ADDENDUM FOR ITEMS STORED IN EXCESS OF MAXIMUM VALUE

Purpose
To have a form that can be used when you are using the TSSA Vehicle, trailer and boat lease, and the vehicle, boat, trailer, or motor that will be stored has a value in excess of $20,000.

When to Use 
First make sure you use the TSSA vehicle, trailer and boat lease whenever you are leasing a space for storage of a vehicle, trailer or boat. This lease is specifically geared toward this unique situation. Then, when the tenant lists the “estimated value” of the item being stored (this is a “fill in the blank” on the lease) and this estimated value is more than $20,000, you should require the tenant to sign this addendum along with the lease. You should cross reference this addendum in the lease by checking the appropriate check box in paragraph 7 of the lease. (Please note that in the original printing of the TSSA vehicle, trailer and boat lease, the “estimated value” line was omitted accidentally from the “vehicle” information paragraph on page one – please fill it in by hand if you are using the original printed version of the lease.)

Tips for Use
The TSSA vehicle, trailer and boat lease, in paragraph 20, limits the value of items that can be stored in a leased space to $20,000 for vehicles, trailers and boats, and $5,000 for all other items. It is helpful but not legally required to make it a part of your standard leasing process to call special attention to paragraph 20 of the lease – no matter whether you are using the “regular” lease or the vehicle, trailer and boat lease, as this paragraph caps the maximum value of items that can be stored, requires tenants to buy insurance or self insure, and contains clear language regarding non-liability of your storage facility for damage to goods.