Payment Plan Terms of Use
1. Introduction
These Terms of Use (the “TOU” or “Terms”) are entered into by and between you (the “Tenant”) and Rentable Finance LLC (“Rentable Finance,” “Company,” “we,” or “us”). The following terms and conditions govern your access to and use of the Payment Plan services, including any content, functionality, and services offered on or through the Payment Plan services. The Payment Plan Services (defined below) and any additional services may be provided by Rentable Finance and/or any of its affiliates.
You must accept these Terms of Use in order to use the Payment Plan Services. Please read these Terms of Use carefully before you start to use the Payment Plan Services. By using the Payment Plan services, you accept and agree to be bound and abide by these Terms of Use. If you do not want to agree to these Terms of Use, you must not access or use the Payment Plan Services.
2. Use of the Payment Plan Services
You may apply to use Rentable Finance’s Payment Plan services (the “Payment Plan Services” or “Services”), which allow tenants to pay the Security Deposit in monthly installments, rather than entirely upfront. Participation in the Payment Plan involves a monthly service fee (“Service Fee”). Use of the Payment Plan Services require you to provide us with information to connect a bank account and/or other payment methods, such as a credit card, so that we can automatically charge the Service Fee to your preferred payment method.
By applying for and using the Payment Plan Services, you authorize Rentable Finance to obtain consumer reports from consumer reporting agencies and to use any obtained information to provide you the SDMP and Payment Plan Services. By using the Payment Plan Services you acknowledge that Rentable Finance may report information about your use of the Payment Plan Services to consumer reporting agencies, such as on-time, late, or missed payments, defaults, and completion of payments. By applying to use the Payment Plan Services you also authorize Rentable Finance to request and obtain information from your landlord about your payment and rental history. Rentable Finance has the sole discretion to determine whether you are approved for participation in Payment Plan Services and may choose not to provide you with this service at any time for any reason, including your creditworthiness.
If you are approved to receive the Payment Plan Services, you will receive a notification in your Rentable Management Account (“RMA”) with the repayment specific terms for which you have been approved. By accepting your personalized repayment terms through your RMA, you agree to pay the full amount of the security deposit within the specified amount of months, to make an initial deposit in the specific amount, and to pay the specified monthly service fee. You agree to and authorize Rentable Finance to debit your banking account or charge any other provided payment method for this same installment payment and service fee each month until the final installment payment is made and the full amount of the Security Deposit is received by Rentable Finance. Rentable Finance reserves the right to change or increase any service fees upon prior notice to you.
If you fail to make an installment payment or pay the Service Fee, Rentable Finance reserves the right to collect unpaid Service Fees from prior months along with the Service Fee due for the current month. At move-out, if you are not required to compensate Landlord for any damage pursuant to your residential lease, Rentable Finance reserves the right to collect any unpaid Service Fee by deducting the final balance of Service Fees owed to Rentable Finance from your Security Deposit prior to returning it to you. At move-out, if you are required to compensate Landlord for damages exceeding the total amount of installment payments you have made, you authorize Rentable Finance to make service fee recovery efforts consistent with these Terms and applicable laws, including authorization for Rentable Finance to debit, charge, or setoff against or otherwise recover funds from any connected account or payment method. If such recovery efforts fail, you authorize Rentable Finance to make modified recovery demands for all or less than all of the owed amount, without prior written notice, irrespective of whether such owed amounts are contingent, matured, or unmatured. You agree that by using the Payment Plan Services, such recovery efforts are acknowledged and authorized.
To cancel the Payment Plan, you must submit a cancellation request to Rentable Finance. In order for Rentable Finance to process your cancellation request, you are required to provide a payment of the outstanding amount of the Security Deposit still owed.
By using the Payment Plan Services, you agree and acknowledge that you remain solely responsible for payment of the full amount of the Security Deposit. You agree to allow Rentable Finance or its agents to send you payment reminders, via any form of communication that you have provided Rentable Finance in your RMA.
