ex10_5.htm


    EXHIBIT 10.5

     

    
       

       

      APARTMENT
ASSOCIATION OF NORTH CAROLINA

       

      RESIDENTIAL
LEASE AGREEMENT

       

       

       

      
        
        

      

      
        
        

      

      
        
        

      

      
        
        

      

      All sums
paid to Lessor by Resident shall be made payable to

      (if
different than name of LESSOR): CG AT
Huntersville

       

      
        Name(s)
of LESSEE(S) - (Full Legal Name(s):

      

       

      1. Sidney
Garman  

      2. Sharon
Garman   

      3.Valerie
Garman

      4.

       

      If this
Agreement is executed by more than one Lessee, each Lessee shall be Jointly and
severally liable (i.e ,
each Lessee will be fully responsible) for compliance of all the terms
and conditions contained herein.

       

      AUTHORIZED OCCUPANTS (Check
box for those with key access):

      Name Age

       

      ________________________________________________

      ________________________________________________

      ________________________________________________

       

      As used
in this Agreement, the term 'Resident' refers to all Lessee(s)
listed above Resident shall be fully responsible for the acts al the Authorized
Occu­pants, and should any Authorized Occupant breath any term or condition
of this Agreement, Resident shall be in default of this Agreement (see Paragraph
MI

       

      1(B) ADDRESS &
TERM

      ADDRESS
OF LEASED PROPERTY (street, unit, city, state, zip code): 14241 Tribute Place Drive
4#106, Huntersville,  NC 28078

       

      
        	
                 

                In
      consideration of the promises and agreements contained in this Agreement
      Lessor agrees to [ease to Resident the above-described real property which
      shall hereinafter be referred to as the
  "Premises.°

              


      

       

      BEGINNING
DATE OF LEASE TERM:10/15/2007

       

      ENDING
DATE OF LEASE TERM: 01/14/2009

       

      1(C)
RENT:

       

      BASE
MONTHLY RENT:

       

      ADDITIONAL
MONTHLY RENTS: (If any,
describe form of rents below)

       

      Colonial
Cable Vision

       

      MONTHLY
RENT SUBTOTAL:

       

      
        	
                 
      

              	
                Monthly
      Concession/Discount?  xYes q
  No

              


      

       

      If Yes
discount per month:

       

      TOTAL
MONTHLY RENT:

      (Equal
to Base Monthly Rent Plus Additional Monthly Rents Minus Discounts, if
any)

       

      LATE
FEES PER
MONTH:                                                                      44.51

      (Equal
to 5% of the Total Monthly Rent, if rent paid after 5th . of month, if rent is
subsidized by a government entity, Late Fees will be $15.00 or 5% of the
Resident's share of the monthly rent, whichever Is higher)

       

      PRORATED
RENT FOR FIRST

      MONTH OF
LEASE
TERM:                                                                    488.16

      (Equal to Total Monthly Rent divided
by total number of calendar days in 1st month of term multiplied by number of
calendar days remaining in 1st month of term).

      


      
        	
                1. Summary
      of key terms of this lease agreement (“Agreement”): The following
      information (“Paragraph 1” and subparts) is provided strictly for
      informational purposes and is intended to be construed contextually with
      the other terms and conditions of this
  Agreement.

              


      

       

      1(D) Renter’s
Insurance.

      Resident
__ DOES ___ DOES NOT have a renter’s insurance policy in effect for their
tenancy at the Premises Resident agrees that Lessor is not respon­sible for
damages to Resident's personal property See Paragraph 19(A) far
details

       

      1(E) Refundable
Deposits

      SECURITY
DEPOSIT:                                                                          $0.00

       

      PET
DEPOSITS:

      Amount
per pet:
$                                       

      Number
of pets:

      TOTAL OF PET
DEPOSITS: $

      
        	
                ADDITIONAL
      DEPOSIT: Many
      describe below)

              


      

       

      $                                                                             

      TOTAL OF ALL
DEPOSITS:                                                         $ 0.00

      Name and Address of Financial
institution Where Deposits Are Held: Wachovia

       

      1(F)
UTILITIES:

      UTILITIES
& SERVICES TO BE PAID BY LESSOR (only if
checked by Lessor):

           q WATER

          
q GAS

      
        	
                q  

              	
                ELECTRICITY
      Resident Understands and agrees that all utilities not check will be paid
      by Resident If not provided by Lessor, Resident the Premises. In the event
      that payments for any utilities are not agrees to obtain electric, water,
      sewer, and garbage service for made when due-with the exception of
      submetered water and Resident understands and agrees that all
      utilities not checked sewer services--it
      shall be considered a material breach of
  this

              


      

      
        	
                q  

              	
                SEWERAgreement
      for which Lessor may immediately declare
  Resident

              


      

      
        	
                q  

              	
                GARBAGEto
      be in default of this Agreement. Unless supplied by
  Lessor

              


      

      
        	
                 
      

              	
                and
      Lessor acts with gross negligence regarding same,
  Lessor

              


      

      
        	
                E
      GABLE TV

              	
                is
      not liable for failure to supply electric, water or sewer, nor
  for

              


      

      
        	
                 
      

              	
                any
      damage resulting from an interruption or malfunction
  in

              


      

          
q TELEPHONE
service or any utility due to any cause

          
q INTERNET                                                          Resident
Initials:

      -.-

      WATER
AND/OR SEWER SUBMETERING:

      Are
water/sewer services submetered? x Yes
q No

      If water
and/or sewer services are submetered, Resident will be charged for water and/or
sewer service based on Resident's metered consumption of water which shall be
determined by metered measurement of all water consumed In such an event,
Resident shall receive, and shall pay, monthly bills for Resident's usage of
water and/or sewer services at the Premises from a water and/or sewer services
provider See Paragraphs 2(G) and 35 of this
Agreement for additional information..

      Name and
address of water or sewer services provider ("Provider"): AUM

      4415 W Harrison Blvd Ste
503  Hillside IL

      
        	
                 

                1(G) MISCELLANEOUS
    FEES/CHARGES

              


      

      ADMINISTRATIVE
FEE, if any (see Paragraph35
(F)]:                                                                           $ 100.00

      ANNUAL
RATE OF INTEREST if any [see
Paragraph 35(G)]:

       

      2. LEASE TERM, RENT, AND
CONCESSIONS

      •                                                   . .

      A. Term
of Agreement: The term of this Agreement shall begin and end on the dates set
forth in Paragraph 1(5). The term of this Agreement will be automatically
renewed on a month-to-month basis unless either:

      (1) either
party provides the other party with a written notice oftermination at least 60
days prior to the end of the initial rental term or at least 30 days prior to
the end of any month-to-month term, OR

      (2) Lessor
provides Resident with a written notice at least 90 days prior to the end of the
initial term that any renewal shall be at a different stated monthly rent ("new
monthly rent"), AND Resident, within ten (10) days after receipt of such notice,
provides Lessor with a written notice of termination effective at the end of the
term. However, should Resident fail to provide Lessor with such notice, the term
of this Agreement will be automatically renewed on a month-to-month basis at the
new monthly rent

      Any
notice of termination shall be effective on the last day of the initial rental
term or on the last day of the next successive renewal term after the required
notice period if the initial term has expired.

