PROCEDURES FOR LICENSING RACER PROPERTY
RACER Trust from time to time is asked to make its properties available for a specific, short-term use — for example, as overflow event parking.
RACER Trust evaluates each inquiry carefully and, in its sole discretion, chooses whether to permit a proposed use. If RACER Trust chooses to permit a proposed use, RACER Trust will seek to enter into a written license with the prospective licensee for the specified proposed use, including the area and duration of use.
Similar to a lease, a license grants a party (i.e., the “licensee”) permission to use another party’s property. Unlike a lease, a license typically is for a short duration and limited purpose, and is more readily revocable by the property owner. RACER Trust’s template license agreement reflects these basic license principals. In addition:
1) RACER Trust’s license agreements must be in writing; RACER Trust does not enter into oral agreements for use of its real property. Please see template license form. RACER Trust may modify this template based upon each proposed use; the template is otherwise subject to modification by RACER Trust without notice to prospective licensees.
2) RACER Trust charges each licensee a usage fee, generally a minimum of $1,000 to cover its administrative and legal costs pertaining to each license. This amount is paid to RACER Trust at the time the license agreement is signed. The license fee ultimately charged by RACER, however, will depend on the area to be used and the duration of the use, as well as RACER Trust’s holding costs for the property during the term of the license. RACER Trust typically does not grant free access to any of its properties.
3) All of RACER Trust’s licensees must provide certain minimum levels of insurance as specified by RACER Trust. RACER Trust may, in its sole discretion, choose to adjust minimum levels of insurance depending on the proposed use and duration. The minimum level of general liability insurance starts at $1,000,000 per occurrence with an aggregate coverage of $2,000,000, and with RACER Trust listed as an “additional insured.” No RACER Trust license agreement will be effective, and no access to RACER Trust property will be granted until a licensee’s insurance coverages are understood and approved by RACER Trust. As evidence of insurance, a current Certificate of Insurance (COI) meeting these and other requirements must be presented to RACER Trust at least three (3) days in advance of the anticipated effective date of a RACER Trust license agreement. Please see the attached, sample COI, which notes correct spelling and minimum levels of insurance required by RACER Trust.
4) RACER Trust may require a licensee to provide its own security, signage, fencing, barricades, traffic controls, restroom facilities, trash pickup and removal, lighting and/or other services needed in connection with its use of RACER Trust’s property. Each licensee must leave RACER Trust’s property in substantially the same or in better condition than before the use. The licensee shall be responsible for the cost of repairing/replacing RACER Trust property.
5) It is RACER Trust’s policy not to license its real property for any purpose related in any way to any political campaign, regardless of whether the campaign is partisan or non-partisan.
Prospective licensees are welcome to request a site visit to inspect the Property prior to submitting an offer. Please contact Steven Black at email@example.com to schedule a site visit.