Resident Overpayment Sample Clauses
The Resident Overpayment clause defines how situations are handled when a resident pays more than the amount owed under a lease or rental agreement. Typically, this clause outlines the process for identifying overpayments, such as through periodic account reviews or resident notifications, and specifies whether excess funds will be refunded to the resident or credited toward future rent. Its core practical function is to ensure transparency and fairness in financial transactions, preventing disputes by clearly stating how overpayments are managed and resolved.
Resident Overpayment. If a Resident has a qualified absence as given under (G.) of this Article resulting in an overpayment of his/ her Service Level fees paid in advance for the month, the amount shall be applied to the monthly fees (Base Fee and/ or Service Level Fees) for the following month. If the overpayment resulted due to the Resident’s death or discharge from the FACILITY, the applicable overpayment shall be refunded within 30 days from the date of the Resident’s death, transfer or discharge.
Resident Overpayment. (1) Residents in Tax Credit only units: Resident agrees that should it be determined at a future date that the rent charged exceeds the tax credit maximum limits; any such overpayment shall be considered a loan from said Resident and shall be repaid by the Landlord without interest. The overpayment shall not be considered a partial rent payment and will not be treated as such.
(2) Residents in all other units: Resident agrees that should it be determined at a future date that the Resident’s rent amount results in an overpayment to the Landlord; any such overpayments shall be considered a loan from said Resident and shall be repaid by the Landlord without interest. The overpayment shall not be considered a partial rent payment and will not be treated as such.
Resident Overpayment