SRP MANAGEMENT, INC. APPLICATION PROCEDURES &n= bsp; &= nbsp; Fall, 2009

1037 E. Grand River, East Lansing (side door) &n= bsp; = ; &n= bsp; = ; &n= bsp; = ; &= nbsp; = Phone 332-8600

= (www.housesforrent.com) = &nb= sp; = &nb= sp; = &nb= sp; = &nb= sp; = &nb= sp; E-mail: srpmgt.@att.net

Occupancy must conform to applicable state , federal, and East Lansing laws.&nbs= p; Applicants agree that t= he premises applied for are to be used only as a residential dwelling and that= they will strictly observe the MA= XIMUM LEGAL OCCUPANCY LIMIT. APPLIC= ANTS ALSO AGREE THAT under the terms of the lease, NO PETS, No bulk distribution= of alcohol

(i.e. NO KEGS), or live bands are allowed. Applicants understand that the lease also limits the number of eveni= ng guests

to 20 people or 4 times the licensed occupancy limit (e.g. so a house licensed= for 6 can have 24 guests, etc.). The lease imposes charges from $50 to $500 for lease violati= ons and East Lansing tickets. Applicants understan= d that if they receive more than one ticket for noise, an illegal party, a public disturbance, etc. they will probably be evicted.

&= nbsp; PLEASE DO NOT APPLY IF YOU WISH TO HA= VE BIG or NOISY PARTIES. =

August leases will begin on a day between August= 9 and August 27, 2010 and end on a day between July 26^th and August 15, 2011. Some houses h= ave May to May leases. The total = rent due will be 12 times the advertised installment costs. Rent for each semester is payable = in advance on July 15^th, Dec. 1^st, and April 1^{st. A SECURITY
DEPOSIT (called a Holding Depo=
sit
before you move in) equal to 1½ month’s rent is required. Also, a nonrefundable Preparation Fee of $150 times the
licensed occupancy limit is collected.&nbs=
p;
Before you move in, your unit and its carpets will be cleaned
professionally and painting will be done. There is no application fee.
Each group must designate a GROUP LEADER who will be responsible for
communications with us. All g=
roup
members must sign the lease and all will be jointly and severally liable for
all obligations under it.}

Each app= licant must have a parent or other working adult sign a guarantee for her/his shar= e of the rent and damages.

APPLICATION PROCESS:

1. To rent a house or apartment, all adults in a group who are applying to live in the unit must (A) individually fill out and submit the attached application form with a co= py of their driver’s license attached (B) pay an amount equal to one month’s rent which will be part of a Holding Deposit, and (C) read a copy of the lease and sign the original of the lease in the presence of an SRP Management, Inc. agent. Once these steps have b= een completed, the house will be reserved for the group.

2. SRP Management will be= gin processing your applications from the date they (& the one month’s Holding Deposit) are submitte= d. We immediately mail copies of the “Limited Guaranty of Lease” form= to each cosigner. We are mainly try= ing to evaluate whether you have sufficient sources of income to pay the rent, whe= ther you are likely to take good care of the property, and whether you are finan= cially responsible. (Note that in order to qualify for a “Premier House” your group members must have Landlord references and make a commitme= nt to keep the house clean on a weekly basis.) . SRP Mgt. reserves the right to rej= ect a group’s applications for ten business days after date the lease is si= gned if it finds sufficient negative information. If you have sufficient income, have taken care of previous rental units, and have not gotten lots of serio= us tickets from East Lansing, you have no worries. We reject less than 5 % of all groups and, if your applications are rejected, the holding deposit will be refunded.

3. After the applications are approved and within one month of the date the = lease is signed, your group must schedule a followup meeting w= ith SRP Management, Inc. to make sure all questions are answered and all leasing details taken care of including signing the Lead Paint addendum and East Lansing addendum. This meeting may take up to one hour. All group members are required to attend. Should the group fail to schedule = a follow-up meeting or if all the “Limited Guaranty of Lease” forms are not returned as agreed, SRP may interpret these actions as a withdrawal causing you to forfeit your Holding Deposit.

4. The Holding Deposit h= olds the unit until you move into it. The remainder of the H= olding Deposit (one-half of a month’s rent) and the Preparation Fee of $150 = per person must be paid by Feb. 1= 5, 2010. The Holding Deposit will become the Security Deposit upon occupancy and the receipt of the first rent installme= nt. If you fail to pay the entire Hold= ing Deposit by Feb. 15, 2010, your unit may be re-rented and you would forfeit<= span style=3D'mso-spacerun:yes'> the Holding Deposit paid to date as damages.

. &= nbsp; EXAMPLE: If you wish starting in August, 2010 to rent a house renting for = $600 per month per tenant (Holding deposit = ; will be 1.5(600)=3D$900 per person)= , then you must:

(1^s=
t) To reserve a unit for your group, = each member of the group must turn in a completed application with a $600 <= /o:p>

Holding Deposit per pe= rson, read and sign the lease.

(2^n=
d) SRP Mgt. begins proce= ssing your applications and mails a “Limited Guaranty of Lease” to ea= ch cosigner.

(3^rd) Within 10 busines= s days of your lease signing, your cosigners return the Limited Guaranty forms and=

SRP Management complet= es its investigation of your applications.

(4th) Within one month of signing the lease your group must attend a lease follow= -up meeting with SRP Management to complete leasing details.

(5^th) B= efore Feb. 15,2010 you must pay SRP Mgt. the rest of the Holding deposit (1/2 a month’s rent =3D $300) per person plus a Preparation Fee of $150 per person.

(6^=
th) On July 15, 2010 your fall semester’s rent installment is due. <= /o:p>

(7^=
th) Upon move in, your Holding Deposit becomes your Security Deposit.

Note: Our Current Tena= nts have until Oct. 1,2009 to ren= ew their leases, so please have = a second choice house.

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