Terms of Use

Last Revised: September 19, 2024

These Terms of Use (the “Terms”) are entered into between you (“you,” or “User”) and Oursqft, LLC (“Company,” “we,” “us,” and “our”). These Terms govern your access to and use of Company services offered on the website located at https://www.oursqft.com/ as well as any websites directly owned by the Company where these Terms are linked, including any tools, documents, applications, and other services offered on or through the website (the “Website”). The Website is published, owned, and operated by the Company.

By accessing, browsing, submitting information to, and/or using the Website, you agree and acknowledge on your own behalf that you have read, understand, and agree to be bound by these Terms and to comply with all applicable laws, including, without limitation, all federal, state, and local tax and tariff laws, regulations, and/or directives. If you do not agree to these Terms, please do not use the Website.

1. Purpose of the Website

The Website is provided for informational purposes, enabling communication between you and the Company, and providing our services to you. The information provided is intended to be general in nature and does not necessarily address all the terms, exclusions, and conditions applicable to our products and services.

We do not warrant the accuracy, completeness, or usefulness of this information at any particular time. Any reliance you place on such information is strictly at your own risk. The Company disclaims all liability and responsibility arising from any reliance placed on such content by you or any other visitor to the Website, or by anyone who may be informed of any of its contents. Any information you provide or that is collected by the Company through the Website shall be handled in accordance with the Website’s Privacy Notice, https://www.oursqft.com/privacy-notice/, which is hereby incorporated by reference.

2. Accessibility; Other Agreements

This Notice is incorporated by reference and should be read in conjunction with the Company’s Accessibility Statement, https:/www.oursqft.com/website-accessibility-statement/.

The Website provides prospective landlords and tenants access to auction services for the leasing of commercial real estate. To access certain information on the Website, participate in an auction, and use other services available on the Website, you will be required to provide additional information. The information that you provide will be subject to separate agreements and notices between you and the Company at the time you provide such information.

3. Use of the Website

The Company grants you a non-exclusive right to access and use the Website and the data, material, content, and information herein (collectively, the “Content”) solely for your personal use. You agree to use the Website only for lawful purposes, comply with all agreements governing any transactions on and through the Website, and comply with applicable laws.

4. User Account Responsibility

If you are given, or if you create, an account (including any password) to access certain services available on the Website, you are responsible for maintaining the confidentiality and security of your account, including your passwords. When creating an account, you agree to provide us with accurate and complete information and details, as required, and to keep it up to date. You are responsible for all activities that occur under your account, and you agree to notify the Company immediately of any unauthorized use of your account. The Company is not responsible for any loss that you may incur as a result of any unauthorized person using your account or your password.

5. Prohibited Uses

You agree that you will not:

  • • Use the Website in any manner that could damage, disable, overburden, or impair the Website or interfere with any other party’s use and enjoyment of them;
  • • Attempt to gain unauthorized access to any Website account, computer systems, or networks associated with the Company or the Website;
  • • Obtain or attempt to obtain any materials or information through the Website by any means not intentionally made available or provided by the Company;
  • • Use any robot, spider, or other automatic device, process, or means to access the Website for any purpose, including monitoring or copying any of the material on the Website;
  • • Introduce any viruses, Trojan horses, worms, logic bombs, or other materials which are malicious or technologically harmful;
  • • Attack the Website via a denial-of-service attack or a distributed denial-of-service attack;
  • • Impersonate or attempt to impersonate the Company, a Company employee, another user, or any other person or entity (including, without limitation, by using email addresses associated with any of the foregoing);
  • • Reverse engineer any aspect of the Website or do anything that might discover source code or bypass or circumvent measures employed to prevent or limit access to any part of the Website; or
  • • Use the Website in any illegal, fraudulent, or other unauthorized manner, or engage in, encourage or promote any activity that violates these Terms.

