Fixed Term Laundry Contract

This is a sample contract (MS Word version)

FIXED TERM LAUNDRY CONTRACT

This Laundry Contract made as of this _______ day of ______, 2001 by and between the Trustees of the __________________ Condominium Trust, a condominium created by Master Deed dated ___________________ (as amended), recorded with the __________ County Registry of Deeds in Book _________, Page _______ and with a mailing address c/o _______ Management Corp., _________________________________, __________________, Massachusetts _________, (hereinafter collectively called “Trust”), and ___________________, ______________________ having its principal place of business at ______________________, __________, Massachusetts __________ (hereinafter called "Company”).

In consideration of one dollar and other valuable consideration by each of the parties hereto, the receipt and sufficiency of which are hereby acknowledged and in consideration of the mutual covenants, duties and obligations set forth herein the parties hereto hereby agree as follows:

1. Trust does hereby permit Company to use of each of the laundry rooms located in the Condominium known as "______________ Condominium" and located at ______________ ___________, ______________, Massachusetts, said laundry rooms being _____ (___) in number and located within each of the following buildings: __________________________________________________ (collectively "Building" or "Buildings").

2. The term of this contact shall be for ten (10) years commencing on [Specific Date], 2001 and terminating, unless otherwise terminated as provided herein, on [Specific Date], 2011.

3. The Trust hereby agrees with the Company as follows:

(a) The Company shall have the sole and exclusive right to operate a laundry concession in the laundry rooms and the sole and exclusive right to install therein such laundry equipment as set forth in Exhibit A attached hereto for the use of the residents of said Buildings, which includes _____ (___) new washing machines and ______ (__) new dryers. The initial per cycle vend prices are set forth in Exhibit A and any changes in vend prices must be mutually agreed upon in writing and the consent of either party may be withheld for any reason.

(b) The Trust shall provide at its sole cost and expense, all water, electric, gas, sewer and ventilating facilities in or with respect to the Laundry Area(s) reasonably necessary for the proper operation and use of laundry equipment.

(c) The occupants of said Building(s) shall have access to the laundry rooms during reasonable hours for the purpose of using such laundry equipment installed therein.

(d) The Company's authorized representatives shall have access to the laundry rooms during reasonable hours for the purpose incidental to the operation of its business.

(e) The Trust shall not install or use, nor permit any other person, firm or corporation to install or use any similar or other type of laundry equipment in said laundry rooms while this Contract is in effect.

(f) Upon the expiration or prior termination of this Contract, the Company shall immediately (not to exceed seven (7) days) remove all such laundry equipment as shall have been installed, furnished and supplied by the Company in said laundry rooms. In the event the Company shall damage any property in the course of removal of such laundry equipment, the Company shall immediately pay to the Trust the reasonable cost of repairing such damage. It is expressly understood and acknowledged by the Trust that title to and the ownership of all such equipment shall at all times be and remain in and with the Company, whether the same or any part or parts thereof be affixed to the realty or otherwise but in the event of removal, all property of the Trust shall be restored in a good and workmanlike manner to its condition prior to said removal. The Trust shall have the right, but not the obligation, to move or store the laundry equipment at the expiration or prior termination if the Company fails to do so and shall have no liability to Company for any damages it being understood that it is the Company’s obligation to immediately remove the equipment.

4. The Company hereby covenants to and agrees with the Trust as follows:

(a) The Company shall install in the laundry rooms such laundry equipment as set forth in Exhibit A attached hereto. Such equipment shall be the latest models of their kind in terms of technology, efficiency and energy and water conservation.

(b) The Company shall service all such laundry equipment and ventilation related to dryers at its sole cost and expense. The Company will perform general maintenance on all equipment on at least a quarterly basis each year and shall upon notice from the Trust promptly perform any required repair of laundry equipment and ventilation related to dryers. In the event that any piece of equipment needs to be repaired more often than ____ times in a three-month period, the Company shall replace it with a brand new piece of similar equipment.

(d) The Company shall carry and pay for public liability and property damage insurance against any claims for personal injuries and property damage sustained on the property in connection with the use of such laundry equipment, and will furnish satisfactory evidence of such insurance upon execution of this Contract and on a yearly basis. Such liability insurance shall be in the amount of not less than $2,000,000.00 per occurrence and aggregate. The Trust and manager’s agent shall be named as an additional named insureds on said insurance policies.

(e) The Company shall pay to the Trust, quarterly, as a commission, the following percentages of gross income collected for the use of such equipment: _____________%.

Said commission shall be paid by check to the Trust from each installed machine. Collections of revenue shall be made at least as often as once every three months. The Trust shall have the right to audit, verify and inspect collections and records, with reasonable notice as often as it deems reasonably necessary including, but not limited to, installing a second lock so that revenues may only be counted by both the Trust and the Company.

In addition, the Company shall pay to the Trust upon the execution of this Agreement an additional improvement fee of $_________________ and shall perform renovations to the Laundry rooms as described in Exhibit A on or before commencement of this Contract.

