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Studio Vacation Rental 1 King - Studio Vacation Rental 2 Queens
Pigeon Forge Cabins and Resorts L.L.C.
130 Waldens Main St.
Pigeon Forge, TENNESEE 37863
THIS AGREEMENT made and entered into on this the _______ day of ___________________, 20___, by and between Pigeon Forge Cabins and Resorts L.L.C., hereinafter referred to as “Company”, and
Owner(s) of Record
Street Address: ___________________________________________________________
City: ___________________ State: ______________ Zip:_______
Res. Phone: _________________ Business Phone:______________Email__________________
Tax I.D. Number or_____________________________________
Social Security Number(s)________________, _______________,
Jointly and individually referred to as “Owner”.
WHEREAS, the Owner wishes to engage the services of the Company as exclusive rental manager to offer Owner’s property for nightly rentals and vacation lodging;
WHEREAS, the Company agrees to advertise and promote the Owner’s property for nightly rentals and vacation lodging;
WHEREAS, the maintenance of the good will of all renters and prospective renters of Owner’s property shall be considered a paramount objective of both parties.
THEREFORE, in consideration of the terms, conditions, and mutual covenants herein set forth, the parties agree as follows:
- 1. DEFINITIONS: As used in this Agreement the following definitionsshall prevail:
- a. “Rental Unit” means the Owner’s property located at _______________________, Unit No(s). ____, ____, within the City of ________________, County of _______________, State of Tennessee, (hereinafter referred to as “Unit”) together with an undivided use of the common elements appurtenant thereto within any horizontal property regime.
- b. “Net Rental Income” means gross rental income less Company commissions and other charges as herein defined.
- c. “Tenant” means any person other than the Owner or the Owner’s immediate family who rents the Unit pursuant to the reservation policies herein established.
- 2. RENTAL MANAGER:
The owner hereby retains the Company as the sole and
exclusive rental manager for the purpose of renting their property (as herein described) to others for nightly rentals and vacation lodging; and the Company agrees to act as such rental manager subject to the terms and conditions herein established.
- 3. TERM:
The initial term on this Agreement shall be for twelve
(12) months commencing on the date of this Agreement. This Agreement may be terminated by either party prior to the expiration of the term of the Agreement by delivering thirty (30) days written notice prior to such termination; provided, however, that the time within which the Company must surrender the Unit to the Owner may be extended by a reasonable period not to exceed thirty (30) additional days if this extension is reasonably necessary in order to allow the Company sufficient time within which to transfer existing reservations.
- 4. RENEWAL:
The Company will mail a renewal form to the Owner prior to the expiration of the one year term of this agreement. The Owner will be required to execute this renewal form in order to enter into a new rental agreement for a new term.
- 5. RENTAL SERVICES:
- a. The Company agrees that it will maintain and operate a rental program offering quality lodging facilities.
- b. The Company agrees that it will advertise and promote its vacation lodging business.
- c. The Company agrees that it will maintain a trust account as required by state law.
- d. The Company agrees that it will maintain an accounting system designed to report and administer monthly disbursements of rental received from the Owner’s Unit, will invoice each tenant for all monies due, and attempt to collect any unpaid accounts.
- e. The Company agrees that it will submit a detailed monthly statement along with a disbursement of the Owner’s net rental income reflecting any expenses incurred or credits due as hereinafter described during the monthly rental period on or before the 15t business day of the subsequent month. This statement will include all dates that the property was rented and an itemized accounting of all expenses incurred or credits owing during the rental period.
- f. Forfeited deposits will be disbursed as rental income pursuant to the terms of this Agreement. Provided, however, that if a Unit upon which a deposit has been forfeited is re-rented by the Company during the term for which a deposit has been forfeited and disbursed as rental income, then the Company shall retain all proceeds of the re-renting during such term to reimburse the Company advertising and marketing expenses.
- g. The Company agrees that it will assist the Owner in maintaining the property in a good state of condition and repair by informing the Owner when special cleans are due or repairs and maintenance are required.
- h. The Company will not accept any goods or services in return for allowing a customer to occupy the Owner’s Unit.
- 6. OWNER RESPONSIBILITIES:
- a. The Owner agrees it will maintain the property in a state of good condition and repair; and will provide all necessary furnishings required for use of the Unit as a nightly rental or vacation lodging including, but not limited to, a toaster, blender, coffee maker, telephone, television, cooking utensils, pots, pans, dishes, drinking glasses, cutlery, flatware, bedding spreads, window dressings, and fireplace accessories; provided, however, that the Owner will provide all linens if required by the Company.
