HostGuarantee Terms

HostGuarantee

Elev agrees to pay you the Rent Owed, as a Host, whenever the Tenant fails to do so on time (as defined in you and the Tenant’s Lease) and receive reimbursement from the Covered Tenant; to pay you the Covered Losses, as a Host, if the Tenant Defaults (as defined below), or breaks the Lease (herein, “Lease Break”, as defined below), subject to the exclusions, limitations, and other terms and conditions of these HostGuarantee Terms.

You must comply with all of the terms and conditions of these HostGuarantee Terms in order to be eligible to receive any payments for Covered Losses. Your failure to fully comply will prevent your recovery for any Covered Losses. Please carefully review the definitions of “Covered Lease,” “Covered Losses,” “Rent Owed”, “Default” and “Lease Break” as well as the “Limitations and Exclusions” Section below so that you may identify situations not covered by the HostGuarantee.

You acknowledge and agree to use your best efforts to communicate with the Tenant (as defined below) as soon as possible after you become aware of or suspect their intentions or plans to Default or break the Lease (herein, “Lease Break”). You must notify Elev and attempt to resolve the situation with the Tenant within fourteen (14) days of becoming aware or suspecting such intentions or plans. You may fulfill this obligation by emailing, texting or calling Elev or one of its staff.

You acknowledge and agree that any amount of Covered Losses payable to you under the HostGuarantee will be reduced by the amounts you have already collected for the same Covered Losses from a source other than the HostGuarantee, including without limitation: (i) a security deposit; or (ii) payment directly by the Tenant or Guarantor (defined below), or other party or an insurer or guarantor of such party.

Key Defined Terms

“HostGuarantee Payment Request Form” means Elev’s standard form as amended from time to time, accessible through the Resource Center or by contacting customer service directly, that a Host uses to request payment from Elev pursuant to these HostGuarantee Terms.

“Elev Terms” means Elev Homes Inc.’s Terms of Service, accessible through Elev’s websites, applications, Resource Center or by contacting customer service directly.

“Covered Accommodation” means an Accommodation located in the Territory that can be used as a residence and that is (i) owned or legally controlled by you as a Host during the period of the Tenant’s stay at such Accommodation and (ii) listed by you on the Elev Platform and booked by such Tenant in compliance with the Elev Terms.

“Covered Lease” means and is strictly limited to: Leases created, agreed to and entered into by the Host and the Tenant on the Elev Platform. The Lease must be between a Covered Host and a Covered Tenant.

“Covered Host” means a Host who uses the Elev Platform to collect rent and other bills on an active, monthly basis until the end of the Covered Lease.

“Covered Tenant” means Tenants who searched for and found the respective Accommodation on the Elev Platform and uses it to pay for their rent on an active, monthly basis until the end of the Lease.

“Approved HostGuarantee Payment Request” means a claim filed by the Host in accordance with the terms and conditions set forth in this document, meeting all required definitions, terms and conditions.

“Covered Losses” means and is limited to the cumulative Rent Owed amount that is eligible to be paid to you, the Host, in accordance with the HostGuarantee Terms, when a Tenant Defaults or breaks the Lease (“Lease Break”), up to the equivalent of 45 days of Rent Owed, less any amounts recovered by you the Lease, through alternate means such as (i) a security deposit; or (ii) payment directly by the Tenant or Guarantor (defined below), or other party or an insurer or guarantor of such part.

“Rent Owed” means the amount the Tenant is required to pay to the Host, typically on a monthly basis, in accordance with the Lease entered between the Host and the Tenant on the Elev Platform.

“Elev Platform” means the websites, applications, and other offerings from Elev.

“HostGuarantee Terms” means the terms and conditions, including limitations and exclusions set herein.

“Users” means individuals who create accounts on the Elev Platform and have confirmed their email addresses.

“Tenant” means individual or individuals (typically postsecondary students or recent-graduates) who search for, book, or use Accommodations offered by Hosts and are actively part of a Lease initiated and agreed to on the Elev Platform.

“Host” means Users who publish, list, and offer Accommodations to students on the Elev Platform.

“Elev” refers to Elev Homes Inc., a corporation in Province of Alberta, under the Alberta Corporations Act, that offers the Elev Platform.

“Default” means the Tenant fails to pay, or arrange a mutually acceptable payment plan with you the Host within fifteen (15) days of the Lease defined rent due date for a particular period of time.

“Lease Break” means the Tenant has failed to and refuses to pay the rent amount and has forfeited all responsibilities and benefits set out in the Lease agreement through actions such as, vacating the property, refusing to and avoiding communication with you the Host, failing or not attempting to sublet or find a suitable replacement(takeover).

