Common use of LOCK BOX SYSTEM Clause in Contracts

LOCK BOX SYSTEM. The Association shall provide a Lock Box system which Participants and subscribers who are eligible for MLS access shall use subject to the execution of a lease agreement. Licensed Home Inspectors who are Affiliate members in good standing of the Association may be eligible to lease keys subject to approval of their application and subject to satisfactory completion of a criminal background check. The Lock Box system shall be used for the purpose of legitimate real estate business. This lease agreement shall provide that keys may not be used under any circumstances by anyone other than the keyholder. This system shall be provided by a recognized Lock Box vendor and it shall comply with current NAR security requirements. If a Participant or Subscriber places any Lock Box on a listing for the purpose of providing access to the property by other MLS Participants and Subscribers within the service area of the Association, an Association approved electronic Lock Box is required. Electronic Lock Boxes will be required even if a third party (e.g., a lender) mandates the use of other types of Lock Boxes. In such situations, both types of Lock Boxes shall be used.