The Owner agrees that the Company will have the right to replace missing items, and/or items that are substantially damaged or unsuitable for use; and deduct the cost for such items from the Owner’s net income on subsequent monthly statements or to invoice the Owner directly for such cost. The Owner will first be notified by the Company if the cost of any item or repair should exceed Three Hundred ($300.00) Dollars with the exception of repairs to the HVAC, electrical or plumbing systems if the Unit is occupied.
In the event that the Owner is unavailable for approval of necessary repairs or replacements, then the Owner agrees that the Company may make any such repairs or replacements that render the Unit unsuitable for use as vacation lodging or that could cause harm to a tenant or the property and deduct the cost for such items from the Owner’s net income on subsequent monthly statements or invoice the Owner directly.
- b. The Owner agrees to compensate the Company
for any major cleanings as deemed necessary by the Company in order to maintain a desirable standard for attracting return guests for the Owner’s Unit. The fees for such cleanings will be the Company’s cost. These charges will be deducted by the Company from the Owner’s monthly income on subsequent monthly statements or invoiced directly to the Owner.
The Owner agrees that drapes, spreads, carpeting, and chimneys will be cleaned when deemed necessary by the Company at the Company’s cost and that such charges will be deducted from the Owner’s net income on subsequent monthly statements or invoiced directly to the Owner.
- c. The Owner agrees that the Company will be
Reimbursed for all miscellaneous costs relating to the rental of the Owner’s Unit, including but not limited to, any outstanding maintenance charges, costs of firewood, charges for credit card transactions (1.5%), and gross receipt taxes, and that such costs will be deducted from the Owner’s net income on subsequent monthly statements or invoiced directly to the Owner.
- 7. SALE OF PROPERTY:
In the event that the Owner intends to sell the Unit, the Owner will advise the Company in writing not less than 10 days prior to listing the Unit for sale.
Owner agrees and grants unto the Company the right to:
- a. Require all sales agents or other persons wishing to inspect the Unit to apply through the business office of the Company before entering the Unit, and to sign and make deposit for the keys.
- b. Prohibit the inspection or entrance into the Unit when the Unit is rented and for a period not to exceed twelve (12) hours prior to the arrival of a registered guest.
c. Require all keys to be returned on the day issued through the business office of the Company. The Owner further agrees to notify the company in writing of the impending closing of such sale at least thirty (30) days prior to such closing.
- 8. UNIT RENTAL:
- a. The Company will have the exclusive right to establish the rental rate for the Unit and to make adjustments to rates as necessary in the interest of maximizing rentals. The maximum amount of rental that the Company is allowed to charge guests who occupy the Owner’s Unit is _______________________.
- b. The Company will retain all confirmed
reservations for the Unit upon termination of this Agreement and transfer such reservations to another Unit listed with the Company. If such reservations are not transferable, then all confirmed reservations will remain binding upon the Owner, his or her heirs, executors, legal representatives and assigns following the termination of this Agreement; and the Company will be entitled to all commissions, fees, and/or reimbursements of expenses due as a result of the reservation made during the period of this agreement.
- 9. MAINTENANCE OF THE UNIT: Upon inspection, as provided herein above in section 5 (g), should the Unit be found sub-standard or unsuitable for the rental standards of the Company, the following procedure shall apply:
- a. The Company agrees to provide Owner with a list of repairs, corrections, replacements, substitutions, and other recommendations for updating the Unit and the Owner shall take full responsibility for implementing the necessary procedures and shall notify the Company upon completion of same. The Company agrees to procure and supervise the aforementioned services at the request of the Owner at cost plus ten (10%) percent.
- b. The Company shall have the right to withdraw the Unit from the reservation systems and suspend attempts to promote the Unit until completion of the items as recommended by the Company.
- c. In the event that the aforementioned recommendations are not addressed within thirty (30) days from the date that the Owner is notified, the Company shall have the right to terminate this Agreement without further responsibility and/or liability without waiving the right to any amount due and payable to the Company by the Owner.
- d. In the event that the Owner disputes the assigned rating, the Owner shall notify the Company in writing within fifteen (15) days of the date notice was given to the Owner. The Company shall thereafter conduct a review of the Unit and notify the Owner of the results. Should the Unit retain the substandard rating, the Owner shall have ten (10) days from the date of the notice within which to comply as set forth above.
- 10. COMPENSATION:
The Owner agrees to pay the Company _______percent of the daily gross rental income resulting from rentals obtained.
a. Owner agrees to pay all proper gross tax receipts of the unit to the city, if office is located in the city limits that may be required.
b. A 1 percent advertisement fee will be included as an expense to the owner of the unit to cover additional advertisement.
- c. A 1.5 percent fee on all credit card transactions will also be deducted.
