Common use of APPLICATION DEPOSIT Clause in Contracts

APPLICATION DEPOSIT. All money paid upon signing of this Lease will be deemed an Application Deposit until the commencement date of the Lease. Upon the commencement date of the Lease, money paid as a Refundable Deposit will be held and credited as Resident’s security deposit. Failure to take possession of the apartment unit will result in Landlord exercising all rights and remedies available to Landlord under Virginia law, including the disposition of said Application/Security Deposit in accordance with Virginia Code § 55.1-1203 & 55.1-1226, as amended. SECURITY DEPOSIT: Upon commencement of the Lease, Resident acknowledges receipt, in good condition, of the Premises and all its equipment, excepting the list of defects that Landlord shall deliver to Resident within five (5) days of the Lease commencement date. Resident shall deliver in writing and within (5) days thereafter any additional preexisting damages which Resident may discover or Landlord's list shall be accepted as a true and accurate description of the condition of the Premises at the time of occupancy. Failure to return said list within 5 days from the Lease commencement date will indicate Resident’s acceptance of responsibility for any and all damages, whether preexisting or not. The Security Deposit is to be held by Landlord as security for faithful performance by Resident of all the terms of this Lease and the Policies and Procedures Handbook. If Resident has fully complied with all the provisions of this Lease, including the Policies and Procedures Handbook, and has thoroughly cleaned and has completely vacated the Premises in good condition (reasonable wear and tear excepted), Landlord will dispose of said deposit within the time period specified in the applicable provisions of the Code of Virginia, in effect at the time of termination of tenancy and delivery of possession, less any charges that Landlord may deduct from said deposit in accordance with Virginia Code § 55.1-1226, as amended. Resident may request in writing, at least five days prior to the final move-out inspection of the Premises, to be present at said inspection. If any portion of the deposit is retained by Landlord, Landlord shall forward to Resident, within the time period specified in the aforementioned Code section, an itemized accounting of the proceeds that are being retained and the reasons therefore. Resident agrees to notify Landlord, in writing, of his or her new address as soon as the Premises are vacated. In the event Resident defaults on any provision of this Lease, the deposit may be used by Landlord to apply against any actual damages incurred by Landlord due to said default by the Resident. (THE DEPOSIT MAY NOT UNDER ANY CONDITIONS BE DEDUCTED BY RESIDENT FROM ANY RENTAL PAYMENTS). Further, a $25.00 non-refundable administrative fee will be required to cover the cost of handling the disbursement of said deposit, and if necessary, reporting to and complying with the Commonwealth of Virginia Treasury’s Unclaimed Property Program and the applicable requirements set forth under Virginia § 55.1-1226, as amended. NON-REFUNDABLE RESTORATION FEE: is to be retained by Landlord to offset cleaning costs at the end of the Lease term. In exchange for the payment of this fee, Xxxxxxxx agrees to cover the costs for cleaning of the Premises, kitchen, appliances, and bathrooms, basic steam cleaning of carpets, and waxing and buffing of floors. Within five days of commencement of the Lease, Resident must report any condition that does not comply with the expectations of the Vacating Guidelines specified in the Policies and Procedures Handbook. Charges may be assessed for excessive cleaning or stains and/or damage to the carpet or floors, as further stipulated in the Policies and Procedures Handbook.

