VACATION RENTAL AGREEMENT SAMPLE
THIS IS A VACATION RENTAL AGREEMENT UNDER THE NORTH CAROLINA VACATION RENTAL ACT. THE RIGHTS AND OBLIGATIONS OF THE PARTIES TO THIS AGREEMENT ARE DEFINED BY LAW AND INCLUDE UNIQUE PROVISIONS PERMITTING THE DISBURSEMENT OF RENT PRIOR TO TENANCY AND EXPEDITED EVICTION OF TENANTS. YOUR SIGNATURE ON THIS AGREEMENT, OR PAYMENT OF MONEY OR TAKING POSSESSION OF THE PROPERTY AFTER RECEIPT OF THE AGREEMENT, IS EVIDENCE OF YOUR ACCEPTANCE OF THE AGREEMENT AND YOUR INTENT TO USE THIS PROPERTY FOR A VACATION RENTAL.
Oak Island Accommodations shall conduct all of its activities without respect to race, color, religion, sex, handicap, familial status, national origin, sexual orientation, or gender identity.
A. RESERVATIONS AND RECEIPT OF RENT: Within 3 days following booking of the reservation, the amount shown as “Minimum Payment Due” on the Advanced Rent Request plus the optional travel protection insurance cost, is due to Oak Island Accommodations, hereafter referred to as “OIA”, as agent for the owner of the rental property, hereafter referred to as “Owner”.
1. Read, sign and return this form with the payment.
2. Personal checks will be accepted for rent payments arriving up to 30 days prior to the check-in date.
3. There will be a $35.00 charge for all returned checks.
4. Any payment received less than 30 days prior to check-in date must be certified funds, money order or credit card.
5. All payments other than credit cards must be made in U.S. funds or by checks and/or money orders drawn on and payable to a U.S. bank.
6. Unpaid reservations will be cancelled without notice after the due date.
7. OIA reserves the right to rent only to those tenants age 25 or older. Any tenant under age 25 will not be allowed to check-in and will be liable for lost rents and other damages if the property is not re-rented.
B. SIMPLE PAY PLAN – At the time of making the booking, tenant may be given the option for our Simple Pay Plan. Along with the lease, tenant will be given a minimum amount that must be paid monthly until 30 days prior to their arrival date. The initial payment will be due within 3 days of reservation made, and then subsequent payments will be due on the 10th of each month without demand. The minimum monthly payment will be a percentage of the total amount of the reservation in relation to the number of months until the reservation occurs. There is no interest charged to the tenant, and the tenant reserves the right to pay the remaining balance at any time with no prepayment penalty. The cancellation policy described in paragraph (L) of this document will apply to all reservations.
C. WEEKLY/NIGHTLY RESERVATIONS – With the exception of Flex Rentals, which can be booked at any time with no restrictions, weekly rentals June through August have either a Saturday or Sunday check-in. Be sure to check the property description for the check-in day. Nightly rentals from June through August must end on the check-in day of the property, Saturday or Sunday. Properties that allow nightly rentals June through August can be booked up to 2 weeks prior to arrival. During September through May, nightly rentals may be booked at any time with a 2-night minimum stay unless otherwise noted. Nightly reservations for Memorial Day and Labor Day weekends will be accepted 2 weeks prior to arrival.
D. TRANSFERS – After payment is received, date changes within the same property can occur provided the rental rate for the new time frame is equal to or greater than the original rental rate. If the change involves a lower rental rate, the greater of the two rates will prevail unless and until the original time frame is re-rented at the original rental rate. If requesting a change of date within the guidelines set forth, a $75.00 Transfer Fee will apply. Changing to a different property requires cancellation of the original reservation and therefore the cancellation policy applies. Any transfers involving a booking during the time frame of June, July and August must be made no less than 60 days in advance of the original occupancy date. All other transfers may be made no less than 30 days in advance of the original occupancy date. Transfers made that are noncompliant with these restrictions will be treated as cancellations. Tenant name changes will be accepted upon receipt of written approval from both the original tenant and the new tenant no later than 30-days prior to check-in. All transfers must be for timeframes within the same calendar year as the original reservation.
