RV Leaseback Agreement
This agreement is made this by and between(COMPANY), and (OWNER). has the exclusive right to rent the Recreational Vehicle described below, (VEHICLE), for the duration of this agreement.
COMPANY agrees to pay OWNERS_SHARE of the RENTAL FEES received from rental of VEHICLE to OWNER, and will retain for itself COMPANYS_SHARE of the RENTAL FEES received from rental of VEHICLE in consideration of its management and advertising services and the cost of insuring VEHICLE.
COMPANY agrees to provide an accounting of rental activity, and to pay OWNERS_SHARE of the RENTAL FEES on a quarterly basis.
COMPANY has the right to set rental rates and to occasionally discount rates or offer special packages to increase business. In these cases, SPLIT is unchanged.
COMPANY shall make, on behalf of OWNER, necessary repairs and perform routine maintenance on VEHICLE. These expenses will be deducted from OWNER’s share of rental income.
COMPANY agrees to maintain commercial rental insurance on VEHICLE, listing COMPANY, OWNER, and lienholder (if applicable) as named insured, with a $500 deductible for travel trailers and a $1000 deductible for RVs. Insurance premiums will be paid by COMPANY.
OWNER will be responsible for all expenses related to ownership taxes and license fees, and will secure and pay for license tabs/plates on VEHICLE. In the event it becomes necessary, OWNER grants COMPANY authority to secure license tabs/plates for VEHICLE. In this event these expenses will be deducted from OWNER’s share of rental income.
Any repairs needed due to renter-caused damage will be deducted from the security deposit collected by COMPANY from the renter. Should the cost of repairs exceed the amount of the security deposit, COMPANY will make every effort to collect the monies due from the renter first, and then from insurance. In the event COMPANY is unable to collect any portion of these monies, the uncollected monies will be prorated between COMPANY and OWNER according to SPLIT.
In some cases, VEHICLE may incur minor damage such as scratches or small dents while on a rental. In such cases COMPANY may elect to forego actual repairs, and instead collect a value lost fee from the customer to account for the decrease in value brought about by the damage. This value lost fee will be passed on to OWNER. The decision to forego repairs and instead collect the fee will be made at the discretion of COMPANY.
This agreement may be terminated by COMPANY by giving 90 days written notice of intent to terminate. Written notice shall be sent by certified mail to:
This agreement may be terminated by the OWNER by giving 90 days written notice of intent to terminate. Written notice shall be sent by certified mail to:
41 Stewart St, Melbourne VIC 3121
OWNER agrees to honour all rental bookings made by COMPANY prior to written notice of intent to terminate for a period extending 90 days after date of notice. COMPANY agrees not to accept rental bookings after receipt of written intent to terminate.
OWNER may request personal use of VEHICLE, subject to COMPANY scheduled rental already booked on VEHICLE. OWNER agrees that this use shall be for himself and members of his immediate family only. OWNER may canvass for rental business independently, but any such rental business will be transacted through COMPANY and subject to the SPLIT.
After personal use of VEHICLE, OWNER shall return VEHICLE to COMPANY at a mutually agreed time, at which time VEHICLE will be inspected. Should OWNER fail to return VEHICLE at the designated time, OWNER is responsible for any damages suffered by COMPANY. OWNER is responsible for filling propane and fuel tanks, dumping holding tanks, and cleaning the interior of VEHICLE after their use, or paying COMPANY to do the same.
COMPANY makes no guarantees regarding the number of rental days or amount of income to be generated during the time this agreement is in effect.
OWNER expressly holds COMPANY and COMPANY‘s authorized representative harmless from any incident causing or resulting in damage of, theft of, or unlawful conversion of VEHICLE during a rental. In the case of theft, unlawful conversion, loss, mechanical breakdown or abandonment of VEHICLE, all cost of recovering VEHICLE not covered by insurance will be shared according to SPLIT.
OWNER understands that VEHICLE will be in a commercial rental service and that wear and tear will be higher than if VEHICLE were used strictly for personal use.
OWNER, having read and understood the terms and conditions on both pages of this agreement, does hereby agree to these terms and conditions in their entirety, and that no other representations, verbal or written, have been made. In any and all disputes arising from this agreement, the laws of WASHINGTON STATE shall apply. OWNER and COMPANY agree that any dispute that cannot be resolved between the parties shall be settled by arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association, and judgment upon the award rendered by the arbitrator(s) may be entered into any court that has jurisdiction thereof.
OWNER and COMPANY agree that if any items terms or condition of this agreement are modified, all remaining items terms and conditions of the agreement will remain in full force.
This agreement supersedes and/or replaces and cancels any previous agreement.