APPLICATION DEPOSIT. All money paid upon signing of this Lease will be deemed an Application Deposit until the commencement date of the Lease. Upon the commencement date of the Lease, money paid as a Refundable Deposit will be held and credited as Resident’s security deposit. Failure to take possession of the apartment unit will result in Landlord exercising all rights and remedies available to Landlord under Virginia law, including the disposition of said Application/Security Deposit in accordance with Virginia Code § 55.1-1203 & 55.1-1226, as amended. SECURITY DEPOSIT: Upon commencement of the Lease, Resident acknowledges receipt, in good condition, of the Premises and all its equipment, excepting the list of defects that Landlord shall deliver to Resident within five (5) days of the Lease commencement date. Resident shall deliver in writing and within (5) days thereafter any additional preexisting damages which Resident may discover or Landlord's list shall be accepted as a true and accurate description of the condition of the Premises at the time of occupancy. Failure to return said list within 5 days from the Lease commencement date will indicate Resident’s acceptance of responsibility for any and all damages, whether preexisting or not. The Security Deposit is to be held by Landlord as security for faithful performance by Resident of all the terms of this Lease and the Policies and Procedures Handbook. If Resident has fully complied with all the provisions of this Lease, including the Policies and Procedures Handbook, and has thoroughly cleaned and has completely vacated the Premises in good condition (reasonable wear and tear excepted), Landlord will dispose of said deposit within the time period specified in the applicable provisions of the Code of Virginia, in effect at the time of termination of tenancy and delivery of possession, less any charges that Landlord may deduct from said deposit in accordance with Virginia Code § 55.1-1226, as amended. Resident may request in writing, at least five days prior to the final move-out inspection of the Premises, to be present at said inspection. If any portion of the deposit is retained by Landlord, Landlord shall forward to Resident, within the time period specified in the aforementioned Code section, an itemized accounting of the proceeds that are being retained and the reasons therefore. Resident agrees to notify Landlord, in writing, of his or her new address as soon as the Premises are vacated. In the event Resident defaults on any provision of this Lease, the deposit may be used by Landlord to apply against any actual damages incurred by Landlord due to said default by the Resident. (THE DEPOSIT MAY NOT UNDER ANY CONDITIONS BE DEDUCTED BY RESIDENT FROM ANY RENTAL PAYMENTS). Further, a $25.00 non-refundable administrative fee will be required to cover the cost of handling the disbursement of said deposit, and if necessary, reporting to and complying with the Commonwealth of Virginia Treasury’s Unclaimed Property Program and the applicable requirements set forth under Virginia § 55.1-1226, as amended. NON-REFUNDABLE RESTORATION FEE: is to be retained by Landlord to offset cleaning costs at the end of the Lease term. In exchange for the payment of this fee, Xxxxxxxx Landlord agrees to cover the costs for cleaning of the Premises, kitchen, appliances, and bathrooms, basic steam cleaning of carpets, and waxing and buffing of floors. Within five days of commencement of the Lease, Resident must report any condition that does not comply with the expectations of the Vacating Guidelines specified in the Policies and Procedures Handbook. Charges may be assessed for excessive cleaning or stains and/or damage to the carpet or floors, as further stipulated in the Policies and Procedures Handbook.

APPLICATION DEPOSIT. All money paid upon signing of this Lease will be deemed an Application Deposit until the commencement date of the Lease. Upon the commencement date of the Lease, money paid as a Refundable Deposit will be held and credited as Resident’s security deposit. Failure to take possession of the apartment unit will result in Landlord exercising all rights and remedies available to Landlord under Virginia law, including the disposition of said Application/Security Deposit in accordance with Virginia Code § 55.1-1203 & 55.1-1226, as amended. SECURITY DEPOSIT: Upon commencement of the Lease, Resident acknowledges receipt, in good condition, of the Premises and all its equipment, excepting the list of defects that Landlord shall deliver to Resident within five (5) days of the Lease commencement date. Resident shall deliver in writing and within (5) days thereafter any additional preexisting damages which Resident may discover or Landlord's list shall be accepted as a true and accurate description of the condition of the Premises at the time of occupancy. Failure to return said list within 5 days from the Lease commencement date will indicate Resident’s acceptance of responsibility for any and all damages, whether preexisting or not. The Security Deposit is to be held by Landlord as security for faithful performance by Resident of all the terms of this Lease and the Policies and Procedures Handbook. If Resident has fully complied with all the provisions of this Lease, including the Policies and Procedures Handbook, and has thoroughly cleaned and has completely vacated the Premises in good condition (reasonable wear and tear excepted), Landlord will dispose of said deposit within the time period specified in the applicable provisions of the Code of Virginia, in effect at the time of termination of tenancy and delivery of possession, less any charges that Landlord may deduct from said deposit in accordance with Virginia Code § 55.1-1226, as amended. Resident may request in writing, at least five days prior to the final move-out inspection of the Premises, to be present at said inspection. If any portion of the deposit is retained by Landlord, Landlord shall forward to Resident, within the time period specified in the aforementioned Code section, an itemized accounting of the proceeds that are being retained and the reasons therefore. Resident agrees to notify Landlord, in writing, of his or her new address as soon as the Premises are vacated. In the event Resident defaults on any provision of this Lease, the deposit may be used by Landlord to apply against any actual damages incurred by Landlord due to said default by the Resident. (THE DEPOSIT MAY NOT UNDER ANY CONDITIONS BE DEDUCTED BY RESIDENT FROM ANY RENTAL PAYMENTS). Further, a $25.00 non-refundable administrative fee will be required to cover the cost of handling the disbursement of said deposit, and if necessary, reporting to and complying with the Commonwealth of Virginia Treasury’s Unclaimed Property Program and the applicable requirements set forth under Virginia § 55.1-1226, as amended. NON-REFUNDABLE RESTORATION FEE: is to be retained by Landlord to offset cleaning costs at the end of the Lease term. In exchange for the payment of this fee, Xxxxxxxx Landlord agrees to cover the costs for cleaning of the Premises, kitchen, appliances, and bathrooms, basic steam cleaning of carpets, and waxing and buffing of floors. Within five days of commencement of the Lease, Resident must report any condition that does not comply with the expectations of the Vacating Guidelines specified in the Policies and Procedures Handbook. Charges may be assessed for excessive cleaning or stains and/or damage to the carpet or floors, as further stipulated in the Policies and Procedures Handbook.. SAMPLE