E. DETERRED OCCUPANCY – If at the time of occupancy, the property cannot be delivered in a fit and habitable condition or if access to the property is not available, or if any other circumstances, other than Mandatory Evacuation, prevent the reserved property from being occupied, OIA reserves the right to substitute a reasonably comparable property in its place. If circumstances beyond the control of OIA occur such as the sale of a property, the Owner removing it from the market or any other unforeseen circumstance, OIA will promptly inform the tenant and shall explore alternatives. Such alternates may possibly be in a different location on the island. OIA will refund the difference in rent if the alternate accommodation is less than that originally reserved; if more, the tenant will be responsible for the difference. Any discounts or reductions will be at the will of the Owner. In very rare cases the Property Owner may need to take possession of a property during a time period that has been booked by a tenant. Should this occur, OIA will make every effort to relocate the tenant to a suitable location or a full refund will be tendered.
F. CHECK-IN – Check-in begins at 4:00 PM. Unless your property has our Smart Home Technology keyless entry system, arrivals are required to check-in at our main office. All check-ins are subject to release by the Housekeeping Department. In the event Housekeeping has been delayed, please do not enter the property until the cleaning process has been completed. Tenants arriving after office hours will find a key packet in the key box located in the front foyer of the main office. Key packets will be left out only if the account is paid in full. Check the key packet closely to make sure the name and property are correct. Tenants who check-in after hours are required to come by the office the following day to sign any additional paperwork. OIA is offering a limited number of early check-ins at 1:00 p.m. for a $75.00 fee. Early check-ins can be added up to 2 weeks prior to arrival based on availability. If OIA is unable to deliver the early check-in service, the tenant will be refunded the $75.00 fee with no further compensation.
G. CHECK-OUT – Check-out time is 9:00 AM. Departing tenants are required to wash all dishes whether by hand or using the dishwasher, take out all trash and remove all personal/food items from refrigerator/cupboards. Keys may be left in the property along with the tenant survey, so long as the door is able to be locked upon departure. Tenants are required to roll trash and recycle containers to the street. Personal items left in the property will be held for 30 days and can be returned with a $15.00 handling fee plus the cost of shipping. The handling and shipping fees must be paid prior to the item being shipped. However, unclaimed items will be donated. OIA is offering a limited number of late check-outs (September through May only) at 1:00 p.m. for a $75.00 fee. Late check outs can be added up to 1 week prior to arrival. If OIA is unable to deliver the late check- out service, the tenant will be refunded the $75.00 fee with no further compensation.
H. COMPANY RULES, DISCLAIMERS AND TENANT OBLIGATIONS
1. ERRORS AND OMISSIONS – OIA is not responsible for errors within the printed brochure, on the website or those conveyed by any employee or third party sites including but not limited to, property descriptions, photos, rental rates and/or third party sites.
2. NOISE, CONSTRUCTION, INSECTS OR LOSS OF VIEW – OIA will not be held responsible for disruptions to the tenants’ enjoyment due to construction projects, traffic, neighboring properties, insects or any other circumstances beyond our control.
3. ACCOMMODATIONS AND FURNISHINGS – Each property is privately owned and is furnished and equipped at the Owner’s discretion and taste. OIA is
not responsible for any disparity between the property condition and the tenant’s expectation.
4. DAMAGE PROTECTION INSURANCE – OIA offers Damage Protection Insurance through Red Sky Travel Insurance. It is an optional coverage and tenant may decline the purchase by agreeing to pay the security deposit associated with the specific property. The Damage Protection Insurance covers up to $1,500.00 in accidental damage that occurs during occupancy. OIA is responsible for filing all claims on behalf of the tenant and the tenant will be notified in writing of any such claim. Tenant will be responsible for the repair of all damage that exceeds the coverage of the insurance. OIA receives a fee from the provider for making this insurance available. The tenant is responsible for any damage above that amount. This insurance does not cover intentional damage, those damages resulting from negligence of tenant, or damages from non-compliance with the terms of this agreement. Determination of actual damages will be at the sole discretion of OIA Management. Security deposits are refundable within 45 days after the departure date. All tenants are subject to the obligations imposed by the North Carolina Vacation Rental Act. Tenant security deposits may be applied to actual damages caused by the tenant as permitted under N.C.G.S. 42-50 to 42-56.
5. OPTIONAL SERVICES – OIA has arranged for various providers to offer additional services and benefits. For information and arrangements contact the Guest Services Department. OIA may receive a fee from the provider offering the service or benefit.