3. Rentable Finance’s Obligations
Rentable Finance’s sole obligation with respect to the Payment Plan Services is to collect the structured installment payments of the Security Deposit and hold the Security Deposit in escrow as Landlord’s agent and distribute each such Security Deposit on the terms and conditions set forth in these Terms. The Security Deposit is not the property of Rentable Finance; it remains the property of Tenant subject to the terms and conditions of Tenant’s lease with Landlord and the conditions set forth in Tenants account with Rentable. Rentable Finance has no responsibility to provide Tenant with any notices, bank account information, information regarding the Landlord, information on the location or amount of the Security Deposit, information on interest earned or credited to the account of the Tenant or any other information regarding the requirements of laws in connection with Security Deposits for rentals of residential real estate. Any information of any nature provided to the Tenant from any source connected with Rentable should be confirmed with the Landlord to ensure accuracy and validity.
The duties, responsibilities and obligations of Rentable Finance shall be limited to those expressly set forth herein, and no additional duties, responsibilities or obligations shall be inferred or implied. Rentable shall not be subject to, nor required to comply with, any agreement between or among Landlord and the Tenant (even though reference thereto may be made herein), or to comply with any direction or instruction (other than those contained herein or delivered in accordance with these Terms of Use) from any party other than Landlord. Rentable Finance shall not be required to, and shall not, expend or risk any of its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder.
Rentable Finance shall not be liable for any action lawfully taken or omitted, or for any loss or injury resulting from its actions or its performance or lack of performance of its duties hereunder in the absence of bad faith, gross negligence or willful misconduct on its part. In no event shall Rentable be liable (i) for acting in accordance with or relying upon any written instruction, notice, demand, certificate or document from the Landlord, (ii) for any consequential, punitive or special damages, or (iii) for an amount in excess of the value of the Security Deposit in issue.
Rentable Finance may consult legal counsel of its own choosing in the event of any dispute or question as to the construction of these Terms of Use or Rentable Finance ‘s duties hereunder, and Rentable will incur no liability and will be fully protected with respect to any action taken or omitted in good faith in accordance with the reasonable opinion and instructions of such counsel.
Rentable Finance shall not incur any liability for not performing any act or fulfilling any duty, obligation or responsibility hereunder by reason of any occurrence beyond the control of Rentable Finance (including but not limited to any act or provision of any present or future law or regulation or governmental authority, any act of God or war, or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility).
If at any time Rentable Finance is served with any judicial or administrative order, judgment, decree, writ or other form of judicial or administrative process which in any way affects the Security Deposit (including but not limited to orders of attachment or garnishment or other forms of levies or injunctions or stays relating to the transfer of escrow property), Rentable Finance is authorized to comply therewith in any manner as it or its legal counsel of its own choosing reasonably deems appropriate; and if Rentable Finance complies with any such judicial or administrative order, judgment, decree, writ or other form of judicial or administrative process, Rentable Finance shall not be liable to any of the parties hereto or to any other person or entity even though such order, judgment, decree, writ or process may be subsequently modified or vacated or otherwise determined to have been without legal force or effect.
4. Limited Warranty, Limitations of Liability and Indemnity
In the event of any breach of these Terms by Rentable Finance, Rentable Finance’s sole obligation, with respect to a written claim of breach made by Tenant, shall be to remedy the breach to the extent that such remedy is commercially practicable.
EXCEPT AS OTHERWISE STATED HEREIN, RENTABLE FINANCE DOES NOT REPRESENT (i) THAT TENANT’S USE OF THE PAYMENT PLAN SERVICES WILL BE SECURE, TIMELY, UNINTERRUPTED OR ERROR FREE, (ii) THAT ALL ERRORS IN THE SERVICES AND/OR DOCUMENTATION WILL BE CORRECTED, (iii) THAT THE SYSTEM THAT MAKES THE SERVICES AVAILABLE WILL BE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS, (iv) THAT THE SERVICES WILL OPERATE IN COMBINATION WITH OTHER HARDWARE, SOFTWARE, SYSTEMS OR DATA NOT PROVIDED BY RENTABLE FINANCE, (v) THAT THE OPERATION OF THE SERVICES WILL BE SECURE, THAT RENTABLE FINANCE AND ITS THIRD PARTY VENDORS WILL BE ABLE TO PREVENT THIRD PARTIES FROM ACCESSING TENANT DATA OR CONFIDENTIAL INFORMATION, (vi) THAT ANY ERRORS WILL BE CORRECTED, (vii) THAT ANY STORED TENANT DATA WILL BE ACCURATE OR RELIABLE, (viii) OR THAT THIRD PARTY INFORMATION OR DATA MADE AVAILABLE AS PART OF THE SERVICES WILL BE COMPLETE, RELIABLE OR ACCURATE. THERE ARE NO OTHER WARRANTIES OR CONDITIONS, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, THOSE OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. THE SERVICES ARE PROVIDED TO TENANTS ON AN “AS-IS” AND “AS AVAILABLE” BASIS, AND ARE FOR PERSONAL USE ONLY. TENANT ASSUMES ALL RESPONSIBILITY FOR DETERMINING WHETHER THE SERVICES OR THE INFORMATION GENERATED THEREBY IS ACCURATE OR SUFFICIENT FOR THE TENANT’S PURPOSE.
NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY FOR EXEMPLARY, PUNITIVE, SPECIAL, INCIDENTAL, INDIRECT OR CONSEQUENTIAL DAMAGES INCLUDING WITHOUT LIMITATION, INTERRUPTION OF BUSINESS, LOST PROFITS, LOST OR CORRUPTED DATA OR CONTENT, LOST REVENUE ARISING OUT OF THIS AGREEMENT (INCLUDING WITHOUT LIMITATION THE SERVICES, THE USE OF THE SERVICES OR THE INABILITY TO USE SERVICES), EVEN IF THE PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
DIRECT DAMAGE LIMITATIONS:
- IN NO EVENT SHALL THE AGGREGATE LIABILITY OF RENTABLE FINANCE OR ANY THIRD PARTY VENDORS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT, INCLUDING ANY LICENSE, USE, OR OTHER EMPLOYMENT OF THE SERVICE, WHETHER SUCH LIABILITY ARISES FROM ANY CLAIM BASED ON BREACH OR REPUDIATION OF CONTRACT, BREACH OF WARRANTY, TORT, OR OTHERWISE, EXCEED THE TOTAL AMOUNTS OF FEES ACTUALLY PAID BY TENANT TO RENTABLE FINANCE IN THE THREE (3) MONTH PERIOD IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO SUCH CLAIM. THERE SHALL BE ONLY ONE AGGREGATE LIABILITY CAP UNDER THIS AGREEMENT EVEN IF THERE ARE MULTIPLE CLAIMS; EACH CLAIM SHALL REDUCE THE AMOUNT AVAILABLE IN THE AGGREGATE.
- RENTABLE FINANCE SHALL NOT BE LIABLE FOR ANY DAMAGES RESULTING FROM THE LOSS OR CORRUPTION OF ANY DATA OR CONTENT WHETHER RESULTING FROM DELAYS, NONDELIVERIES, MISDELIVERIES, SERVICE INTERRUPTIONS OR OTHERWISE.
- EXCLUSIONS. THE FOREGOING LIMITATIONS OF LIABILITY SHALL NOT APPLY WITH RESPECT TO: (I) DAMAGES TO PERSONS AND/OR TANGIBLE PROPERTY OCCASIONED BY THE WILLFUL MISCONDUCT OR GROSS NEGLIGENCE OF A PARTY, OR (II) TENANT’S UNAUTHORIZED USE OF RENTABLE FINANCE’S OR THIRD PARTY VENDOR’S INTELLECTUAL PROPERTY, MATERIALS OR ASSETS; DAMAGES AS LIMITED BY THIS SECTION 4 ARE TENANT’S SOLE AND EXCLUSIVE REMEDY.
5.Events Beyond our Control
Rentable Finance is not in breach of these Terms of Use or liable to you if there is any total or partial failure of performance of the Services resulting from any act, circumstance, event or matter beyond our reasonable control. This may include any act of God, fire, act of government or state or regulation, pandemic, war, civil commotion, terrorism, insurrection, inability to communicate with third parties for whatever reason, failure of any computer dealing or necessary system, failure or delay in transmission of communications, failure of any internet service provider, strike, industrial action or lock-out or any other reason beyond our reasonable control.
