Common use of Performance Deposits Clause in Contracts

Performance Deposits. Collect security or performance deposits from tenants and refund such deposits, less any proper deductions, and if required by law to do so, pay interest on any such deposit. All such deposits will be handled as directed by the VRLTA provisions in effect and applicable lease provisions. Agent may require at lease­signing a performance deposit in an amount equal to up to two month=s rent. The amount of this deposit is dependent upon the applicant=s credit history and other Arisk factors.@ Agent may allow a delay or payment­plan on performance deposits. The amount of performance deposit is left to Agent=s discretion. Agent has become, due to market requirements, more Apet tolerant@ over time. An Owner may make the decision on whether any particular unit is Aanimal approved.@ or leave such decisions to Agent. Animal issues are outlined on the DATA/FEE PAGES (Section 5) of this Agreement. Agent may require a NON­REFUNDABLE pet fee either in lieu of or in addition to a performance deposit on pet approved units. Non­refundable pet fees become the property of the Owner and are forwarded with the next monthly statement after they are collected. Animal approved units thus provide an additional revenue source for owners as well as a higher rent. Animals almost always cause some degree of Adamage@ to a property. Owners must weigh the pros and cons if they elect to allow animals.

Performance Deposits. Collect security or performance deposits from tenants and refund such deposits, less any proper deductions, and if required by law to do so, pay interest on any such deposit. All such deposits will be handled as directed by the VRLTA provisions in effect and applicable lease provisions. Agent may require at lease­signing lease-signing a performance deposit in an amount equal to up to two month=s rent. The amount of this deposit is dependent upon the applicant=s credit history and other Arisk factors.@ Agent may allow a delay or payment­plan payment-plan on performance deposits. The amount of performance deposit is left to Agent=s discretion. Agent has become, due to market requirements, more Apet tolerant@ over time. An Owner may make the decision on whether any particular unit is Aanimal approved.@ or leave such decisions to Agent. Animal issues are outlined on the DATA/FEE PAGES (Section 5) of this Agreement. Agent may require a NON­REFUNDABLE NON-REFUNDABLE pet fee either in lieu of or in addition to a performance deposit on pet approved units. Non­refundable Non-refundable pet fees become the property of the Owner and are forwarded with the next monthly statement after they are collected. Animal approved units thus provide an additional revenue source for owners as well as a higher rent. Animals almost always cause some degree of Adamage@ to a property. Owners must weigh the pros and cons if they elect to allow animals.