6. EARLY RESERVATIONS/EARLY RELEASE PRICING – Tenants wanting to reserve a property for the same week next year may do so by contacting the Guest Services department by Wednesday of the first week of their current stay. Depending on the property, there will be an early reservation administrative fee of
$50.00 plus tax for each week of the rental period, or the Early Release Pricing option. For participating homes, when a vacation is booked in the current calendar year for an arrival date in the subsequent calendar year, the rate for the current calendar year is guaranteed. However, discounted rates do not apply. The tenant will be required to sign a lease agreement, and a $295.00 payment is due within 3 days at time of booking which will be applied to the rent. The second payment will be due by the due date noted on your payment schedule, and final payment due 30 days prior to arrival unless the Simple Pay Plan is chosen. (See paragraph B above). Should the property become unavailable during the reserved timeframe under this provision for reasons beyond OIA’s reasonable control, including where the property is to be made available to the owner, reasonable efforts will be made toward accommodating the tenant in finding an alternative, reasonably comparable property. If no reasonably comparable substitute can be found, the advanced reservation fee will be refunded. All prices are subject to change until the Lease is submitted, signed and returned to the OIA office along with the initial payment.
7. MAID SERVICE – All weekly and nightly rentals include departure maid service and necessary linens. Any discrepancies involving cleaning will be corrected but must be reported within 24 hours of arrival. No discrepancies reported at the end of the tenancy will be addressed or considered in any way. Mid-stay maid service is available on Mondays and Fridays after 10:00 AM for an additional fee. Please contact the OIA Housekeeping Department for rates and scheduling.
8. POOLS, HOT TUBS, STAIR LIFTS AND ELEVATORS – Certain properties provide swimming pools, hot tubs, stair lifts and/or elevators. OIA cannot guarantee the operation or function of these amenities. Should any amenity fail to operate, every effort will be made to facilitate a repair in a timely manner. OIA is not responsible for amenities managed or serviced by a third party such as a condominium complex or pool/hot tub service.
a) Usage: Tenant shall use the swimming pool, hot tub, stair lift and/or elevator in a careful and proper manner and shall agree not to permit the swimming pool, hot tub, stair lift and/or elevator to be operated or used in any unauthorized or illegal way. Only the parties listed on the rental agreement and those actually occupying the property are authorized to use the swimming pool, hot tub, stair lift and/or elevator. All use of these facilities is at your own risk and you expressly assume all risk inherent in the use of the swimming pool, hot tub, stair lift and/or elevator.
b) Acceptance of Risk: USE OF THE HOT TUB AND/OR SWIMMING POOL IS STRICTLY AT THE RISK OF THE TENANT AND THEIR GUESTS AND INVITEES. Tenant agrees to assume all risk (I) of loss or damage (1) to the swimming pool, hot tub, stair lift and/or elevator or any part of the swimming pool, hot tub, stair lift and/or elevator, (2) from loss of personal property of guest or another, (3) or from personal injury or death.
(II) and for any and all risks and liabilities arising from the negligent or non negligent use or operation of the swimming pool, hot tub, stair lift and/or elevator. Nothing in this Rental Agreement shall authorize the tenant or any other person to operate the swimming pool, hot tub, stair lift and/or elevator so as to impose any liability or other obligation on OIA or property Owner.
9. INDEMNIFICATION AND HOLD HARMLESS ASSIGNMENT: The Tenant, their family members, guests and all the occupants of the vacation home agree to release, hold harmless and indemnify the owner and his agent from and against all claims for damages and/or personal injuries to any person (including Tenant’s guests) arising out of the use of subject premises, including interior and all exterior areas, including decks, stairs and other common areas, that occurred
during the tenancy of the premises, unless caused by the negligent or willful act of agent or the Owner, or the failure of agent or the owner to comply with the Vacation Rental Act. Tenant also agrees to defend owner and his agent from any lawsuit alleging damages and/or personal injury that occurred during the Tenant’s rental of the property. Tenant shall not be entitled to any refund due to unfavorable weather, maintenance problems, area construction, noise, early departure, or disruption of utility services (including cable) after occupancy. Tenant agrees to be responsible for any repairs necessary due to Tenant’s (and guests’) negligence. Agent reserves the right to enter and inspect the leased premises with a reasonable notice to Tenant. Tenant agrees that the agent, the owner, or their respective representatives may enter the leased premises during reasonable hours to inspect the leased premises, to make such repairs, alterations or improvements thereto as agent or owner may deem appropriate, or to show the leased premises to prospective purchasers or tenants. Tenant shall not assign this lease or sublet the leased premises in whole or in part without the written permission of the agent. Tenant agrees to hold agent harmless for any liability in event of foreclosure of subject property. Use of the Premises by Fraternities, Sororities or Unrelated Groups Under 25 Years of Age Is Strictly Prohibited and Tenant agrees that, in the event owner or agent discovers same, that ANY AND ALL FUNDS COLLECTED AS RENT will be considered LIQUIDATED DAMAGES to cover losses, expenses and damages of the owner and agent.