6. Suspension
Rentable Finance may suspend or withdraw access to and use of Services if there is a breakdown or malfunction of, or connected to, any system or software used in connection with the Services, or where there is a real or potential security risk, or for any other reason whatsoever that we feel justifies doing so. We are not liable to you for any suspension or withdrawal of the Services.
7. Notices
You must send any formal notice under these Terms to Rentable Finance by sending it by email to support@rentable.com
Rentable Finance may send any formal notice under these Terms to you by sending it by email to the email address registered to your RMA, by post to the address registered to your RMA or through an in-app communication.
8. Severability
If, at any time, any provision of these Terms is or becomes illegal, invalid or unenforceable, that shall not affect or impair the legality, validity or enforceability of the remainder of these Terms (including the remainder of a provision where only part of it is or has become illegal, invalid or unenforceable).
9. Waiver
The exercise by us of any of Rentable Finance’s rights under these Terms is without prejudice to any of our other rights and remedies. The provisions of these Terms may only be waived by us in writing by express reference to the provision in question. No delay, neglect or forbearance on our part in enforcing any provision of these Terms is a waiver, or in any way prejudices any rights under these Terms. A waiver by us of any breach of any of the provisions of these Terms does not constitute a general waiver of such provision or of any subsequent act contrary to it.
10. Transfers
Rentable Finance may assign, transfer or otherwise dispose of all or any of Rentable Finance’s rights or obligations under these Terms, in whole or in part, with prior notice to you, provided that in doing so we do not materially prejudice your interests under these Terms.
11. Compliance with Law
You must not use the Services for illegal purposes, including but not limited to fraud, money laundering, terrorism or other criminal activity or to transfer money to persons who may be subject to sanctions or violate any laws in your jurisdiction.
Rentable Finance can take whatever action we consider appropriate to meet our legal obligations anywhere in the world (including suspending your RMA or any transactions) relating to the prevention of fraud, money laundering, terrorism or other criminal activity and to the provision of financial and other services to persons who may be subject to sanctions. If this results in a delay or failure to effect instructions, we are not liable for any resulting loss, damage or other liability suffered by you or any third party. We reserve the right to notify the appropriate authorities and/or terminate a Deposit Sub Account and return or withhold any Security Deposit or sum paid where we believe or suspect that the Services are being used for inappropriate or unlawful purposes or in breach of these Terms.
12. Entire Agreement
These Terms represent the entire understanding of Tenant and Rentable Finance concerning the Services (and all related matters) and supersede all prior agreements (whether written, oral or implied) which are hereby revoked by mutual consent. You confirm that you have not relied upon, and have no remedies in respect of, any representations, terms or conditions except those set out in these Terms.
13. Governing Law
The laws of Massachusetts apply to the formation, interpretation, existence and application of these Terms, and any matter or dispute arising out of or in connection with them (including non-contractual disputes), and the courts of Massachusetts have jurisdiction in connection with the Terms and all such matters and disputes. You hereby agree to submit to the exclusive jurisdiction of such courts for any and all such matters and disputes.
14. Definitions and Interpretation
Reference to any gender includes all genders and number includes the plural and vice versa and words importing persons include firms or companies. The section headings to the provisions are inserted for convenience of reference only and are not a part of, and do not or affect the construction or interpretation of, the Terms of Use. None of these Terms of Use will be interpreted so as to deprive you of any rights you have under applicable law unless you may waive such rights.
The following expressions have the meanings given to them below:
“Rentable Management Account” means, as the context so admits or requires, the account set up on the Website by either a Landlord or a Tenant.
“Landlord” means a person that: has a Landlord Rentable Management Account (whether set up and used by that person or by an agent on their behalf) as permitted under Section 6 herein. For the purposes of this definition, “agent” includes any Property Manager or a Property Management Company to which the Landlord has delegated authority to act on their behalf; and with respect to a particular Deposit Sub Account, is identified in the Rentable Request as the Landlord of the property for which the Security Deposit is being made.
“Tenant” means a person that has a Tenant Rentable Management Account; and with respect to a particular Deposit Sub Account, is identified in the Rentable Request as the Tenant of the property for which the Security Deposit is being made.