“Lease” means the legal binding contractual agreement entered into by you, the Host and the Tenant, outlining the terms under which you, as the Host, will rent property to the Tenant, for a period of time in exchange for consideration. The document similarly detailing, qualifying, and governing the responsibilities and benefits assumed by all parties in the Host-Tenant relationship, which mandatorily created, maintained, and signed, on the Elev platform.

“Guarantor” means any individual(s), entity, enterprise, or organization who unconditionally guarantees to lessor the payment of all rent, damages, fees, and costs in the performance of any and all obligations of the Tenant under the terms of the Lease agreement as well as any holdover provisions.

Limitations and Exclusions

Rent on time Limitations and Exceptions. The HostGuarantee pays the Rent Owed except if one or more of the following is true and applies:

The Covered Tenant notifies the Covered Host that the Rent Owed may or will be paid late and the Host agrees to accept the Rent Owed at a later date than specified in the Lease entered by Host and Tenant

Rent Protection Limitations and Exceptions. The HostGuarantee pays the Covered Losses except if one or more of the following is true and applies:

The Host and the student mutually agree to terminate a fixed-term Lease before the end date specified in the Lease.

The Tenant is willing to and/or is successful in finding another person to takeover the Lease, or to sublet to

The Host finds another person to replace the Tenant

Elev finds another person to replace the Tenant

The RentGuarantee does not cover damages or theft committed by the Tenant during the Lease

Conditions to the HostGuarantee

In order to be eligible to obtain payment under these HostGuarantee Terms, you must fully comply with each of the following conditions. Your failure to fully comply will prevent your recovery of any Covered Losses. In all cases, the onus will be upon you to demonstrate that you have complied with the following conditions.

You must have incurred Covered Losses

In accordance with local tenancy laws, you must make a reasonable attempt to contact and communicate with the Tenant regarding the rent Default or Lease break, and, in doing so, attempt to find an alternate means of resolution (e.g., the creation of a mutually acceptable payment plan, a Lease takeover and/or sublet, reaching the mutual decision to terminate the Lease prior to the Lease defined end date, e.t.c.). Evidence of all communications and interactions with the Tenant should be collected, recorded, and kept for review at Elev’s request.

You must make a reasonable effort to find an alternative Tenant within a reasonable period of time, following substiatial attempts to contact the existing Tenant and identify an alternate means of resolution. Attempts should include creating a new listing of the property on the Elev Platform, in addition to communicating the availability of the property through other means, whether electronic or manual.

Following Default, i.e. failure on the part of the Tenant to pay rent on the Lease defined due date for a certain period, you must wait a grace period of 15 days, during which communication and alternate resolution attempts with the Tenant should be made, prior to contacting Elev, initiating the claim process, and/or requesting payment through the HostGurantee

You must not have misrepresented any facts or committed fraud or any other dishonest or deceptive act in connection with the booking of the Covered Accommodation or the preparation or submission of any past or present payment request under the HostGuarantee Terms. Any such misrepresentation, fraud, dishonest or deceptive act by you, at any time, will result in denial of all pending payment requests under the HostGuarantee and immediate termination of these HostGuarantee Terms as they relate to you, notwithstanding Section 7 (seven) below.

Within thirty (30) days after you have incurred a Covered Loss, you must (i) complete and file a HostGuarantee Payment Request Form unless we provide a written extension of such deadline. The HostGuarantee Payment Request Form must state your knowledge and belief as to the following:

Timeline of Events

A comprehensive and detailed account of the events that led up to and following the Default and/or Lease Break. The account should include your knowledge and belief as to why the Tenant Defaulted and broke the Lease (up to and including any grievances they held against you, whether tenancy-related or personal), and a detailed explanation of the steps you took to remedy and address the situation.

Proof of Communication

Attached to the HostGuarantee Payment Request Form must be all available all proof of relevant communications and interactions between you and the Tenant, along with concise descriptions of the dates, times, substance, and relevance of the pieces of proof provided. Acceptable proof inexhaustively includes, screenshots of text messages and call logs, audio/video recordings of calls, conversations, and interactions, and/or signed and dated written journal entries/accounts of interactions with the Tenant.

Proof of Abandonment

In the event of a Lease Break, attached to the HostGuarantee Payment Request Form must be proof that the Tenant has vacated and completely abandoned, or removed themselves from the premises of the accomodation. Proof should be obtained in accordance with local tenancy laws, and may inexhaustively take one of the following forms: videos and photographic evidence of the property devoid of the Tenant’s furnitures, items, and personal belongings/effects, written confirmation from the Tenant that they have vacated and abandoned the premises, and likewise, recorded verbal admission from the Tenant that they have vacated the premises.