10. FORCE MAJEURE- OIA shall not be liable or accountable, or be deemed to have defaulted under or breached this agreement, for any failure or delay in fulfilling or performing any term hereof or tenant property damages caused by acts, circumstances or forces beyond OIA’s reasonable control including, but not limited to, acts of God, electrical surges, electronic device malfunctioning, lightening, flooding, hail, hurricanes, wind, storms, erosion, strikes, lock-outs, acts of utility companies or government authorities, travel restriction or advisory, quarantine, pandemic, epidemic, national or regional emergency (including any public health emergency), government order or law or any other matter beyond the reasonable control of OIA.
11. PETS – Pet properties accept dogs only. Other types of live animals are strictly prohibited. One pet up to 60 lbs. is permitted per property. Additional pets and pets over 60 lbs. must receive prior approval from the Owner. Additional pet rent of $125 for the first pet and $50 for each additional pet will be added to the property rent. If pets are discovered in a property or on the premises that do not allow pets, there will be a $500.00 pet damage rent charge to the tenant as well as immediate mandatory removal of the pet from the property. If more than the permitted number of pets is discovered in a property, appropriate rent will be levied as well as the immediate mandatory removal of the additional pets. Noncompliance with these conditions could result in the implementation of the expedited eviction procedures pursuant to NCGS 42A-24. [See section I, paragraph (25)]. The tenant will also be liable for any damages to the property or lost rent. There is no guarantee on the part of OIA that non-pet properties have been completely pet free.
12. MAINTENANCE – Please report any maintenance issues upon arrival. Report damages that occur at the property within 24 hours of occurrence to the OIA Maintenance Department. Maintenance will be provided as soon as is reasonably possible with regards to levels of urgency. There will be no refunds of rent or fees due to issues over which OIA has no control such as breakdown of appliances, air conditioners, or other conditions so long as they do not render the property unfit and uninhabitable.
13. UNAUTHORIZED USE OF PROPERTY – If, in the sole discretion of OIA Management, the tenant becomes objectionable or violates any of the terms and conditions stated herein, the tenant will be evicted without refund. Any tenant renting under false pretense, conducting a house party in a property, using illegal fireworks on the property, and any tenancy exceeding the maximum occupancy (see paragraph 16 below) of the property will be evicted without refund. Any eviction is pursuant to NCGS 42A-24. [See section I, paragraph (25)]. Charges for cleaning and repairs will be tenant’s responsibility and in extreme cases criminal charges could be filed.
14. GRILLING – Use of grills on any wooden deck, porch, balcony or similar structure is strictly prohibited. At all condominiums where grilling areas are provided, additional grills are not allowed. At properties where gas grills are provided, owner will be responsible for propane.
15. AGENT RIGHT TO ENTER – A reasonable effort will be made to contact the tenant prior to entry, however, should an urgent situation arise OIA reserves the right to enter a property during occupancy for the purpose of effecting necessary repairs or inspection.
16. OCCUPANCY LIMITS – OIA allows occupancy according to bed configuration and/or limits set by Local Governmental Ordinances. Campers, motor homes, and tents are not allowed to be occupied or connected to any rental property.
17. SMOKING – All vacation rental properties managed by OIA are 100% smoke-free. There will be an automatic charge of $500.00 due to evidence of smoking within a property.
18. SMOKE DETECTORS – The North Carolina General Assembly places upon the tenant the duty to notify the rental agent in writing of the need for replacement of or repairs to a smoke detector. Please check that all smoke detectors in the unit are in working condition immediately upon arrival.
19. CARBON MONOXIDE DETECTORS – All properties with a fossil fuel burning appliance or an attached garage must have a carbon monoxide detector. If the property has a gas fireplace or other gas appliance or a garage with a door connecting it to the living area, please be sure to check the detector batteries upon arrival.
