Online Application

SUMMARY OF RENTAL STANDARDS ADDENDUM

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Please note the following:

PLEASE NOTE THAT FAILURE TO MEET THE STANDARDS AS LISTED BELOW, DOES NOT VOID THE LEASE AGREEMENT.

Minors as Residents: If Applicant is a minor (under the age of 18) during any rental period or period of occupancy prior to their eighteenth birthday, Applicant's Lease Agreement must be issued in the name of, and signed by their parent or guardian. Applicant will be listed on the Lease Agreement as the designated resident of the parent/guardian's choice. The parent/guardian wishing to sign the Lease Agreement must meet the qualifications of Self-Guaranty as listed below. If/when Applicant turns eighteen during the course of the Lease Agreement, they must sign the Agreement in their name and are subject to the Parent/Guardian/Sponsor Guaranty of Lease Agreement as listed below.

Signed Lease Agreement: A Lease Agreement signed between the Applicant and Owner, before verification of approval or failure to meet the following rental standards is understood and acknowledged as a legal and binding contract. Lessee would then need to either A) Fulfill Lease Obligation per the Lease Agreement or B) Sub-lease the Premises in accordance with the Sublet Policies as provided by Owner.

APPLICANT AND/OR LESSEE SHOULD NOT SIGN THE LEASE AGREEMENT UNLESS THEY ARE WILLING TO BE LEGALLY BOUND BY THE COMMITMENT, REGARDLESS OF MEETING OR FAILING TO MEET THE RENTAL STANDARDS AS LISTED IN THIS ADDENDUM.


In addition to the standards and agreements as set forth and agreed to within the application, which include, but are not limited to a check of the Applicant's credit, employment, rental history and police/criminal history, Applicants must meet the one of the standards set forth below within thirty (30) days of executing the Lease Agreement in order to be approved to live at your applied to Community.

  1. Parent/Guardian/Sponsor Guaranty of Lease Agreement: A parent, guardian or sponsor, which is defined as an adult who is over the age of 25, United States citizen, who owns real property and/or is gainfully employed, that is able to guaranty the Lease Agreement, providing they fully complete the Guaranty of Lease Agreement. A security deposit per person must remain on file for the duration of the lease contract lease term contracts and is to be paid in full before or on the lease execution date. Guaranty of Lease Agreement documents are due back to the Owner's office and properly witnessed by A or B as listed below within thirty (30) days of executing the Lease Agreement.
    • Notarized by a Notary Public (with State authorized emboss symbol or stamp) and copy of Guarantor's picture identification card (Valid passport, driver's license or state identification card)
    • Completed in-office with a staff-witness confirmation and a copy of Guarantor's picture identification card (Valid passport, driver's license or state identification card)
    Applicant and/or parent/guardian/has option to supply a backup funding source per the Backup Funding Source Addendum.

    or

  2. Payment of Lease Contract in Full: Applicant's Lease Agreement amount must be paid in full (including, but not limited to, all start up fees, administrative fees, application fees and/or security deposits) prior to receiving permitted entry/possession to the said residence ; additionally, Applicant is required to:
    • Provide a security deposit equal to one installment of rent (based on the current market rent installment amount)
    • Required to supply a backup funding source per the Backup Funding Source Addendum.
    Applicants who apply and are approved under this condition must requalify for future leases on an annual basis. Payments for future leases must be received up front annually if this standard is used to continue to be eligible to rent from Owner.

    or

  3. Self-Guaranty: If a parent or sponsor guaranty cannot be obtained, tenant may attempt to apply under the following standards. This must be approved in writing by Owner. Self-Guaranty must meet two (2) of the following standards as provided below; additionally, Applicant is required to provide a security deposit equal to one installment of rent (based on the current market rent installment amount) and is required to supply a backup funding source per the Backup Funding Source Addendum.
    • Rental: Applicant must provide a satisfactory rental history or proof of satisfactory payments from previous 18 months. Satisfactory history will be defined as no more than one late payment not to exceed 15 days and no returned checks. This applicant must have given adequate notice to vacate and have no outstanding financial obligations to previous landlord(s). Applicant applying under this standard cannot use parental/guardian/sponsor's current or former address as a reflection of rental history, nor use on-campus housing as a "previous landlord" for rental history.
    • Financial: Applicant can provide proof of income greater than or equal to three (3) times the market rent on a monthly basis via i) State funding documents or ii) Prior year W-2's, 3 months of most recent pay stubs, and proof of current employment with at least one employer for a minimum of one year. If Applicant has not been employed for a minimum of one year by one employer , "Option ii" is not applicable and Applicant must either a) qualify on a financial basis through "Option i" or b) fulfill another Self-Guaranty requirement (A or C) as listed
    • Education Status/Financial Aid: Applicant can provide proof of acceptance to an accredited university in the same town where they are applying to live. The student must also provide proof of scholarship funds that include and cover rental expense and length of time scholarship is active. Total funds must meet or exceed the total owed to the future Owner per of the Lease Agreement and Payment Schedule. If total of funds do not meet or exceed the total owed to the future Owner per the Lease Agreement and Payment Schedule, the difference in funds must be paid up front. Verification must include written verification from the school's admission office, as well as written documentation from the entity administering the scholarship; a disbursement date of funds must also be provided by entity. A minimum of a $200.00 payment, per month, plus a processing fee of $40.00, per month must be received by Owner between the 1st-4th of each month until balance is paid off in full by financial aid/scholarship/grant disbursement; if minimum payment requirement is not met, all late fees are applicable and Financial Aid Addendum is considered null and void; financial aid payment agreement may not exceed two (2) calendar months/installments.
    • Credit Report: Additional fees may apply, please contact Management to establish qualification specifics and details.

PLEASE NOTE THAT THE SELF-GUARANTY OPTION MAY NOT BE AVAILABLE AT THE COMMUNITY TO WHICH YOU ARE APPLYING.

IF A SELF-GUARANTY IS PERMITTED BY THE OWNER, THIS PERMISSION, AS WELL AS THE AGREED UPON STIPULATIONS MUST FIRST BE APPROVED, IN WRITING, BY THE OWNER.


The undersigned Applicant, has read and agreed to all provisions of the Summary of Rental Standards as set forth in this Addendum. Additionally, the undersigned Applicant has read, agreed to and fully understands the terms and conditions set forth in the application and/or Lease Agreement and/or additional Addendums and further understands that this Summary of Rental Standards Addendum is a part of the application process and a requirement of fulfilling the Lease Agreement.


By checking this box, I accept that I, the Applicant and the above electronically signed, agree that my electronic signature is the legally binding equivalent to my handwritten signature. Whenever I execute an electronic signature, it has the same validity and meaning as my handwritten signature. I will not, at any time in the future, repudiate the meaning of my electronic signature or claim that my electronic signature is not legally binding.

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2,600+ beds

Roofed under the Campus Village Brand

Acquired First Property

1979

Represented at

5

Universities

About campus village

Campus Village Communities is a Michigan-based multiple-family and mixed-use student housing developer.

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919 West University Dr, Suite 700 . Rochester, MI
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