      If the
term of this Agreement is renewed on a month to-month basis, such renewal shall
be subject to the same terms and conditions of this Agreement with the sole
exception being that Resident shall pay the new monthly rent if Lessor follows
option (2) and Resident does not subsequently provide the notice of termination
within ten (10) days of Lessor's notice,.

       

      AANC,
Revised August
2006                                                                        Page
1 of 7 092820070319001

      B. Rent:
Resident agrees to pay the prorated amount of rent calculated and listed in
Paragraph 1(0)
for the first partial month of the lease term. After that, Resident
agrees to pay the Total Monthly Rent listed in Paragraph 1(C), said amount being
the sum of the base rent plus any additional rents minus any concessions and
discounts. The Total Monthly Rent is due and payable to
Lessor under the name staled in Paragraph 1(A) and must be received at Lessor's
address ON OR BEFORE the FIRST CALENDAR DAY of each month.

       

      C. Concession:
If Resident is receiving a monthly concession of rent, it will be so indicated
and described in Paragraph 1(C) of this Agreement.. However, in consideration
for Lessor entering into this Agreement with Resident for the rental of the
Premises, and in consideration of Lessor's reasonable expectation that Resident
will honor the full terms of this Agreement and pay the Total Monthly Rent when
due, Resident agrees that a concession in the above- stated amount has been
granted to Resident as a reduction in the rental amount due during the lease
term. Notwithstanding the foregoing, Resident
understands
and agrees that the concession is a privilege which Lessor may
revoke in the event that Resident either: (1) fails to pay the Total
Monthly
Rent on or before the fifth (Sth) calendar day of the month two (2) or
more times during the term of this Agreement, or (2) becomes more than
sixty (60) days past due in the payment of any bill for Resident's use
of
submetered water or sewer services. Should Lessor choose to revoke the
concession, Lessor shall provide Resident with not less than fifteen (15) days
written notice of its intention to revoke the monthly concession, said
revocation to take effect either on: (a) the first calendar day of the month
following the most recent month for which Resident was late in tendering the
Total Monthly Rent, or (b) the first day of the calendar month following the
fifteen (15) day written notice where the revocation is based on Resident's
failure to pay a submetered water or sewer bill. Upon the revocation of the
concession, Residents Total Monthly Rent for the remainder of the lease term
shall increase by the value of the concession described in Paragraph
1(C)

       

      3. LATE
PAYMENTS: Should Lessor elect to accept a rental payment after the fifth day of
the month, a fate fee in the amount stated in Paragraph 1(C) of this Agreement
(said amount not to exceed $15.00 or five percent (5%) of the Total Monthly
Rent, whichever is greater—or, where Residents Total Monthly Rent is subsidized by the United
States Department of Housing and Urban Development by the United States
Department of Agriculture by a State agency, by a public housing authority, or
by a local government, said amount shall not exceed $1500 or an amount equal to
five percent (5%) of the Resident's share of the Total Monthly Rent [after
deducting the value of the rent subsidy received), whichever is greater. This
late payment fee shall be due without demand therefore and must be added to and
tendered with the late rental payment by Cashiers Check or Money
Order,

       

      4. RETURNED
CHECKS: Resident agrees to pay a $25.00 processing fee (pursuant to N.C.G.S. §
25-3-506) for each check submitted by Resident that is returned by the financial
institution for any reason, including insufficient funds and closed account This
returned check fee shall be due without demand therefore and must be tendered
together with the rent and any late fees due by Cashiers Check or Money Order.
If a check submitted by Resident is returned, Lessor reserves the right to
require that all future payments by Resident be tendered by Cashiers Check or
Money Order, and Lessor also reserves the right to seek enforcement of the
returned check pursuant to N C G S. § 6-21 3.

       

      S.
SECURITY DEPOSIT: Resident agrees to tender to Lessor the Total of All Deposits
(the °Deposin as described in Paragraph 1(E) of this Agreement prior to taking
possession of the Premises. This sum shall be held in trust as a Security
Deposit at the financial institution listed in Paragraph 1(E). Lessor will hold
this Deposit for the period' that Resident occupies the Premises. After Resident
has moved from the Premises, Lessor will determine whether Lessee(s) are
eligible for a refund of any or all of the Deposit. The amount of the refund
will be determined in accordance with NCGS § 42-51 and the following conditions
and procedures:

       

      A. Resident
understands that the Deposit is Security for performance by Resident of the
terms and conditions of this Agreement and may not be applied towards rent or
other charges due while Resident remains in possession of the
premises;

      B. If the
Premises is rented by more than one Resident all Residents agree that they are
responsible for dividing any refund among themselves. Lessor may pay the refund
to any Lessee named in Paragraph 1(A)
of this Agreement and the other Lessee(s) agree to hold Lessor harmless
for such action;

      


      C. Upon
a sale or conveyance of the Premises, Lessor may transfer or assign the Deposit
to the new owner who then assumes the liability thereof upon transfer and
Lessor's liability for the Deposit shall terminate;

      D.
IF THE SECURITY DEPOSIT IS DEPOSITED IN AN INTEREST BEARING ACCOUNT,
RESIDENT AGREES THAT ANY INTEREST THAT ACCRUES SHALL BE FOR THE SOLE BENEFIT OF
LESSOR AND MAY BE WITHDRAWN BY LESSOR AT ANY TIME;

      E.
Lessor will refund Lessee(s) the amount of the Deposit LESS any amount needed to
pay the cost of:

      (1) unpaid
rent

      (2) damage
to the Premises in excess of normal wear and tear;

      (3) charges
for late payments or returned checks;

      (4) cleaning
the Premises if not properly done by Resident and if such failure to properly
clean the Premises results in damages that exceed normal wear and
tear;

      (5) any
unpaid bills that become a lien on the Premises;

      (6) re-renting
the Premises after a breach by Resident

      (7) any
damages and/or court costs incurred by Lessor as a result of a breach of this
Agreement by Resident;

      (8) any
unpaid charges for water and sewer services.

      F.
Within 30 days after termination of the tenancy and delivery of possession by
Resident, Lessor shall return the balance of the Security Deposit with an
itemization of any deductions to Resident's last known address. If Resident's
address is unknown, Lessor will hold the balance of the Security Deposit for
Resident's collection for a period of 6 months, after which any remaining
balance shall escheat to the
State of North Carolina. At such time, Lessor's liability for the return
of the Security Deposit shall cease.