6. Notice and Consent to Receipt of Text (SMS) Messaging and Phone Calls

You may have the opportunity to receive SMS or “text” messages, pre-recorded voice messages, or auto-dialed phone calls from the Company, its affiliates and related entities, as well as third parties. Such messaging may be used to authenticate your identity or mobile device, as well as provide you with informational updates about services or products you may have requested. In providing your mobile device number or cell phone number to the Company, you knowingly consent to such communications from or on behalf of the Company or for the Company to use your cell phone number or mobile device number in accordance with the Company’s Privacy Notice, https://www.oursqft.com/privacy-notice/. In providing your number and accepting these Terms, you represent that you have the authority to agree to receive text messages at the telephone number that you provide to the Company, or from which you sent the text message request to us. You further acknowledge that no purchase is required to opt into this service, and you may opt out at any time by following instructions provided in our communications to you.

Not all mobile devices or handsets may be supported by this service. The Company and any mobile carriers are not liable for delayed or undelivered messages. Message and data rates may apply to any text messages. Message frequency depends on the nature of your request. You hereby agree to be responsible for all costs, charges, and fees you incur from your service or device provider as a result of choosing to receive such messages from the Company.

7. Third-Party Websites

The Website may contain links to websites and platforms controlled or operated by persons and companies other than the Company (“Linked Sites”). Linked Sites are not under the control of the Company, and the Company is not responsible for the contents of any Linked Site, including without limitation any link contained on a Linked Site, or any changes or updates to a Linked Site. The Company is not responsible if the Linked Site is not working correctly or for any viruses, malware, or other harms resulting from your use of a Linked Site. The Company is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement by the Company of the site or any association with its operators. You are responsible for viewing and abiding by the privacy policies and terms of use posted on the Linked Sites.

8. Third-Party Applications

You acknowledge that your access and use of any third-party applications or software on the Website and Content (the “Third-party Applications”) is at your discretion and risk, and the Company has no liability to you arising from your use of the Third-party Applications. The Company hereby disclaims any representation, warranty, or guaranty regarding the Third-party Applications, whether expressed, implied or statutory, including, without limitation, the implied warranties of merchantability or fitness for a particular purpose, and any representation, warranty, or guaranty regarding the availability, quality, reliability, features, appropriateness, accuracy, completeness, or legality of the Third-party Applications, and you agree to indemnify and hold the Company harmless for any direct, indirect, punitive, incidental, special, or consequential damages, or any damages whatsoever including, without limitation, damages for loss of use, arising out of or in any way connected with your use or performance of the Third-party Applications.

9. Intellectual Property

The Website and Content are protected by copyrights, trademarks, or are subject to other proprietary rights. Accordingly, you are not permitted to use the Website or Content in any manner, except as expressly permitted by the Company in these Terms. The Website and Content may not be copied, reproduced, modified, published, uploaded, posted, transmitted, performed, or distributed in any way, and you agree not to modify, rent, lease, loan, sell, distribute, transmit, broadcast, or create derivatives without the express written consent of the Company or applicable owner.

You should assume that everything you see or read on the Company’s Website is copyrighted unless otherwise noted and may not be used without the written permission of the Company. The Company neither warrants nor represents that your use of materials displayed on the Company’s Website will not infringe the rights of third parties. Content, images, photographs, data, or illustrations displayed on the Company’s Website are either property of, or used with permission by, the Company. Any unauthorized use of any content, images, photographs, or illustrations may violate copyright laws, trademark laws, the laws of privacy and publicity, and communications regulations and statutes.

Nothing contained on the Website should be construed as granting or conveying, by implication, or otherwise, any license or right to use any trademark displayed on the Website without the written permission of the Company or such third party that may own a trademark displayed on the Website. Your misuse of the Company’s trademark(s) displayed on the Website, or any other Content on the Company’s Website, except as provided herein, is strictly prohibited.

Any Content you create or own or to which you have a license and use on the Website is Your Content. In sharing Your Content on the Website, you represent and warrant that you have the legal right to use Your Content and grant the Company an irrevocable, royalty-free, fully paid up, worldwide, non-exclusive license to use Your Content in providing any Website services as described in these Terms and in any posted policies on the Website. The Website services may also provide you with features like photo thumbnails, previews, easy sorting, editing, sharing, and searching. These and other features may require our Company systems to access, store, and scan Your Content.

