Common use of APPLICATION DEPOSIT Clause in Contracts

APPLICATION DEPOSIT. All money paid upon signing of this Lease will be deemed an Application Deposit until the commencement date of the Lease. Upon the commencement date of the Lease, money paid as a Refundable Deposit will be held and credited as Resident’s security deposit. Failure to take possession of the apartment unit will result in Landlord exercising all rights and remedies available to Landlord under North Carolina law. SECURITY DEPOSIT: Upon commencement of the Lease, Resident acknowledges receipt, in good condition, of the Premises and all its equipment, excepting the list of defects that Landlord shall deliver to Resident within five (5) days of the Lease commencement date. Resident shall deliver in writing and within (5) days thereafter any additional preexisting damages which Resident may discover or Landlord's list shall be accepted as a true and accurate description of the condition of the Premises at the time of occupancy. Failure to return said list within 5 days from the Lease commencement date will indicate Resident’s acceptance of responsibility for any and all damages, whether preexisting or not. The Security Deposit is to be held by Landlord as security for faithful performance by Resident of all the terms of this Lease and the Policies and Procedures Handbook. If Resident has fully complied with all the provisions of this Lease, including the Policies and Procedures Handbook, and has thoroughly cleaned and has completely vacated the Premises in good condition (reasonable wear and tear excepted), the Security Deposit will be administered by Landlord and/or Agent in accordance with the North Carolina Tenant Security Deposit Act. IF LANDLORD OR AGENT PLACES THE SECURITY DEPOSIT IN AN INTEREST-BEARING TRUST ACCOUNT, RESIDENT AGREES THAT ANY INTEREST THAT ACCRUES SHALL BE FOR THE SOLE AND EXCLUSIVE BENEFIT OF LANDLORD AND LANDLORD MAY WITHDRAW SUCH INTEREST AT ANY TIME. The Security Deposit will be maintained in a bank account with the following bank: Branch Banking and Trust located at the following address: ▇▇▇ ▇. ▇▇▇▇▇ St. Greenville, NC 27858. Following the termination of the lease and/or tenancy, Landlord may deduct from the Security Deposit for those items permitted under the North Carolina Tenant Security Deposit Act. In the event there is more than one Resident on the Lease, Landlord or Agent will pay any balance remaining from the Security Deposit to both Residents in the form on one check, and the other Residents agree to hold Landlord and/or Agent harmless for such action. Resident is responsible for providing Landlord and/or Agent with a forwarding address so that Landlord and/or Agent knows where to forward the final account statement and the balance of the Security Deposit. Resident may request in writing, at least 5 days prior to the final move out inspection of the premises, to be present at said inspection. Resident hereby acknowledges that the Security Deposit is being held as security for Resident’s performance of the terms and conditions of the Lease. To the extent Landlord can determine any deductions from the Security Deposit within thirty (30) days after lease expiration date; Landlord will forward the balance of the Security Deposit along with an itemization of the deductions to Resident at Resident’s last known address. THE DEPOSIT MAY NOT UNDER ANY CONDITIONS BE DEDUCTED BY RESIDENT FROM ANY RENTAL PAYMENTS.