"Form of Lockbox Agreement and Variations" is a American Lawyer Media form. This is a form of a lockbox agreement and its variations.
California Form of Lockbox Agreement is a legal document used in real estate transactions, specifically in California, to establish the terms and conditions of a lockbox agreement between a property owner (usually a landlord) and a third-party lockbox service provider. This agreement grants the lockbox service provider access to the property's lockbox for the purpose of storing and distributing keys to authorized individuals or real estate agents. The California Form of Lockbox Agreement typically includes the following key provisions: 1. Parties: Clearly identifies the parties involved in the agreement, namely the property owner and the lockbox service provider. 2. Description of Property: Provides a detailed description of the property, including its address and any relevant identifiers, such as unit numbers or parcel numbers. 3. Lockbox Services: Outlines the specific lockbox services to be provided by the lockbox service provider, such as key storage, distribution, and retrieval. This section may also include limitations on the use of the lockbox and instructions for accessing it. 4. Term: Specifies the term of the agreement, including the start and end dates. It may also outline any renewal or termination provisions. 5. Fees and Payment: Details the fees associated with using the lockbox services, such as setup fees, monthly or annual service charges, or per-key charges. This section may also cover payment terms, late fees, and any other financial obligations. 6. Liability and Indemnification: Defines the responsibilities and liabilities of each party in relation to the lockbox services. It may include disclaimers of liability for the lockbox service provider and provisions for indemnification by the property owner. 7. Default and Termination: Sets out the conditions under which either party may terminate the agreement. It may cover situations such as breach of contract, non-payment, or violation of terms. 8. Governing Law: Specifies the jurisdiction and governing law that will apply to the agreement, typically California law. Variations of the California Form of Lockbox Agreement may occur based on the specific requirements of the parties involved. Some variations may pertain to commercial properties, while others may relate to residential properties. Additionally, there may be variations in terms of the scope of lockbox services provided or the pricing structure. It is important that parties carefully review and customize the agreement to meet their unique needs while adhering to applicable laws and regulations.California Form of Lockbox Agreement is a legal document used in real estate transactions, specifically in California, to establish the terms and conditions of a lockbox agreement between a property owner (usually a landlord) and a third-party lockbox service provider. This agreement grants the lockbox service provider access to the property's lockbox for the purpose of storing and distributing keys to authorized individuals or real estate agents. The California Form of Lockbox Agreement typically includes the following key provisions: 1. Parties: Clearly identifies the parties involved in the agreement, namely the property owner and the lockbox service provider. 2. Description of Property: Provides a detailed description of the property, including its address and any relevant identifiers, such as unit numbers or parcel numbers. 3. Lockbox Services: Outlines the specific lockbox services to be provided by the lockbox service provider, such as key storage, distribution, and retrieval. This section may also include limitations on the use of the lockbox and instructions for accessing it. 4. Term: Specifies the term of the agreement, including the start and end dates. It may also outline any renewal or termination provisions. 5. Fees and Payment: Details the fees associated with using the lockbox services, such as setup fees, monthly or annual service charges, or per-key charges. This section may also cover payment terms, late fees, and any other financial obligations. 6. Liability and Indemnification: Defines the responsibilities and liabilities of each party in relation to the lockbox services. It may include disclaimers of liability for the lockbox service provider and provisions for indemnification by the property owner. 7. Default and Termination: Sets out the conditions under which either party may terminate the agreement. It may cover situations such as breach of contract, non-payment, or violation of terms. 8. Governing Law: Specifies the jurisdiction and governing law that will apply to the agreement, typically California law. Variations of the California Form of Lockbox Agreement may occur based on the specific requirements of the parties involved. Some variations may pertain to commercial properties, while others may relate to residential properties. Additionally, there may be variations in terms of the scope of lockbox services provided or the pricing structure. It is important that parties carefully review and customize the agreement to meet their unique needs while adhering to applicable laws and regulations.
