Application Deposit (May or May Not Be Refundable Sample Clauses
The Application Deposit clause outlines the requirement for an applicant to pay a deposit when submitting an application, such as for a rental property or service. This clause specifies whether the deposit is refundable or non-refundable, and under what circumstances a refund may be granted, such as if the application is denied or withdrawn within a certain timeframe. Its core function is to secure the applicant's commitment while protecting the recipient from losses due to cancellations or non-serious applicants.
Application Deposit (May or May Not Be Refundable. In addition to any application fee(s), you also agree to pay an application deposit in the amount indicated in paragraph 3. The application deposit is not a security deposit. The application deposit will be credited toward the required security deposit when the Lease has been signed by all parties; OR, it will be refunded under paragraph 6 of the Application Agreement if your application is not approved; OR, it will be retained by us as liquidated damages if you fail to sign or attempt to withdraw under paragraphs 3 or 4 of the Application Agreement.