Applicant Deposit. There is a $50 application fee.
in consideration for owner taking the dwelling unit off the market while considering the approval of this application. The application deposit is not a security deposit at this time. The application deposit will be either (a) credited to the required security deposit under paragraph 5 below, (b) refunded to applicant under paragraph 6 below, or (c) retained by Owner as liquidated damages for Owner's costs and expenses in taking the dwelling unit off the market, as well as re-renting expenses such as advertising and overhead under paragraph 7, below.
Approval where Applicant signs lease in advance. If Applicant has already signed the lease at the time of the Owner's approval, the owner's representative will notify the Applicant's of such approval, sign the lease, and credit the proceeds of the application deposit to the Applicant's required security deposit under the lease.
Approval where Applicant has not yet sign lease. If Applicant has not yet signed the lease at the time of the Owner's approval, the Owner's representative will notify the Applicant of such approval and sign the lease. When Applicant enters into the attached lease Owner's representative will credit the application deposit to the required security deposit under the lease.
Where the Applicant is not approved. If Applicant is disapproved, the application deposit will be refunded to Applicant.
Where Applicant withdraws Application or fails to sign the lease upon being approved. Applicant is allowed three days from the time the application is accepted by the Owner's representative during which the deposit is fully refundable. If Applicant notifies Owner that Applicant wishes to withdraw his and/or her application after the three days have elapsed, or if Applicant fails to enter into the attached lease, the application deposit shall be forfeited to Owner as liquidated for damages for Owner's costs and expenses in taking the dwelling unit off the market, as well as re-renting expenses such as advertising and office overhead.
I authorize Sherman Associates, Inc whose address is 233 Park Avenue South, Minneapolis, MN 55415 to investigate my criminal history, residential, employment and income history, bank and credit history for the purpose of housing and/or employment. The source of the information may come from, but is not limited to: credit bureaus; banks and other depository institutions; current and former employers; federal or state records including State Employment Security Agency records; county or state criminal records as follows, or other sources as required. It is understood that a photocopy or facsimile copy of this form will serve as authorization. I understand failure to complete this form completely and truthfully may result in denial and/or forfeiture of deposit. This authorization is for this transaction only and continues in effect for one (1) year unless by state law, in which case the authorization continues in effect for the maximum period, not to exceed one (1) year, allowed by law.