APARTMENT DEPOSIT AGREEMENT: I deposit $500.00, as a good faith deposit and a $50.00 Application Fee (per person), with this Application of Residency. If my application is approved, I understand $500.00 will be applied towards the total security deposit due, which is $1,000.00, or the first month’s rent. If for any reason Landlord declines this Application, then Management will refund this good faith deposit minus an application fee of $50.00 (per person). If for any reason I decide to cancel this Application, I understand that this good faith deposit will be forfeited to Landlord as liquidated damages, and which I agree are reasonable in amount. I agree to pay the balance of the deposit upon approval of my/our Application, which is applied towards that total security deposit due at move-in. If I fail to occupy the premises on the agreed upon date, except for delays caused by construction or the holding over of a prior resident, it is understood that all deposits will be forfeited to Landlord as liquidate damages, which I agree are reasonable in amount. If the additional deposit is not made within ten (10) days of the notice of acceptance of the Application, I understand and agree that my good faith deposit will be forfeited to Landlord as liquidated damages, which I agree is reasonable in amount.
All Persons and/or firms named and any court or credit information service may freely give any requested information about me/us and I/we hereby waive all right of action for any consequences resulting from such information. I/we further certify that i/we have read and agree to all entries made on this Application form and do also agree to all the provisions printed on the face of this document. I/we also certify that I/we have retained a copy of this Application. The approval of Application is based on the criteria/rental policies of Landlord.