Terms and Conditions for Storage Rental Agreements - Geymt en ekki gleymt ehf.

1 General

1.1 The general terms and conditions of Geymt en ekki gleymt ehf., co. reg. no. 470621-0520 (hereinafter "the Lessor"), apply to all business relating to the rental of storage units by the Lessor, unless otherwise agreed in writing. These terms and conditions, together with the rental agreement, price list, the Lessor's privacy policy and, where applicable, any supplementary agreements for each customer, together generally constitute the entire agreement between the parties regarding the transaction.

1.2 These general terms and conditions take effect on 5 August 2026.

2 Scope of the terms and conditions of Geymt en ekki gleymt ehf.

2.1 These terms and conditions apply to the Lessee's rental and use of the Lessor's storage units.

2.2 The Lessee undertakes to comply fully with these terms and conditions.

3 Default and termination

3.1 Default by the Lessee may lead to termination of the agreement, and the Lessor may issue a written demand to the Lessee to remedy the breach. Either party may terminate the parties' contractual relationship in the event of a material default by the other party, in accordance with these terms and conditions, the parties' agreement, and the provisions of the Tenancy Act No. 36/1994. In addition to the usual remedies for default, the Lessor may, among other things, terminate the agreement due to default if:

3.1.1 The Lessee fails to pay rent by the due date and fails to make payment within 7 days of the Lessor sending a written demand for payment.

3.1.2 The Lessee otherwise neglects its obligations under the rental agreement or the provisions of the Tenancy Act No. 36/1994 to such a significant extent that eviction from the premises is considered reasonable or necessary, such as if the Lessee uses the leased unit in a manner other than agreed, or neglects its contractual obligations despite a written demand from the Lessor to remedy the situation.

3.1.3 The Lessee is granted a moratorium on payments, obtains authorization to seek a composition with creditors, or bankruptcy proceedings are initiated against the Lessee.

3.2 A material default by the Lessee entitles the Lessor to restrict the Lessee's access to the leased unit, including by changing the lock on the leased unit.

3.3 Default by the Lessee entitles the Lessor to a direct and unrestricted right to clear the leased unit, by unilateral action without the involvement of a district commissioner (sýslumaður). The Lessor is entitled to dispose of any items stored in the leased unit, or to seize them as security for outstanding rental payments. The Lessee shall bear all costs arising from the clearance, disposal, and seizure. In the event of seizure of items under this provision, the Lessor is entitled to sell them without further notice, and the proceeds of the sale shall be applied to the Lessee's outstanding debt. Any loss the Lessee may suffer in connection with the sale of items under this provision shall be borne entirely by the Lessee, whether financial or non-financial in nature. The Lessor bears no liability for any loss the Lessee may consider itself to have suffered as a result, regardless of whether the Lessee later settles its outstanding debts with the Lessor.

3.4 The Lessor shall notify the Lessee of the clearance, disposal, seizure, and sale of items with at least 7 days' notice. The notice period is calculated from the date of the notification sent to the Lessee.

3.5 The Lessor is entitled to withhold prepaid rent and/or any payment security as security for an outstanding claim against the Lessee.

4 Termination of the agreement

4.1 The mutual notice period for indefinite-term agreements is one month. The rental period shall be counted in whole months from the first day of the rental, as shown in the following example: if the rental start date is 10 January and notice is received on 1 February, the last day of rental shall be 9 March. Formal return of the leased unit must take place no later than 17:00 on 10 March.

4.2 The Lessor may terminate the agreement with the Lessee without notice if the Lessee is found to be in material breach of the agreement or in default of its contractual obligations, cf. Article 3 of these terms and conditions and the Tenancy Act No. 36/1994. Default by a customer on one agreement with the Lessor entitles the Lessor to terminate or cancel all agreements the Lessee may have with the Lessor.

5 Form of termination

5.1 Termination by the Lessee must be notified in writing by email to geymt@geymt.is, or by other verifiable written means.

6 Lessee's request for a temporary extension

6.1 A Lessee who has given notice of termination of the rental agreement may request a temporary extension of the notice period, one month at a time. A request for extension must be made in writing and sent to the Lessor before the notice period expires. An extension of the notice period under this provision is at the Lessor's sole discretion.

7 Withdrawal of termination by the Lessee

7.1 A Lessee who has given notice of termination of the rental agreement may withdraw the termination, provided the leased unit has not already been returned. The parties' rental agreement then remains in full effect, unchanged.

8 Vacating the storage unit

8.1 If the Lessee has not vacated and formally returned the leased unit by the end of the notice period, the parties' rental agreement remains in effect and it is deemed that the Lessee has withdrawn its notice of termination. The terms of the rental agreement, including the rental start date, remain entirely unchanged, and the legal effects of the Lessee's termination lapse.

8.2 Upon return of the leased unit, the Lessee must notify the Lessor by email to geymt@geymt.is that the leased unit has been fully vacated. The Lessor shall then inspect the leased unit and confirm to the Lessee, in a verifiable manner, within 7 days, whether the return of the leased unit has been carried out satisfactorily in the Lessor's assessment. If the Lessee fails to obtain the Lessor's written confirmation that the leased unit has been returned satisfactorily, the return shall be deemed unsatisfactory. In that case, the parties' rental agreement remains in full effect, and the legal effects of the Lessee's termination lapse.

