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Non-Disclosure for Rental

  1. #1
    Lifer tsorfas's Avatar
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    Non-Disclosure for Rental


    is it normal for a company/person to request a non-disclosure agreement for a rental property (residential)?

    example:
    Mutual Non-Disclosure Agreement


    In connection with the discussions pertaining to a business opportunity of mutual interest (“Relationship”) between _________________. and its affiliates (collectively, “__________”) and. (the “Company”), it is understood that one party may provide the other party with certain information that is non-public, confidential or proprietary in nature. Accordingly, the following shall constitute our agreement relating to the non-disclosure and use of such non-public, confidential or proprietary information.
    1. Except as expressly provided below, both parties agree that all information received by one party or its representatives (the “Receiving Party”) from or on behalf of the other party (the “Disclosing Party”), whether oral, written, via computer disk or electronic media or otherwise, to which access is given or is made available to either party or, if applicable, its employees, directors, managers, officers, affiliates, agents or advisors (including, without limitation, attorneys, accountants, consultants, financing sources, bankers, and financial advisors who are provided such information by or on behalf of the Receiving Party, (collectively, “Representatives”)) will be referred to as “Confidential Information”. Confidential Information shall include, without limitation, all technology, know-how, processes, trade secrets, contracts, proprietary information, historical and projected financial information, operating data and organizational cost structures, strategic or management plans, customer information and customer lists, whether received before or after the date hereof. Confidential Information shall also include information of or relating to any parent, subsidiary or affiliate of either party.
    2. Except as expressly provided herein, both parties agree to hold all Confidential Information from the other party in confidence, not disclose any Confidential Information to any person, other than appropriate Representatives who have a need to know such information in connection with the Relationship, and not to use any such Confidential Information for purposes other than in connection with the performance and/or delivery of mutually agreed upon services and/or for the limited purpose of discussing, assessing and evaluating with the other party the possible business arrangement and the implementation of such arrangement which is the subject of the Relationship. Neither party nor its Representatives shall make any other use of the Confidential Information of the other party or obtain any other benefit therefrom. Both parties agree to inform all of its respective Representatives of the confidential and valuable nature of the Confidential Information and of their obligations under this Agreement. Both parties shall be responsible and liable to the other party for any breach of the terms of this Agreement expressly applicable to Representatives by its respective Representatives. Both parties agree to exercise a commercially reasonable degree of care and implement reasonable controls, but in all events at least the same degree of care and controls that are used to protect its own confidential and proprietary information of similar importance, to prevent the unauthorized use, disclosure or availability of Confidential Information.
    3. In the event that one party or any of its Representatives is requested or required by law, regulatory authority, the rules of any national securities exchange or other applicable judicial or governmental order, or otherwise becomes legally compelled (e.g. by deposition, interrogatory, request for documents, subpoena, civil investigative demand or similar process (collectively, “Law”)) to disclose any of the Confidential Information received from the other party, the former party or its respective Representatives may disclose such Confidential Information to the extent legally required on the last date such disclosure may be made without seeking extensions, provided, however, that to the extent permitted by Law (a) the other party is first notified of such legal process, (b) attempts to obtain the other party’s consent to such disclosure are made, and (c) in the event consent is not given, agrees to permit a motion to quash, or other similar procedural step, to frustrate the production or publication of information (at the Disclosing Party’s sole cost and expense). In making any disclosure under such legal process, both parties agree to use reasonable efforts to preserve the confidential nature of such information. Notwithstanding any provision herein to the contrary, Company and its Representatives shall not be required to give notice to __________, and shall not be prohibited from disclosing Confidential Information, to the extent such requests or requirements originate from a bank examiner or regulatory authority and occur in the course of an examination or inspection of the business or operations of Company or its Representatives, and further provided that such request or requirement is not specifically targeted at __________ or the Relationship contemplated hereunder.
