Terms and Conditions: Resident's violation of this Lease Term Flexible Payment Plan Agreement ("LTFPP") constitutes a default of the Residential Lease Contract. In the event of a default, a notice to cure will not be given and legal proceedings will begin in accordance to the Residential Lease Contract. The Community may accept any payment and proceed with a dispossessory action for that month if a subsequent payment is missed, and all payments are due as additional rent under the terms of the Residential Lease Contract. Additionally, for and consideration of the above Agreement and, for and on behalf of [his/her] successors and assigns now and forever fully and finally releases, acquits and discharges Wesley Apartment Homes LLC and its successors, assigns, employees, directors, stockholders, attorneys and agents from any and all claims, damages, demands, actions and connection with the above-mentioned matter. Resident(s) will also be responsible for any late fees and attorneys fees as specified by the Residential Lease Contract. All Terms and Conditions of Resident(s) Residential Lease Contract remain in effect and Resident(s) understands that management will insist on strict compliance with the terms of the Residential Lease Contract for all future payments. This Lease Term Flexible Payment Agreement will be null and void and may not be used for any future months if 1) the Resident does not fulfill each of the payment due dates, and/or 2) any single payment is returned as insufficient funds. If any of the payments are returned as insufficient funds, Wesley Apartment Homes will file a dispo and the resident will be charged a Dispo Fee. Additionally, the Resident will also be charged an insufficient funds fee and late fee as applicable.
Late Payments & Reinstatement Fee: Late payments are a violation of the Residential Lease Contract and this Lease Term Flexible Payment Agreement, creating a Default which may subject the Resident(s) to further collection and/or legal action. A $125.00 Reinstatement Fee will automatically be assessed in addition to any late or dispossessory fees for payments that are received after the dates listed on this agreement in the Payment Arrangements section. Resident understands and agrees that management may charge a Late Fee and immediately file a dispossessory action if resident defaults in the terms of this agreement.
Early Enrollment: Resident may enroll within the first 90 days of moving in, with a $125 Early Enrollment Fee per month. The fee is per month, for the first 3 months. Other than this Early Enrollment Fee, resident can sign up at any point during their lease term.
Renewals: The Lease Term Flexible Payment Agreement will remain in effect even through a Renewal Contract until the Resident informs Wesley, in writing, of their desire to cancel per the below Cancellation Policy. Transfers On Site or Relocation to another Wesley Community will require a new LTFPP form to be completed.
Renewal Contracts must be executed by the 25th of the month prior to the Lease Expiration in order to remain on the LTFPP.
Lease Expiration | Last Month of Lease | Month-to-Month Leases: If your Lease Expiration Date falls BEFORE the 25th of the month, you will NOT be eligible for the LTFPP plan on the last month of your Lease. Please make arrangements to make a payment in full at the beginning of the month. The Lease Term Flexible Payment Agreement is NOT available when your tenancy is on a month-to-month status.
Transfer On Site | Relocation to another Wesley Community: If resident transfers to another apartment, the LTFPP Agreement will NOT be available on the last month in the current apartment if it’s before the 25th of the month. If the transfer event occurs on the 26th or later, the LTFPP Agreement will be available on the last month. A new LTFPP agreement will need to be executed at the new apartment.
Payment Defaults: A Reinstatement Fee of $125 (subject to change) will be automatically billed for any LTFPP defaults, including a default on the third payment due on the 25th. This Reinstatement Fee is IN ADDITION to the standard $50 LTFPP plan fee. Per the Residential Lease Contract, standard Late Fees and Dispossessory Fees will also be assessed on the account of a resident.
Cancellation & Reinstatement Policy: A resident may cancel a LTFPP at any point during the lease term with advanced written notice. Cancellations received from the 1st - 28th of the month will take affect the following month, with no cancellation fee. A resident who wishes to cancel the LTFPP, must submit the cancellation in writing by the 29th of the month, for the following month. Cancellations can only be requested in advance and in writing. Emails are acceptable. If a resident cancels participation in the LTFPP program and later decides to re-enroll within the same lease term, resident will incur a $125 Administrative Fee each time they cancel/re-enroll. This Administrative Fee is IN ADDITION to the standard $50 LTFPP plan fee
Disclaimer: Management reserves the right to correct errors. If you find errors on this Lease Term Flexible Payment Agreement please contact the leasing office within 24 hours. The amount stated on the Lease Term Flexible Payment Agreement does NOT replace any of the contracted terms of the Residential Lease Contract. The Lease Term Flexible Payment Agreement program may be terminated at any time without notice.