Terms and Conditions of Lease Agreements – Geymt en ekki gleymt ehf.
1 General
1.1 These general terms and conditions of Geymt en ekki gleymt ehf., ID no. 470621-0520 (hereinafter referred to as the Lessor), apply to all rental transactions involving storage units owned by the Lessor, unless otherwise agreed in writing. These terms, together with the lease agreement, price list, the Lessor’s privacy policy, and any applicable appendices for each customer, collectively constitute the complete agreement between the parties.
1.2 These general terms and conditions enter into force on 20 June 2021. júní 2021.
2 Scope of Application
2.1 These terms apply to the rental and use by the tenant (Lessee) of storage units owned by the Lessor.
2.2 The Lessee undertakes to comply fully with these terms and conditions.
3 Breach and Termination.
3.1 A breach by the Lessee may result in termination of the agreement. The Lessor may issue a written notice requiring remedial action. Either party may terminate the contractual relationship in the event of a material breach by the other party, in accordance with these terms, the parties’ agreement, and the provisions of the Icelandic Housing Act No. 36/1994. In addition to standard remedies, the Lessor may terminate the agreement due to breach if:
- 3.1.1 The Lessee fails to pay rent on the due date and does not remedy payment within 7 days of receiving a written payment notice.
- 3.1.2 The Lessee otherwise materially breaches obligations under the lease agreement or Housing Act No. 36/1994, including misuse of the premises or failure to remedy breaches despite written notice.
- 3.1.3 The Lessee is granted a moratorium, seeks a composition agreement, or is declared bankrupt.
3.2 A material breach entitles the Lessor to restrict the Lessee’s access to the premises, including by changing locks.
3.3 A breach grants the Lessor an immediate and unrestricted right to clear the premises without involvement of a district commissioner. The Lessor may dispose of or seize stored items as security for outstanding rent. All related costs shall be borne by the Lessee. Seized items may be sold without further notice, with proceeds applied to outstanding debts. Any loss suffered by the Lessee is borne entirely by the Lessee, and the Lessor bears no liability.
3.4 The Lessor shall notify the Lessee of clearance, disposal, seizure, or sale with at least 7 days’ notice.
3.5 The Lessor may retain prepaid rent and/or a security deposit to cover outstanding claims.
4 Termination of Agreement
4.1 The mutual notice period is one month. Rental periods are calculated in full months from the first rental day.
Example: If rental begins on 10 January and notice is received on 1 February, the last rental day is 9 March. Formal return must occur no later than 5:00 PM on 10 March.
4.2 The Lessor may terminate the agreement at any time without notice or liability due to breach by the Lessee. A breach under one agreement entitles termination of all agreements between the parties.
5 Form of Termination
5.1 Termination by the Lessee must be made in writing via email to geymt@geymt.is or by another verifiable written method.
6 Temporary Extension Requested by Lessee
6.1 A Lessee who has given notice may request a temporary extension of one month at a time. Requests must be made in writing before expiry of the notice period. Granting an extension is at the sole discretion of the Lessor.
7 Withdrawal of Termination
7.1 The Lessee may withdraw termination provided the premises have not yet been vacated. The lease then continues unchanged.
8 Vacating the Storage Unit
8.1 If the Lessee fails to vacate and formally return the unit at the end of the notice period, the lease remains in force and termination is deemed withdrawn.
8.2 Upon vacating, the Lessee must notify the Lessor by email. The Lessor shall inspect and confirm in writing whether the return is satisfactory. Failure to obtain written confirmation renders the return invalid.
8.3 Leaving items in common areas constitutes an incomplete return. Disposal provisions apply equally.
8.4 All access cards, padlocks, and keys must be returned upon vacating.
9 Insurance
9.1 This is a lease agreement, not a service agreement. The Lessor bears no responsibility for stored items. Insurance is the sole responsibility of the Lessee, who must contact their insurer if coverage is desired.
10 Payments
10.1 Rent is paid in advance. The first month is paid on commencement, followed by monthly payments by invoice or credit card. The Lessee bears all payment-related fees.
10.2 Rent is indexed to the construction cost index. Rent may be adjusted without notice, except for fixed-term long-term agreements.
10.3 Upon signing, the Lessee shall provide a security deposit equal to one month’s rent, unless rent is prepaid for 6–12 months or longer.
10.4 Overpayments or deposits shall be refunded within 30 days of the final rental date. The Lessee authorizes reporting of overdue payments exceeding 40 days to Creditinfo Lánstraust hf..
10.5 The Lessee is responsible for providing accurate payment information and updating it as required.
10.6 Invalid or rejected payment methods entitle the Lessor to terminate the agreement without notice.
10.7 Late payments accrue default interest per Icelandic law.
11 Fixed-Term Long-Term Agreements (TLS)
11.1 Long-term agreements (6 months or longer) are binding and non-terminable by the Lessee.
11.2 Written notice is required before expiration. Failure to do so converts the agreement to standard terms at current pricing.
12 Use of the Premises
12.1 The unit may only be used for storage.
12.2 Storing hazardous, flammable, perishable, or otherwise harmful items is prohibited.
12.3 The Lessee must maintain good order and may not alter the unit or store items in common areas.
12.4 Subleasing, assignment, or use as a residence or workplace is prohibited.
13 Condition Upon Delivery
13.1 By signing, the Lessee confirms satisfactory inspection and must return the unit in the same condition.
14 Liability for Damage
14.1 The Lessee is liable for all damage caused to the unit or common areas.
15 Access to the Premises
15.1 Access depends on location:
- Miðhrauni 4, Garðabæ: 24/7 access.
- Stálhellu 14, Hafnarfirði: Daily from 9:00 AM to 9:00 PM.
Access may be restricted due to breach.
15.2 The Lessor may access the unit at any time without notice.
15.3 Office hours are published on www.geymt.is and may be changed unilaterally.
16 Third-Party Access
16.1 Third-party access requires written notice. The Lessee bears full liability for third-party actions.
17 Monitoring and Security
17.1 CCTV surveillance is in operation. Areas within 50 cm of sprinklers must remain clear..
18 Malfunctions
18.1 The Lessor is not liable for failures of safety, access, utility, or monitoring systems.
19 Notices
19.1 All notices shall be sent to the Lessee’s registered address, email, or legal domicile.
19.2 The Lessee must notify the Lessor of any changes to contact information.
20 Amendments
20.1 The Lessor may amend terms, pricing, or policies. Changes are deemed accepted if no objections are received within 15 business days.
20.2 Current terms are available on the Lessor’s website.
20.3 Amendments must be made in writing by both parties.
21 Miscellaneous
21.1 Invalid provisions do not affect the validity of remaining terms.
22 Governing Law and Jurisdiction
22.1 These agreements are governed by Icelandic law.
22.2 Disputes shall be resolved amicably where possible. Failing settlement, disputes shall be brought before the District Court of Reykjavík.
