AGREEMENT TO PAY SECURITY DEPOSIT

(USDA-RD Rental Assistance & HUD Section 8 Properties ONLY)

I, / ______/ , and I, / ______, / do hereby agree that I/we
resident/applicant name / resident/applicant name
owe / ______/ in the amount of / $______/ as a result of my/our
name of agency / Security Deposit Amount
occupancy at / ______/ for unit #______.
name of apartments
A payment in the amount of / $______/ will be paid on / ______/ and I will continue
down payment / 1st payment date
to pay the amount of / $______/ on the first (1st) day of each month, for up to three (3) months,
until the balance is paid in full.
monthly payment amount

In addition to the above payments, Resident agrees to make ALL future rental payments on time as provided in the Rental Agreement (lease). This agreement only pertains to payment of the Security Deposit for the time period specified above.

Special Provisions:

SECURITY DEPOSIT AGREEMENT POLICY

It is Management's policy to collect the FULL amount of Security Deposit at move-in. However, for persons eligible for Rental Assistance or HUD Section 8 subsidy an exception to this policy will be made in a manner to prevent hardship to the household. If Resident(s) cannot pay the full amount initially, he/she/they may be given the following terms:

(a)A down payment NOT to exceed 30% of adjusted monthly income must be paid initially; and,

(b)Monthly installment payments of $15 OR that amount needed to pay off the balance within 3 months, whichever is greater must be paid.

Failure to abide by this "Security Deposit Agreement" will result in one or more of the following actions:

  1. The TOTAL outstanding Security Deposit balance may become due and payable in FULL.
  2. Resident rental payments received AFTER this three-month period may be applied FIRST to the outstanding Security Deposit balance. Any money leftover (not applied to security) would then be applied to the actual rental charge.

It should be noted that this agreement would be in default when ONE (1) payment is delinquent. NO FUTURE AGREEMENT WILL BE MADE WITH THE SAME RESIDENT/APPLICANT.

I/We have read the “Security Deposit Agreement Policy” above and understand that my/our failure to abide by this agreement will result in one or more of the actions listed. I/We understand that if I/we am/are unable to meet my scheduled payment, I must notify the Management office prior to the due date to explain.

Resident/Applicant Signature: / Date:
Resident/Applicant Signature: / Date:

THIS STATEMENT MUST BE NOTARIZED OR WITNESSED

If Notarized / If Witnessed
County of: / Witness' Printed Name:
Sworn before me this _____ day of ______. / Witness' Signature:
Notary: / Date Witnessed:

NOTE: This Apartment Community does not discriminate on the basis of handicapped status in the admission or access to, or treatment or employment in, its federally assisted programs and activities.

Security Deposit Agreement (7/07)Page 1 of 1RA-8hr