Lexington Asset Management Statement of Rental Qualifications<br />Revised as of May 28, 2013<br />We are delighted that you are interested in leasing a home in <br />our community. In order to help you in making your decision, <br />we have listed below the criteria for qualifying as a resident <br />with us. <br />&bull; A separate rental application must be fully completed, <br />dated and signed by each applicant and all occupants 18 <br />years of age or older. Multiple adults applying for the <br />same unit will be screened together. However, with the <br />exception of income (which is combined for all applicants), <br />each applicant must fully meet each of the rental criteria. <br />All applications are subject to approval through an outside <br />Application Processing Agency: LeasingDesk Screening. All <br />information obtained is kept confidential and a copy of our <br />privacy policy is available to you upon request. Approval, <br />approval with conditions and denial are based on a review <br />of the following criteria:<br />Availability Policy - Apartments become available to pre-lease <br />when the current resident submits a written notice of intent to <br />vacate. Apartments that are vacant but have an application <br />pending for rental or have an approved application on record <br />will not be considered as available.<br />Age Requirement - Lease Holder(s) must be 18 years of age or <br />older. <br />&bull; All occupants 18 years of age or older will be required to <br />complete an application and pass the Criminal and Rental <br />Credit reports. <br />Initials: Renter's Insurance Requirement -<br />We require you to purchase and maintain personal liability <br />insurance covering you, your occupants and guests, for <br />personal injury and property damage you cause to third parties <br />(including damage to our property), in a minimum policy <br />coverage amount of $100,000. Failure to maintain said <br />insurance shall be cause for a default to exist pursuant to the <br />terms of the lease. You may choose your preferred insurance <br />company.<br />Identification &ndash; For your protection, each applicant must <br />provide a valid government-issued identification and allow it to <br />be photocopied. <br />Occupancy Standard -The occupancy standard is two persons <br />per bedroom, plus one additional person per unit. If the <br />addition of a minor to the household, through birth, adoption, <br />custody change, guardianship, or other circumstances causes <br />the household to be over-occupied, the household may remain <br />in the current unit through the end of their lease or 6 months, <br />whichever is longer. At the end of that period, the household <br />must move to a larger unit, if one is available or off the <br />property.<br />Animals - Each community has specific restrictions regarding <br />the type, age and size of pets that may be accepted, if any. <br />Upon request, you will be provided a copy of these restrictions.<br />&bull; Any breed deemed aggressive by state or local officials will <br />not be accepted.<br />&bull; All pets are subject to management written approval and <br />community policy.<br />&bull; Assistive / Service animals for the disabled are exempted <br />from these restrictions but still require a written animal <br />addendum be completed, all fees and deposits are waived. <br />Assistive/Service animals must be maintained in a peaceful <br />and orderly manner at all times.<br />Initials: Income Requirements / Verification<br />- Income history must be reasonably verifiable. Income must be <br />legal and verifiable. <br />&bull; Total combined gross monthly income of all applicants <br />must be three (3) times the amount of the <br />monthly market rent.<br />&bull; All applicants are required to have a minimum of One (1)<br />years continuous employment history. If you have recently <br />changed employers or relocated to the area your most <br />recent employment history may be used.<br />&bull; Applicants will be required to show proof of at least Four <br />(4) consecutive weeks of legal income. Acceptable proof <br />of income includes, but is not limited to: pay stubs and<br />other verification from employer; previous year&rsquo;s tax <br />returns and bank statements; investment income <br />statements, proof of receipt of retirement, social security, <br />disability, welfare, child or spousal support or any other <br />legal income.<br />&bull; Student applicants attending college will be accepted as an <br />alternative to being employed; therefore a student may <br />obtain a qualified guarantor.<br />&bull; The only exception to this would be if the base salary were <br />verifiable by other means and the applicant qualified with<br />the base salary alone.