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RESIDENTIAL LEASE/RENTAL AGREEMENT

This agreement made this _____ day of (mo.) ________ (yr.)______, is between _____________ (hereinafter called Management) and

____________________ (hereinafter called Resident). Management leases to Resident, and Resident rents from Management, residential unit

located at _________________________________ (hereafter called premises), under the following conditions:

TERM: 1. The initial term of this lease shall be _____________, beginning (mo./day) ____________ (yr.) _______ and ending Noon,

(mo./day) ____________ (yr.) _______.

POSSESSION: 2. If there is a delay in delivery of possession by Management, rent shall be abated on a daily basis until possession is

granted. If possession is not granted within seven (7) days after the beginning day of initial term, then Resident may void

this agreement and have full refund of any deposit. Management shall not be liable for damages for delay in possession.

RENT: 3. Rent is payable monthly, in advance, at a rate of _______________ dollars ($______________), per month, during the

term of this agreement on the first day of each month at the office of Management or at such other place Management

may designate. Tenant agrees to pay $20 for each dishonored check.

RENT 4. Time is of the essence of this agreement. If the rent is accepted before the close of the business day, on the 4th of each

DISCOUNT: month the rate will be _______________ dollars ($______________), any returned check will be considered as unpaid

rent and not subject to discount.

EVICTION: 5. If the rent called for in paragraph 3 hereof has not been paid by the fifteenth (15th) of the month, then Management shall

automatically and immediately have the right to take out a Dispossessory Warrant and have Resident, his/her family and

possessions evicted from the premises.

INDEMNIFICATION 6. Management acknowledges receipt of _______________ dollars ($______________), as a deposit to indemnify owner

DEPOSIT: against damage to the property and for Resident's fulfillment of the conditions of this agreement. Deposit will be returned to

Resident less a $50 carpet cleaning charge, thirty (30) days after the residence is vacated if:

(a) Lease term has expired or agreement has been terminated by both parties; and

(b) All monies due Management by Resident have been paid; and

(c) Residence is not damaged and is left in its original condition, normal wear and tear expected, and

(d) Management is in receipt of copy of paid final bills on all utilities (includes gas, electric, water, garbage,

and telephone).

(e) Deposit will not be returned if Resident leaves before lease time is completed. Deposit may be applied by

Management to satisfy all or part of Resident's obligations and such act shall not prevent Management from

claiming damages in excess of the deposit. Resident may not apply the deposit to any of the rent payment.

RENEWAL 7. It is the intent of both parties that this lease is for a period of ____________ months and that the last month's rent will apply

TERM: only to the last month of the lease period. Should this lease be breached by the Resident, both the last month's rent and

the indemnification deposit shall be forfeited as liquidated damages and the Resident will owe rent through the last day

of occupancy.

SUBLET: 8. Resident may not sublet residence or assign this lease without written consent of Management.

CREDIT 9. Management having received and reviewed a credit application filled out by Resident, and Management having relied upon

APPLICATION: the representations and statements made therein as being true and correct, has agreed to enter into this rental agreement

with Resident. Resident and Management agree the credit application the Resident filled out when making application to

rent said residence is hereby incorporated by reference and made a part of this rental agreement. Resident further agrees

if he/she has falsified any statement on said application, Management has the right to terminate rental agreement immediately,

and further agrees Management shall be entitled to keep any security deposit and any prepaid rent as liquidated

damages. Resident further agrees, in event Management exercises its option to terminate rental agreement, Resident will

remove him or herself, his/her family, and possessions from the premises within 24 hours of notification from Management

of the termination of his lease. Resident further agrees to indeminify Management for any damages to property of

Management including, but limited to, the cost of making residence suitable for renting to another Resident, and waives

any right of "set off" for the security deposit and prepaid rent which was forfeited as liquidated damages.

FIRE AND 10. If residence becomes uninhabitable by reason of fire, explosion, or by other casualty, Management may, at its option,

CASUALTY: terminate rental agreement or repair damages within 30 days. If Management does not do repairs within this time or if

building is fully destroyed, the rental agreement hereby created is terminated. If Management elects to repair damage, rent

shall be abated and prorated from the date of the fire, explosion, or other casualty to the date of reoccupancy, providing

during repairs, Resident has vacated and removed Resident's possessions as required by Management. The date of

reoccupancy shall be the date of notice that residence is ready for reoccupancy.

HOLD OVER: 11. Resident shall deliver possession of residence in good order and repair to Management upon termination or expiration

of this agreement.

RIGHT OF 12. Management shall have the right of access to residence for inspection and repair or maintenance during reasonable

ACCESS: hours. In case of emergency, Management may enter at any time to protect life and prevent damage to the property.

USE: 13. Residence shall be used for residential purposes only and shall be occupied only by the persons named in Resident's

application to lease. The presence of an individual residing on the premises who is not a signator on the rental agreement

will be sufficient grounds for termination of this agreement. Residence shall be used so as to comply with state, county,

and municipal laws and ordinances. Resident shall not use residence or permit it to be used for any disorderly or unlawful

purpose or in any manner so as to interfere with other Resident's quiet enjoyment of their residence.

