Terms and Conditions for Lease Agreements of Geymt en ekki gleymt ehf.
1 General
1.1 The General Terms and Conditions of Geymt en ekki gleymt ehf., company ID No. 470621-0520 (hereinafter the "Landlord"), apply to all transactions concerning the lease of the Landlord's storage units, unless otherwise agreed in writing. These Terms and Conditions, together with the lease agreement, price list, the Landlord's privacy policy and, where applicable, contractual addenda for each customer, generally constitute the entire agreement between the parties concerning the transaction.
1.2 These General Terms and Conditions shall apply from the date of their publication to new lease agreements. In relation to agreements of indefinite duration already in force, they shall take effect on 20 October 2026. However, in relation to TLS agreements already in force, they shall not take effect until the current fixed term of the relevant agreement has expired, and in no event before 20 October 2026. Until that time, the terms and conditions that formed part of the TLS agreement when the Tenant was notified of the changes shall continue to apply. If the lease relationship continues after the expiry of the fixed term, these General Terms and Conditions shall apply from that time.
2 Scope of the Terms and Conditions of Geymt en ekki gleymt ehf.
2.1 These Terms and Conditions apply to the Tenant's lease and use of the Landlord's storage units.
2.2 The Tenant undertakes to comply with these Terms and Conditions in full.
3 Default and termination
3.1 A default by the Tenant may result in the termination of agreements, and the Landlord may issue the Tenant with a written demand to remedy the default. Either party may terminate the contractual relationship between the parties in the event of a material default by the other party, in accordance with these Terms and Conditions, the parties' agreements and the provisions of the Rent Act No. 36/1994. In addition to ordinary remedies for default, the Landlord may, among other things, terminate an agreement for default if:
3.1.1 The Tenant fails to pay rent on the due date and neglects to pay it within 7 calendar days after the Landlord has sent the Tenant a written demand for payment, provided that the demand was sent after the due date and stated that the Landlord would exercise its right to terminate if payment was not made within the specified period.
3.1.2 The Tenant otherwise fails to fulfil its obligations under the lease agreement or the provisions of the Rent Act No. 36/1994 to such a serious extent that the Tenant's eviction from the premises is considered reasonable or necessary, for example if the Tenant uses the rented unit in a manner other than agreed or fails to fulfil its contractual obligations despite a written demand from the Landlord to remedy the default.
3.1.3 The Tenant is granted a moratorium on payments, is authorised to seek a composition with creditors, or becomes subject to bankruptcy proceedings.
3.2 A material default by the Tenant entitles the Landlord to restrict the Tenant's access to the rented unit, including by changing the lock on the rented unit.
3.3 A default by the Tenant gives the Landlord a direct and unrestricted right to clear the rented unit by unilateral action, without the involvement of a District Commissioner. The Landlord may dispose of the items stored in the rented unit or seize them as security for outstanding rent payments. The Tenant shall bear all costs arising from the clearance, disposal and seizure. If items are seized pursuant to this clause, the Landlord may sell them without further notice, and the sale proceeds shall be applied towards payment of the Tenant's outstanding debt. Any loss or damage that the Tenant may suffer in connection with the sale of items pursuant to this clause shall be borne entirely by the Tenant, whether the loss or damage is pecuniary or non-pecuniary. The Landlord bears no liability for any loss or damage that the Tenant may consider itself to have suffered as a result, irrespective of whether the Tenant subsequently settles the outstanding debts owed to the Landlord.
3.4 The Landlord shall notify the Tenant of the clearance of the rented unit and the disposal, seizure and sale of items with at least 7 days' notice. The notice period shall run from the date of the notification sent to the Tenant.
3.5 The Landlord may retain prepaid rent and/or payment security as security for an outstanding claim against the Tenant.
4 Notice of termination
4.1 The mutual notice period for agreements of indefinite duration is one month. Rental periods shall be counted in whole months from the first day of the lease, as illustrated by the following example: If the commencement date of the lease is 10 January and notice is received on 1 February, the final day of the lease shall be 9 March. Formal return of the rented unit must have taken place no later than 17:00 on 9 March.
4.2 The Landlord may terminate an agreement with the Tenant without notice if the Tenant commits a material breach of contract or defaults on its contractual obligations, see Section 3 of these Terms and Conditions and the Rent Act No. 36/1994. A customer's default under one agreement with the Landlord entitles the Landlord to terminate, either with immediate effect or by notice, all agreements that the Tenant may have with the Landlord.