<br />Initials: Rental / Mortgage History - Rental / <br />Mortgage History must be verifiable (rental history reports are <br />obtained). All addresses on Rental Application and Credit <br />report are verified. Verifications are obtained in writing, with <br />non-related independent third (3rd) party.<br />&bull; The applicant(s) must have at least 12 (twelve) month&rsquo;s <br />positive rental / mortgage history. <br />&bull; Positive history includes timely payments, fulfillment of <br />terms, and adherence to the lease agreement.<br />&bull; Poor rental history includes more than Two (2) late <br />payments and/ or more than One (1) eviction proceedings <br />started or completed in a 12 (twelve) month period. Refer <br />to applicants may be denied occupancy.<br />o Any breach of lease agreement will be denied, <br />unless documentation of proven negligence on <br />the part of the Management and/or the Owner(s) <br />of the property is provided. Breach of lease is <br />defined as any monetary or non-monetary <br />violation of the lease agreement and any evictions <br />for rental/mortgage payments and/or damages.<br />Initials: Credit History - Credit history <br />reports are obtained. The entire credit history will be reviewed <br />for all applicants (individual, married, and roommates). Must <br />have acceptable credit history. <br />&bull; Medical &amp; student loan accounts are considered exempt.<br />&bull; Lexington Asset Management uses an empirically derived, <br />statistically sound, credit scoring system to evaluate your <br />consumer credit report. Credit scoring is based on real <br />data and statistics, so it treats all applicants objectively. <br />Your consumer credit report contains information about <br />you and your credit experiences, such as your bill-payment <br />history, the number and type of accounts that you have<br />late payments, collection actions, outstanding debt, and <br />the age of your accounts. <br />o The previous Three (3) years credit history may <br />not include any P&amp;L items (write-off), collections, <br />repossessions, bankruptcy (filing or discharged), <br />foreclosures or unpaid debts to Utility companies.<br />Initials: Check Writing - Check writing history <br />reports are obtained via rental history, credit report &amp; <br />Telecheck.<br />&bull; Positive verification of check writing authorization or no <br />checks will be accepted. <br />&bull; Two (2) returned checks reported during rental history <br />verification, will require certified payments (money orders <br />or cashier checks) during residency.<br />Initials: Criminal History - It is our policy to <br />request a criminal history report on all applicants. <br />&bull; Within the past 10 years, must be free of felony charges.<br />&bull; Within the past 10 years must be free of misdemeanor &amp; <br />unclassified charges related to: violence or drugs.<br />&bull; Must be free of felony convictions. This also includes any <br />terrorism related convictions or charges.<br />Lexington Asset Management Statement of Rental Qualifications<br />Revised as of May 28, 2013<br />&bull; Must be free of misdemeanor and /or unclassified <br />convictions related to: violence or drugs.<br />&bull; Any person convicted for crimes of a sexual nature, <br />designated as a sexual predator/offender, or under <br />consideration by any court for being declared a sexual <br />predator/offender will not be accepted.<br />&bull; Must be free of deferred adjudication of a felony, <br />misdemeanor and/or unclassified.<br />Applicants may be denied occupancy for the following <br />reasons:<br />&bull; Falsification of application by any applicant;<br />&bull; Incomplete application by any applicant;<br />&bull; Insufficient income;<br />&bull; Unverifiable income;<br />&bull; More than 1 Eviction proceedings started;<br />&bull; Poor Rental History (as described above);<br />&bull; Criminal History (as described above);<br />&bull; Poor Credit History (as described above);<br />&bull; Denied by LeasingDesk Screening;<br />&bull; There is an automatic disqualification for evictions, broken <br />leases and/or collections/debts to landlords that haven't <br />been satisfied.<br />Exception for Approval / Lease Guarantee - A Lease Guarantee <br />will not be accepted for poor rental history, previous unpaid <br />evictions, illegally broken leases, collections / debts to <br />landlords; or applicants that do not meet our criminal <br />background standards. No exceptions should be made under <br />any circumstance in order for us to comply with Federal Fair <br />Housing legislation and to avoid discriminatory practices.<br />In the case of one of the following, you may qualify by having <br />the lease guaranteed by a guarantor, by agreeing to the <br />payment of prepaid rent and/or by paying an additional <br />security deposit. (Additional Security Deposit is to be retained <br />until move-out).