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1. LANDLORD REFERENCES
POSITIVE references from landlords for the previous 3 years
are required for each applicant.
A. A GUARANTOR OF LEASE will be required if an applicant
for an apartment has no previous independent rental or home
ownership history.
B. A negative landlord reference will result in the disqualification
of all applicants.
2. INCOME QUALIFICATIONS
We require a verifiable income source of all applicants in
order to ensure payment of the monthly rent obligation. If
no verifiable source is available, a Guarantor of Lease will
be required.
3. OCCUPANCY STANDARDS
A. 1-bedroom units allow for a maximum of two people.
B. 2 bedroom units allow for a maximum of four people.
(3 adult occupant limit)
C. 3 bedroom units allow for a maximum of six people.
(3 adult occupant limit)
D. Any existing resident who would like to add a person to
the lease agreement, requires that the person meet all eligibility
requirements.
4. CREDIT POLICY
We will obtain a credit report on each applicant. The trade
line history for the past 12 months will be reviewed. A Guarantor
of Lease or increased deposit will be accepted, with restrictions,
if the applicant has negative credit.
Each applicant must meet the following criteria:
A. Bankruptcy
All bankruptcies must have been discharged for at least 6
months. No new credit
needs be established, but there can be no new credit problems.
B. Judgments
All judgments must have been paid in full and verified as
such. An exception will be made if judgments have been set
up on a payment plan and are being paid as agreed. Verification
of the plan and payments must be obtained from the creditor(s).
C. Collection Accounts
All items placed for collection must be paid in full.
D. Medical Collections
All medical collections and trade lines will be disregarded.
E. Trade Lines
1.75% of all reported accounts must be rated R1, R2, I1 or
I2. No more than 25% of accounts may be rated an R3-R9.
2. No account can have a past due balance. All account balances
must be brought to a current status.
3. Fitness USA trade lines will be disregarded.
F. IF STANDARD CREDIT CRITERIA ARE NOT MET BY AN APPLICANT,
THE FOLLOWING OPTIONS ARE AVAILABLE WITH RESTRICTIONS* :
1. Pay an increased security deposit
A. The applicant must pay a security deposit equivalent to
one full months rent in addition to the regular $200 deposit.
This deposit will include any short-term lease fees and will
exclude any discounts that the applicant may be eligible to
receive.
B. Any security deposit special is inapplicable, applicant
will pay full $200 deposit.
C. Both security deposits will be held against any back rent
due, damages, eviction costs.
D. Additional two months worth of security deposits may not
be used to pay any current rent charges.
OR
2. Obtain a Guarantor of Lease who meets the following criteria
Trade Lines (from the past year)
A. All credit accounts must be rated an R1, R2, I1 or I2.
B. No account can have a past due balance.
C. There must be at least three trade lines that have each
been open for a
minimum of one year.
Collections: There may not be any unpaid accounts in collections.
Bankruptcy: There can be no bankruptcies within the past
five years. If there is a bankruptcy over five years old,
there cannot be any new negative credit.
Income: Rent must not exceed 30% of applicant's annual gross
income.
Medical Collections: All medical collections are disregarded.
Fitness USA: Collections and past due amounts from Fitness
USA are disregarded.
*A $25.00 application fee will be obtained for co-signers
of applicants that have failed credit policy.
*In order to qualify for a cosigner or increased deposit,
all tradelines within the past 12 months and all unpaid collections
will be analyzed to obtain a score from 1-10. All unpaid collections
will be considered a 9. Scores of 6 or greater would not qualify
for increased deposits or cosigner and would denied unless
their initial lease term was paid prior to move-in.
MISREPRESENTATION ON THE APPLICATION OR FAILURE TO DISCLOSE
REQUESTED INFORMATION ON THE APPLICATION WILL RESULT IN DISQUALIFICATION
FOR RESIDENCY
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