8.3 If the Lessee leaves items from the leased unit in the shared space, the return shall be deemed unsatisfactory. The provisions of these terms and conditions regarding the Lessor's right of disposal apply equally to such items.

8.4 Upon return and vacating of the leased unit, the Lessee must return all access cards, padlocks, and keys to the leased unit.

9 Insurance

9.1 This agreement is a storage rental agreement, not a service agreement. As a result, the Lessor is not liable for items the Lessee stores in the leased unit. Responsibility for the safekeeping and insurance of items stored in the leased unit rests entirely and solely with the Lessee. The Lessor accordingly has no oversight of, nor involvement in, insurance for items that Lessees store in the leased unit. Should the Lessee wish to insure items stored in the leased unit, the Lessee must contact its own insurance company and notify it that the items to be insured are located in the leased unit.

10 Payments

10.1 Rent is paid in advance, in accordance with the provisions of the parties' rental agreement. Payment for the first month is made on the rental start date. Thereafter, the Lessee shall pay the relevant amounts monthly by payment notice or by charge to the Lessee's payment card, at the Lessee's choice. The Lessee bears all costs arising from payment, such as invoice fees, electronic registration fees, and similar charges.

10.2 Rental payments shall be indexed and increased in line with increases in the Icelandic Building Price Index (byggingarvísitala), from the base index of the month in which the agreement is signed, up to the due date. If the Building Price Index decreases, the amounts remain unchanged. The Lessor may change the rental price, but such a change must be notified to the Lessee in writing by email with at least 30 days' notice, and takes effect at the start of the next rental month thereafter. If the Lessee does not accept the price change, the Lessee may terminate the agreement before the price change takes effect. However, the terms of Fixed-Term Long-Term Agreements (TLS Agreements), cf. Article 11 of these terms and conditions, may not be changed unilaterally during the term of the agreement, except upon renewal.

10.3 The Lessor may, but is not obliged to, require, when entering into a rental agreement, that the Lessee provide a payment security of up to one month's rent. Whether a payment security is required, and its amount, shall be stated in the rental agreement. In determining the payment security, the Lessor may take into account, among other things, advance rent payments, the length of the agreement, and other relevant considerations.

10.4 If the Lessee has overpaid rent, or is owed an amount by the Lessor in connection with the final settlement at the end of the rental agreement, the Lessor will refund the Lessee within 30 days of the last day of rental. The same applies to the refund of any payment security provided by the Lessee at the start of the rental. The Lessor will refund by reversal to the payment card or by bank transfer to the Lessee's bank account. The Lessee authorizes the Lessor to report the Lessee's default, and, where applicable, that of its guarantor, if it has lasted longer than 40 days, to Creditinfo Lánstraust hf., for registration on the default register.

10.5 The Lessee is responsible for ensuring that correct information is provided regarding its chosen payment method, such as payment card details, payer name, card expiry date, bank account number, and that any linked account has sufficient funds. The Lessee must update any necessary information in writing as needed, no later than 30 days before the stated payment card expires.

10.6 If the stated payment card proves to be invalid, closed, stolen, used without the cardholder's authorization, or if the cardholder declines the payment, the Lessor may terminate the agreement without notice.

10.7 If payment is not received on or before the due date, the Lessee shall pay default interest in accordance with the decision of the Central Bank of Iceland, cf. Article 6(1) 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) ("TLS Agreement") are binding on, and may not be terminated by, the Lessee. The Lessor may terminate a TLS Agreement in the same manner as other agreements, cf. the remedies for default under the agreement, these terms and conditions, and applicable law.

11.2 If the Lessee has entered into a fixed-term agreement (TLS Agreement) for 3 months or longer and has prepaid the rent in full, the Lessor shall send the Lessee a new payment notice for a comparable rental period no later than 7 days before the current period ends. Payment by the Lessee of the said payment notice before its due date constitutes the Lessee's acceptance of an extension of the agreement for a new period of equal length, and the agreement then becomes binding on, and non-terminable by, the Lessee for the months paid for. The rental amount for the new period shall be based on the Lessor's applicable price list on the due date of the payment notice. If payment is not received by the due date and the Lessee has not vacated the leased unit by the end of the current period, the TLS Agreement lapses and the rental agreement automatically converts into a general, indefinite-term agreement with monthly payments and a mutual one-month notice period, in accordance with the Lessor's general terms and price list in effect at the time, until the leased unit has been formally returned.

12 Use of the leased unit

12.1 The Lessee may only use the leased unit for the storage of items and documents.

12.2 The Lessee may not store hazardous or flammable materials, including but not limited to fuel, explosives, acid, substances that emit a strong odor, substances requiring refrigeration, water, or freezing, substances that decay, motor vehicles, gas cylinders, or any other substances, items, or personal property likely to cause any kind of damage to the leased unit or the Lessor's shared space, or to cause disturbance or nuisance on the premises. The Lessee shall comply with fire authority regulations and fully observe any existing and future rules of conduct and instructions issued by the Lessor in this regard.