5 Form of notice
5.1 Notice given by the Tenant shall be submitted in writing by email to geymt@geymt.is, or by another verifiable written method.
6 Tenant's request for a temporary extension
6.1 A Tenant who has given notice of termination of a lease agreement may request a temporary extension of the notice period, one month at a time. A request for an extension shall be made in writing and sent to the Landlord before the notice period has expired. An extension of the notice period pursuant to this clause is at the Landlord's sole discretion.
7 Withdrawal of notice by the Tenant
7.1 A Tenant who has given notice of termination of a lease agreement may withdraw the notice, provided that the rented unit has not already been returned. The parties' lease agreement shall then continue in force unchanged.
8 Vacating the storage unit
8.1 If the Tenant has not vacated and formally returned the rented unit by the end of the notice period, the parties' lease agreement shall remain in force and the Tenant shall be deemed to have withdrawn its notice. The provisions of the lease agreement, including the commencement date of the lease, shall then remain entirely unchanged, and the legal effects of the Tenant's notice shall lapse.
8.2 When returning the rented unit, the Tenant shall notify the Landlord by email at geymt@geymt.is that the rented unit has been fully vacated. The Landlord shall then inspect the rented unit and, within 7 days, confirm to the Tenant by verifiable means that the rented unit has been returned in a satisfactory manner. If the Landlord raises any objections, or if the Tenant has not vacated the rented unit, the return shall be considered unsatisfactory. The parties' lease agreement shall then remain fully in force, and the legal effects of the Tenant's notice shall lapse. If the Landlord raises no objections within 7 days of the notification, the return shall be deemed accepted.
8.3 If the Tenant leaves items from the rented unit in the common area, the return of the rented unit shall be considered unsatisfactory. The provisions of these Terms and Conditions concerning the Landlord's right of disposal shall apply equally to such items.
8.4 When returning and vacating the rented unit, the Tenant shall return all access cards, padlocks and keys to the rented unit.
9 Insurance
9.1 This agreement is a lease agreement and not a service agreement. Consequently, the Landlord is not responsible for the items that the Tenant stores in the rented unit. Responsibility for the safekeeping and insurance of items stored in the rented unit rests entirely and exclusively with the Tenant. The Landlord therefore neither administers nor arranges insurance for items that tenants store in the rented unit. If the Tenant chooses to insure items stored in the rented unit, the Tenant must contact its insurance company and notify it that the items to be insured are located in the rented unit.
10 Payments
10.1 Rent shall be paid in advance by the payment method and for the period specified in the lease agreement. If rent is paid monthly, each rental month shall be paid in advance. If a TLS agreement provides for a lump-sum prepayment of rent for the entire contractual period, the total rent shall be paid before the commencement of the lease, unless the Landlord agrees otherwise in writing. No further rent payments shall then fall due during the prepaid period. The Landlord is not obliged to hand over the rented unit or grant access to it until the agreed payment has been received. The Tenant shall bear all costs that may arise from payment, such as a payment-slip fee and an electronic registration fee.
10.2 Rent paid monthly, whether under an agreement of indefinite duration or a TLS agreement, shall change in proportion to any increase in the Building Cost Index published by Statistics Iceland. The index for the month in which the agreement is signed shall be used, unless another base index is specified in the lease agreement. Rent shall not, however, decrease as a result of a decrease in the index. Rent paid as a lump sum for an entire TLS period is fixed for the prepaid period and shall not change as a result of indexation or other price changes. The Landlord may change the rent under an agreement of indefinite duration beyond the agreed effect of indexation by giving at least 30 days' written notice. The change shall take effect at the beginning of the first rental month after the notice period has expired. If the Tenant does not accept the change, the Tenant may give notice so that the agreement ends before the change takes effect. The rent, discount or other terms of a TLS agreement may not be changed unilaterally during the fixed term, except for agreed indexation where rent is paid monthly.
10.3 When entering into a lease agreement, the Landlord may, but is not obliged to, require the Tenant to provide payment security in an amount of up to one month's rent. Whether payment security is required, and its amount, shall be stated in the lease agreement. When deciding on payment security, the Landlord may take into account, among other things, advance payment of rent, the duration of the agreement and other objective considerations.
