Lease Renewal Conditional on Annual Credit Review

 

In the event that the Tenant requests a Lease Renewal and the Landlord agrees to renew, then the Lease Renewal will be contingent upon the Tenant consenting to an Annual Credit Review. There will be no charge for the Annual Credit Review. If the Tenant’s Credit Score drops below the Credit Score Requirement at the time of the initial Lease Application, then the Lease will not be renewed by the Broker. If the Tenant’s TransUnion Credit Score drops more than 70 points or if their 3 Bureau Credit Score Average drops more than 70 points, then additional information will be required, including but not limited to, documentation of current employment, income, liquid assets, etc. If additional information is required, it will be evaluated according to the same standards of the initial Lease Application (3 to 1 Income to Rent Ratio, no more than a 43% Debt to Income Ratio, etc.).

 

3/9/2020