circumstances more than 12 months past the Start Date of this
Certificate. This agreement is not renewable. If Tenant and Landlord require a second contract on the same property, please contact
Lynxource for an abbreviated second contract.
12. Representations & Covenants. As a condition to payment and a material obligation of Lynxource under this RENTAL PAYMENT
GUARANTEE, the LANDLORD represents and covenants that:
(i) The LANDLORD has investigated each TENANTS application for a RENTAL in the same manner as it would for any other potential
TENANT for a lease, and has independently determined that said TENANT does not meet the LANDLORD qualifications for approval.
(ii) The form of lease that TENANT executes for the residence is the same form of lease executed by other tenants who were acceptable to
Landlord without other measures to mitigate the risk of their non-performance.
(iii) The LANDLORD shall not cause or collude to cause a TENANTS Default.
(iv) The LANDLORD has the legal capacity and is authorized to enter into and perform this agreement. The individual executing this
agreement on behalf of the LANDLORD is fully authorized to enter into this agreement.
(v) When this agreement is executed by Lynxource on behalf of the TENANT, and subject to the execution hereof by Lynxource
officer/officers, will be a valid and binding obligation of Lynxource enforceable against Lynxource, its permitted successors and assigns, in
accordance with the terms hereof.
(iv) Each and every representation and covenant set forth herein shall remain true and correct, and shall be in full force and effect, during the
term of the TENANTS RENTAL PAYMENT GUARANTEE.
13. Non-Cumulative Rights of Company a. Subrogation. Whenever Lynxource has made a Loss Payment under this agreement Lynxource
will automatically have all rights of subrogation in regard to such loss payment. The LANDLORD will not act or omit to act to impair
Lynxource right of subrogation in anyway.
b. Assignment of Judgment: In the event that the LANDLORD obtains a money judgment against a TENANT as a result of a TENANTS
Default, then such judgment will be deemed immediately and automatically assigned to Lynxource. Lynxource shall only have an absolute
right to assignment of judgments up to the amounts paid to Landlord. In the event that Landlord does NOT pursue a claim against tenant for
default, Lynxource may, at their sole discretion.
14. Fraud. Lynxource retains the right to investigate a landlords demand for payment occurring because of a Tenant default. If Lynxource
determines the demand by landlord is fraudulent, such payment shall be denied.
15. Venue. At all times the contract shall be construed with the laws of the State of Arizona and all parties agree that venue shall be proper
and binding in any court therein.
16. Severability. If any portions of this contract are found to be void by a court of competent jurisdiction, said portions shall be struck, and the
remainder shall remain in effect.
17. Captions. All paragraph captions are for reference only and shall not be considered in construing this Agreement.
18. Complete Agreement. This agreement represents the entire agreement between the parties and can only be modified with a writing
signed by all parties.