      G. While
the Deposit may be increased as shown in Paragraph 1(E) due to the presence of a pet, 1he
Deposit can be applied as set forth in Paragraph 5(E),
above, to cover all items 1-8, not just to those damages that may be attributed
to the presence of a pet Resident should not confuse the Deposit with a
non-refundable pet fee, which is (1) paid by Resident to Lessor as consideration
for the privilege of maintaining a pet at the premises and not as payment for
future damages relating to said pet and (2) is not subject to the itemization
requirements at lease termination.

      H.
Absent a separate written agreement or written modification to the Agreement
signed by all parties, in the event a co-Resident ("the terminating Resident')
seeks to terminate the Agreement and avoid further liability under the Agreement
as provided by N.C.G S. § 42-45.1, and in the event the Agreement shall continue
in full farce and effect as to any remaining Resident(s), all Residents to this
lease agree that the ownership of any and all security deposits tendered under
this Agreement shall automatically transfer to the remaining, non-terminating
Residents

       

      6..
PETS:

      A No
animals, birds, or pets of any kind shall be permitted in the Premises at any
time without the express, written consent of Lessor, which shall be documented
in a separate Pet Agreement Lessor reserves the right to exercise sole
discretion over the allowance of pets, although reasonable accommodations will
be made where applicable. Resident further understands and agrees that even if
Lessor permits a pet in the Premises, the pet must be removed from the Premises
if, in Lessor's sole discretion, it is determined that the pet constitutes a
nuisance or creates a disturbance or poses a threat to the safety of any person
or property. Should unauthorized pets be discovered on the Premises, Resident
shall be responsible for the immediate payment to Lessor of any and all
non-refundable pet fees and deposits normally due to Lessor pursuant to Lessor's
rules and regulations, or pursuant to the normal charges and fees of Lessor. For
the purposes of assessing the amount of said fees and deposits, Resident agrees
that such amounts shall be calculated as though the unauthorized pets were
present on the Premises on the first day of Resident's lease term.

      B.
Resident understands and agrees that the presence of pet urine or other animal
waste that may be deposited by an animal in the carpeting or on the flooring of
the Premises during Residents tenancy represents certain biological, health, and
safety hazards--as well as offensive odors—for themselves and for future and
neighboring tenants. Due to (1) the unique characteristics of animal urine and
its damaging effects on carpet, carpet padding, and flooring and (2) the
unlikelihood of cleaning such damage to the satisfaction of future tenants,
Resident agrees that the presence of pet urine in the carpet or flooring of the
Premises shall
not, under any circumstances, be
considered normal wear and tear, Resident understands and agrees that, in
any event, Resident shall be fully responsible for the value of replacement and
installation of carpet, flooring, and/or fixtures necessitated by the presence
of animal urine or other waste found by Lessor in the carpeting


      or
flooring of the Premises, and that the Deposit referenced in Paragraph 1(E) may
be applied to such damages, though Resident shall be fully liable to Lessor for
any deficiency. The replacement value of carpet, flooring, and fixtures shall be
prorated based on the respective age of the item(s) at the time of replacement
as compared to the original expected life of the respective item
(s)

       

      7.. KEYS AND LOCKS:

      A.
Resident agrees not to install additional or different locks or gates on
any doors or windows of the Premises, except as agreed to and approved of by
Lessor in writing or as otherwise provided in Paragraphs 7(8), 7(0), and 7(D),
When this Agreement ends, Resident agrees to return all keys, security access
cards and devices, parking gate openers, AND garage door openers (as applicable
to the Premises) to Lessor. If
keys are not returned to Lessor at the end of the tenancy, Resident
agrees to pay the usual lock fee described by the Lessor's then-existing
policies or Rules and Regulations for each lock changed, For other devices named
in this Paragraph, Resident shall be liable for the replacement value of
same.

      B..
Resident also agrees that at any time any other Resident of the Premises
may request, either orally or in writing, that Lessor install new or different
locks to the Premises.. Resident agrees that, whenever Lessor may install
replacement locks at the Premises at Residents request, Resident shall be
responsible to pay Lessor in the amount normally required by Lessor pursuant to
its then-existing policies and/or Rules and Regulations

      C. In
the event replacement locks are installed by Lessor, each Resident understands
and agrees that Lessor shall provide keys for the replacement locks for the
Premises to any other Resident who may request them, with the exception of
persons who may be perpetrators of sexual assault, stalking, or domestic
violence and whom have been ordered to remain away from the Premises by a court
of law, as provided in Paragraph 7(0). below.

      D.
Procedures for Changing of Locks for Victims of Domestic Violence, Sexual
Assault, or Stalking. A
person who has been ordered to remain off the Premises or is
otherwise excluded from
entry into same pursuant to a domestic violence restraining order or any other
similar governmental order barring the person's re-entry onto the
Premises shall for the purposes of this Agreement, be referred to as a
Perpetrator.

      (1)                  Where
the Perpetrator is a Resident or Authorized Occupant: In the event a
Resident claims to be the victim of domestic violence, sexual assault, or
stalking, and the Resident seeks to change locks to bar the Perpetrator or any
other person having key access to the Premises from re-entering the Premises
under the terms of this Paragraph must first provide Lessor with a copy of an
Order issued by a court that requires the Perpetrator to stay away from the
Premises. Upon Lessor's receipt of (a) the Resident's request to change locks
(which may be in oral or written form) and (b)
a copy of the Order, Lessor shall either change the locks within
seventy-two (72) hours or grant permission to the Resident to change their own
locks. Should Lessor fail to change locks within seventy-two (72) hours after
receipt of Resident's request and a copy of the Order, the parties agree that
Lessor's failure to act within such time shall serve as Lessor's
granting of permission to Resident to change the locks pursuant to N.C.G.S.. §
42-42.3 In the event Resident changes their own locks, Resident shall provide
Lessor with a working key to the replacement lock within forty-eight (48) hours
of the replacement lock's installation Pursuant to the terms of this Paragraph
and the pertinent provisions of N C.G.S. § 42-42.3, Resident agrees that Lessor
shall
not provide keys for replacement locks or otherwise grant access to the
Premises to a known Perpetrator, whether or not the Perpetrator may be a
Resident, an Authorized Occupant, or any other person. in
such an event, Resident agrees that Lessor is not liable for civil
damages to the Perpetrator excluded from the dwelling unit, including, but not
limited to, any claims related to the Perpetrator's loss of use of the Premises
or loss of use or damage to the Perpetrator's personal property

      (2)                  Where
the Perpetrator does not reside in the Premises—In the event the Resident
requesting a change of locks claims to be the victim of domestic violence,
sexual assault, or stalking, Lessor shall either change the locks within
forty-eight (48) hours of the request or grant permission to the Resident to
change their own locks. Should Lessor fail to change locks within forty-eight
(48) hours after receipt of Resident's request, the parties agree that Lessor's
failure to act within such time shall serve as Lessor's granting of permission
to Resident to change the locks themselves pursuant to N.0 G.S. § 42-42..8 In
the event Resident changes their own locks, Resident agrees to provide Lessor
with a working key to the replacement locks within forty-eight (48) hours of
installation.