20. TELEPHONES – Any phone charges showing on the Owner’s bill during the tenant’s stay will be due and payable immediately upon receipt by tenant. Neither OIA nor the Owner will be responsible for any interruption in phone services, nor will any refunds be offered for such interruption.
21. CABLE/INTERNET – Most properties offer cable television, and many offer some form of internet access. Internet access can be in the form of a wired connection to a modem or wireless access via a router. These services are offered by the local cable provider. Therefore, places the function beyond the control of either the Property Owner or OIA. No refunds will be offered for any interruption to these services or for any lack of promptness in response time to any interruption in service.
22. EVACUATION – Tenants are required to comply with the provisions of NCGS 42A-36 as it relates to Mandatory Evacuation. If the tenant does not comply, neither OIA nor the Owner is required to offer a refund. Travel Protection Insurance is available for purchase by tenant. See Section M below for additional details.
23. SALE/TRANSFER OF HOMES – Pursuant to the North Carolina Vacation Rental Act, if the property subject to this agreement is voluntarily transferred by the Owner, the tenant has the right to enforce this agreement against the grantee of the property if the tenancy is to end not later than 180 days after the grantee’s interest in the property is recorded in the appropriate office of the register of deeds. If the tenancy is to end more than 180 days after the transfer to the new grantee is recorded, the tenant has no recourse unless the new grantee agrees in writing to honor the agreement. Should the new grantee not agree to honor the agreement; the tenant is entitled to a full refund of all payments made.
24. EXPEDITED EVICTION – Pursuant to the North Carolina Vacation Rental Act, any tenant who leases residential property subject to a vacation rental agreement for 30 days or less may be evicted and removed from the property in an expedited proceeding brought by the landlord or real estate broker as agent for the landlord, as provided in Article 4 of the North Carolina Vacation Rental Act if the tenant does one of the following: (1) Holds over possession after his or her tenancy has expired. (2) Has committed a material breach of the terms of this vacation rental agreement that according to the terms of this agreement results in termination of his or her tenancy. (3) Fails to pay rent as required by this agreement. (4) Has obtained possession of the property by fraud or misrepresentation. Only the right to possession shall be relevant in an expedited eviction proceeding. All other issues related to the rental of the residential property shall be presented in a separate civil action.
25. EVENT POLICY – Events, defined as wedding, parties, or other social functions involving attendance by persons exceeding the occupancy limits of the property, are not permitted at OIA properties without prior approval from Owner and OIA. If it is discovered that a wedding or other similar event has occurred while under Rental Agreement, and on which no event was permitted and no event fee was paid, the tenant shall be required to pay such fee and also pay a penalty of $250.00 for such infraction. Failure to comply will result in Expedited Eviction as prescribed in NCGS 42A-23 [See Section I, paragraph (25)].
26. NO DUTY TO MITIGATE DAMAGES IN EVENT OF CONTRACT BREACH – Notwithstanding anything herein to the contrary, Owner and OIA shall have no duty to re-rent the property or otherwise mitigate their damages from any untimely cancellation or other breach of this Agreement by Tenant or by any guest or invitee of tenant.
27. SEVERABILITY; CONSTRUCTION – If any provision is declared invalid or unenforceable by a court of competent jurisdiction, the remaining provisions shall be unaffected and, to that end, the stricken provision shall be deemed severed. The parties shall replace the severed provision with one that, as closely as possible, lawfully achieves the intent of the severed provision. THIS IS A LEGAL DOCUMENT THAT AFFECTS YOUR RIGHTS AND TENANT IS ADVISED TO SEEK COUNCIL OF ITS CHOICE. Paragraph headings are for convenience of reference only. As necessary in the context, the singular shall include the plural and vice versa, and each gender shall include the other genders. This agreement shall not be strictly construed against a party as drafter, as each party had the opportunity for review by council.
I. DISBURSMENT OF FUNDS – By the signature as set forth on this document, whether electronic or manually, tenant expressly authorizes OIA within three banking days following receipt, to deposit all funds paid in advance into a trust account at the Southern Shores branch of TowneBank, located at 2 Juniper Trail, Kitty Hawk, NC 27949. Fifty percent of the rent paid may be disbursed to the owner and the agency when received. Any remaining funds will be disbursed upon completion of the tenancy or other qualifying event under NCGS 42A-16. A full accounting will be made of the security deposit (if any) and all advance payments upon making a reasonable request for it prior to the occupancy of the property. Upon receipt of the advanced rent provided herein, OIA as Agent, on behalf of the Owner, rents the property identified in this document to the tenant subject to the terms hereof.