<br />&bull; If we are unable to verify information<br />&bull; You are a first time renter<br />&bull; Unable to verify Rental History<br />&bull; Have no established credit history<br />&bull; Credit Bureau Alerts &amp; Flags<br />&bull; If the eviction, broken lease and/or collections / debts to <br />landlords is paid in full and you have positive rental history <br />since, you may be considered after fully passing all other <br />criteria. (Refer to Rental &amp; Credit History).<br />&bull; If you are marginal in any area of criteria with the <br />exception of Criminal History.<br />In the case of a paid or settled illegally broken lease or eviction, <br />you may qualify by having the lease guaranteed by agreeing to <br />pay an additional security deposit. (Additional Security Deposit <br />is to be retained until move-out).<br />Guarantors - Guarantors must have a gross monthly income at <br />least 5 (five) times the entire monthly market rent and must <br />fully meet all other qualifications as outlined above.<br />&bull; The guarantor must complete and sign a lease guaranty <br />agreement. Guarantors must be aware that they are <br />guaranteeing the entire Lease agreement regardless of the <br />number of persons listed on the lease agreement. <br />An authorized Corporate Representative must approve, in <br />writing all Exceptions for Approval / Lease Guarantee and any <br />situation, which is not contained in the above guidelines and <br />exceptions.<br />Company policy prohibits employees from showing <br />apartments 30 minutes before dark and showing apartments <br />that are not marketable. A valid photo I. D. is required in <br />order to tour an apartment.<br />Fair Housing Policy - Lexington Asset Management is absolutely <br />committed to compliance with fair housing laws.<br />&bull; Lexington Asset Management does not discriminate on the <br />basis of race, color, religion, sex, national origin, ancestry, <br />familial status, marital status, physical or mental handicap, <br />disability, military status, unfavorable discharge from <br />military service, sexual orientation, gender identity, source <br />of income, age, gender, gender expression, genetic <br />information, medical condition or any arbitrary basis.<br />This Resident Criteria is a guideline, which enables us to accept <br />as prospective residents those individuals who are creditworthy <br />and do not have a criminal background. This rental Criteria <br />does not ensure that all individuals residing on or visiting the <br />community conform to these guidelines.<br />Acknowledgement - Our decisions are based on the <br />information provided by LeasingDesk Screening Solutions, or <br />by any third party as part of the application and verification <br />process at the time of application. We are not responsible for <br />inaccurate information obtained.<br />&bull; By signing below, I (we) acknowledge that I (we) have had <br />the opportunity to review Lexington Asset Management <br />statement of rental qualifications, which includes reasons <br />my (our) application may be denied such as criminal <br />history, credit history, current income, and rental history. I <br />(we) understand that if I (we) do not meet the statement <br />of rental qualifications my (our) application may be <br />approved with a Lease Guarantee or denied. I (we) <br />understand that if I (we) do not meet the statement of <br />rental qualifications or if I (we) fail to answer any question <br />or give false information, the property may reject the <br />application, retain all application fees, administrative fees, <br />and any other prepaid amounts as liquidated damages for <br />its time and expense and terminate my (our) right of <br />occupancy.<br />&bull; Background checks may or may not include community <br />and/or third-party contact with current and/or prior <br />landlord(s), employer(s), and credit reporting agencies, <br />state and local law enforcement agencies, and personal <br />references. Inquiries may include information regarding <br />applicant's character, general reputation, personal <br />characteristics, and mode of living, credit report and <br />criminal background. I (we) authorized management to <br />obtain all such report(s) for verification purposes, and <br />should any information provided by deemed to be false, in <br />accurate or incomplete, the application will be denied. <br />Furthermore, if approval was granted and a lease entered <br />into, that subsequent notification of said falsification shall <br />be cause for a default to exist to the lease, as in the case of<br />any other default. <br />Upon application approval, holding fee and/or prepaid <br />amounts is non-refundable.