Resident’s Obligations when Xxxxx is signed Sample Clauses

Resident’s Obligations when Xxxxx is signed. Once Resident signs this Lease, Resident shall be obligated to comply with this Lease. Provided, however, Resident shall have the right to cancel this Lease prior to the Start Date in the event Resident: (i) provides written notice to Owner prior to the date on which Resident desires to cancel this Lease; (ii) pays a cancellation fee in the amount of $_50_ per day for each day after the date on which Resident has signed the Lease (as long as the cancellation date is prior to the Start Date; if not, Resident has no right to cancel this Lease pursuant to this provision) up to a maximum of the greater of: (a) 30 days of the per diem fee; or (b) an amount equal to the Monthly Rent; and (iii) signs a Cancellation of Lease Agreement on Owner’s form and submit the Cancellation Agreement to Owner which will formally cancel this Lease. Resident acknowledges that: (i) the cancellation fee is a buy-out fee which contemplates the various risk of the parties with respect to early termination of this Lease; (ii) Resident’s right to cancel under this provision may be exercised by Resident, in Resident’s sole discretion; and (iii) if Resident fails to cancel this Lease prior to the Start Date, Resident is responsible for complying with all terms of this Lease.