Fill and Sign the Agreement Exclusive Right Form

Agreement Granting Exclusive Right to Install, Operate and Maintain Coin - Operated Laundry in Apartment Building Agreement made, effective as of ____ day of __________, 20___, by and between ________________________________, a corporation with its principal place of business at _________________________________________ (Street Address, City, State, Zip Code) herein referred to as A Apartment Building, @ and ________________________________, a corporation with its principal place of business at ____________________________________________ (Street Address, City, State, Zip Code) herein referred to as A Coin Laundry. @ WHEREAS, Apartment Building owns an apartment complex at _________________________________________________ (Street Address, City, State, Zip Code), herein referred to as A Apartments, @ and WHEREAS, Coin Laundry is desirous of having a contract concession for a coin - operated laundry and other facilities within the Apartments for the use and convenience of the tenants of the Apartments; NOW, THEREFORE, for the reasons set forth above, and in consideration of the promises of the parties to this agreement, and other good and valuable consideration, receipt of which is acknowledged, the parties agree as follows: 1. Grant of Exclusive Rights Apartment Building does grant, bargain and sell to Coin Laundry, and Coin Laundry does accept and agree to have the exclusive right to install, operate and maintain a coin - operated laundry and related facilities upon the premises of Apartments for the use of the tenants of Apartments. 2. Term and Extension The term of this agreement shall be for a period of ____ years, commencing on the ______ day of _________________, 20____, and ending on the _____ day of _____________, 20_____, during which term Coin Laundry shall have the exclusive right to operate and maintain the coin - operated laundry machines. Upon the expiration of this period, this agreement shall be automatically renewed from year to year, subject to termination only upon one party giving the other party not less than 90 days = written notice of termination prior to the expiration of the initial term, or its one - year extension, and in the absence of such notice or such termination, the one - year extension shall continue from year to year. 3. Consideration In consideration of all the terms and provisions of this agreement, Coin Laundry, upon the execution of this agreement, shall pay to Apartment Building, the sum of ______________________ Dollars ($________________), and Apartment Building shall receive, and Coin Laundry shall pay to Apartment Building, a sum of money equal to ___________ percent (_______%) of all gross receipts from the operation of the coin - operated laundry machines upon the premises. This percentage amount is to be payable monthly for each month on or before the tenth day of each month following the commencing date, which is defined as the day the Coin Laundry opens for service to the tenants of the Apartments. 4. Installation of Equipment Coin Laundry shall furnish and install all wiring, plumbing, utilities and facilities necessary for the installation, use and operation of the equipment to be installed by Coin Laundry as provided herein. 5. Equipment and Maintenance Coin Laundry, at its own expense, shall furnish all water, electricity, gas, and soap to be used upon the premises for the operation of the laundry and other coin machines, and keep the premises of the laundry in a good state of maintenance, repair and cleanliness. Coin Laundry, at its own expense, shall furnish and install, ready for use, all equipment necessary for the operation of the laundry and other facilities, including: a. washers, in the ratio of one washer for each ______ units and ________ ___ - pound durable press gas dryers, in the ratio of one dryer for each three washers, b. a combination dollar bill and coin changer, with the apartment manager to have the keys and maintain change, c. an eight - column soap dispenser, which Coin Laundry shall keep adequately supplied, and d. ____________________ (number and size) laundry baskets. 6. Repair of Equipment Coin Laundry, at its own expense, shall repair, maintain and keep operable all equipment, making such checks and repairs as may be necessary to keep the equipment in good order, repair and operating condition, and to provide one day service or make equipment exchange if parts are not available. 7. Defective Equipment Coin Laundry, at its own expense, shall repair or replace any worn or defective equipment or parts with like or better equipment or parts. 8. Charge to Tenants All the equipment utilized upon the premises shall be coin - operated. The charges for the use of the equipment by tenants shall not be less than the minimum prevailing rate for coin - operated laundries in the City of ___________________. 9. Cooperation of Parties Each of the parties agrees to cooperate with the other and to do all things necessary or desirable for the mutual benefit of the parties in keeping, maintaining and operating a clean, orderly, well run laundry facility for the use of Apartment = s tenants. In furtherance of these purposes, the parties may mutually agree upon rules for the use of the facilities by the tenants. To further effectuate these procedures, the parties shall not unreasonably withhold consent or agreement to any new or different terms, agreements, or positions not otherwise included herein, but deemed desirable or necessary to the proper and most beneficial operation of the laundry facility to the mutual benefit of the parties. 10. Assignment or Transfer This agreement is personal to the parties, and except as provided in Section 11 , and shall not be sold, assigned, transferred or encumbered in any manner by either party without first obtaining the written consent of the other parties. This agreement runs with the land and is binding upon Apartment Building, its successors, heirs and assigns. 11. Effect of Sale of Apartments If Apartment Building shall sell the Apartments and premises while this agreement is in full force and effect, Apartment Building agrees that this contract shall be sold and/or transferred to the buyer, and all of the terms and provisions of this agreement shall remain in full force and effect, and the buyer shall acknowledge in writing to both of the parties its assumption of an agreement to perform all of the terms and provisions of this contract. IN WITNESS WHEREOF, each party to this agreement has caused it to be executed on the date first above indicated. ________________________________ __________________________________ APARTMENT BUILDING COIN LAUNDRY