Supra iBox BTLE Lease Agreement

(Hereafter referred to as "lessee")

This lease agreement is made by and between the Albemarle Area Association of REALTORS, Inc. and the above-named Broker-In-Charge (Lessee) of the above-named Firm.  

1.  Supra iBoxes BTLE will be issued to MLS Participant (firms) based on one Supra iBox BTLE per current listing, plus up to 5 additional boxes. Written request from the responsible broker/appraiser is required. NOTE: Supra iBoxes BTLE are defined as the electronic lockboxes allowing access to homes listed for sale.

2.  Ownership of the Supra iBoxes BTLE remains with the Albemarle Area Association of REALTORS®.

3.  There will be no cost to the Participant (firms) for the use of the Supra iBoxes BTLE.

4.  The Responsible Broker/Appraiser is to return unused and extra Supra iBoxes BTLE on a regular basis as listings are closed but may keep up to 5 unused boxes on hand. Upon termination of active participation in the Albemarle Area Association of REALTORS® MLS, lessee must return all Supra iBoxes BTLE within 5 Business Days. Supra iBoxes BTLE not returned upon termination will be deemed lost at a cost of $100 each. For any lost Supra iBoxes BTLE returned within 6 months after date deemed lost, the Participant (firm) will receive a $75 refund (if Supra iBox BTLE is in good working condition).

5.  As new listings are obtained, the Responsible Broker is eligible for additional Supra iBoxes BTLE on the basis of one lockbox for one listing. A written request is required and shall signed by the Responsible Broker/Appraiser (form available).

6.  A review of qualified listings and licensee count will be held periodically to determine that an appropriate number of Supra iBoxes BTLE are available to each office. Any excess over 5 unused boxes may be requested to be returned. Supra iBoxes BTLE not returned when requested, will be deemed lost at a cost of $100 each. An audit will be done periodically to ensure that all Supra iBoxes BTLE are accounted for. If a Supra iBox BTLE cannot be accounted for, it will be deemed lost at a cost of $100 per Supra iBox BTLE. For any lost Supra iBox BTLE returned within 6 months after date deemed lost, the Participant (firm) will receive a $75 refund (if Supra iBox BTLE is in good working condition).

7.  Lost or damaged (not covered by warranty) Supra iBoxes BTLE will be the financial responsibility of the Participant (firm) to whom the Supra iBoxes BTLE have been issued at a cost of $100 per Supra iBox BT LE lost or damaged (not covered by warranty). For any lost Supra iBox BTLE returned within 6 months after date deemed lost, the Participant (firm) will receive a $75 refund (if Supra iBox BTLE is in good working condition).

8.  Lessee shall not assign, transfer, pledge, change this Lease Agreement, the Supra iBoxes BT LE or any interest therein or sublet or lend the Supra iBox BTLE, or permit the Supra iBoxes BTLE to be used by anyone other than the lessee and/or representatives for their office.

9.  All costs and expenses, including attorney’s fees, incurred by either party in exercising any of the terms, conditions, or provisions hereof, shall be awarded to the prevailing party.

10. If any provision of this Lease Agreement is determined to be ineffective or invalid, all other provisions of this Lease Agreement shall remain effective and valid.

11.  Lessee and/or co-lessee shall indemnify Albemarle Area Association of REALTORS® MLS against, and hold the Albemarle Area Association of REALTORS® MLS harmless from, any and all actions, suits, costs, expenses, damages and liabilities, including attorney’s fees, arising out of, connected with, or resulting from use of the Supra iBoxes BTLE.

12.  The MLS Rules and Regulations of the Albemarle Area Association of REALTORS® are hereby incorporated into this Supra iBox BTLE Lease Agreement.

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