      E.
With the exception of the procedures described in Paragraph 7(D),
Resident
agrees that Lessor may open the Premises to any Authorized Occupant
listed under Paragraph 1(A) of this Agreement, upon the request of such Authorized Occupant (whether or
not said Authorized Occupant is a minor) where Resident has so indicated
by checking the box for key access beside the name of the respective
Authorized Occupant(s) listed in Paragraph 1(A) of this Agreement. This
authorization imposes no duty upon Lessor to open the Premises, and Resident waives
any claim for damages resulting from Lessor opening the Premises for
such Authorized Occupants,.

       

      8. USE
OF THE PREMISES: Resident agrees to use the Premises for residential
purposes only and agrees not to use the Premises in any manner which Lessor
deems is injurious to the reputation, safety or welfare of Lessor, the property,
or any persona However, where allowed by law and/or by Lessor in Lessor's sole
discretion, Resident may use the Premises as a
home office provided that such home office use (a) is ancillary to the
residential use, (b) does not generate any additional pedestrian or vehicular
traffic to or from the Premises or common areas, and (0) does not cause any
disturbance to other residents or occupants of the community in which the
Premises is located

       

      9. ASSIGNMENT
AND SUBLETT1NG1TRANSFER OF INTEREST: Resident may not assign or sublet
this Agreement or the Premises in any manner or to any extent without the prior
written permission of Lessor It is hereby understood and agreed that any consent
by Lessor to any assignment or subletting of the Premises shall not constitute
consent to any future assignment or
subletting, nor would such consent release Resident from liability under
this Agreement It is understood that Lessor may sell or transfer the Premises
and transfer this Agreement to any new owner. In the event that the Premises is
sold or transferred, Lessor would be released from all obligations under this
Agreement and Resident's sole remedy would be against Lessor's successor in
rights.

       

      10. MAINTENANCE:
Consistent with N.0 G.S. §42-41, § 42-42 and this Agreement, Lessor
agrees to maintain the Premises in a fit and habitable condition Resident
understands and agrees that Lessor is entitled to a reasonable time to make any
necessary repairs or maintenance and Resident shall not be entitled to any
abatement for any inconvenience or annoyance during that reasonable time.. Resident
further understands that rent may not be withheld under any circumstance,
regardless of any alleged failure by Lessor to repair in a reasonable
time.

      A
Lessor Agrees
To:

      (1) maintain
the common areas in a clean and safe condition;

      (2) maintain
all equipment and appliances in a proper, safe working order,

      (3) make
necessary repairs with reasonable promptness after receiving written notice from
Resident;

      (4) provide
extermination as necessary; AND

      (5) provide
operable smoke detectors and repair or replace the smoke detectors when notified
in writing by the Resident that repairs or replacement is needed

      B.
Resident Agrees To:

      (1) keep the
Premises, including plumbing fixtures, facilities, and appliances, in a clean
and
sanitary condition;

      (2) comply
with all laws, health and policy requirements with respect to the Premises,
including but not limited to, N.C. G. S § 42-43;

      (3) use all
appliances, fixtures, electrical, plumbing, sanitary, heating, ventilation, air
conditioning, and other equipment in a safe manner and only for the purposes for
which they are intended;

      (4) not
litter the grounds or common areas and to keep the sidewalks, entrances,
porches, floors, exterior patios, balconies, and front and back yards free from
discards, clutter unsightly items, and other personal articles;

      (5) not
destroy, deface, damage or remove any part of the Premises or common
areas;

      (6) give
Lessor prompt written notice of any unsafe or unsanitary condition or defects in
the plumbing, fixtures, appliances, heating and/or cooling equipment or any
other part of the Premises or common areas, except in the event of an emergency,
when Resident is to give notice by the quickest means available;

      (7) remove
garbage and other waste from the Premises in a clean and safe
manner;

      (8) supply
all electric light bulbs, heating and air conditioning filters and fuse
replacements required during Resident's occupancy;

      (9) periodically
Inspect the smoke detectors to ensure their operability and notify Lessor in
writing of any needed repairs; (10)test and replace batteries In any
battery-operated smoke detectors at the beginning of the tenancy, during the
tenancy, and during any renewal thereof; AND


      (11)
do nothing to disable the smoke detectors,

       

      11.
MOLD AND MILDEW: Resident acknowledges and agrees that, for both the maintenance
of the Premises and for the health and well-being of Resident and Resident's
occupants, family, and guests, Resident shall provide appropriate climate
control, keep the Premises clean, and take other measures to retard and prevent
mold and mildew from accumulating in the Premises. Additionally, Resident agrees
to:

      (1) clean
and dust the Premises on a regular basis and to remove visible moisture
accumulation on windows, walls, and other surfaces as soon as such accumulation
becomes reasonably apparent;

      (2) immediately
notify Lessor of any evidence of a water leak or excessive moisture or standing
water inside the Premises;

      (3) immediately
notify Lessor of the presence of mold, mildew, or similar growth in the Premises
that persists after Resident has attempted to remove it through the application
of common household cleaning solutions or anti-microbial products;

       

      (4) immediately
notify Lessor of any malfunction of any part of the heating, ventilation, air
conditioning, plumbing, or laundry systems present on the Premises;
AND

      (5) immediately
notify Lessor of any inoperable doors or windows in the Premises

      Resident
agrees that Resident shall be solely responsible for damages caused to the
Premises and to personal property present on the Premises as well as any
injuries or adverse medical condition suffered by Resident or Resident's
occupants, family, or guests resulting from Resident's failure to comply with
the terms of this Paragraph,

      Further,
Resident agrees that Lessor may, in Lessor's sole discretion, relocate Resident
to an equal or better unit whenever there is an environmental concern, including
but not limited to mold or mildew. Such relocation shall in no way terminate
this Agreement, but shall only automatically amend this Agreement as to the
Address of the Premises as set forth in paragraph 1(B) of this Agreement. In
the event Lessor determines that such relocation is due to Resident's
failure to comply with the terms of this Paragraph, then the expense of such
relocation shall be at the Resident's expense

       

      12.
DAMAGES: Resident agrees to hold Lessor harmless and to indemnify Lessor
from all fines, penalties and costs for violations or noncompliance by Resident
with any laws, requirements or regulations and from any liability arising out of
such violations or noncompliance. Whenever damage is caused by or attributable
to the intentional or negligent acts and/or omissions of Resident, Authorized
Occupants, guests, and/or visitors, Resident agrees to pay:

      A. The cost
of all repairs and to do so within 30 days after receipt of Lessor's demand for
the repair charges; and

      B. Rent for
the period the Premises are damaged, whether or not the Premises are
habitable,

       

      13.
RESTRICTIONS AND ALTERATIONS: Resident agrees not to do any of the
following without first obtaining Lessor's written permission:

