PRE-LEASE DEPOSIT AGREEMENT
Applicant, by making application and paying monies to Management in form of a Pre-Lease Deposit, for the referenced property that Applicant has chosen agrees to follow terms regarding the handling of the pre-lease deposit:
If the information provided by Applicant is truthful and Applicant's application for rental is approved, Management agrees to rent the unit applied for to Applicant. Management will notify Applicant within 7 days after applicant has made application whether or not Applicant has been accepted.
If accepted, Applicant agrees to enter into the rental (Lease) agreement and pay rent for the apartment or house applied for in a timely manner as directed by Management.
If Applicant and Management enter into a rental (Lease) Agreement, the Pre-Lease Deposit will be applied to Damage Deposit. Please note that the Pre-Lease Deposit is NOT the Damage Deposit and should not be considered as such.
If the applicant is accepted, then fails to enter into a rental (Lease) agreement as provided in paragraph 2 above, Management will retain some or all of the Pre-Lease Deposit as reimbursement for any rent lost due to Applicant's failure to enter into the rental (Lease) agreement.
In addition to reimbursement for loss of any rent, Management will retain the entire amount of the Pre-Lease Deposit as liquidated damages for reimbursement of general costs, including administrative and advertising costs, and for removing the unit from the market.
If Applicant is not accepted for tenancy, the Pre-Lease Deposit will be returned in the form of a check.
Falsification of information on application is an automatic disqualification and for such false statements, Management may retain the said Deposit and Applicant may be fined a minimum of $500.00. (MN Statute 504b.173 Sud. 4(b)).
This Pre-Lease Deposit is agreed to by Applicant and Management upon Applicant's submission of payment monies for the Pre-Lease Deposit.
Visa, MasterCard, and American Express accepted only.