"the holding deposit is not a security deposit...by signing this application and paying the holding deposit, you are requesting us to reserve the [apartment] for you. You understand that the premises will not be taken off the market until such time as you have submitted this fully-completed and signed application as well as all of the necessary documentation we require in order to approve or deny your application. You further understand that his holding deposit does not oblige us to execute a lease or deliver possession of the premises to you.
If your application is denied, we will refund the entire holding deposit to you. We may be required to deposit the holding deposit and issue a refund check to you.
If we notify you that your application has been approved and you notify us within 24 hours of that notification that you do not want to enter into a lease with us, we will refund the entire holding deposit to you. We may be required to deposit the holding deposit and issue a refund check to you.
If we notify you that your application has been approved and you do not notify us within 24 hours of that notification that you do not want to enter into a lease with us, your entire holding deposit will be forfeited. We both agree that your election to not enter into a lease with us, without providing the above notification within 24 hours of your approval notification, will cause us to incur costs that are difficult and impractical to fix. Such costs include, without limitation, lost rent on the premises as well as marketing, advertising, office overhead and other costs incurred by us in preparing the premises for rental to other potential tenants. We both agree that the forfeiture of the holding deposit, in such instance, is not a penalty, but represents a fair and reasonable estimate of the costs that we will incur as a result of your failure to timely enter into a lease for the premises.
If your application is approved and you enter into a lease with us, the holding deposit will be applied, at our discretion, to one of the following: 1) any security deposit required under the lease, 2) any rental amount required under the lease, or 3) any other fees and charges required under the lease. If there is inconsistency between the terms of this application and the signed lease, the terms of the lease will control."
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