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#2142631 - 08/18/17 03:32 PM Safe Deposit Box - FI Liability and Default Terms
ManicOnMondays Offline
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ManicOnMondays
Joined: Aug 2011
Posts: 6
We have searched high and low to try to confirm the following for our Lease Agreement - for OH and FL. If anyone knows where I can find this information, so that we can make sure it's still current, please comment. Thank you.

"Our Remedies After Default. You must correct such a default within the statutory grace period, or if none, within a period of _____________. Otherwise, we will give you written notice requesting you to correct the default within the legally required period, or if no period is specified ___ days."

"Liability. Our total liability for any loss resulting from our negligence shall not exceed _____ times the annual rental charged for the Safe."

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#2142675 - 08/18/17 05:20 PM Re: Safe Deposit Box - FI Liability and Default Terms ManicOnMondays
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
If you want a response based on the law of a specific state, you need to post in that state's forum, in your case fora.

On the second query, that's a "limitation of damages" clause; e.g. if my annual rent was $60, it would attempt to limit my damages to X times $60 even if the custodian was negligent. So, if there was a mysterious disappearance of a $10,000 diamond from my box and I could prove you were negligent, my maximum damages would still be 5 X $60 or $300.

That language was written for a different world, one where customers were dumb enough to believe they were bound by such terms. I doubt seriously that any court in the land would enforce it.
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