Terms and conditions

TG Pay for renters

Your Landlord has invited you to join TG Pay, by TheGuarantors. TG Pay is a third-party rent payment and escrow platform that helps landlords and renters by providing a secure and convenient way to make sure rent gets paid on time and in the right amounts.

How It Works:

Please scroll down to review and confirm the Terms & Conditions below, but here’s the very short version of how it works and what to expect:

  • Once you sign up below, you will you get an email with instructions on how to create a TG Pay Balance and receive your TG Pay Card. We got the details from your landlord, but if they don’t look right to you, please let us know.

  • Your TG Pay Balance is what we will use to make monthly payments to your Landlord. Your TG Pay Card will summarize the key amounts, dates, etc. for reference.

  • If you ever want to stop payments from TG Pay because you don’t need to pay rent anymore, or you are having a dispute with your landlord, just let us know at tgpay@theguarantors.com. We’ll freeze payments until things are resolved with your landlord, and then we’ll return whatever amounts you don’t owe.

  • Remember though, a lease is a 12 month commitment. If you decide to move out in the middle of your lease, most leases obligate you to keep paying rent at least until a new renter is found. If that’s what ends up happening, those amounts (and anything else you owe under the lease) will eventually be paid to your landlord and won’t be returned. How we determine what you owe and what needs to be returned is in the Terms & Conditions below.

In any event, that’s just the short version: the real details are on the TG Pay Terms & Conditions. Next steps are: (1) review and confirm; (2) wait for our email; and (3) fund your TG Pay Balance. When it’s done, we’ll let your landlord know and you’ll be on your way!

TG Pay Terms & 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

TG Pay is not an insurance product, is not regulated by any insurance regulator, and offers no guarantee of payment, performance or recovery of any kind.

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 will administer TG Pay according to these Terms, but TG is not a party to the Lease and has no rights or obligations thereunder. Both Landlord and Renter understand and agree that they are solely and exclusively responsible for their respective rights and obligations under the Lease, regardless of their participation or use of TG Pay. Any amounts provided to TG in connection with TG Pay are not rent, prepaid or otherwise, and (except as set forth in the following section) do not satisfy any of Renter’s obligations under the Lease (either partially or in full), unless and until such amounts are paid to Landlord. Any dispute between Landlord and Renter regarding the Lease, including the sufficiency of any payments facilitated by TG Pay to satisfy the rights and obligations in the Lease, shall be solely and exclusively between Landlord and Renter, and both Landlord and Renter agree that TG shall not be made party to any such dispute without express written consent of TG.

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

TG may amend these Terms from time to time with notice to Landlord and Renter(s). Amendments shall apply to any TG Pay Balance created after such notice, but not to any TG Pay Balance already in effect.

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 Trial & 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