10.4 If the Tenant has overpaid rent or has a claim against the Landlord as a result of the final settlement at the end of the lease agreement, the Landlord shall refund the Tenant within 30 days of the final day of the lease. The same applies to the refund of payment security provided by the Tenant at the commencement of the lease. The Landlord shall make the refund by reversing the payment to the payment card or by transferring the amount to the Tenant's bank account. The Landlord may disclose information concerning payment defaults to Creditinfo Lánstraust hf. or another lawful credit information agency, to the extent that the conditions of applicable laws and regulations, the operating licence of the relevant credit information agency and the Landlord's agreement with that agency are satisfied. The Tenant shall be notified of an intended registration in the manner and within the notice period prescribed by the applicable rules.
10.5 The Tenant is responsible for ensuring that correct information is provided concerning the payment method selected by the Tenant, such as payment-card details, the payer's name, the expiry date of the payment card, the bank-account number, and that any linked account has sufficient funds. The Tenant shall update the necessary information in writing as required, no later than 30 days before the stated payment card expires.
10.6 If the stated payment card proves to be invalid, closed, stolen or used without the cardholder's authorisation, or if the cardholder rejects the payment, the Landlord may terminate the agreement between the parties without notice.
10.7 If payment is not received on or before the final due date, the Tenant shall pay default interest in accordance with the determination of the Central Bank of Iceland, see the first paragraph of Article 6 of Act No. 38/2001 on Interest and Price Indexation.
11 Fixed-term long-term agreements (TLS agreements)
11.1 Fixed-term long-term agreements (3 months or longer) (a "TLS agreement") are binding and may not be terminated by the Tenant by notice. The Landlord may terminate a TLS agreement in the same manner as other agreements, in accordance with the remedies for default under the agreement, these Terms and Conditions and applicable law.
11.2 If the Tenant has entered into a fixed-term agreement (a TLS agreement) for 3 months or longer and prepaid the rent in a lump sum, the Landlord shall send the Tenant a new payment slip for a comparable rental period before the current period ends. The Tenant's payment of that payment slip by the final due date is equivalent to the Tenant's acceptance of an extension of the agreement for a new period of equal length, and the agreement shall then be binding and non-terminable by the Tenant for the months paid for. The rent for the new period shall be based on the Landlord's price list in effect on the due date of the payment slip. If payment has not been received by the final due date and the Tenant has not vacated the rented unit by the end of the current period, the TLS agreement shall expire, but the lease agreement shall automatically convert into a general agreement of indefinite duration with monthly payments and a mutual notice period of one month, in accordance with the Landlord's general terms and price list in effect from time to time, until the rented unit has been formally returned.
11.3 If rent under a TLS agreement has been paid monthly and the Tenant intends the contractual relationship between the parties to end at the expiry of the fixed term, the Tenant shall vacate and formally return the rented unit no later than the final day of the fixed term, in accordance with Section 8. If the Tenant has not vacated and returned the rented unit by that time, the agreement shall automatically convert, at the expiry of the fixed term, into a general lease agreement of indefinite duration with monthly payments and a mutual notice period of one month. From that date, rent shall be payable at the standard rental rate in the Landlord's price list in effect from time to time, without the discount granted for the fixed term. The rent shall then change in accordance with clause 10.2.
12 Use of the rented unit
12.1 The Tenant may use the rented unit solely for the storage of items and records.
12.2 The Tenant is prohibited from storing hazardous or flammable substances, including but not limited to fuel, explosives, acids, substances that emit a strong odour, substances that require refrigeration, water or freezing, perishable substances, motorised vehicles, gas cylinders, or any other substances, items or other movable property liable to cause any kind of damage to the rented unit or the Landlord's common areas, or to cause disruption or nuisance on the premises. The Tenant shall comply with the rules of the fire safety authorities and shall comply in full with all existing and subsequently adopted rules of conduct and the Landlord's related instructions.
12.3 The Tenant shall take good care of the rented unit and the common areas of the Landlord's premises. The Tenant is strictly prohibited from making any changes to the rented unit. The common areas may be used solely to access the rented unit, such as for moving items to or from the rented unit. The Tenant is prohibited from leaving or storing items in the common areas.
12.4 The Tenant is prohibited from subletting all or part of the rented unit. The Tenant is also prohibited from assigning its rights or obligations under the agreement and these Terms and Conditions. The Tenant is prohibited from using the rented unit as a registered domicile or place of business.
