POND'S EDGE APARTMENTS
Revision 10/1/2008
* A. Standard Application Lease and Rules:
The Standard Application and the Standard Lease and Rules (with any addendum's thereto) will be used. See Exhibit A hereto:
* B. Conformity with Guidelines:
No Lease shall be entered into which is not in accordance with the current leasing guidelines.
* C. Age
All persons signing a lease shall be at least eighteen (18) years of age. All Applicants that are eighteen (18) years or older must be listed on the lease as a lease holder.
* D. Number of Occupants Per unit:
- General Guidelines for Occupancy Limits. The maximum number of occupants per apartment will be determined in accordance with local ordinances and/or state law. Subject to the language below, in the event that there is no applicable local ordinance or state law, the maximum number of occupants for a specified unit size will be two (2) occupants per bedroom.
- Infant. Any person less than twenty-four months of age will not be considered an occupancy limit.
- Family - Occupancy Limit Exception.
- Definition of "Family". For the purpose as used herein, a "family" shall consist of a parent(s) (or other legal guardians with the parent's written permission) who is domiciled with children under the age of eighteen (18): provided, further, that a "family" shall also include any person who is pregnant or is in the process of securing legal custody of any individual who has not attained the age of eighteen (18) years,
- Family - Occupancy Limit Exception. The maximum number of occupants per apartment for a family will be determined in accordance with the above stated general guidelines for occupancy limits: provided, however, that the appropriate exceptions to such occupancy limits should be made to a family after giving consideration to the unit type, unit floor plan, unit square footage, and the specific needs of the family in question.
* E. Assist Animals
Animals trained to assist blind, deaf, or other disabled individuals are always permitted when a third party verification is provided to management.
* F. Fair Housing Act
Full compliance with the Fair Housing Act is required.
* G. Rejecting Applications
If an application has been rejected, the rejection must be communicated to the applicant in writing with the criteria used and the reason for rejection clearly stated. Any opportunity for further discussion, appeal, or submission of new information shall be disclosed to the applicant in writing, and, further, shall be uniformly applied. A copy of the application, the rejection letter and all related documentation should be maintained for a minimum of two (2) years.
Typically, the processing of all applications will be within seven (7) business days. If at the end of the 7th business day all application information is not obtained and verified, the application will be denied.
* H. Income/Credit Standards
The following will apply to all applicants: (All applicants are all parties to the Lease whom have
applied for a rental unit. Combined incomes of applicants are permitted.)
Applicants monthly rent shall not exceed 35% of monthly gross income or exceed 40% of the gross monthly income including rent and monthly expenses (gross monthly income x .35= maximum allowable rent).
Applicant's creditworthiness shall be determined by the following: verifying employment through employer, verifying salary level through the receipt of two most recent paycheck stubs or verifying other income (e.g., AFDC, alimony) with appropriate source and written documentation, confirming payment record with previous landlord; checking credit rating (in accordance with the criteria listed below); checking bank and personal references.
Applicant's credit report shall be obtained from TransUnion. To display acceptable credit, applicant's credit report will, for the most recent five (5) year period, have no more than two items listed as "Placed for Collection" or "Write off", Bankruptcy, Liens, Civil Judgements, and no more than zero (0) credit lines with a credit rating greater than 03 for a total of no more than $500.00, and for the most recent eighteen (18) months period have no more than zero (0) items listed (as defined above) for a total not more than $0.00. If applicant's credit report does not display acceptable credit:
(i) Applicant should be allowed to contact the credit bureau above to clear any inaccurate items, and a new credit report from the credit bureau will be re-analyzed in accordance with the above criteria; or (ii) applicant will be allowed to present a co-signer for the lease, should the applicant's credit report display one item placed for collections or write off for no more than $500.00. No other reason will be means to accept a cosigner on behalf of applicant for qualifying. If applicant qualifies to present a co-signor such co-signor shall be acceptable if co-signor is (a) a resident and owns property of the state in which the rental community is located (b) co-signors credit report will for the most recent five (5) year period have no more than zero (0) items equaling $0.00 listed as placed for collections, write-off, bankruptcy, civil judgements, and liens. In addition, all other co-signors credit lines may not have a credit rating greater than 01.
* I. Criminal Background Standards:
An applicant will be rejected if the report reflects ANY ONE of the following:
* 1. One or more convictions in the past five (5) years for the following:
Any type of Sex-related crime/Illicit drug activity/Burglary/Robbery/Felony
* 2. Two or more convictions in the past five (5) years for the following:
Misdemeanor assault/Shoplifting/Theft
* J. Payment Terms
All application fees, Security Deposit and Pet Deposits require a receipt and must be held on file for a period of two (2) years.
All initial application fees and deposits must be made in the form of money order or certified funds. All applications must be completely filled out and submitted with an application fee and a minimum holding security deposit of $300.00, in order to hold a vacant unit while the application is being processed. An application submitted with only an application fee will NOT hold any vacant unit, upon arrival of the application you must submit the full security deposit to hold any available unit. In either case once an application is approved, the balance of the security deposit is due within 5 days of the approval to continue to reserve your apartment.
Should the balance of the security deposit not be received within five (5) days, the application will be considered cancelled and the $300.00 holding deposit will be forfeited with the unit being placed back into marketable status.
~~~Apartments will not be held vacant for more than fifteen (15) days~~~
* K. Lease Terms * 12 months Market Rate
*NO INITIAL LEASE TERM MAY BE FOR LESS THAN THREE (3) MONTHS.
Corporate leases available with a minimum of a 3 month term. Call office for details
* L. Renewal Terms
Will apply as stated above. An unsigned renewal will result in market rate + $150.00 + $25.00
* M. Transfer to Another Apartment
A resident who has lived in an apartment for a minimum of six (6) months, may transfer to another apartment at the same or greater rent upon; (i) paying a $300.00 Transfer Fee; and (ii) signing a new twelve (12) month lease.
A resident who wishes to transfer within the property for which they currently reside, may do so by having lived in the current unit for a minimum of six (6) months, having a successful unit inspection, a good payment history, no violations and must meet the current guidelines at time of requested transfer. In addition, the transfer must be made into a unit of same or greater rent, (i) Pay a $300.00 transfer fee; (ii) Pay a new security deposit and pet deposit (where applicable) on the unit for which they are transferring to and (iii) sign a new 12 month lease.
At no time will a pet deposit or security deposit be transferable from one unit to another or refunded prior to vacating.
You will be required at the time of move-in to show proof of personal property insurance (renters insurance). You must have a minimum "liability" amount of $100,000.00. The amount of the contents is at the sole discretion of the tenant. Keys will not be issued at move-in without proof of personal property insurance. |
