This holding deposit shall be applied toward the tenant’s
security deposit after the application process is complete and the prospect is approved for
residency. In the event, that the residency application is not approved or if the residence is not
ready for occupancy, the deposit will be returned to the applicant,. If the applicant fails to sign
the rental agreement, fails to provide additional funds required for occupancy, or does not take
occupancy on the scheduled move-in-date above, all of the holding deposit will be retained by
the owner/manager