PROPERTY 14. Management shall not be liable for damage to Resident's property for any type for any reason or cause whatsoever,

LOSS: except where such is due to Management's gross negligence. Resident acknowledges that he/she is aware that he/she is

responsible for obtaining any desired insurance for fire, theft, liability, etc. on personal possessions, family, and guests.

PETS: 15. Animals, birds, or pets of any kind shall not be permitted inside the residential unit at any time unless the prior written

approval of Management has been obtained.

INDEMNIFICATION: 16. Resident releases Management from liability for and agrees to indemnify Management against losses, incurred by

Management as a result of (a) Resident's failure to fulfill any condition of this agreement; (b) any damage or injury

happening in or about residence or premises to Resident's invitees or licensees or such person's property; (c) Resident's

failure to comply with any requirements imposed by any governmental authority; and (d) any judgement, lien, or other

encumbrance filed against residence as a result of Resident's action.

FAILURE OF

MANAGEMENT 17. Failure of Management to insist upon compliance with the terms of this agreement shall not constitute a waiver of

TO ACT: any violation.

REMEDIES 18. All remedies under this agreement or by law or equity shall be cumulative. If a suit for any breach of this agreement

CUMULATIVE: establishes a breach by Resident shall pay to Management all expenses incurred in connection therewith.

NOTICES: 19. Any notice required by this agreement shall be in writing and shall be delivered personally or mailed by registered or

certified mail.

REPAIRS: 20. Management will make necessary repairs to the exterior with reasonable promptness after receipt of written notice from

Resident. Resident shall make all necessary repairs to interior and keep premises in a safe, clean, and sanitary condition.

Resident shall make contact with all repair or service people and will be responsible for paying the first $25 of any charge.

Resident may not remodel or paint or structurally change, nor remove any fixture therefrom without written permission

from Management.

ABANDONMENT: 21. If Resident removes or attempts to remove property from the premises other than in the usual course of continuing

occupancy, without having first paid Management all monies due, residence may be considered abandoned, and

Management shall have the right without notice, to store or dispose of any property remaining on the premises by

Resident. Management shall also have the right to store or dispose of any of Resident's property remaining on the

premises after the termination of this agreement. Any such property shall be considered Management's property and the

title thereto shall vest in Management.

MORTGAGEE'S 22. Resident's rights under this lease shall at all times be automatically junior and subject to any deed to secure debt which is

RIGHTS: now or shall hereafter be placed on premises of which residence is part; if requested, Resident shall execute promptly any

certificate that Management may request to specifically implement the subordination of this paragraph.

RULES AND 23. (a) Signs: Resident shall not display any signs, exterior lights, or markings. No awnings or other projections shall be

REGULATIONS: attached to the outside of the building.

(b) Locks: Resident is prohibited from adding locks to, changing, or in any way altering locks installed on the doors. All

keys must be returned to Management of the premises upon termination of the occupancy.

(c) Entrances, walks, lawns, and driveways shall not be obstructed or used for any purpose other than ingress and egress.

(d) Radio or television aerials shall not be placed or erected on the roof or exterior.

(e) Parking: Non-operative vehicles are not permitted on premises. Any such non-operative vehicle may be removed by

Management at the expense of Resident owning same, for storage or public or private sale, at Management's option,

and Resident owning same shall have no right of recourse against Management therefor.

(f) Storage: No goods or materials of any kind or description which are combustible or would increase fire risk or shall in

any way increase the fire insurance rate with respect to the premises or any law or regulation, may be taken or placed

in a storage area or the residence itself. Storage in all such areas shall be at Resident's risk and Management shall not

be responsible for any loss or damage.

(g) Walls: no nails, screws, or adhesive hangers except standard picture hooks, shade brackets, and curtain rod

brackets may be placed in walls, woodwork, or any part of residence.

(h) Guest: Resident shall be responsible and liable for the conduct of his/her guests. Act of guests in violation of this

agreement or Management's rules and regulation may be deemed by Management to be a breach by Resident. No

guest may stay longer than 10 days without permission of Management: otherwise a $10 per day guest charge will be

due Management.

(i) Noise: All radios, television sets, phonographs, etc. must be turned down to a level of sound that does not annoy or

interfere with neighbors.

(j) Resident shall maintain his/her own yard and shrubbery and furnish his/her own garbage can.

(k) Resident's Guide: Management reserves the right at any time to prescribe such additional rules and make such

changes to the rules and regulations set forth and referred to above, as Management shall, in its judgement, determine

to be necessary for the safety, care, and cleanliness of the premises, for the preservation of good order or for the

comfort or benefit of Residents generally.

ENTIRE 24. This agreement and any attached addendum constitute the entire agreement between the parties and no oral statements

AGREEMENT: shall be binding. It is the intention of the parties herein that if any part of this rental agreement is invalid, for any reason,

such invalidity shall not void the remainder of the rental agreement.

IN WITNESS WHEREOF, the parties hereto have caused these presents to be signed in person the day and year first above written.

MANAGEMENT RESIDENT(S)

NUMBER OF RESIDENTS LIVING WITHIN THE PREMISES:_________

 

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