Legal notice
Limitation of Value
As a condition of Tenant’s Lease with Route 11 Self Storage (“Owner”), Tenant agrees not to store property in its storage unit having a combined value in excess of $5,000.00. In consideration of Tenant’s demonstration of ownership of insurance for One Hundred Percent (100%) of the full replacement value of the property stored or to be stored, Owner hereby waives the Limitation of Value provision contained in the Rental Agreement.
As a condition of Tenant’s Lease with Route 11 Self Storage (“Owner”), Tenant agrees not to store property in its storage unit having a combined value in excess of $5,000.00. In consideration of Tenant’s demonstration of ownership of insurance for One Hundred Percent (100%) of the full replacement value of the property stored or to be stored, Owner hereby waives the Limitation of Value provision contained in the Rental Agreement.
However, Owner’s agreement to waive this value provision is conditioned upon the following:
- Tenant agrees to maintain its insurance for One Hundred Percent (100%) of the full replacement value of the property stored or to be stored until the termination of its Rental Agreement and removal of its property from the storage facility.
- Tenant expressly agrees that the carrier of its insurance shall not be subrogated to any claim of Tenant against Owner (as defined to include its officers, employees and agents) from any and all claims of loss or damage to the personal property covered under such insurance.
- Tenant hereby waives any and all rights of recovery against Owner (as defined above) in connection with any loss or damage to Tenant’s property which should be covered by such insurance policy.
- If Tenant allows the insurance policy to lapse by failing to pay the required premiums, then Tenant shall be considered self insured, whether or not Owner has been informed of such lapse.
- If Tenant allows the insurance policy to lapse by failing to pay the required premiums, then the limitation of value provision contained in the self storage agreement shall be reinstated and Owner’s present waiver shall be deemed null and void.
- Tenant agrees that Owner’s agreement to allow the Tenant to store property having a value in excess of $5,000.00 shall not be deemed to create any liability on the part of Owner to Tenant for any loss or damage to Tenant’s property, regardless of cause.