Application Addendum
DEPOSIT HOLDING AGREEMENT WITHDRAWAL OR FAILURE BY APPLICANT TO EXECUTE LEASE AGREEMENT
In reliance upon the subject Application, and Applicant's
representations contained herein, Landlord may take the Apartment off
the market while Landlord evaluates and makes a decision on whether to
approve or disapprove the subject Application.
Consequently, in the event the subject Application is withdrawn or
canceled by Applicant at any time hereinafter, or if Landlord approves
the subject Application and Application then fails or refuses to promptly
thereafter enter into a written lease agreement with Landlord, then a
portion of the Application Deposit equal to fifty percent (50%) shall
be retained by Landlord as LIQUIDATED DAMAGES.
The parties hereto shall have no further obligation to one another, it
being understood and agreed the provisions of California Civil Code
Section 1671(c) and (d) are applicable in that, under the circumstances
herein, it would be impractical or extremely difficult to fix the
actual damage caused to Landlord by the conduct of Applicant.