- 11. OWNER’S PERSONAL USE OF UNIT:
- a. Owner shall not occupy or permit the use of the Unit at any time without reserving such dates through the Company.
- b. Owner and Owner’s family shall be permitted
the use of the Unit without any payment of rental income to Owner or Commission to the Company provided the Owner agrees to pay the Company a one time housekeeping/clean-up fee of ______________ Dollars upon arrival.
- 12. LIMITED POWER OF ATTORNEY: The Owner hereby irrevocably names, constitutes and appoints the Company, its legal representatives, successors and assigns as the Owner’s attorney-in-fact for the life of this Agreement for the purpose of insuring maximum rentals by making management decisions necessary to maintain, repair, clean, rent, advertise, promote, show, and represent the Owner in every respect pertaining to the rental of the Unit in the Owner’s absence.
- 13. MISCELLANEOUS PROVISIONS: This agreement shall be subject to and contingent upon the following:
- a. The Owner hereby agrees to indemnify and hold the Company, its employees, agents, servants, subsidiaries and affiliates free and harmless from any and all liability for injury, loss, cost, expense (including reasonable attorney’s fees), claims and damages to any person or property arising from or related to or in connection with the use and occupancy of the Unit.
- b. The Company, its agents, employees, servants, subsidiaries, and affiliates shall not be liable for any loss or damage to any person, the Unit, equipment, furnishings, property or appurtenances thereto of any nature resulting from accidents or occurrences in or upon the Unit of the building in which the Unit is a part, including but not limited to claims for damage, injury, loss, liability or the like resulting from:
- (1) Negligent or willfull action(s) or omission(s) of renters, their guests, Owners, their guests, or any person orpersons entering the Unit for any purpose.
- (2) Wind, rain or other elements.
- (3) Theft, vandalism, fire or acts of God.
- c. The Owner shall be responsible for procuring and Maintaining, at Owner’s cost and expense, appropriate insurance coverage for transient rentals naming the Company as co-insured and shall provide the Company with a copy of said policy within fifteen (15) days of signing this Rental Agreement.
- d. The Company agrees that NO PETS are permitted inside or outside the Unit without Owner’s permission.
PETS ALLOWED: YES______ NO_______
e. The Owner shall store private property in the Unit at Owner’s risk. The Company will assume no liability for loss or damage to Owner’s private property.
f. If any term, covenant, condition or provision of this Agreement, or the application thereof to any person or circumstance, shall to any extent be held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, covenants, conditions or provisions of this Agreement, or the application thereof to any person of circumstance, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby.
- g. The waiver by one party of the performance of any covenant or condition under this Agreement shall not invalidate this Agreement nor shall it be considered a waiver by it of any other covenant or condition under this Agreement. The waiver by either or both parties of the time for performing any act under this Agreement shall not constitute a waiver of the time for performing any other act or an identical act required to be performed at a later time.
- h. This Agreement shall be binding upon and shall insure to the benefit of the successors and assigns of the parties to this Agreement. This Agreement is fully and freely assignable by Buyer, provided only that any assignee shall assume the Owner’s obligations hereunder without releasing the Owner there from.
- i. In the event of any litigation involving the Parties to this Agreement to enforce any provision of this Agreement, to enforce any remedy available upon default under this Agreement, or seeking a declaration of the rights of either party under this Agreement, the Company shall be entitled to recover from the Owner such attorney’s fees and costs as may be reasonably incurred, including the costs of reasonable investigation, preparation and professional or expert consultation incurred by reason of such litigation.
- j. Jurisdiction and venue for any dispute arising from or related to this Agreement is agreed to be proper only in the state courts located in Sevier County, Tennessee. This agreement shall be governed, enforced and construed in accordance with the laws of the State of Tennessee.
- 14. WARRANTIES AND REPRESENTATIONS:
a. Both parties agree and acknowledge that this
Agreement constitutes the entire Agreement between the Owner and the Company; and that there are no other oral or written amendments, modifications, agreements or representation existing between the parties.
b. The Owner and the Company hereby agree and acknowledge that no representations or warranties with regard to the potential likelihood or guarantee of rental income have been made.
- 15. NOTICES:
In the event that notice is required pursuant to this Agreement, such notice shall be deemed effective when placed in the U.S. Mail and addressed to the following:
As to the Company:
Pigeon Forge Cabins and Resorts L.L.C.
130 Waldens Main St.
Pigeon Forge, TN 37863
As to the Owner:
List any additional Owners’ addresses on a separate sheet of paper and attach hereto.
IN WITNESS WHEREOF, the parties have executed this Agreement this _______ day of __________________, 20____.
Pigeon Forge Cabins and Resorts L.L.C.