Need to meet the definitions above

You must cooperate with Elev, including signing any documents, and timely responding to any reasonable requests for additional information or documentation that Elev or its designees may require or request to process the applicable HostGuarantee Payment Request Form.

Processing of Claims

In order to collect payment through the HostGuarantee you must abide by and participate in the following procedure. Your failure to adequately comply and follow the steps heretofore outlined will prevent or delay your recovery of any Covered Losses. In all cases, the onus will be upon you to demonstrate that you have adequately followed the claim processing steps.

Step one: Grace Period and Alternate Resolution Efforts

As outlined in Subsection 2.16 of “Key Defined Terms”, and Subsection 4.4 of “Conditions to the HostGuarantee”, following Default you must wait a minimum grace period of 15 days, prior to filing a claim or seeking recourse through Elev. During this period communication and alternate resolution attempts with the Tenant should be made, and detailed records of all communications, interactions, and conversations with the Tenant should be kept. You should make every reasonable effort to obtain alternate resolution with the Tenant to rectify the situation, up to and including establishing a payment plan with the Tenant, seeking restitution through the Guarantor of the Tenant, agreeing to withhold the deposit provided by the Tenant, accepting a Lease takeover or sublet as obtained by the Tenant. Should an alternate resolution be identified, as detailed in Section 3 (three) entitled “Limits and Exclusions”, no payment will be made to the Host by the HostGurantee.

Step Two: File HostGurantee Payment Request Form

Should the grace period outlined in step one pass, and no alternate resolution be reached, within thirty (30) days after you have incurred a Covered Loss, you must complete and file a HostGuarantee Payment Request Form (which can be found at) unless a written extension of said deadline is provided. The form should be complete, clear, and accurate, including all exhibits and proofs as outlined in Subsection 4.6 of “Conditions of the Host Guarantee”.

Upon receipt of the HostGuarantee Payment Request Form, Elev will review its contents, and determine if indeed a Covered Loss has incurred, and if the claim meets all required terms and criteria.

Elev will then contact the Tenant to obtain their version of events, and attempt to obtain the money from them or structure a payment plan to receive it over a reasonable period of time.

Step Three: Payment and Lease Replacement

Upon confirmation by Elev that a Covered Loss has indeed occurred, and that the circumstances of the claim meet the terms and criteria set forth herein, payouts will be made retroactively in conjunction with efforts by Elev and the Host to find a suitable replacement to initiate a new Lease or some other alternative.

Following sufficient investigation by Elev, payments will be made on the date that the Host would have otherwise expected payment from the Tenant until such a time as the Covered Loss incurred has been restituted to the maximum of three months rent.

Payment will be made to cover the exact period for which the Host has incurred a Covered Loss. Meaning that, for example, if the Host or Elev is able to find a suitable Tenant 1.5 months after default, less any withheld deposits or Guarantor payments, the Host will receive 1.5 months rent in restitution.

The Host must immediately notify Elev upon identification of a replacement Tenant, or if they no longer wish to rent out the property to any parties whatsoever (in which case, payment will be made for the period up to the date the Host decided the accommodation will no longer be a rental property).

Should payment result in coverage for a period in which a suitable replacement had been found and identified, the Host will be responsible for returning funds to Elev for said period.

Acknowledgement and Agreements by the Host

You acknowledge and agree that:

The HostGuarantee is a guarantee of the primary obligations of the Tenant to pay you, as a Host, on time, to find a third party to take over the Lease or sublet the Accommodation, and is contingent on such obligation.

The HostGuarantee is subject to you pursuing the rights and remedies you have against the Tenant and/or Guarantor, or from any other party that is financially responsible for the Covered Loss.

Any amount which Elev pays to you under these HostGuarantee Terms will not exceed the amount which you, as a Host, are entitled to recover from the Tenant.

Elev provides Hosts with the HostGuarantee benefits described herein solely for the purpose of promoting use of the Elev Platform by building customer loyalty and strengthening customer confidence as to use of the Elev Platform.

These HostGuarantee Terms are not intended to constitute 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. Furthermore, these HostGuarantee Terms are not an insurance service agreement as defined in a standard renter’s or homeowner’s insurance policy.

The benefits provided under these HostGuarantee Terms are solely as set forth in the paragraph entitled “HostGuarantee” above and such benefits are not assignable or transferable by you, including without limitation any transfer or assignment by operation of law or in connection with your divorce or death.

