The application hereby consents to and authorizes Expressways Rental Properties, LLC (Agent) investigation into the creditworthiness of the Applicant. The Applicant grants such consent and authorization to Agent for the period commencing as of the date of this application and terminating at the date set for the termination of the proposed lease ("ending date"). The Applicant acknowledges that Agent may conduct a credit investigation of Applicant at any time from the date hereof up to the ending date. This includes Individuals and Companies. Please fill out both Individual and/or Company.
HOLDING DEPOSIT; FORFEITURE UPON APPROVAL. Applicant(s) tenders a holding deposit (the "Holding Deposit") in connection with this Application. Applicant acknowledges that, upon Landlord's written approval of this Application, Landlord will remove the Premises from the rental market, cease all marketing and showing activity, and decline other prospective tenants, thereby incurring costs and lost leasing opportunities that are difficult or impossible to determine with precision.
Accordingly, the parties agree as follows: (a) If Landlord denies or declines to approve this Application, the Holding Deposit shall be returned to Applicant in full within 15-30 business days. (b) Upon Landlord's written approval of this Application, the Holding Deposit shall become immediately non-refundable. (c) If Applicant fails to execute the lease within 2 days after approval, withdraws this Application, or otherwise fails or refuses to proceed with the tenancy, Landlord shall retain the Holding Deposit as liquidated damages and not as a penalty, the parties acknowledging that the Holding Deposit represents a reasonable estimate of Landlord's damages resulting from removing the Premises from the market and foregoing other leasing opportunities. (d) If a lease is executed, the Holding Deposit shall be credited toward Applicant's security deposit and/or first month's rent, as provided in the Lease.
Applicants acknowledge that they have read and understand this provision and voluntarily agree to its terms.