Storage Space Agreement

THIS AGREEMENT, made this ______ day of ____________, 20____, between 511 West 232nd Owners Corp. (hereinafter referred to as the "LICENSOR"), and ______________________________ residing in Apartment _________ (the "Apartment") at 511 West 232nd Street, Bronx, NY 10463, (hereinafter referred to as the "LICENSEE").


WHEREAS, LICENSOR is a cooperative housing corporation and owner of the premises known as 511 West 232nd Street, Bronx, New York (the "BUILDING") and LICENSEE is a tenant or resident-shareholder and occupant of an apartment in the BUILDING; and

WHEREAS, the BUILDING contains a storage room designated in the Certificate of Occupancy for storage purposes; and

WHEREAS, LICENSEE is desirous of obtaining the privilege to store personal property in a designated area (the "STORAGE SPACE") in the subject room.

NOW, THEREFORE, in consideration of the covenants and conditions herein contained, it is mutually agreed as follows:

  1. LICENSOR does hereby grant unto LICENSEE the privilege of utilizing the STORAGE SPACE for the storage of personal property for a term of six (6) months commencing on the first day of _________ 20___ and terminating on the last day of the month of _________ 20___ .

  2. The within Agreement shall be renewed for successive six (6) month periods unless either party, at least thirty (30) days prior to the termination of the license period herein set forth and/or renewal thereof, gives notice to the other party in writing of his or its intention to cancel said Agreement.

  3. That the within Agreement may be terminated upon ten (10) days prior written notice by LICENSOR to LICENSEE upon the violation of the terms hereof or such other rules and regulations which may hereafter be adopted by LICENSOR governing the use of the storage room.

  4. In the event that LICENSEE ceases to be a tenant or resident-shareholder of LICENSOR, the within Agreement shall automatically terminate as of the date that LICENSEE ceases to be such tenant or resident-shareholder.

  5. LICENSEE shall pay to LICENSOR a fee for the granting of the within license in the sum of US$________ per six-month period, payable in advance upon the execution hereof, and receipt of which is hereby acknowledged. LICENSOR reserves to itself the right to increase such fee upon any renewal of the term of the within Agreement upon condition that, at least ten (10) days prior to the commencement of the renewal term, LICENSOR gives notice to LICENSEE, in writing, of the increase in such fee.

  6. The LICENSEE has deposited the sum of twenty-five dollars (US$25.00) as security for the faithful performance by LICENSEE of the provisions of this Agreement, it being understood that in the event LICENSEE defaults in respect to this Agreement, the LICENSOR may use the security as may be required by the LICENSEE'S default. In the event the LICENSEE fully complies with all of covenants and conditions of this Agreement, the security shall be returned to the LICENSEE. The security shall be placed in a non-interest bearing account, which may be commingled with other deposits of LICENSOR. If any of the security deposit is applied by the LICENSOR, LICENSEE will remit to the LICENSOR, within ten (10) days of such demand, a sum sufficient to restore the security to the sum required to be deposited hereunder.

  7. It is understood and agreed that the size and characteristics of allocated STORAGE SPACE will be at the sole discretion of LICENSOR.

  8. The LICENSOR or LICENSOR'S agents shall not be liable for any damage to the LICENSEE'S personal property so stored nor any loss by fire, theft or other hazard. It is understood and agreed that the LICENSEE shall keep and maintain fire and theft insurance on any and all property being stored within the STORAGE SPACE and that LICENSOR shall not be responsible to maintain insurance on the STORAGE SPACE. It is further understood and agreed that LICENSEE stores his or her property at his or her own risk should LICENSEE choose not to keep and maintain insurance. LICENSEE agrees to indemnify and hold LICENSOR harmless from any loss, damage or expense caused by LICENSEE'S use of the STORAGE SPACE.

  9. In case of damage to the STORAGE SPACE by fire or other casualty, the LICENSOR shall have the option as to whether it will cause the damage to be repaired, but if the STORAGE SPACE is destroyed or so damaged that the LICENSOR shall decide it inadvisable to repair, this Agreement shall cease and terminate and LICENSEE shall remove its property.

  10. LICENSEE shall not assign this Agreement or permit the STORAGE SPACE to be used by any other person except LICENSEE without the prior written consent of the LICENSOR.

  11. Any notice which LICENSOR may desire to or be required to give to LICENSEE shall be deemed sufficiently given if in writing delivered to LICENSEE personally or sent by mail to the LICENSEE at the address in this Agreement. Any notice by LICENSEE to LICENSOR must be served by Registered or Certified Mail addressed to the LICENSOR at 511 West 232nd Owners Corp., c/o Veritas Property Management, LLC, 1995 Broadway, Suite 201, New York, NY 10023.

  12. The covenants, conditions and Agreements contained in this Agreement shall bind and inure to the benefit of LICENSOR and LICENSEE and their respective heirs, distributees, executors, administrators, successors and except as otherwise provided in this lease, their assignees. This Agreement cannot be changed orally. The LICENSEE acknowledges that only certain items may be stored in the STORAGE SPACE and agrees that the LICENSEE'S retention of material in the STORAGE SPACE that is in violation of the New York City Fire Code will be cause for the LICENSOR to terminate this Agreement. LICENSOR shall have the right, at anytime to enter upon and inspect the STORAGE SPACE and remove any material in the STORAGE SPACE that violates this Agreement.

  13. In the event LICENSEE breaches any of the terms, covenants or conditions of this Agreement or the Lease, or in the event of any dispute, claim or controversy relating thereto, LICENSOR shall have the right to terminate this Agreement. LICENSEE shall pay LICENSOR all expenses actually incurred, including attorney's fees, resulting therefrom and from any ensuing litigation.

  14. The LICENSEE acknowledges that it has no proprietary right to the STORAGE SPACE and the LICENSEE'S right to use the STORAGE SPACE terminates on the termination of this Agreement or the LICENSEE'S ceasing to reside in the Apartment.

  15. Upon termination of this Agreement, LICENSEE agrees to arrange for the immediate removal of its property. Should LICENSEE fail to effect the removal of its property after 14 days from the date of Agreement's termination, LICENSEE agrees that LICENSOR has the right but not the obligation to remove said property and dispense with it at LICENSOR'S discretion, and LICENSEE holds LICENSOR harmless from any loss, damage or expense.

  16. LICENSEE agrees to label legibly all items stored with name, apartment and telephone numbers. LICENSEE agrees to store only the items listed in "Appendix A".

  17. In the event that LICENSEE requires access to its property, LICENSEE agrees to contact LICENSOR or LICENSOR'S agents to make an appointment, with reasonable advance notice given. LICENSEE agrees that in no event shall he or she be permitted in the STORAGE SPACE without the accompaniment of authorized Building personnel.

IN WITNESS WHEREOF, the LICENSOR and LICENSEE have respectively executed this Agreement as of the day and year first above written:

511 West 232nd Owners Corp.




Appendix A: Stored Items; Space Number ________

1. 5.
2. 6.
3. 7.
4. 8.

Rev. 8/3/09