Elev and/or its insurer reserve the right to independently investigate (or to have independently investigated) at our sole discretion and expense, the facts and circumstances of a payment request set forth in any HostGuarantee Payment Request Form that you file with Elev, notwithstanding your delivery of all information and documentation that you are required to provide Elev in order to comply with the conditions set forth in Section 4 (four) above entitled “Conditions to the HostGuarantee.”

Modifications or Termination of the HostGuarnatee Terms

To the extent permissible by applicable law in your jurisdiction, Elev reserves the right to modify or terminate these HostGuarantee Terms, at any time, in its sole discretion.

If Elev terminates these HostGuarantee Terms, Elev will provide you with notice by email at least thirty (30) days before such termination and Elev will continue to process all HostGuarantee Payment Request Forms that you filed prior to the effective date of termination, but your right to file any new HostGuarantee Payment Request Forms will immediately terminate.

If Elev modifies these HostGuarantee Terms, we will post the modification on the Elev Platform at https://www.elevhomes.ca/Leaseguarantee. Elev will continue to process all HostGuarantee Payment Request Forms that you filed prior to the effective date of the modification.

In addition to and without limiting Elev’s rights set forth above in the immediately preceding paragraph, Elev reserves the right to modify or terminate these HostGuarantee Terms generally or in any jurisdiction, at any time, in its sole discretion, if: (i) these HostGuarantee Terms are construed to be an offer to insure or constitute insurance or an insurance contract or insurance service agreement by any governmental or regulatory authority in any jurisdiction; (ii) Elev is required to obtain an authorization, license or permit of any kind to continue to provide these HostGuarantee Terms in any jurisdiction; or (iii) Elev determines or a court or arbitrator holds that the provisions of these HostGuarantee Terms violate applicable law. If Elev modifies or terminates these HostGuarantee Terms in accordance with the foregoing, Elev will process all HostGuarantee Payment Request Forms that you file prior to or as of the effective date of such modification or termination unless such processing is prohibited by law, regulation, ordinance, order, or decree of any governmental or other authority.

The current version of the HostGuarantee Terms will be made available through the Elev’s website and Platform. The relevant version is the one prevailing at the date on which Elev receives the HostGuarantee Payment Request Form.

Subrogation

Elev and/or Elev’s insurer have the right to subrogate against any person or entity whatsoever who allegedly is responsible for causing the losses in question, which may include any and all rights you, as a Host, may have against the Tenants, an Invitee or any other third party under the Elev Terms. Further, you hereby agree that, with respect to any payments made under the HostGuarantee by, or on behalf of, Elev, you will assist in and cooperate fully with Elev regarding any and all efforts at subrogation.

Disclaimers and Limitations of Liability

If you choose to use the Elev Platform as a Host, you do so at your sole risk. The HostGuarantee is provided “as is”, without warranty of any kind, either express or implied.

You acknowledge and agree that, to the maximum extent permitted by law, the entire risk arising out of your access to and use of the Elev Platform, and your listing of any Accommodations via the Elev Platform remains with you. Neither Elev nor any other party involved in creating, producing, or delivering the Elev Platform will be liable for any incidental, special, exemplary or consequential damages, including lost profits, loss of data or loss of goodwill, service interruption, computer damage or system failure, or for any damages for (1) personal or bodily injury or emotional distress arising out of or in connection with these HostGuarantee Terms, (2) from the use of or inability to use the Elev Platform, (3) from any communications, interactions or meetings with other users of the Elev Platform or other persons with whom you communicate or interact as a result of your use of the Elev Platform, or (4) from your listing of any Accommodation via the Elev Platform. Elev will not be liable for any such damages described above, whether based on warranty, contract, tort (including negligence), product liability or any other legal theory, and whether or not Elev has been informed of the possibility of such damage, even if a limited remedy set forth herein is found to have failed of its essential purpose.

Except for Elev’s obligation to pay amounts to you pursuant to an Approved HostGuarantee Payment Request under these HostGuarantee Terms, in no event will Elev’s aggregate liability arising out of or in connection with (a) these HostGuarantee Terms; (b) your use of or inability to use the Elev Platform including, but not limited to, posting a Listing, (c) any Accommodation and (d) your interactions with any other Users, exceed the amounts paid by Elev to you in the twelve (12) month period prior to the event giving rise to the liability, or one hundred dollars ($100), if no such payments have been made, as applicable. The limitations of damages set forth above are fundamental elements of the basis of the bargain between Elev and you. Some jurisdictions do not allow the exclusion for certain limitations of liability, so the above limitations may not apply to you. If you reside outside of Canada, this does not affect Elev’s liability for death or personal injury arising from its negligence, nor for fraudulent misrepresentation, misrepresentation as to a fundamental matter or any other liability which cannot be excluded or limited under applicable law.

