Terms and Conditions of Use for Landlords
In the matter of the tenancy of the residential premises belonging to the Landlord who completed the application form and agreed to these terms and conditions.
And in the matter of the tenant(s) approved by Single-Key to reside in the premise which the landlord and tenant have specified in the application form.
The following terms apply:
Single-Key Inc. ("Single-Key", the Guarantor) do hereby guarantee the rental payments from the tenant(s) to the landlord for the premises described in the application form by the landlord and tenant(s) (the premises). This Agreement between the landlord and Single-Key shall survive the expiration of any tenancy Agreement entered into between the Landlord and the Tenant shall remain in full force as long as monthly fees continue to be paid by the landlord. This Agreement can be terminated in writing by the landlord or Single-Key. under the conditions specified in the Termination Clause below. In the event that the Tenant(s) are or become monthly Tenant(s), Single-Key agrees to guarantee the rental payments of the Tenant(s) for as long as they are occupying the premises, or up to 12 consecutive months following delinquency of rental payments by tenants. The Agreement must be renewed for every new tenant.
2. In the event that the tenant(s) fail to pay rent in accordance with the tenancy Agreement whether written, oral, or implied and Notice of Termination for nonpayment of rent has been issued, Single-Key hereby agrees to compensate the Landlord for all lost rent payments during the tenant eviction process for up to a maximum period of 12 monthly rental payments following the delinquency as indicated in the Single-Key.com landlord section.
3. Single-Key does not guarantee and is not liable for any damages or injury on the premises caused by the tenant(s), their guests or any other party either wilfully, negligently or accidentally. The landlord will hold a one-month rental deposit from the tenant for damages. The Landlord hereby agrees to indemnify Single-Key from any damages or liabilities arising on the leased property and its premises outside of unpaid rent from the approved tenant. Single-Key is not a property manager of the premise and is not responsible for the maintenance of the property.
4. For the Agreement to take effect, the tenant must make their monthly rental payments directly to Single-Key and not to the landlord. Single-Key will then pay the landlord before midnight on the 5th day of each month.
5. Single-Key hereby agrees to complete that portion of the Landlord’s application for tenancy which relates to Single-Key and hereby agrees to update same on an annual basis on the form prescribed by the Landlord.
6. This Agreement between the Landlord and Single-Key will only be valid under the following terms:
- Single-Key must vet and approve the tenants and provide confirmation of the approval to the landlord by email. Approval of the tenants must come from both the landlord and Single-Key for this Agreement to be valid.
- Landlord cannot sign a lease directly with the tenant, unless the terms of the lease have been approved by Single-Key.
- Approved tenant(s) can only make rental payments through Single-Key. If the tenants make direct payments to the landlord, this Agreement is terminated.
7. In the event of the tenants failing to make payments, the landlord must fully cooperate and allow Single-Key to follow eviction procedure as per the rules dictated by the Ontario Landlord and Tenancy board. Therefore, the Landlord hereby provides the Single-Key with full authority to execute the eviction of a delinquent tenant, defined as a tenant who has failed to pay rent or a minimum payment within 14 days of the due date.
8. The Agreement is binding on Single-Key, administrators, assigns and executors for so long as the Tenants remain in possession of the premises whether pursuant to a lease Agreement or as monthly Tenants until said Agreement is willfully terminated by the landlord or Single-Key, as per the termination condition.
9. Termination Conditions: Single-Key holds the right to terminate the Agreement and withdraw the 12-month rental income guarantee under the following conditions:
- In the event of collective evidence of fraudulent activities on the part of the landlord with respect to the premise, tenant and rental payments.
- Landlord accept money from a tenant that has been approved by Single-Key and whose payments are guaranteed by Single-Key without Single-Key's prior authorization.
- If the landlord signs a lease directly with the tenant, and the lease has not been approved by Single-Key.
- If the Agreement is cancelled by either party, Single-Key is indemnified from paying (guaranteeing) missing rental payments from the tenant to the landlord effective from the day of the cancellation.
10. Single-Key holds the right to modify the monthly guarantee pricing that applies to the landlord at any time. Single-Key has to notify the landlord by email of any pricing changes 30 days before the new pricing applies.
12. The terms prior to this section only apply when a new tenant is being approved for the premises. In the event that a tenant already resides in the premise, and the landlord wants to enroll in the Single-Key rental guarantee agreement, the agreement will only be valid under the following conditions:
- The Landlord has obtained, or prior to re-leasing the Unit will obtain, for at least one Tenant of such Unit, (1) an up-to-date credit check carried out by TransUnion and/or Equifax; and (2) has confirmed, or will confirm, for such Tenant that there are no outstanding, unpaid judgments in the immediately preceding three (3) years;
- the Landlord has confirmed, or prior to re-leasing the Unit will confirm, that the monthly Rent for the Unit is no more than 40% of the Tenant's gross monthly income through review of pay stub(s), T4, employment contract, or other similar evidence;
- the Landlord agrees to not hold Single-Key responsible for any damages or liabilities arising from the premises;
- the Tenant has entered into a Tenancy Agreement for the Unit, has paid the first month’s Rent due under the Tenancy Agreement for such Unit, and that no Default exists on the date of registration thereof.