Fill and Sign the Secure Deposits Alabama DOC Form

Security Deposit Agreement Agreement made on the ___ day of __________, 20___, between ____________ of __________________________ (street address, city, county, state, zip code) , referred to herein as Doe, and _____________, Inc., a corporation organized and existing under the laws of the state of ______________, with its principal office located at _____________________ (street address, city, county, state, zip code) , referred to herein as Acme. Whereas, Acme owns that certain apartment located at ________________________ (street address, city, county, state, zip code) , and identified as Apartment No. _____; and Whereas, Doe desires to lease said Apartment, but can not move into said Apartment until (Date); and Whereas, Acme is willing to hold said Apartment for Doe until __________ (Date) provided Doe deposits the sum of $________as a security deposit which will be forfeited to Acme should Doe fail to lease said Apartment on or before _______________ (Date) ; Now, therefore, for and in consideration of the mutual covenants contained in this agreement, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 1. On the execution of this Agreement , Doe shall pay to Acme the sum of $____________ as a security deposit for Acme’s agreement to hold said Apartment for Doe until ____________ (Date). 2. Said deposit shall be refunded to Doe if Doe leases said Apartment on or before _________ (Date), said lease to be in the form and contain the terms as set forth in the document attached hereto as Exhibit A. 3. The security deposit will draw no interest and Acme shall not be obligated to hold the security deposit in a separate fund but may mix the deposit with other funds of Acme. 4. Should Doe fail to lease said apartment as set forth in Paragraph 2 above, the security deposit will be forfeited to Acme as liquidated damages and/or to compensate Acme for not renting said Apartment from the date hereof to ________________ (Date). 5. Neither t his Agreement, nor any rights and obligations under this Agreement, may be assigned by without the prior written consent of both parties. 6. Any dispute under this Agreement shall be required to be resolved by binding arbitration of the parties hereto. If the parties cannot agree on an arbitrator, each party shall select one arbitrator and both arbitrators shall then select a third. The third arbitrator so selected shall arbitrate said dispute. The arbitration shall be governed by the rules of the American Arbitration Association then in force and effect. 7. This Agreement embodies the entire agreement and understanding between the parties with respect to the subject matter of this Agreement and may be changed only by an instrument in writing signed by both of the parties. 8. This Agreement shall be construed in accordance with and governed by the laws of the State of _____________. WITNESS our signatures as of the day and date first above stated. __________________________ , INC. ________________________ By_____________________________ (Name and Office in Corporation)