Please note: The application fees are non-refundable (per person). Any deposits paid as earnest money can be refunded to applicant if the application is not processed within 10 business banking days. Upon acceptance of the application, the deposit/earnest money shall be retained as part of the security deposit. When so approved and accepted tenant agrees to execute a lease for 12 months before possession is given and to pay the balance of the security deposit (if any) within 3 business banking days after being notified of acceptance or the deposit will be forfeited as liquidated damages in payment for the agent’s time and effort in processing the inquiry and application, including making necessary investigation of the credit, character and reputation. If the application is not approved and accepted by the owner or agent, the deposit will be refunded, the applicant thereby waiving any claim for damages by reason of non-acceptance.