Nowadays, parking lots and spaces are outnumbered by cars and vehicles, especially since most houses don’t have garages. This is the reason why there are establishments and buildings who allocate an entire floor solely to be made into a parking lot. But, in order for a car or vehicle owner use a space in the parking lot, he must first sign a type of agreement form which indicates his roles, responsibilities, and what the property owners expect him to follow in the entire period of the agreement.
Condominium Parking Space Lease Agreement Form
What Are Parking Space Rental and Lease Agreement Forms?
Parking rental and lease agreement forms are documents which are used by property owners and managers to define the terms and conditions, as well as the payment responsibilities and the liabilities of the lessee towards the parking space that he is leasing. In the form, the property owner will be able to specify the rental or the lease period wherein the lessee will be using the allotted parking space along with other important items to be noted and be mandated throughout the period of the agreement.
Non-Residents Parking Space Rental Agreement Form
What’s The Difference Between a Parking Space Rental Agreement Form to a Parking Space Lease Agreement Form?
Both documents are necessary to be created before anyone will be permitted to use a parking space in a parking lot. However, if the car owner only wants to use the parking space for a short period of time, such as for seven days or a month, then a parking space rental agreement form must be used. Specifically, a rental agreement is intended for short-term use of a property.
A parking space lease agreement form, on the other hand, is preferable to be used if a car owner or a resident wants to use the parking space for a minimum of six months to a year And with regards to the number of terms and conditions, clauses, and statements enlisted and defined in both forms, a parking space lease agreement form has more items as compared to the rental agreement. This is because a lease constitutes greater responsibility and a longer period of execution.
Parking Space Lease Agreement Form
Essential Contents of Parking Space Rental and Lease Agreement Forms
Although a parking space rental agreement and a lease agreement form are varying documents, they both have common items which are essential to be informed and be known by the involved parties. Below are some of the essential contents to be stated in parking space rental and lease agreement forms:
- Parking space description: This portion of the form will indicate the location of the premises or the parking space where the vehicle will be parked in the duration of the agreement. In addition to the address, a sketch site plan can be attached in this section as well. The sketch will allow all parties involved to locate the area effectively and determine the lot number, and the measurement of the vertical entrance of the space.
- Parties’ information: Not only the names of the involved parties should be stated in the agreement form but also their roles or their individual titles to be used in the agreement. For parking space rental agreement forms, the property owner will be referred to as the parking space owner or the “owner” while the owner of the vehicle to be parked will be referred to as the “parker”. On the other hand, in parking space lease agreement forms, the terms to use will be “lessor” and “lessee” wherein the “lessor” is the property owner and the “lessee” is the vehicle owner.
- Nature of agreement: This refers to the understanding of both parties about the entirety, the necessity, and the enforceable duties defined in the agreement.
- The term of the agreement: This section of the form will be for indicating the start and end date of the agreement. In addition, the date when the agreement form was created and presented to both parties can also be included in this section.
- Payments and receipts: The price to be paid by the vehicle owner will need to be specified in the form as well as the required fees to be provided such as the security deposit and reservation payments. Moreover, the obligation of the property owner to provide an official receipt form whenever the vehicle owner pays his rent should also be included.
- Liabilities and responsibilities: This is one of the most important contents of the agreement form since it is where the waived rights and liabilities, as well as the obligations and responsibilities of either party, will be explained. It is also essential that a statement regarding the actions to be conducted in situations wherein damage and loss is reported will be indicated to allow both parties in knowing the resolution and plan that they have agreed and must follow. In lieu of this, the financial obligation of either party to pay for the damages, lost items, and the legal proceedings to be executed as part of the resolution should also be stated in this portion of the form.
- Termination and breach clause: To ensure that a breach of contract will be handled properly, the agreement form must include a termination and breach clause which will specify the actions which will cause a termination to the agreement. The items to explain in this clause includes the penalty to be dealt with by the violator, the required documents to submit to prove claims, and the fees to be paid to the party who did not violate the terms in the agreement.
Parking Space Rental Agreement Form
Why Are Parking Space Rental and Lease Agreement Forms Important?
Parking space rental and lease agreement forms are important because these documents record the negotiations and the finalized decisions of both the property and the vehicle owner. Another reason is that these forms aid in plotting plans for conflict resolutions which may be needed some time in the period of the agreement. Lastly, a parking space rental and lease agreement form also identify who the involved parties are, which ensures that they would know what they must do, and what their limitations are during the agreement term.
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