ReLease Pre-Lease Coverage Terms and Conditions

ReLease provides flexible renting products that give you the option to leave your lease agreement at a ReLease-enabled apartment community (a ReLease-Enabled Rental) within a defined period of time, as set forth in these Terms. These Terms govern the ReLease Pre-Lease Coverage flexible renting product (the Product). By purchasing the Product, either independently or through a ReLease-Enabled Rental, you agree to these Product Terms, ReLease’s Terms of Service, and ReLease’s Privacy Policy.

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The Product is subject to the following requirements and restrictions:  

1. Purchasing the Product. The Product is purchased on a per-lease basis.
2. How it works. If you have purchased the Product for any ReLease-Enabled Rental, you have the option to cancel your lease at any time within the specified timeframe provided at purchase, typically from the purchase date until 30 days before the lease start date (the Coverage Period). Once this timeframe has passed, the Product will expire, and any cancellations will be subject to the terms of your lease agreement.
3. Conditions for Product Benefits. To qualify for and receive the benefits of the Product, you must cancel your ReLease-Enabled Rental by satisfying all of the following conditions, except as provided in section 9. Unless otherwise provided in this agreement, the cancellation must be initiated in the ReLease App.
   1. Provide Timely Notice. At the time of cancellation, you must provide your specific move-out date on which you intend to leave your ReLease-Enabled Rental (the Move-Out Date).
      
   2. Settle All Financial Obligations. Your cancellation will not be approved, and no benefits will be paid, until you have settled in full all of the following, if applicable:
      
      1. Any remaining balance owed to ReLease (the Remaining ReLease Fees).
      2. All leasing concessions, incentives, discounts, or offers (together, Non-Eligible Charges).
      3. The base deductible and any additional deductibles made clear to you at the time of purchase (the Deductible).
   3. Forfeiture of Benefits. For the avoidance of doubt, failure to pay rent owed without adhering to all conditions outlined above will result in an invalid cancellation and forfeiture of all benefits. Consequently, ReLease will not cover all costs associated with your cancellation, and the Product will be subject to immediate cancellation without refund.
4. Covered Costs. Full or partial compensation, up to the limit made clear to you at the time of purchase (the Limit), will be provided in order to cover costs that you or your building management may incur as a result of your cancellation. This compensation can include outstanding rents, cancellation fees, and/or buyout fees owed based on your specific lease agreement.
   1. Outstanding Rent. ReLease will pay directly to your building management any outstanding rent owed on the same schedule as in the lease agreement without acceleration, from the start date of your lease agreement until a replacement tenant is found, up to the Limit.
   2. Cancellation Fees. ReLease will pay directly to your building management any cancellation fees owed due to a Valid Cancellation, up to the Limit.
   3. Lease Buyout. If available, ReLease may choose to pay directly to your building management the Lease Buyout amount specified in your specific lease agreement in lieu of Outstanding Rent and Cancellation Fees, up to the Limit.
5. Excluded Costs. Compensation for cancellations does not include any of the following:
   1. Non-Eligible Charges
   2. Security deposits or security deposit replacements
   3. Damage done to the rented premises
6. Compensation Timing. Payments by ReLease of compensation amounts will be processed within ten (10) business days of a Valid Cancellation.
7. Modifications. If the lease agreement of your ReLease-Enabled Rental has been modified or adjusted in any way after the purchase of the Product, the Product will apply only to the original amount and terms of the lease agreement provided at the time you purchased the Product.
8. Good Standing. In order for the Product to be applied, you must be in good standing with ReLease and with your building management.
9. Product Benefits. The Product provides you with the ability to cancel your upcoming lease for a ReLease-Enabled Rental with no further obligation to pay rent under the applicable lease. For the avoidance of doubt, the Product does not relieve you of any other obligations under the lease, including but not limited to:
   1. any premeditated actions leading to a cancellation, including but not limited to actions, decisions, or situations that are intentionally planned or consciously executed by the renter with prior, undisclosed knowledge before purchase.
   2. a cancellation or termination of the lease agreement by your building management for any reason, including the result of a force majeure event.
   3. any voluntary move-out or cancellation requested by you directly with your building management of any lease agreements subject to the Product.
   4. the rental unit is deemed unfit for living, including but not limited to any scenarios where the unit fails to meet basic living standards or safety requirements due to reasons such as significant damage, health hazards, legal condemnations, or other circumstances rendering it unsuitable for habitation.
   5. Building management has breached the lease agreement and/or rental contract, or has failed to maintain the rental unit in a fit and habitable manner.
   6. the lease agreement is found to be illegal at any point during the coverage period, or any other circumstances where the tenancy is deemed unlawful.
   7. you or another resident of the rental unit are legally evicted for any reason during the coverage period.
   8. a declaration of an “emergency” or similar “extraordinary measures” taken by any governmental authority in the city, region, or country of your ReLease-Enabled Rental
   9. a designation by a public health agency that the city, country, or region of your ReLease-Enabled Rental is at increased risk from communicable disease. In the event of such cancellation, or change, declaration of emergency, alert, notice, designation, or other similar government action, your purchased Product shall expire immediately and any compensation for your ReLease-Enabled Rental will be subject to the rules and regulations imposed by your building management and relevant local authorities.
10. Other Restrictions. The Product may only be purchased within 7 days of the time you signed your lease agreement, and may not be added after this window has expired, unless written approval has been provided by ReLease. The Product must be purchased for all residents of the rental unit. If there is more than one resident of the rental unit, the resident who purchased and/or activated the Product shall determine how to exercise the Product, which shall apply to any other resident included on the lease agreement. ReLease may not offer the Product to all ReLease-Enabled Rentals. ReLease reserves the right to deny the purchase of the Product to any customer for any lawful reason. The Product is only valid for the lease agreement for which the Product was purchased. The Product is not transferable and cannot be carried over to any future lease agreements.
11. Product Fees. Fees for the Product will be charged either at time of purchase or at the start of the Coverage Period, as specified at the time of purchase. All fees paid for the Product are non-transferable.
12. Activation Requirements and Verification. Prior to the activation of the Product, You are required to submit verification documents to ReLease. These documents must include: (a) proof of your identity in the form of a valid, government-issued identification; and (b) a complete and signed copy of your lease agreement, which clearly states details including, but not limited to, the full property address, monthly rent amount, lease signing date, and the full term of the lease. Failure to provide these documents in a timely manner may result in a delay, cancellation, or a determination of ineligibility for your Product.
13. Refund and Cancellation Policy. The following terms govern the eligibility for refunds of the Product fee:
    