12.3 The Lessee is obliged to take good care in its use of the leased unit and the Lessor's shared premises. The Lessee may not alter the leased unit in any way. The shared space may only be used for access to the leased unit, such as for moving items to or from the leased unit. The Lessee may not leave or store items in the shared space.

12.4 The Lessee may not sublet the leased unit, in whole or in part. Nor may the Lessee assign its rights or obligations under the agreement and these terms and conditions. The Lessee may not use the leased unit as a registered residence or place of business.

13 Condition of the leased unit upon delivery

13.1 By signing the agreement, the Lessee confirms that it has inspected the leased unit and makes no objection to its condition, shape, size, or location. The Lessee must return the leased unit in the same condition as at the start of the rental.

14 Lessee's liability for damage to the leased unit

14.1 The Lessee is liable for all damage it may cause to the leased unit, as well as damage it causes to the Lessor's shared space, such as corridors, elevators, stairwells, and other spaces of the Lessor within the building in which the leased unit is located. The Lessee shall notify the Lessor immediately if it has caused damage to the leased unit or the Lessor's shared space, or if anything requires repair or maintenance.

15 Access to the leased unit

15.1 The Lessee's access to the leased unit depends on the location of the storage facility:

1. Storage units at Miðhraun 4, Garðabær: The Lessee has access to the leased unit at all hours of the day, year-round.
2. Storage units at Stálhella 14, Hafnarfjörður: The Lessee has access to the leased unit between 09:00 and 21:00 every day.

Restrictions on access may nevertheless apply if default by the Lessee leads to such restrictions.

15.2 The Lessor may enter and inspect the leased unit with 24 hours' notice for necessary inspection, maintenance, and repairs. The Lessor may enter the leased unit without notice if urgent necessity requires, such as due to fire, water leaks, odor, suspicion of hazardous or illegal substances, official orders, or to prevent imminent damage.

15.3 Office opening hours can be found at www.geymt.is. The Lessor has the right to unilaterally change its office hours without notice. Office hours shall, however, be at least 20 hours per week.

16 Third-party access to the leased unit

16.1 If the Lessee wishes to grant a third party access to the leased unit, the Lessor must be notified in writing. However, the Lessee may personally grant such authorization to a third party by telephone to the Lessor, provided it is confirmed that the call is made from the telephone number the Lessee has provided in the parties' agreement. The Lessor bears no liability for any damage that access by a third party may cause to the Lessee. The Lessee bears joint and unlimited liability for any damage that a third party granted access to the leased unit may cause, directly or indirectly, to the leased unit, the Lessor's shared space, or items stored in the leased unit.

17 Monitoring and security

17.1 Electronic surveillance is carried out in and around the Lessor's premises for the purposes of security and asset protection. If there is a sprinkler in the leased unit, the Lessee undertakes to keep the area within 50cm of the sprinkler in the leased unit clear.

18 Malfunctions

18.1 The Lessee has no claim against the Lessor if the fire alarm system, fire protection systems, access control system, burglar alarm system, water leak detection system, sprinkler system, security cameras, motion sensors, pest control, water pipes, or electricity malfunction or fail to operate in accordance with the Lessee's expectations.

19 Notices

19.1 Termination notices, notifications, warnings, reminders, demands, and any statements from the Lessor will be sent to the Lessee's stated address in Iceland, the Lessee's email address as provided in the rental agreement, or, where applicable, to the Lessee's legal domicile.

19.2 The Lessee is obliged to notify the Lessor of any changes to its stated information, such as address, email address, telephone number, etc., in writing and in a verifiable manner.

20 Amendments

20.1 The Lessor reserves the right to amend these general terms and conditions, the price list, and the privacy policy. Amendments shall be notified to the Lessee in writing by email with at least 30 days' notice before they take effect. If the Lessee does not accept the amendments, the Lessee may terminate the agreement before they take effect. If no written termination is received from the Lessee within the notice period, the Lessee is deemed to have accepted the amendments.

20.2 The current terms and conditions in effect at any given time are available on the Lessor's website.

20.3 Amendments and additions to the parties' agreement must be made in writing by both parties.

21 Miscellaneous

21.1 The parties agree that if any provision of the parties' agreement or these terms and conditions is found to be invalid or unenforceable, such provisions, and the remaining parts of the parties' agreement and these terms and conditions, shall remain in effect to the extent possible.

22 Governing law, venue, and dispute resolution

22.1 Agreements, these terms and conditions, and dealings between Geymt en ekki gleymt ehf. and its customers are governed by Icelandic law.

22.2 The parties are obliged to act toward each other with honesty and fairness. The parties are accordingly obliged to make every effort to resolve any dispute arising from their contractual relationship amicably, in a manner that can be considered acceptable to both parties. If no settlement is reached between the parties, venue shall be determined in accordance with Icelandic rules of civil procedure.