Holding Deposit Terms
THRIVE | Coworking [Landlord] has received [Holding Deposit Amount] from [Tenant #1] and [Tenant #2] (Applicant) as a holding deposit for the executive suite located at 44 Milton Avenue , Suite(s) # [Suite Number], Alpharetta GA 30009 as of [Today’s Date]. The following terms and conditions are set forth:
1. Tenant agrees to execute a lease by [Tenancy Start Date]. The basic terms of which are to be:
[Duration of Tenancy]
Security Deposit equal to 1/2 month’s rent.
2. [Tenant #1] and [Tenant #2] has paid the holding deposit to Landlord and landlord is free to deposit all funds herein received in a liquid account. Unless Applicant’s application is not approved, Applicant’s holding deposit is 100% non refundable.
3. Upon notification to the Applicant by the Landlord that his/her rental application is accepted, the applicant agrees to execute the lease and all related documents and pay any balance still owed for the first month’s rent and security deposit. Applicant understands that once approved, the office space will be taken off the market and will be reserved for the Applicant.
4. If, after acceptance of the applicant’s rental application, the applicant fails to comply with these terms, the Landlord may elect to retain the Holding Deposit as liquidated damages.
5. If any legal action is brought to either party to enforce any part of this agreement, the prevailing party shall recover, in addition to all other relief, reasonable attorney fees and costs. By completing the Holding Deposit Agreement Form, both the Landlord and the Applicant acknowledge and accept all terms contained herein.
6. All utilities are included in the rent with the exception of printing and phone service.
7. The following special stipulations are to be included in the terms of the lease: [Special Stipulations]