It is agreed that Tenant shall pay the balance of funds due by the date the property is to be occupied, and sign a rental/lease agreement.
Owner/Agent is charging this deposit for the purpose of securing the execution of a rental agreement after having approved the application and prior to entering into a rental agreement. If a rental agreement is executed, the Owner/Agent shall apply the deposit toward the funds due under the rental agreement. If a rental agreement is not executed due to a failure by the applicant to comply with this agreement, the Owner/Agent may retain the deposit in full. If a rental agreement is not executed due to a failure by the Owner/Agent to comply with this agreement within four (4) days the Owner/Agent shall return the deposit to the applicant either at the place of business or by mailing the deposit by First Class mail to the applicant. Proof of timely compliance with this requirement shall include a postmark.
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