Terms and conditions

TG Pay (the “Product”) is a third-party rent payment and escrow platform offered and administered by Guarantors Deposit LLC (“TG”). TG Pay helps renters and landlords by providing a secure and convenient way to make sure rent gets paid on time. The Product, including any rights and/or obligations of the Renter, Landlord and/or TG thereunder, is governed by the terms set forth below (the “Terms”), which are expressly agreed to and acknowledged by any Landlord or Renter who uses, purchases, and/or accepts the Product and for each and every use and/or participation thereafter.

Monthly Rent Payments

Any amounts (less applicable fees) provided by Renter for TG Pay (the “TG Pay Balance”) shall be paid monthly to Landlord on the date and in the amount specified in the applicable Lease (except as set forth below). If the TG Pay Balance is less than the full value of the Lease, then monthly payments will begin when the TG Pay Balance is equal to the remaining value of the Lease. For example, if the TG Pay Balance is equal to 6 months’ rent, then monthly payments will begin when there are 6 months remaining on the Lease.

TG Pay Card

When a Renter creates a TG Pay Balance, TG will send a TG Pay Card to the Renter (with a copy to Landlord) that will contain the starting TG Pay Balance, the date of the first scheduled payment, and certain Lease details, including Landlord, Renter and premises address.

Disputes Between Landlord & Renter(s)

TG Pay is designed to facilitate the payment of amounts owed under the Lease, no more, no less:

Stop Payment: In the event of a dispute between Landlord and Renter, TG will promptly suspend scheduled payments upon notice from either Landlord or Renter of an Event of Default (as defined in the Lease), or other circumstances that (after applicable notice and cure periods) would terminate, assign, release and/or surrender Renter’s rights to occupy the leased premises.
Notify TG: Notice to TG shall be provided as soon as practicable, and in all events, prior to initiating any legal proceeding (by the party initiating the proceeding).
Resume Payment: Landlord shall undertake ordinary commercial efforts to regain lawful possession of the unit and/or otherwise enforce its rights under the Lease. Payment(s) (if any) will resume upon the resolution of the dispute, either by Landlord’s lawful repossession of the leased premises, and/or by disposition of any court proceeding regarding the Lease (by a court of competent jurisdiction).
Amount(s) Paid: The amount(s) paid will be the amounts owed by Renter (if any) pursuant to the Lease, which will be determined by an order of a court of competent jurisdiction, or in the absence of a court order, by mutual agreement of Landlord and Renter, or by Landlord’s calculation of (i) any rent in-arrears (including any lawful fees, penalties or other amounts owed by Renter under the Lease) and (ii) any monthly rent as it becomes due, subject to Landlord’s duty to mitigate.
Return(s) to Renter: The remainder of the TG Pay Balance (less any applicable fees) shall be returned to Renter.

Other Matters Related to Payment & Returns

Any amounts paid or payable by TG Pay and/or TG are strictly limited by the TG Pay Balance (less any amounts already paid), which shall be determined in TG’s sole discretion. TG shall make good faith efforts to pay only those amounts due (or returnable) under the terms of the Lease (subject to these Terms). TG shall have sole discretion to interpret these Terms, and determine whether and in what amounts payments or returns are paid or payable to Landlord or Renter, including sole discretion to determine the sufficiency of any documentation or accounting. TG is entitled to rely on any statements, documents, records or other information provided by Landlord or Renter, without any obligation to investigate or ascertain their truth, accuracy or authenticity. In the event some amount is paid or returned to Landlord or Renter that is later determined to be owed to the other, both Landlord and Renter expressly agree to hold TG harmless and that TG has no obligation to obtain or facilitate redress for either party.

Not Insurance

Any amounts paid or payable by TG Pay and/or TG are strictly limited by the TG Pay Balance (less any amounts already paid), which shall be determined in TG’s sole discretion.
TG shall make good faith efforts to pay only those amounts due (or returnable) under the terms of the Lease (subject to these Terms). TG shall have sole discretion to interpret these Terms, and determine whether and in what amounts payments or returns are paid or payable to Landlord or Renter, including sole discretion to determine the sufficiency of any documentation or accounting.
TG is entitled to rely on any statements, documents, records or other information provided by Landlord or Renter, without any obligation to investigate or ascertain their truth, accuracy or authenticity.
In the event some amount is paid or returned to Landlord or Renter that is later determined to be owed to the other, both Landlord and Renter expressly agree to hold TG harmless and that TG has no obligation to obtain or facilitate redress for either party.

Fees

Renter will be charged a one-time fee at checkout (which will include any third-party payment fees or charges), which for the avoidance of doubt, is not rent, and does not count towards the TG Pay Balance. In the event of a dispute between Landlord and Renter, resulting in a stop payment (as described above), an additional $200 fee will be charged to the responsible party.

No Effect on the Lease

TG Pay is Optional

Renter is under no obligation to participate in TG Pay. Where accepted by the Landlord, Renter may choose to do so as a convenience, and/or as an alternative to a domestic guarantor or third-party insurance product, where additional credit enhancement is a precondition of entering the Lease.

Account & Interest

TG Pay Balance will be held in a domestic bank account maintained and operated solely for that purpose. Both Renter and Landlord expressly agree that they are not entitled to any interest or returns of any kind, and that any such amounts are the sole and exclusive property of TG.

Notice

Notice to TG shall be sent to tgpay@theguarantors.com. Notice to Landlord and Renter shall be sent to the most recent email address provided to TG (by Landlord and Renter, respectively).

No Duty

Both Renter and Landlord understand and agree that TG is not a fiduciary and that TG disclaims any obligations or duties of care (except as set forth herein) to the fullest extent permissible by law.

No Liability & Hold Harmless

Both Landlord and Renter expressly agree to hold TG (and any related entities, individuals, ventures, or partners) harmless for any losses, actions, liabilities, claims, and/or causes of action arising from or related to TG Pay to the fullest extent permissible by law, with any ambiguity interpreted in favor of TG.

Amendments

Termination

Renter may request the return of the TG Pay Balance (less any amounts paid) at any time. TG shall promptly return such amount (less any applicable fees) upon written consent of the Landlord.

Assignment(s)

Landlord may assign its rights and obligations with respect to its participation in TG Pay with prior written consent of TG, which shall not be unreasonably withheld.

Waiver of Jury Trail & Mandatory Arbitration

Landlord and Renter(s) expressly waive any right to jury trial with respect to any dispute arising out of or relating to TG Pay. The sole and exclusive jurisdiction and venue for any such dispute is Arbitration, located in New York, NY