Common use of Procedures for Replacement Clause in Contracts

Procedures for Replacement. If we approve a replace- ment resident, then, at our option: (A) the replacement res- ident must sign this Lease with or without an increase in the total security deposit; or (B) the remaining and replace- ment residents must sign an entirely new Lease. Unless we agree otherwise in writing, the departing resident’s secu- rity deposit will automatically transfer to the replacement resident as of the date we approve. The departing resident will no longer have a right to occupancy or to a security- deposit refund, but will remain liable for the remainder of the original Lease term unless we agree otherwise in writ- ing—even if a new Lease is signed.

Procedures for Replacement. If we approve a replace- ment resident, then, at our option: (A) the replacement res- ident resi- dent must sign this Lease with or without an increase in the total security deposit; or (B) the remaining and replace- ment replacement residents must sign an entirely new Lease. Unless we agree otherwise in writing, the departing resident’s secu- rity deposit security depos- it will automatically transfer to the replacement resident as of the date we approve. The departing resident will no longer have a right to occupancy or to a security- security-deposit refund, but will remain liable for the remainder of the original Lease term unless we agree otherwise in writ- ingwriting—even if a new Lease is signed.

Procedures for Replacement. If we approve a replace- ment replacement resident, then, at our option: (A) the replacement res- ident resident must sign this Lease with or without an increase in the total security deposit; or (B) the remaining and replace- ment residents replacement resi- dents must sign an entirely new Lease. Unless we agree otherwise other- wise in writing, the departing resident’s secu- rity security deposit will automatically transfer to the replacement resident as of the date we approve. The departing resident will no longer have a right to occupancy or to a security- security-deposit refund, but will remain re- main liable for the remainder of the original Lease term unless we agree otherwise in writ- ingwriting—even if a new Lease is signed.