At the time of application approval, the Applicant shall provide Carco Properties a hold fee that is equal to the first month's rent payment. When the lease agreement is signed, the hold fee shall be transferred and credited as the tenant's security deposit. If the Applicant's application is approved and the Applicant fails to execute Carco Properties' standard lease agreement for the Premises prior to the commencement date (or to pay the required rent thereunder such the lease does not commence), Carco Properties shall retain the hold fee as liquidation of damages, it being acknowledged and agreed that the same is a reasonable pre-estimate for the damages for not seeking to rent the Property to others during this time period and is not a penalty. A sample copy of Carco Properties' standard lease agreement is available upon request prior to payment of the reservation fee.

The above listed applicant declares that all statements made in this application are true and complete. Applicant hereby authorizes Carco Properties LLC to verify all of the information in this application and obtain credit reports on the above listed applicant and/or applicants. If applicant or applicant's spouse has given any false information, Carco Properties is entitled to reject the application and retain all application fees as liquidated damages for Carco Properties' time and expenses in processing this application.