    1. Full Refund. You are eligible for a full refund of all fees paid for the Product if You purchased the Product prior to signing a lease agreement and subsequently decide not to execute (sign) the said lease agreement. You must provide satisfactory evidence to ReLease that the lease was not signed to qualify for this refund.
    2. Partial Refund: You may be eligible for a partial refund, equivalent to ninety-five percent (95%) of the fees paid, under the following specific circumstances:
       
       1. Pricing Adjustment. If, during our verification process, we determine that the information You initially submitted differs from the details in your final, signed lease agreement, your Product fee may be subject to an adjustment. We will notify You of the adjusted rate. You will then have the option to either accept the new rate and continue with the Product or cancel your Product and receive a partial refund.
       2. Ineligibility. If ReLease determines, at its sole discretion, that You are ineligible for the Product after purchase. In such cases, your Product will be cancelled, and you will receive a partial refund.
       3. Extended Review. In the unlikely event that ReLease's verification process extends beyond fourteen (14) calendar days from the date You have submitted all required documentation, You may elect to cancel your Product and request a partial refund.
    3. No Refund after Activation. All fees paid for the Product are non-refundable once the Product has been activated. You will be notified of the Product’s activation by ReLease through the ReLease App.
14. Tenant Rights Regimes and Additional Information. Certain jurisdictions, including most states in the U.S., have adopted laws and/or regulations requiring building management to provide zero-cost early lease terminations to residents who meet specific eligibility criteria (e.g. you or another resident of the rental unit experience domestic violence, sexual violence or stalking, and they currently feel unsafe in their home or believe there is a risk to their safety, including physical, emotional or psychological safety, or the safety of their children if they stay in the rental unit). You may have rights under these Tenant Rights Regimes even if you do not purchase the Product. The value the Product provides is as a quick and easy way for you to cancel your lease agreement, without having to go through your building management. For more detailed information regarding your existing early termination policy from your building management, speak with your building management, and for more details of Tenant Rights Regimes refer to your local landlord tenant board.
15. Not Insurance. The Product allows you to cancel your lease agreement of a ReLease-Enabled Rental at any time and for any reason within the Product Terms. ReLease provides its customers with the Product to provide a more seamless and flexible experience for rentals administered with the assistance of the ReLease App. The Product Terms are not an offer to insure, do not constitute insurance or an insurance contract, and do not take the place of insurance obtained or obtainable by you.