Questions regarding the use of any intellectual property provided on the Website should be directed to admin@oursqft.com.

10. Location of Our Services

We make no claims that the Website or any of its contents are accessible or appropriate in every jurisdiction. Access to the Website may not be legal by certain persons or in certain countries.

11. Disclaimer

EXCEPT AS MAY OTHERWISE BE EXPRESSLY PROVIDED IN THESE TERMS, ALL INFORMATION, CONTENT, OR SERVICES PROVIDED BY THE COMPANY TO YOU VIA THE WEBSITE, INCLUDING, WITHOUT LIMITATION, ALL CONTENT, ARE PROVIDED “AS IS” AND “WHERE IS” AND WITHOUT ANY WARRANTIES OF ANY KIND. THE COMPANY AND ITS THIRD-PARTY LICENSORS EXPRESSLY DISCLAIM ALL WARRANTIES, WHETHER EXPRESS, IMPLIED OR STATUTORY, INCLUDING, WITHOUT LIMITATION, THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE AND NON-INFRINGEMENT. NOTWITHSTANDING ANY PROVISION CONTAINED HEREIN TO THE CONTRARY, THE COMPANY AND ITS THIRD-PARTY LICENSORS MAKE NO REPRESENTATION, WARRANTY OR COVENANT CONCERNING THE ACCURACY, QUALITY, SUITABILITY, COMPLETENESS, SEQUENCE, TIMELINESS, SECURITY OR AVAILABILITY OF THE WEBSITE OR ANY CONTENT POSTED ON OR OTHERWISE ACCESSIBLE VIA THE WEBSITE. YOU SPECIFICALLY ACKNOWLEDGE THAT THE COMPANY AND ITS THIRD-PARTY LICENSORS ARE NOT LIABLE FOR THE DEFAMATORY, OBSCENE OR UNLAWFUL CONDUCT OF OTHER THIRD PARTIES OR USERS OF THE WEBSITE AND THAT THE RISK OF INJURY FROM THE FOREGOING RESTS ENTIRELY WITH YOU. NEITHER THE COMPANY NOR ANY OF ITS THIRD-PARTY LICENSORS REPRESENT, WARRANT OR COVENANT THAT THE WEBSITE WILL BE SECURE, UNINTERRUPTED OR ERROR-FREE. THE COMPANY FURTHER MAKES NO WARRANTY THAT THE WEBSITE WILL BE FREE OF VIRUSES, WORMS OR TROJAN HORSES OR THAT IT WILL FUNCTION OR OPERATE IN CONJUNCTION WITH ANY OTHER PRODUCT OR SOFTWARE. YOU EXPRESSLY AGREE THAT USE OF THE WEBSITE IS AT YOUR SOLE RISK AND THAT THE COMPANY, ITS AFFILIATES AND THEIR THIRD-PARTY LICENSORS SHALL NOT BE RESPONSIBLE FOR ANY TERMINATION, INTERRUPTION OF SERVICES, DELAYS, ERRORS, FAILURES OF PERFORMANCE, DEFECTS, LINE FAILURES, OR OMISSIONS ASSOCIATED WITH THE WEBSITE OR YOUR USE THEREOF. YOUR SOLE REMEDY AGAINST THE COMPANY FOR DISSATISFACTION WITH THE WEBSITE OR THE CONTENT IS TO CEASE YOUR USE OF THE WEBSITE AND/OR THE CONTENT.

SOME JURISDICTIONS DO NOT PERMIT THE EXCLUSION OR LIMITATION OF IMPLIED WARRANTIES, SO THE ABOVE EXCLUSION MAY NOT APPLY TO YOU. YOU MAY HAVE OTHER RIGHTS, WHICH VARY BY JURISDICTION. WHEN THE IMPLIED WARRANTIES ARE NOT ALLOWED TO BE EXCLUDED IN THEIR ENTIRETY, YOU AGREE THAT THEY WILL BE LIMITED TO THE GREATEST EXTENT AND SHORTEST DURATION PERMITTED BY LAW.

