HOLDING DEPOSIT EXTENSION AGREEMENT (cont.)

 

Following the signing and dating of the tenancy agreements by all parties, the Tenants consent to the 

holding deposit being retained solely for the purpose of being credited against the first rent payment due under the tenancy in accordance with Clause 4.

 

The holding deposit will only continue to be held where the Tenants are complying with their obligations under this agreement.

 

3. Tenant Obligations

The Tenants agree to take all reasonable steps to enter into the tenancy agreement promptly on or after (insert date, month, year) and, in any event, no later than the extended Deadline for Agreement.

 

The Tenants acknowledge that all steps must be completed in full within the agreed timeframe. If any part is incomplete or delayed, the Landlord may treat the application as not proceeding and may release the Property to another party.

 

4. Application of Holding Deposit

If the tenancy agreements are signed and dated by all parties by the extended Deadline for Agreement, the Tenants consent to the holding deposit being credited against the first rent payment due under the tenancy. 

 

The Tenants agree to pay the balance of the first rent (being the total rent due less the holding deposit) within 4 days of the tenancy agreement being fully executed (signed and dated by all parties).

 

5. If the Tenancy Does Not Proceed

If the tenancy does not proceed, the holding deposit shall be retained or repaid in accordance with the Tenant Fees Act 2019. The Landlord may retain the holding deposit where permitted by law, including (but not limited to) where the Tenants:

• withdraw from the proposed tenancy;

• fail a Right to Rent check;

• provide false or misleading information which materially affects their suitability as tenants; or

• fail to take all reasonable steps to enter into the tenancy agreement within the agreed timeframe, 

      including where any step is incomplete or delayed.