      A. Change
or remove any part of the appliances, fixtures or equipment in the
Premises;

      B. Paint or
install paneling, wallpaper or contact paper in the Premises;

      C. Attach
awnings or window guards in the Premises;

      D. Attach
or place any fixtures, signs, fences or clotheslines on or in the building(s),
common areas or the property grounds;

      E. Attach
any shelves, dividers, screen doors or make any other temporary or
permanent improvements in the Premises;

      F. Place or
attach any aerials, antennas, satellite dishes, or other electrical connections
on the Premises, but in the case of the installation of a satellite dish, Lessor
shall not unreasonably withhold written permission, so long as:

      (1) the
satellite dish remains inside the Premises (i.e., the satellite dish and/or its
mounting equipment do not hang over the edge of a patio, deck, window or
balcony, and the satellite dish and/or its equipment are not placed in any
Common Area);

      (2) the
satellite dish is mounted and secured without damaging the Premises in any way
(damage to include the use of drilling, bolting, or screwing support structures
into any
portion of the Premises);

      (3) no
cables or wires of any kind may be installed into or through any wall of the
Premises;

      (4) In
consideration for allowing the installation and use of a satellite dish on the
Premises, Resident accepts any and all risks inherent in
installing or maintaining a satellite dish at the Premises, and Resident also
indemnifies and holds Lessor harmless for any damage or injury

      


      to any
person or chattel caused by the use or installation of the satellite dish on the
Premises; AND

      (5) At the
sole discretion of Lessor, Resident agrees to provide Lessor, at Lessor's
request, evidence of an
existing renter's insurance or other liability insurance policy which provides
coverage in an amount not less than $25,000.00 in the event of injury to any
other person or person's chattel arising from the use or installation or
presence of a satellite dish on the Premises.

      Resident
agrees that any improvement or alteration made shall become a part of the
Premises and the property unless otherwise agreed to by Lessor, and Resident
agrees that any improvement or alteration authorized by the Lessor must be
undertaken only in a workmanlike manner and no lien may attach to the
Premises.

       

      14„
GENERAL RESTRICTIONS & OBLIGATIONS OF RESIDENT:

      A,
Resident Agrees Not To:

      (1) Permit
any person other than those listed in Paragraph 1{A) to reside in the
Premises.. A person shall be presumed to reside in the Premises if they are an
overnight guest for 10 consecutive days, or for any 14 days during any 60-day
period.. Residency
in the Premises may also be established by the totality of the
circumstances;

      (2) Use the
Premises for any purpose deemed hazardous by insurance companies carrying
insurance thereon;

      (3) Disable
or render the smoke detectors inoperable for any reason at any
time;

      (4) Make or
permit noises or acts that will disturb the rights or comfort of anyone, and
for the purposes of this
paragraph, such noises or
acts shall include, but are not limited to, verbal or physical abuse (to
include cursing, yelling, actual or implied threats, or other forms of
intimidation) of any other Resident or Authorized Occupant or of any employee or
representative of Lessor;

      (5) Discharge,
display, or in any way use in, on, or around the Premises or common property any
firearm or weapon of any type, including but not limited to air rifles and
pistols, knives (other than ones being used for cooking or eating food), swords,
etc.;

      (6) Use a
portable grill within a 10 feet minimum of the premises or of any combustible
material not being used for grilling, unless otherwise indicated;

      (7) Use the
exterior patio, balcony and/or entrance area for storage; AND

      (8) Introduce
or use any fossil-fuel burning heating unit or generator in the
Premises.

      B,
Resident Agrees To:

      (1) Observe
and comply with any Rules and Regulations which now exist or which may be later
established by Lessor for the operation of the Premises. Resident understands
and agrees that such Rules and Regulations are or will be referenced hereto and
incorporated herein;

      (2) Allow
Lessor to immediately dispose of any property left by Resident when he/she
surrenders or abandons the Premises;

      (3) Allow
Lessor or any law enforcement officer to remove or
have removed from the common areas any person who cannot or will not
establish that he/she is a Resident or invited guest of a specific Resident;
AND

      (4) Abide by
the terms restrictions covenants, and rules and regulations that may be
promulgated from time to time under the authority of any recorded instrument
affecting the Premises, including but not limited to homeowners' association
covenants.Resident

      agrees
that any such recorded documents affecting the Premises are incorporated herein
by reference as if set out fully herein

       

      15,,
RIGHT OF ENTRY: Lessor reserves the right to enter the Premises, with or
without notice, during reasonable times for any inspections, maintenance,
extermination, alterations, or improvements deemed necessary or desirable in Lessor's sole discretion, or to show
the
Premises to prospective
residents during the last
thirty (30) days of the rental term. Lessor reserves the right to place
'For Rent" and/or 'For Sale' signs on the Premises, at any time deemed necessary
or desirable in Lessor's sole discretion. Lessor reserves the right to enter the
Premises, with or without notice to Resident, at any time deemed necessary in
Lessor's sole discretion to protect life or prevent damage to the Premises
including by way of example, but not limited to, turning on utilities at
Resident's expense during periods of cold weather to protect against the
possibility of frozen pipes. Should a Resident be in default of this Paragraph,
Landlord may, in addition to all other remedies available under law or otherwise
set forth in this Agreement, hold Resident liable for special damages related to
the loss of income and other monetary damages related to Resident's
act


      of
preventing or otherwise discouraging Landlord from either maintaining or
improving the Premises or from showing same for sale or lease to third
parties.

       

      16. COMMON
AREAS: Resident understands and agrees that the use of the common areas
(including any swimming pool, parking areas, laundry facilities, or roadways) is
subject to any Rules and Regulations set by Lessor and that such Rules and
Regulations may be changed at any time. Resident further agrees that Lessor may
close or eliminate any common area or amenity at any time and that Resident
would not be entitled to any rent reduction or abatement

       

      17. AUTOMOBILES
& PARKING:

      A.
Parking is
allowed in the designated areas only for cars and light trucks. All other
vehicles, including motorcycles, boats, trailers and RV's will not be allowed in
the common areas unless prior written permission is obtained from
Lessor.

       

      B.
Lessor reserves the right to control parking in any manner it deems
necessary in its sole discretion.

      C.
Vehicles shall be parked so as not to obstruct spaces for other vehicles,
driveways or sidewalks.

      D.
All vehicles must be kept in proper operating condition so as not to be a
hazard or a nuisance by reason of noise, emissions, appearance or otherwise.
Except for minor adjustments, no repairs or maintenance shall be conducted on
the property or common areas. Drainage of any automotive fluids in a common area
is strictly prohibited.

      E.
Car washing is not allowed except in such designated area as may be
established by Lessor.

      F„ Any
vehicle parked on the Premises or property that is unlicensed, inoperable,
abandoned, or lacking any required permit may be towed away and stored at its
owner's expense without Lessor incurring any liability to anyone for any
reason.