12. Limitation of Liability

UNDER NO CIRCUMSTANCES SHALL THE COMPANY OR ANY OF ITS THIRD-PARTY LICENSORS BE LIABLE TO YOU OR TO ANY THIRD PARTY FOR ANY DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL, PUNITIVE, SPECIAL OR EXEMPLARY DAMAGES (INCLUDING, WITHOUT LIMITATION, LOSS OF PROFITS, LOSS OF USE, LOSS OF DATA, LOSS OF INFORMATION OR PROGRAMS ON YOUR DATA HANDLING SYSTEM, TRANSACTION LOSSES, OPPORTUNITY COSTS, INTERRUPTION OF BUSINESS OR COSTS OF PROCURING SUBSTITUTE GOODS) RESULTING FROM, ARISING OUT OF OR IN ANY WAY RELATING TO THE WEBSITE, OR THE DATA, CONTENT OR INFORMATION ACCESSED VIA THE WEBSITE OR ANY HYPERLINKED WEBSITE, OR ANY DISRUPTION OR DELAY IN THE PERFORMANCE OF THE WEBSITE, REGARDLESS OF THE FORM OF THE CLAIM OR ACTION, WHETHER BASED ON CONTRACT, TORT, STRICT LIABILITY, STATUTE OR OTHERWISE, AND REGARDLESS OF WHETHER OR NOT SUCH DAMAGES WERE FORESEEN, UNFORESEEN OR FORESEEABLE, EVEN IF THE COMPANY OR ITS THIRD-PARTY LICENSORS HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. BY ACCESSING THE WEBSITE SUBJECT TO THESE TERMS OF USE, YOU UNDERSTAND THAT YOU ARE WAIVING RIGHTS WITH RESPECT TO CLAIMS THAT ARE AT THIS TIME UNKNOWN OR UNSUSPECTED, AND IN ACCORDANCE WITH SUCH WAIVER, YOU ACKNOWLEDGE THAT YOU HAVE READ AND UNDERSTOOD, AND HEREBY EXPRESSLY WAIVE, THE BENEFITS OF SECTION 1542 OF THE CIVIL CODE OF CALIFORNIA AND ANY SIMILAR LAW OF ANY STATE, COUNTRY OR TERRITORY, WHICH PROVIDES AS FOLLOWS: “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST MATERIALLY AFFECT HIS OR HER SETTLEMENT WITH THE DEBTOR.” SOME STATES AND JURISDICTIONS DO NOT ALLOW LIMITATIONS ON IMPLIED WARRANTIES, SO THE ABOVE LIMITATIONS MAY NOT APPLY TO YOU. WHEN THE IMPLIED WARRANTIES ARE NOT ALLOWED TO BE EXCLUDED IN THEIR ENTIRETY, THEY WILL BE LIMITED TO THE SHORTEST DURATION PERMITTED BY LAW. YOU MAY ALSO HAVE OTHER RIGHTS WHICH VARY FROM STATE TO STATE. IN ANY CASE, COMPANY’S AND ITS LICENSORS’ ENTIRE LIABILITY UNDER ANY PROVISION OF THESE TERMS WILL BE LIMITED TO THE AMOUNT ACTUALLY PAID BY YOU TO VENDOR FOR THE PLATFORM IN THE SIX (6) MONTHS PRECEDING THE FIRST EVENT GIVING RISE TO LIABILITY, OR TEN DOLLARS ($10.00), WHICHEVER IS GREATER.

13. Indemnification

You agree to indemnify, defend and hold harmless the Company, its affiliates, members, directors, officers, employees, and agents (collectively, “Company Indemnitees”) from and against any claims, liabilities, damages, judgments, awards, losses, costs, expenses or fees (including reasonable attorneys’ fees) arising out of or relating to:

  • •    Your Content
  • •    Your violation of these Terms
  • •    Your acts or omissions in connection with your use of the Website
  • •    Your violation of any applicable laws, rules or regulations
  • •    Any other misuse of the Website

14. Termination and Restriction of Access

In its sole discretion, the Company may terminate or suspend your access to the Website for breach of these Terms or for any reason whatsoever, with or without notice. The Company shall not be liable for any losses or damages arising from any such termination of service.