(f) The Company agrees that they have inspected the laundry rooms and ventilation that the Trust has no obligation to make any alterations, improvements or repairs thereto.

5. The Company shall keep the laundry equipment and ventilation system attached to the laundry equipment in good order and repair, and when it receives notice (telephonic or otherwise) at its office, as to the need for repair, Company shall repair the equipment as necessary. Company shall attempt to effectuate the same within a six (6) hour period thereafter, (provided said period falls within Company's normal workweek), unless circumstances beyond the reasonable control of the Company shall prevent it from so doing, and if not, shall perform the repairs as soon as possible thereafter. In the case of an emergency, the Company shall make the repairs immediately. If after receiving notice to do so, as aforesaid, the Company fails to render any requested repair, or shall otherwise fail to perform any other provisions of this Contract within 48 hours, the Trust may, upon giving of a ten (10) day written notice by certified mail, return receipt requested, to the Company, terminate this Contract. The Trust must give the Company the right within said period of time to cure any failure or default alleged, provided such failure or default can be remedied or cured within said period of time, and if not, the Company must commence to cure any such failure or default alleged within said ten (10) day period and continue the same to a conclusion as expeditiously as possible after the expiration of said ten (10) day period. In the case of the failure to pay commission, or any other monetary requirement hereunder, such failure shall constitute an event of default hereunder, unless the Company shall cure such default within ten (10) days from the written notice thereof from the Trust. If Company shall fail to cure a monetary default as set forth in the preceding sentence, the Trust shall have the right to immediately terminate this Contract.

6. All notices (other than the certified mail, return receipt requested notice referenced in paragraph 5 above) hereunder shall be in writing, mailed postage prepaid to the Trust or to the Company at the addresses set forth in the first page of this Agreement, or to such other place as either party shall notify the other in writing.

7. This Contract shall inure to and be binding upon the respective successors and assigns of each of the parties hereto. The Company shall not assign this Contract without the Trust's prior written consent, which consent may be withheld for any reason in the sole discretion of the Trust.

8. The Company shall clean and maintain all vent pipes servicing the dryers located in the laundry rooms on a regular basis but not less than two times per year (or more, if necessary) during the term of this Contract at Company's sole cost and expense.

9. The Company further agrees to defend, hold harmless and indemnify ___________________ Condominium Trust and its Trustees, successor Trustees, employees, managers, contractors, guests and invitees, any successors and unit owners from and against any and all loss, liability, damage or expense (including without limitation) reasonable attorneys’ fees and costs of investigation and litigation and damage to the laundry rooms or any condominium property resulting directly or indirectly from the operation, utilization and maintenance of the laundry facilities and equipment.

10. The parties agree that this Contract does not constitute a Lease.

11. This Contract constitutes the complete agreement between the Trust and Company. There are no terms, obligations, covenants or conditions other than those contained herein. This Contract shall be interpreted under the laws of the Commonwealth of Massachusetts.

12. The prevailing party in any dispute regarding this Contract shall be entitled to the reimbursement of their reasonable legal fees and costs.

The person(s) executing this Contract, expressly represent and warrant that they have full power and authority to do so.

Witness our hands and seals the day and year first above written.

______________________________

CONDOMINIUM TRUST

(

(_________________________________

MAJORITY OF THE BOARD OF (

___________________________ (

____________ CONDOMINIUM TRUST (_________________________________

AND NOT INDIVIDUALLY (

(

(_________________________________

(

__________________________

By:____________________________

__________________________,

hereunto duly authorized

PAY COMMISSIONS TO:

NAME: _____________________ Condominium Trust

ADDRESS: c/o ___________________________________

______________________________________

CITY: ______________________________________

EXHIBIT A

Addendum to Contract

_______________________ Condominium

The equipment to be provided is as follows:

___ new _______ front loading high efficiency coin

operated washers.

Model #____________________________________

___ new _______matching high efficiency dryers.

Model # ____________________________________

Initial vend price per washer: $_________

Initial vend price per dryer: $_________

_______________________________ _________________________

Trust Date Company Date

Add Additional Details Relating to the Equipment, any Renovations to the Laundry Rooms, etc., as Desired.

ADDENDUM

An improvement fee of $______________ will be paid by Company to the Trust upon execution of this Contract by both parties. Acceptance and deposit of the check is acknowledgement of receipt of payment. This contract, dated _________ covers all coin-operated laundry space (“Leased Premises”) in the multi-family community known as _________________ _Condominium. Trust is owner or acting with authority as owner’s agent of this property.

Company warrants the unearned pro rata share of the improvement fee will be refunded to Company if Company, through no fault of Company, should be required to remove its equipment from these premises prior to the expiration of the Original Term of the Contract. The Original Term of the contract is for a period of __________. Its monthly value is $___________ for pro-rata determinations.

(______________________________

(_______________________, Trustee

(

(______________________________

Majority of the Trustees (_______________________, Trustee

of the _______________________ (

Condominium Trust (______________________________

and not individually, (_______________________, Trustee

(

(______________________________

(_______________________, Trustee

____________________Company:

___________________________

By: ________________________

Hereunto duly authorized