      G.
Resident agrees that Lessor may tow, without notice or demand, any
vehicle in violation of any provision of this Paragraph 17. Should Lessor tow
any vehicle as a result of a breach of any portion of this Paragraph 17,
Resident agrees to hold Lessor harmless from any liability that arises from the
towing away of any such vehicle owned, possessed, or maintained by Resident,
members of Resident's household, or any of Resident's guests

       

      18.. DRUG AND CRIME-FREE
HOUSING:

      A. Resident
and Resident's guests or visitors shall not engage in or facilitate criminal
activity of any kind on or near the property of Lessor, or on or near any
property owned or operated by Lessor;

      B. Resident
shall not engage in or facilitate any criminal activity anywhere;

      C. Resident
shall not invite or give permission to return to the property to any person
previously removed or barred from the property or other properties of Lessor,
nor shall Resident invite or allow, whether directly or indirectly, onto the
property or Premises any person to whom Lessor objects and after Lessor has
notified Resident of such objection via written notice.

      D. Resident
shall immediately notify law enforcement or Lessor upon learning that a person
previously removed or barred from the property or other properties of Lessor has
returned to or reentered the property; E,
Proof of a violation of this paragraph shall be by preponderance of the
evidence;

      F.
The fact that a criminal prosecution involving criminal activity
violative of this Agreement has not commenced or concluded, or has concluded or
terminated without a conviction or adjudication of delinquency shall not
preclude the termination of this Agreement or the bringing of any civil action
by Lessor;

      G.
Where a criminal prosecution involving criminal activity violative of
this Agreement results in a final criminal conviction or adjudication of
delinquency, such adjudication or conviction shall be considered in any civil
action brought by Lessor as conclusive proof that criminal activity
occurred;

      H.
Lessor may accept rent due and owing with knowledge of any illegal acts
that violate this Agreement without such collection constituting a waiver of the
default(s);

      1.
For the purposes of this Paragraph, any crime involving domestic
violence, sexual assault, stalking, or related offenses shall constitute a
violation of this Paragraph, and if any domestic violence restraining order or
similar governmental order is issued by a court of law as a result of such an
act or acts, Resident understands and agrees that Lessor shall not provide keys
to the Perpetrator for replacement locks for the Premises pursuant to the terms
of Paragraph 7(0).,

      11 INSURANCE, RELEASE
& INDEMNITY; Resident agrees that
they

      


      should
secure insurance to protect all personal property against loss resulting from
theft, fire storm and other hazards and casualties.

      A.
Resident understands and agrees that Lessor and its agents are not liable
for any damage to, destruction of or loss
of any personal property located or stored in the Premises regardless of
the cause of such damage.

      B.
Resident agrees to indemnify, defend and hold harmless Lessor and its
agents from and against all claims, liabilities and any other costs (including
attorney's fees and court costs) arising out of:

      (1) any harm
to person or property resulting from the negligent or intentional acts or
omissions of Resident or guests;

      (2) any
injury resulting from any breach of this Agreement by Resident;

      (3) Resident's
failure to comply with any requirements imposed by any governmental
authority;

      (4) any
judgment, lien or
other encumbrance filed against Lessor or the Premises as a result of
Resident's actions;

      (5) the
towing of any vehicles belonging to Resident or guests pursuant to Paragraph
17(F) of this Agreement or any state or local law or ordinance; and

      (6) any
damages, expenses, and costs--to include attorney's fees --arising out of or in
any way relating to injury to persons or property caused, whether directly or
indirectly, by any animals owned or otherwise kept by Resident, occupants, or
guests.

      C.
Resident agrees that in consideration for using any recreational
facilities and common areas, Resident and its guests shall assume all risks
associated with the use thereof and shall hold Lessor and its agents harmless
and indemnify the same for any injury arising out of the use
thereof

       

      20..
SECURITY: Lessor, its agents and employees do not make any warranties,
guaranties or representations regarding the security of the Premises or common
areas. Any such warranties or representations, whether express or implied, are
hereby disclaimed. Resident understands and agrees that Resident and occupants
are exclusively responsible for protecting themselves, the Premises and guests
from crime, fire and any other danger.

      A. If
security systems and/or personnel are present at the Premises or common areas,
their presence should not cause Resident or guests to rely upon the security
systems and/or personnel or to lower their vigilance in any way;

      B. If
security systems and/or personnel are present at the Premises or common areas,
no representation is made that they will prevent crime or injury and Lessor
reserves the right to modify or eliminate any security system and/or personnel
at any time without notice and without such actions constituting a breach of
this Agreement or any other obligation;

      C. Resident releases Lessor and its agents
and employees from any or all liability for the criminal or intentional acts of
others and agrees that Lessor has made no representations regarding the
safety of the Premises or common areas.

       

      21. FIRE
OR CASUALTY: Resident shall
immediately notify Lessor of any damage to the Premises by fire,
flooding, or other casualty, including natural disasters, other catastrophic damage, or
the presence of a methamphetamine laboratory and/or toxic chemicals
used
in or otherwise related to
the production of
methamphetamine. Lessor may at its sole discretion elect to repair the
damage within a reasonable
time under the circumstances and Resident's obligations under this Agreement shall
continue. In the alternative, Lessor may, at its sole discretion, elect not
to repair the Premises, and in such an event, this Agreement shall terminate as
of the date of the damage. Resident shall always be liable for and shall
indemnify, defend, and hold Lessor harmless for any damages caused by or
attributable to Resident, Authorized Occupants, or Resident's guests or
agents; in the event of damage caused by Resident, Authorized Occupants, and/or
Resident's guests or agents, Lessor may declare a default of this Agreement
and terminate Resident's right of possession without terminating the
Agreement, pursuant to Paragraph 35, in which case Resident's obligations under
the Agreement shall continue with full force and effect.

       

      22. NOTICES:
All notices shall be in writing. Where notices are required by this
Agreement, they (i) cannot be in the form of or written onto any other
instrument (such as a check or money order); and (ii) they shall be a written
notice on letter-sized paper (81/2"
x 11") separate from the Agreement itself. Resident specifically agrees that
oral notices, regardless of form or content or implication, shall never
constitute the term "notice" as described in this Agreement

      A.
Notice to Resident, Notices shall be delivered to the Resident
by:


      (1) posting
the notice on the front door of the Premises; or

      (2) hand
delivery to Resident or any Authorized Occupant over fifteen years of age;
or

      (3) U.S.
Mail, first class postage; or

      (4) via a
designated delivery service authorized pursuant to 26 U.S C. §
7502(t)(2).

      B,.
Notice to
Lessor.. Notices shall be delivered to the Lessor by:

      (1) hand
delivery to an employee of Lessor during regular business hours inside the
management office at the community in which the Premises is located, or by
delivery to a "drop box", if available, pursuant to Paragraph 22(D);
or

      (2) U.S.
Mail, first class postage; or

      (3) via a
designated delivery service authorized pursuant to 26 U S.C. § 7502(1(2) to the
address listed in Paragraph 1(A) or other such address that may be provided in
writing by Lessor.