13 Condition of the rented unit upon handover
13.1 By signing the agreement, the Tenant confirms that it has inspected the rented unit and has no objections to its condition, configuration, size or location. The Tenant shall return the rented unit in the same condition as at the commencement of the lease.
14 Tenant's liability for damage to the rented unit
14.1 The Tenant is liable for all damage that it may cause to the rented unit, as well as damage that it causes to the Landlord's common areas, such as corridors, lifts, stairwells and other areas of the Landlord on the premises in which the rented unit is located. The Tenant shall notify the Landlord immediately if it has caused damage to the rented unit or the Landlord's common areas, or if anything requires repair or maintenance.
15 Access to the rented unit
15.1 The Tenant's access to the rented unit depends on the location of the storage unit:
1. Storage units at Miðhraun 4, Garðabær: The Tenant has access to the rented unit at all times, 24 hours a day, throughout the year.
2. Storage units at Stálhella 14, Hafnarfjörður: The Tenant has access to the rented unit between 09:00 and 21:00 every day.
Access may nevertheless be restricted if a default by the Tenant results in such restrictions.
15.2 The Landlord may open and inspect the rented unit upon 24 hours' notice for necessary inspection, maintenance and repairs. The Landlord may open the rented unit without notice where urgently necessary, for example due to fire, water leakage, odour, suspicion of hazardous or illegal substances, instructions from public authorities, or to prevent imminent damage.
15.3 Office opening hours can be found at www.geymt.is. The Landlord has the right to change its office hours unilaterally, without notice.
16 Third-party access to the rented unit
16.1 If the Tenant chooses to grant a third party access to the rented unit, the Tenant must notify the Landlord in writing. The Tenant personally may, however, grant such authorisation to a third party by telephone call to the Landlord, provided it is confirmed that the call is made from the telephone number stated by the Tenant in the parties' agreement. The Landlord bears no liability for any loss or damage that a third party's access may cause the Tenant. The Tenant also bears full and unlimited liability for any loss or damage that a third party who has been granted access to the rented unit may cause, directly or indirectly, to the rented unit, the Landlord's common areas or items stored in the rented unit.
17 Monitoring and security
17.1 Electronic monitoring is carried out in and around the Landlord's premises for security and property-protection purposes. If there is a water sprinkler in the rented unit, the Tenant undertakes to keep all space within 50 cm of the sprinkler clear.
18 Malfunctions
18.1 The Tenant shall have no claims against the Landlord if fire-alarm systems, fire-protection measures, access-control systems, burglar-alarm systems, water-leak alarm systems, sprinkler systems, security cameras, motion detectors, pest-control measures, water pipes or electricity fail or do not operate in accordance with the Tenant's expectations.
19 Notices
19.1 Notices of termination, notifications, warnings, reminders, demands and any kind of declaration by the Landlord shall be sent to the Tenant's stated address in Iceland, the Tenant's email address stated in the lease agreement or, where applicable, the Tenant's registered domicile.
19.2 The Tenant shall notify the Landlord of all changes to the information provided concerning the Tenant, such as address, email address, telephone number, etc., in writing and by verifiable means.
20 Amendments
20.1 The Landlord reserves the right to amend these General Terms and Conditions. Amendments shall be notified to the Tenant in writing by email at least 30 days before they take effect. If the Tenant does not accept an amendment that reduces the Tenant's rights or increases the Tenant's obligations, the Tenant may give notice so that the agreement ends before the amendment takes effect. If no written notice of termination is received from the Tenant within the notice period, the Tenant shall be deemed to have accepted the amendments.
20.2 The current Terms and Conditions are available on the Landlord's website at all times.
20.3 Amendments and additions to an individual lease agreement between the parties shall be made in writing by both parties.
21 Miscellaneous
21.1 The parties agree that if any provisions of the parties' agreement or these Terms and Conditions prove invalid or unenforceable, those provisions and the remaining parts of the parties' agreement and these Terms and Conditions shall continue in force to the extent possible.
22 Governing law, jurisdiction and dispute resolution
22.1 Agreements, these Terms and Conditions and the dealings of Geymt en ekki gleymt ehf. with customers are governed by Icelandic law.
22.2 The parties are required to act honestly and fairly towards one another. Accordingly, the parties are required to make every effort to resolve amicably any dispute that may arise from their contractual relationship, so that the outcome may be considered acceptable to both parties. If the parties do not reach an amicable settlement, jurisdiction shall be determined in accordance with Icelandic rules of procedure.