15. Changes to These Terms of Use

The Company may update or change these Terms from time to time in order to reflect changes in any offered services, changes in the law, or for other reasons as deemed necessary by the Company. The effective date of any Terms will be reflected in the “Last Revised” entry above. Your continued use of the Website after any such change is communicated shall constitute your consent to such change(s).

16. Miscellaneous

  • (a) Limitation on Time to File Claims. Any cause of action or claim you may have arising out of or relating to these Terms or the Website must be commenced within one (1) year after the cause of action accrues, otherwise, such cause of action or claim is permanently barred.
  • (b) Governing Law. These Terms shall be governed by and construed in accordance with the laws of Illinois.
  • (c) Arbitration. At our sole discretion, we may require you to submit any disputes arising from the use of the Website or breach of these Terms, including disputes arising from or concerning their interpretation, violation, invalidity, non-performance, or termination, to final and binding arbitration under the Rules of Arbitration of the American Arbitration Association applying Illinois law. By using the Website, you hereby consent to submission of any dispute to be final and binding arbitration.
  • (d) Severability. If any provision of these Terms is held to be invalid or unenforceable, such provision shall be struck and the remaining provisions shall be enforced.
  • (e) Assignment. You agree that these Terms may be assigned by us to a third party without your consent.
  • (f) No Waiver. The Company’s failure to act with respect to a breach by you or others does not waive our right to act with respect to subsequent or similar breaches.

COMPANY CONTACT INFORMATION
Questions can be directed to the Company at: admin@oursqft.com

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© 2025 Oursqft.com

Auction guide

Welcome to the Oursqft Auction Guide! This guide will help you navigate the auction process on our platform, covering key aspects like bidding, requesting showings, making a lease now request.

Before you can participate in any auction activities, you must register for the specific auction. Here’s how the process works:

  • Registration: Click on the “Register” button on the auction page and complete the required information. You can select guarantors during this process if you have added any earlier, or you can add them at this stage.
  • Landlord Approval: Once you register, the landlord will review your registration and approve or disapprove your participation. If no action is taken by the landlord within 24 hours, you will be automatically approved for the auction.
  • Credit Card Hold: When you register, a hold of $250 is placed on the credit card linked to your account during setup. This is a standard procedure to ensure serious participation.
  • Landlord’s Rights: The landlord can remove you from the auction at any time, for any reason you are not suitable, if your documentation fails, or for any other reason.

When you register for an auction on Oursqft, a hold of $250 is placed on the credit card linked to your account during the setup. This hold ensures serious participation and covers the following scenarios:

  • Initial Hold Placement: Upon registering for an auction, a $250 hold is immediately placed on your credit card. Ensure that your credit card is unlocked and capable of handling US-based online transactions to avoid any issues.

  • Non-Shortlisted or Kicked Out:

    • If you are not shortlisted for the auction, the $250 hold on your credit card will be released.
    • If the landlord removes you from the auction for any reason, the hold will be released.

  • Shortlisted Tenants:

    • If you are shortlisted, you will be asked to choose your lease term. After the auction ends, you have 24 hours to:
      • Select your lease term.
      • Finalize pre-bid formalities such as signing your side of the lease.
      • Select the lease commencement date.
    • If you fail to complete these steps within the 24-hour period, the $250 hold will be charged to your credit card.

  • Landlord’s Decision:

    • If the landlord does not award the lease to you or awards the lease to someone else, the hold will be released.
    • If you win the auction, the hold will be retained and released when the initial invoice is credited back to Oursqft.

Additional Information:

  • Unlocking Your Credit Card: Ensure that your credit card is unlocked for US-based online transactions. This is crucial to avoid any issues with the hold placement.
  • Monitoring Your Credit Card: Keep an eye on your credit card transactions to ensure that the hold is placed and released as described.
  • Communication with Your Bank: If you encounter any issues with the hold, contact your bank to ensure that your credit card is enabled for international and online transactions.