      C.
Receipt of Notice. For the purposes of compliance with this Agreement and
to establish the receipt of notice as a matter of law and fact, Resident and
Lessor agree that, in the event there is a dispute between
the parties as to the specific date a notice is actually received (with
the exception of Paragraph 22(D), below) all notices shall be considered
received no later than the following time periods:

       

      (1) seventy-two
(72) hours subsequent to the postmark date of sending written notice via U.S.
Mail, First-Class Delivery;

      (2) twenty-four
(24) hours subsequent to the sending of an overnight delivery package via U.S
Mail or via a designated delivery service authorized pursuant to 26 U.S.C, §
75020(2); or

      (3) twelve
(12) hours subsequent to the posting of the notice on the door of the Premises;
or

      (4) immediately
upon hand-delivery to Resident, Authorized Occupant, or employee, as set forth
in Paragraphs 22(A) and 22(B), respectively.

      D.
Use of Overnight or °Drop° Boxes. For the purposes of this Agreement and for the purpose of
assessing late fees pursuant to Paragraph 1(C), Resident agrees that any notice
or payment delivered by Resident to an after-hours 'drop box' that may be
located on the exterior of Lessors management office shall be deemed
received at
the time the management office
re-opens for business, not
before. By
using the 'drop box,' Resident
agrees that delivery of a notice or payment after business hours
on the date a notice or payment is due may
result in the notice or payment
being considered late.

       

      23..
CONDITION OF DWELLING: PREMISES: By signing this Agreement, Resident
acknowledges that the Premises is safe, clean, and in good condition. Resident
agrees that all appliances and equipment in the Premises are in good working
order, except as described on the
Apartment Condition Checklist.
Resident must report any further discrepancies by providing written
notice to Lessor within five (5) calendar days of Resident first taking
possession of the Premises

       

      24.
DELIVERY OF POSSESSION: If, for any reason not in Lessor's control,
Lessor is unable to deliver possession of the Premises to Resident at the
beginning of the term, and Lessor notifies Resident of same any time prior to
the beginning of the term and immediately upon learning of the inability to
deliver possession, Resident shall have the option to either, (a) terminate the
agreement and receive a full refund of all sums paid to Lessor within
five

      (5) days
of receipt of Resident's notice of termination or (b)
take possession of the Premises within 15 days after Lessor notifies
Resident in writing that it is available, in which event Resident's obligation
to pay rent shall begin on the last day of the 15
day notice. Resident's election must be in writing and received by Lessor
within ten (10) days of the date Lessor notifies Resident of the inability to
deriver possession. Failure of Resident to make an election shall constitute an
election pursuant to subsection (b) above. in either case, upon Resident's
receipt of Lessor's notice of inability to deliver possession as required in
this Paragraph, Lessor shall be released from any further liability or
obligation to Resident for failure to deliver possession

       

      25.
RENTAL
APPLICATION: Resident understands that Lessor has relied upon the Rental
Application submitted by Resident as an inducement for entering into this
Agreement and Resident warrants that the facts contained in such application are
true. If any facts are determined to be false it shall constitute a default of
this Agreement pursuant to Paragraph 35, and in such an event, Lessor shall have
all of the rights and remedies set forth in this Agreement, including but not
limited to Lessor's ability to terminate Resident's tenancy immediately and seek
possession of the Premises and collect from Resident any damages incurred,
including reasonable attorney's fees.

      


      26. SEVERABIUTY:
In the event that any provision of this Agreement is deemed by any Court
of competent jurisdiction to be unenforceable, void, and invalid or otherwise
not binding for any reason, the offending provision shall be severed and all
other provisions of this Agreement shall remain in full force and
effect

       

      27. SUBORDINATION:
Resident understands and agrees that Resident's interests under this
Agreement in the Premises are and shall remain subject to and subordinate to any
liens, deeds of trust, security agreements, or other such liens or security
interests in the Premises and property.This

       

      subordination
provision shall be self-operative.

       

      28.,
EMINENT DOMAIN: If the Premises or any part thereof shall be taken by
eminent domain pursuant to governmental authority, this Agreement shall
terminate at the option of Lessor and Resident shall have no claim against the
Lessor or any award granted to the Lessor for the taking.

       

      29. NON-WAIVER:
Failure of Lessor to insist upon the strict performance of the terms,
covenants, agreements and conditions herein contained, or any of them, shall not
constitute or be construed as a waiver or relinquishment of Lessor's rights
thereinafter to enforce any such terms, covenants agreements, or conditions, but
the same shall continue in full force and effect, Lessor's acceptance of any
monthly rental payment after the due date shall not constitute a waiver of its
right to receive future rent payments on the due

       

      date..

       

      30. STATUS
AS AGENT: Responsibility for all obligations of the Lessor hereunder
rests entirely with the Lessor. The Agent (if an Agent of the Lessor is
identified in Paragraph 37) may exercise and shall have the rights and powers of
the Lessor, but the Agent's duties, if any, are solely limited to those duties
owed the Lessor. As the Agent for Lessor, the Agent shall benefit from the
covenants, waivers, releases and indemnifications contained in the Agreement to
the same extent as the Lessor.. In the event of conflict between this Paragraph
and any other provision, this Paragraph shall control totally and no
consideration shall be given to any contrary provision

       

      31. REMEDIES:
All remedies under this Agreement or allowed by law or equity shall be
cumulative. If a suit for any breach of this Agreement establishes a breach by
Resident, or if Resident brings an unsuccessful action against Lessor, Resident
shall pay to Lessor all costs associated with such action, including court costs
and attorney's fees.

       

      32. INTERPRETATION:
This Agreement shall be construed consistent with all law of The State of
North Carolina

       

      33. DISCLOSURE OF RESIDENT INFORMATION.
Resident
understands and
agrees that Lessor shall possess and maintain personal, nonpublic information
obtained from Resident's rental application, credit reports. rental references,
as well as information otherwise obtained during the normal course
of Resident's business relationship with Lessor. RESIDENT HEREBY AUTHORIZES THE DISCLOSURE BY
LESSOR OF ANY AND ALL
SUCH INFORMATION TO THIRD PARTIES AT THE REQUEST OF LAW ENFORCEMENT, GOVERNMENTAL
AGENCIES, OR BUSINESS ENTITIES ENGAGED IN BUSINESS
TRANSACTIONS WITH RESIDENT, INCLUDING, BUT NOT LIMITED TO,
FINANCIAL INSTITUTIONS OR OTHER BUSINESSES PERFORMING NECESSARY INQUIRIES AT THE
CONSENT OR KNOWLEDGE OF
RESIDENT.

