Common use of OCCUPANT FEE Clause in Contracts

OCCUPANT FEE. The Fee shall be deposited in a bank account at BB&T, P. O. Box 27961, Raleigh, North Carolina and shall bear interest; said accrued interest becomes payable to the Seminary. The Fee may be used by the Seminary to pay for (i) any damage or the cost of repairs to the Housing, (ii) any other expenses incurred by the Seminary due to the Occupant’s use of the Housing and (iii) any amounts due, and not yet paid, to the Seminary by the Occupant, including, but not limited to, tuition and fees (the “Expenditures”). The Fee, less the Expenditures, will be returned to the Occupant within 30 days of the peaceful termination of this Agreement. Within five business days after the Occupancy Date (the “Inspection Period”), the Occupant shall physically inspect the Housing and report, in writing, any damage and necessary repairs to the Director of Housing. At the end of the Inspection Period, unless written notification is received by the Director of Housing, the Occupant shall be deemed to have certified that the Housing is free of damage and necessary repairs.