Oursqft auctions use the minimum lease term as the reference for bidding. Each subsequent year’s rent increases by a formula that is dependent on the bid you place and the Lease Now price set by the landlord. You can see each year’s monthly rent before you submit your bid.

Manual bidding is a straightforward process that allows you to directly participate in the auction. Here’s how it works:

  • Placing a Bid: To place a manual bid, enter your bid amount in the designated field and click the “Place Bid” button. Your bid must be higher than the current highest bid by the minimum increment amount.
  • Bid Confirmation: After placing your bid, you will receive a confirmation notification. This ensures that your bid has been successfully recorded.
  • Monitoring Bids: Keep an eye on the auction status to see if your bid remains the highest. The auction page will show real-time updates of the current highest bid and your position.
  • Outbid Notifications: If another user outbids you, you will receive a notification. This allows you to decide if you want to place a higher bid to regain the top position.
  • Bid Strategy: Develop a bidding strategy that suits your budget and interest in the property. Consider setting a maximum bid amount beforehand to avoid overspending.
  • Secondary Confirmation: Every time you place a bid, you will be prompted with a secondary confirmation that includes the projected lease breakdown according to the minimum and maximum lease terms the landlord selects.

Auto bidding automates the bidding process for you. Here’s how it works:

  • Placing an Auto Bid: When you enter an amount to auto bid, this represents the highest price you are willing to let the system bid up to on your behalf. The system will bid the lowest amount it can to ensure that you are currently the highest bidder.
  • Updating Your Auto Bid:: You can modify the maximum amount you want the system to auto bid for you as long as it is not lower than your current bid.
  • Auto Bid Cancellation: Cancel your auto bid anytime by clicking the Cancel button.
  • Auto Bid Process:
    • The system checks each user’s auto bid status every minute.
    • If your auto bid is activated, the system places bids on your behalf up to your maximum auto bid, ensuring you’re always in the top position if possible.
    • Oursqft uses a formula to dynamically change the minimum bid increment based on the current price and the time left in the auction.
    • In the case of two or more auto bidders, the system places a bid for the lowest of the auto bid prices at that auto bid price. Each remaining auto bid is subsequently bid until there is only one auto bid left above the current price. The next bid would be placed above the second highest auto bid by the minimum bid increment.
    • Users can update their maximum bid limit, and the system will reflect these changes.

When the auction is in the listed phase or live, you can request a showing of the property by selecting an available time and date slot. Each slot is 30 minutes. This allows you to physically inspect the property before placing a bid or making a Lease Now Request. If the landlord needs to reschedule the showing for any reason, you will receive an email notification.

Once a showing is approved, you will be provided with the following showing instructions:

  • Person Attending: The name of the person who will meet you at the showing.
  • Temporary Code: A temporary code to a Oursqft lockbox will be provided if applicable. It would only work during your showing’s time slot.
  • Lockbox Instructions: Any special instructions from the landlord to find the lockbox.
  • Viewing Instructions: Any special instructions to view the unit.

You can make a Lease Now Request at any point during the auction, whether it is listed or live. Here’s how it works:

  • Initiate Request: Click on the “Request Lease Now” button on the property page.
  • Preferred Terms: Select your preferred lease terms and commencement date.
  • Documentation: You and your guarantors have 24 hours to submit the necessary documentation, failure will cause your credit card to be charged.
  • Landlord Response: The landlord has 48 hours to review and respond to your lease request. If the landlord does not award the lease within this period, your request will expire.

We hope this guide helps you navigate the auction process on Oursqft with ease and confidence. By understanding the steps involved in registration, bidding, requesting showings, and managing credit card holds, you are well-equipped to participate effectively in our real estate auctions.

If you have any further questions or need assistance at any point, our support team is here to help. Good luck with your bidding, and we hope you find the perfect property through Oursqft. Happy bidding!

 

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