       

      34. RESIDENT'S
DUTIES UPON TERMINATION: Upon any termination of the tenancy, whether for
breach or otherwise, Resident shall, in addition to any other obligations
required by this Agreement or law:

      A. Pay all
utility bills due for services to the Premises for which Resident is
responsible;

      B. Vacate
the Premises and remove all personal property;

      C. Properly
clean the Premises, including plumbing fixtures, refrigerators stove and sinks,
and remove all rubbish and trash;

      D. Make any
repairs necessary to return the Premises to the
same condition it was at the beginning of the tenancy, less ordinary wear
and tear; E..
Fasten and lock all doors and windows;

      F. Return
to Lessor all keys, security access cards and devices, parking gate openers, AND
garage door openers (as applicable to the Premises);

      G. Agree to
not disclose to any third party any information regarding any security code
obtained as a Resident of Lessor; AND

      H..
Provide Lessor with a forwarding address to which the Security Deposit
may be returned, if so entitled.


      35.
DEFAULT: In the event
that Resident fails to comply with any of the terms and conditions contained
herein or referenced hereto, or fails to perform any other promise, duty or
obligation herein agreed to or imposed by law, such failure shall constitute a
default under this Agreement. Upon any default by Resident, Lessor shall be
entitled to collect from Resident all expenses, damages, and costs (including
attorneys fees and court costs) arising out of or in any way relating to said
default. Should Resident desire
to terminate their
tenancy at the premises at any time prior to the ending date of the lease term stated in Paragraph 1(B),
Resident specifically understands and agrees that, in addition to any other
remedies available to Lessor under this Agreement, Resident shall be liable to
Lessor for the Total Monthly Rent that accrues through (i)
the date the premises are re-rented to another tenant OR (ii)
the end of the lease term, whichever event occurs first. In
addition to the foregoing, and in the event of a default by
Resident

       

      A. Lessor may, with or without
notice to Resident

      (1) terminate
this Agreement or

      (2) terminate
Resident's right to possession of the Premises without terminating this
Agreement;

      B. Lessor shall be entitled to
immediate possession of the Premises and Resident shall peacefully surrender the
Premises to Lessor upon its demand;

      C. Should Resident fail to
surrender possession of the Premises, Lessor shall re-enter and retake
possession through a summary ejectment proceeding or expedited eviction
proceeding pursuant to N C.G..S Chapter 42;

      D. In the event that Lessor
terminates this Agreement, all its duties under this Agreement shall terminate
and it shall be entitled to collect from Resident all accrued and unpaid rents
and damages arising under this Agreement;

      E.. In the event that Lessor
terminates Resident's right to possession without terminating the Agreement,
Resident shall remain liable for the full performance of all terms and
conditions under this Agreement—including, but not limited to, the payment of
rent-- and Lessor shall use reasonable efforts to re-let the Premises on
Resident's behalf and Resident shall remain liable for any resulting costs,
deficiencies or damages;

      F. In the
event Lessor fifes a summary ejectment action against Resident [as described in
Paragraph 35(C)], Resident shall be liable to Lessor for an administrative fee
described in Paragraph 1(G). This amount shall be in addition to court costs,
attorney's fees, and any other monetary damages or costs arising under the terms
of this Agreement; and

      G. in the
event that any default of this Agreement by Resident results in Resident owing a
debt to Landlord, the debt shall accrue interest at the annual rate described in
Paragraph 1(G),
beginning from the date Lessor obtains possession of the premises until
the debt is paid in full.

       

      36. SUBMETERING UTILITY DISCLOSURE:
The contents of this Paragraph shall be considered valid terms and
conditions of this Agreement ONLY in the event that Paragraph 1 denotes that
Lessor is submetering water and/or sewer services to Resident. If the
appropriate check box in Paragraph 1 is marked 'YES", then this Paragraph shall
control as this Agreement relates to the submetering of water and/or sewer
services on the Premises.

      Resident
agrees that Resident is solely responsible for paying all charges incurred by
Resident for the use of water and/or sewer services (hereinafter referred to as
"utilities') that are submetered for the Premises and billed and/or provided to
Resident by the Provider listed in Paragraph 1 of this Agreement. Such charges for utilities shall be
in addition to Resident's total monthly rent amount, and the
charges shall not exceed the total of 1) the unit consumption rate charged
by the supplier of the service, plus 2) a monthly administrative fee,
said amount representing the cost of billing and collection, said cost
not to exceed the maximum administrative fee authorized by the
N.C. Utilities Commission. Resident shall receive bills for use of the
utilities at least once per monthly period. Each bill shall list a billing date,
and the payment of such bill by Resident shall be considered past due if not
received within twenty-five (25) days of the billing date. Resident agrees to
allow Lessor or agents of Provider access to the Premises during regular
business hours if necessary to read the submeter for the Premises, In the event
that Resident fails to pay for the utilities when due, Resident understands that
any and all unpaid
amounts related to the utilities may be deducted from Residents security deposit
pursuant to Paragraph 5 and N.0 G,S. § 42-51, and Lessor may initiate a civil
action against Resident for the collection of such unpaid amounts. In
consideration of the receipt of such utilities, Resident releases Lessor and
Provider from any and all liability arising from the use or enjoyment of the
utilities or from any interruption or variations in the utilities, unless such
injury or damage is the result of the gross negiigenceof Lessor and/or
Provider,

       

      37. Execution of
Agreement

       

       IN WITNESS
HEREOF, this Lease
Agreement is duly executed by the Lessee(s) and the Lessor, on the date written
below, By executing this Agreement RESIDENT
ACKNOWLEDGES HAVING READ AND AGREED TO
ALL THE PROVISIONS OF THIS AGREEMENT. Resident further acknowledges having received a copy of
this Agreement Resident further acknowledges consulting with, or having
had the opportunity to consult with counsel prior to executing this
Agreement This Agreement, all addenda and other agreements and documents are
incorporated herein by reference as well as the following special terms and
conditions: See
Attached  Addendum

       

      hereby constitute the entire agreement between
the parties and no statement, oral or written, not contained herein shall be
binding on either party. No subsequent amendmentto this Agreement or any
statement, oral or otherwise, by either party to this Agreement shall be binding
unless it is in writing and signed by all parties hereto, with the sole
exception of modification to the Rules and Regulations.

       

      LESSEES
[signature only, do not
print name]:

      
        	 
      


      

      
        
        

      

      
        	
                (SEAL)
      Last
      Name

              


      

      
        	 
      


      

      
        	
                5t
      NameMiddle Initial

              


      

      
        	
                Date
      Signed:

              


      

      
        	
                (SEAL)

              


      

      
        	
                Date
      Signed:

              


      

      First
Name                           Middle
InitialLast Name

       

      Date
Signed:                                                               

       

      LESSOR:

       

      Colonial
Grand @ Huntersville

       

      
        	
                 

                Print
      Name of Lessor

              


      

       

      By: Colonial
Properties Trust

       

      Print
Name of Management Company (if any) acting as agent for Lessor

       

      [Missing Graphic Reference]

       

      Sig
ature of Authorized Person Signing for Management Company or Lessor

       

      
        	
                N.C,
      Real Estate License Number

              


      

       

      (If
signed by licensed N C salesperson or broker)

       

      Date Signed:10-
15-07