    4. It is understood and agreed that no information shall be within the protection of this Agreement where such information: (a) is or becomes publicly available other than as a result of disclosure by the Receiving Party or its Representatives in violation of this Agreement, (b) is released by the Disclosing Party without restriction, (c) as demonstrated by sufficient written documentation, is rightly obtained from a third party who is not, to Receiving Party’s knowledge, after due inquiry, under obligation of confidentiality, (d) as demonstrated by sufficient written documentation, is already in the Receiving Party’s or its Representatives’ possession, provided that such information is not known by the Receiving Party to be subject to another confidentiality agreement with the Disclosing Party, or (e) as demonstrated by sufficient written documentation, is independently developed by or for the Receiving Party or its Representatives without violating any of the obligations hereunder.
    5. At any time upon written request, both parties agree to return promptly to the other party or destroy, at the returning and/or destroying party’s election, all copies of the Confidential Information without retaining any copies thereof and all copies of any analyses, compilations, studies or other documents that contain or reflect any Confidential Information.
    6. Inasmuch as any breach of this Agreement may result in immediate and irreparable injury, it is recognized and agreed that either party shall be entitled to seek equitable relief from the other party, including injunctive relief and specific performance, in addition to all other remedies available at law. All obligations hereunder and all rights and remedies hereunder shall survive any return or destruction of the Confidential Information and any termination of the Relationship.
    7. It is further understood and agreed that no failure or delay by either party in exercising any right, power or privilege hereunder shall operate as a waiver hereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder.
    8. Nothing in this Agreement is intended to constitute, create, give effect to or otherwise recognize an employer/employee relationship or a joint venture, partnership or other form of business organization of any kind or to imply or confirm any intention to enter into any contract (other than this Agreement) or any commitment by either party or its affiliates with respect to the Relationship, and the rights and obligations of either of us shall be only those expressly set forth herein.
    9. The existence and terms of this Agreement is Confidential Information. Except as required by Law, each party agrees not to disclose or allow disclosure to persons other than its respective Representatives that Confidential Information has been made available, that any portion of such Confidential Information has been inspected, that a relationship exists, or any of the conditions or other facts related to the relationship (the term “person” to be broadly interpreted to include, without limitation, any individual, corporation, company, group, partnership or other entity).
    10. Each party agrees that when it is the Receiving Party any Confidential Information of the Disclosing Party shall be owned by the Disclosing Party and nothing containing in this Agreement shall be construed as granting to the Receiving Party any intellectual property, patent, copyright, trademark or trade secret rights, or any right, title or interest of any nature whatsoever (other than the limited right to review such Confidential Information solely for the limited purpose of the Relationship, as expressly set forth herein) in any of the Confidential Information of the Disclosing Party.
    11. This Agreement shall be governed by, construed and enforced in accordance with the laws of the Commonwealth of Massachusetts, without regard to its conflict of laws provisions, exclusively in a court of applicable jurisdiction located in the Commonwealth of Massachusetts.

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  2. #2
    Soul Rider Paul_E_D's Avatar
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    Re: Non-Disclosure for Rental

    In a real estate deal? Not the norm. But it could be appropriate depending on the circumstances.

    Sent from my SM-G930V using Tapatalk

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    Paul_E_D


  3. #3
    Lifer tsorfas's Avatar
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    Re: Non-Disclosure for Rental

    Company relocating employees and they will pay for 6 months of the lease

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  4. #4
    Nat Pixon! noxin's Avatar
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    Re: Non-Disclosure for Rental

    Because it's corporate involvement, I'd say they don't want people discussing the relocation, costs, reimbursement, etc, etc.

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  5. #5
    Lifer tsorfas's Avatar
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    Re: Non-Disclosure for Rental

    Quote Originally Posted by noxin View Post
    Because it's corporate involvement, I'd say they don't want people discussing the relocation, costs, reimbursement, etc, etc.
    confirmed with attorney this is the case. Thank you

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