Dispute Resolution and Arbitration Agreement

In the event of any controversy or claim arising out of or relating to this contract, or the breach thereof, the parties hereto shall consult and negotiate with each other and, recognizing their mutual interests, attempt to reach a satisfactory solution. If they do not reach settlement within a period of [60] days, then, upon notice by any party to the other(s), any unresolved controversy or claim arising out of or relating to this contract, or the breach thereof, shall be settled by arbitration administered by ICDR Canada in accordance with its Canadian Arbitration Rules.

The number of arbitrators shall be one (1).

The place of mediation shall be in the same city and province as Elev’s headquarters.

The language of the arbitration shall be English.

Miscellaneous

Interpreting these Terms. Except as they may be supplemented by additional terms and conditions, policies, guidelines, or standards, these Terms constitute the entire agreement between Elev and you regarding the subject matter hereof, and supersede any and all prior oral or written understandings or agreements between Elev and you regarding the Payment Services. If any provision of these Terms is held to be invalid or unenforceable, such provision will be struck and will not affect the validity and enforceability of the remaining provisions.

No Waiver. Elev’ failure to enforce any right or provision in these Terms will not constitute a waiver of such right or provision unless acknowledged and agreed to by us in writing. Except as expressly set forth in these Terms, the exercise by either party of any of its remedies under these Terms will be without prejudice to its other remedies under these Terms or otherwise permitted under law.

Assignment. You may not assign, transfer, or delegate this agreement or your rights and obligations hereunder without Elev’ prior written consent. Elev may without restriction assign, transfer, or delegate this agreement and any rights and obligations, at its sole discretion, with thirty (30) days’ prior notice.

Notices. Unless specified otherwise, any notices or other communications permitted or required under this agreement, will be in writing and given by Elev via email or Elev Platform notification, and depending on your notification setting, messaging service (i.e. SMS). The date of receipt will be deemed the date on which Elev transmits the notice.

General Provisions

Indemnification. You agree to reLease, defend, indemnify, and hold Elev and its affiliates and subsidiaries, and their officers, directors, employees and agents, harmless from and against any claims, liabilities, damages, losses, and expenses, including, without limitation, reasonable legal and accounting fees, arising out of or in any way connected with the HostGuarantee and these HostGuarantee Terms.

If you rent (rather than own) the Accommodation that you list as a Covered Accommodation, the immediately preceding paragraph applies specifically to any dispute between you and the owner of the Accommodation. You are fully responsible for securing the lessor’s permission to list the Accommodation with Elev and complying with the scope of any permission granted.

Entire Agreement. These HostGuarantee Terms constitute the entire and exclusive understanding and agreement between Elev and you regarding the HostGuarantee and these HostGuarantee Terms, and supersede and replace any and all prior oral or written understandings or agreements between Elev and you regarding the HostGuarantee.

Assignment. You may not assign or transfer these HostGuarantee Terms, by operation of law or otherwise, without Elev’s prior written consent. Any attempt by you to assign or transfer these HostGuarantee Terms, without such consent, will be null and of no effect. Elev may assign or transfer these HostGuarantee Terms, at its sole discretion, without restriction. Your right to terminate the Agreement with Elev remains unaffected. Subject to the foregoing, these HostGuarantee Terms will bind and inure to the benefit of the parties, their successors and permitted assigns.

Notices. Unless specified otherwise, any notices or other communications to Users permitted or required under this Agreement, will be in writing and given by Elev via email, Elev Platform notification, or messaging service (i.e. SMS).

Controlling Law and Jurisdiction. These terms, the associated agreement between Elev and the Host, and any dispute or claim arising out of or in connection with them or their subject matter (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of Alberta, Canada.

Waiver and Severability. The failure of Elev to enforce any right or provision of these HostGuarantee Terms will not constitute a waiver of future enforcement of that right or provision. The waiver of any such right or provision will be effective only if in writing and signed by a duly authorized representative of Elev. Except as expressly set forth in these HostGuarantee Terms, the exercise by either party of any of its remedies under these HostGuarantee Terms will be without prejudice to its other remedies under these HostGuarantee Terms or otherwise. If for any reason an arbitrator or a court of competent jurisdiction finds any provision of these HostGuarantee Terms invalid or unenforceable, that provision will be enforced to the maximum extent permissible and the other provisions of these HostGuarantee Terms will remain in full force and effect.

Contacting Elev

If you have any questions about these HostGuarantee Terms, please email us.