J. DISCLOSURES AND LIABILITIES – The tenant is liable for any sales, use and/or occupancy tax applicable at the time of commencement of the tenancy. No tenant shall in any way alter the property without prior consent from rental agency, i.e. window air conditioners, hot tubs, moving of furniture etc. If the property is found to have been altered, tenant will be liable for necessary charges. Until OIA has received one-half of the gross rental amount and all checks have cleared the bank, OIA may cancel this agreement without obligation. Tenant acknowledges that possession of the property will not occur until the full rental amount set forth herein has been paid including taxes and additional charges.
K. GOVERNING VENUE; WAIVER OF JURY TRIAL – This agreement shall be governed by and construed in accordance with the laws of the State of North Carolina, treated as though it was executed in the County of Brunswick, State of North Carolina, and were to have been performed in the County of Brunswick, State of North Carolina. Any action relating to this agreement shall only be instituted and prosecuted in the courts of Brunswick County, North Carolina. Tenant and all members of the tenant’s party specifically consent to such jurisdiction and to extraterritorial service of process. TENANT ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY ARISING UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, TENANT IRREVOCABLY WAIVES ANY RIGHT HE OR SHE MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATED TO THIS AGREEMENT.
L. CANCELLATION – For all reservations, once rent has been paid and accepted by OIA, that money is considered non-refundable unless a re-booking of equal or greater value occurs. If a reservation is cancelled, the tenant will be responsible for any lost rent and other damages if the property is unable to be re-rented for the same period for an equal or greater amount. If the property is so re-rented, then and only then, will a refund be made less a cancellation fee of $100.00. All cancellations must be requested in writing by fax, e-mail or letter. If the property is re-rented for less than the original amount, the Owner remains entitled to the full rent. Any remaining rent after the owner is paid, less the cancellation fee of $100.00 will be refunded to the tenant. Refunds will be payable to the cancelling tenant within 45 days after the subsequent re-rental payment has cleared the bank. Travel Protection Insurance is available for purchase, as described in Section M below.
M. TRAVEL PROTECTION INSURANCE –Red Sky Travel Insurance, underwritten by Arch Insurance Company, is available for purchase. It is important to note, per the Vacation Rental Act, NCGS 42A-36, OIA does not refund or reimburse for trip cancellations and/or interruptions and offers this insurance to the tenant. The decision to purchase travel insurance is voluntary and left to tenant’s discretion. Tenants must elect to accept or decline trip insurance by signing or initialing either electronically or manually where applicable. If the tenant does not make a selection they are considered to have been offered and declined coverage. All travel insurance premiums are non-refundable after the fourteen-day grace period. OIA receives a fee from the provider for making this insurance available. OIA makes no recommendations, representations or warranties about the scope or suitability of coverage under any travel insurance policy and coverage is subject to the terms and conditions of such policy. Any claims for coverage under a travel insurance policy must be made through the claims policy process outlined in the travel insurance policy itself. OIA is not involved in the processing or administration of claims or benefits. Please refer to your travel insurance policy or contact the underwriter for coverage details.
N. ENTIRE AGREEMENT: This agreement, together with any other documents incorporated herein by reference and all related exhibits, schedules and addenda hereto
(including without limitation any Release of Liability, Waiver and Assumption of Risk, Advanced Rent Request and Simple Pay Plan, which are each incorporated by reference herein and made a part hereof) constitute the sole and entire agreement between tenant and OIA with respect to the subject matter contained herein and therein, and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to such subject matter.
O. AMENDMENTS; WAIVERS: This agreement may only be amended, modified or supplemented by an agreement in writing signed by OIA. No waiver by OIA shall be effective unless explicitly set forth in writing and signed by OIA. No failure to exercise, or delay in exercising, any right, remedy, power or privilege by OIA under this agreement shall operate or be construed as a waiver thereof by OIA.
P. ASSIGNMENT: Tenant may not assign any of its rights, or delegate any of its obligations, under this agreement without OIA’s prior written consent. Any purported assignment in violation of the preceding sentence shall be null and void.
Q. SUCCESSORS AND ASSIGNS: This agreement shall be binding upon and shall inure to the benefit of tenant and OIA and each of tenant’s and OIA’s respective successors and permitted assigns.