Commitment Requirement
Tenant agrees to lease a unit within L.C Suites for a minimum of the agreed term. If the Tenant chooses to break the lease before the lease term ends, the Tenant will remain responsible for the remaining balance owed under the lease agreement. Tenant is legally responsible for the full lease term. Tenant agrees to pay rent under the provided structures. After the leases term has been fulfilled, rent may increase to help cover rising costs such as utilities, maintenance, insurance, and other operating expenses. Any rent increase will be provided in writing prior to lease renewal.
Once a deposit equal to 50% of the full monthly rental amount has been received, the first rent payment will be due two (2) weeks from the deposit date, regardless of the selected payment structure. If the Tenant chooses monthly, biweekly, or weekly payments, the initial payment will still be due after the first two (2) weeks. L.C Suites is not obligated to hold any space until the Tenant is ready to move in. All payments must be made within the required timeframe to maintain occupancy eligibility, or the space will be placed back up for lease. The deposit becomes is nulled and void.
Automatic Payment & Late Fee Policy
After the first two weeks of the lease term, Tenant agrees that all rent payments will be automatically drafted from the bank account or payment method provided.
Tenant authorizes L.C Suites to initiate recurring payments for all rent due under this agreement.
Late Fees
A $25 late fee will be applied if rent is not received within five (5) days of the due date. An additional $5 per day will be charged for each day thereafter until the balance is paid in full.
Failed or Declined Payments
•Tenant is still responsible for rent and all applicable late fees
•A returned payment fee of $20 may be applied
•Continued failed payments may result in default of the lease agreement
Payment Authorization
Tenant agrees to keep a valid payment method on file at all times and understands that failure to do so may result in penalties or lease violation.