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LEASE AGREEMENT

This Lease Agreement (the “Lease”) is executed by and between ____________

___________________________________as agent (hereinafter “Owner”) and

(1)______________________________ (2)____________________________

(collectively the “Resident”) who agree jointly and severally to rent

apartment number_________ (the “Premises”) at ____________________

RENT: The total rent due for the term of the Lease is $__________. The

total rent will be paid in monthly rental payments (the “Rent”) of

$___________. The Base Rent on the Premises is determined based upon

the median income for the metropolitan Rhode Island PMSA that is adjusted

annually by HUD. Upon promulgation by HUD of the new income tables,

Owner may reduce rents pursuant to the program limits upon 30 days’

notice to Resident of such adjustment. Notwithstanding the above, Owner

agrees that any interim increases permitted by the program shall be first

approved by the Tax Credit Agency.

with Rent for the next full month will be required upon execution of the

Lease. Notwithstanding any preliminary calculations to the contrary, the

Rent due upon execution of the Lease shall be $_______ and covers Rent

through the last day of _________, 200__.

DEPOSITS AND FEES: Upon execution of the Lease, Resident has paid a

refundable security Deposit (the “Deposit”) in the amount of $________.

Such Deposit will be refunded to Resident as provided herein. Resident

acknowledges that the Deposit cannot be applied towards the Rent which

must be paid in full when due.

LATE FEES & OTHER CHARGES: The Rent is due and payable in

advance no later than 6:00 p.m. on the FIRST day of each month. Any Rent

received after the due date will be considered delinquent and will be subject

to late charges as hereinafter defined. Rent may be paid at the management

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office by personal check, cashier’s check or money order. Cash payments

and second party checks will not be accepted. Payment should be made

with one check or money order per apartment made payable to

__________________as agent for ____________ Apartments. Resident

agrees to pay as additional rent no later than the next rental due date:

Resident from any obligation to pay the balance of the Rent and any

applicable late fees or charges.

DEFAULT: If either Resident or Owner fails to perform any obligation

required by this agreement (including but not limited to the timely payment

of Rent), the non-defaulting party may exercise all rights and remedies

against the defaulting party as shall be allowed by law. If a collection agent

is used, Resident agrees to pay collection costs in addition to other

delinquent amounts. In the event of judicial action, the prevailing party

shall be entitled to reasonable attorney’s fees and court costs from the losing

ABANDONMENT: “Abandonment” means either (a) the absence of the

resident from the dwelling unit, without notice to the Owner for at least

seven days while rent for the dwelling unit is outstanding and unpaid for ten

days and there is no reasonable evidence other than the presence of the

resident’s personal property that the resident is occupying the residence; or

(b) the absence of the resident for at least five days, if the rent for the

dwelling unit outstanding and unpaid for five days and none of the

resident’s personal property is in the dwelling unit. If Resident abandons

the Premises or vacates the Premises upon the Expiration or termination of

value of personal property left within the Premises exceed the cost of

moving and storage, Owner shall be granted a security interest in such

chattel equal to the cost of moving and storage together with any

outstanding Rent due thereunder. Owner may subsequently dispose of such

chattel as provided in R.I.G.L.34-18-50.

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VEHICLES: Owner reserves the right, but not the obligation, to assign

specific parking spaces at the Property. Owner may also designate specific

areas for prospective residents or handicapped parking. Boats, trailers, and

oversized vehicles are not permitted on the Property at any time. Prohibited

vehicles, inoperable vehicles, unlicensed vehicles, vehicles parked in a

space assigned to another, and vehicles parked in a tow-away zone or

enter the Premises to inspect the Premises, make necessary repairs of

services, deliver legal notices, and verify occupancy. Owner may also allow

a licensed exterminator to enter the premises for pest control. Resident shall

make such apartment preparation as Owner may reasonably request

regarding pest control, including but not limited to; providing access to the

premises and arranging and preparing Resident’s foodstuffs and belongings

to facilitate extermination or fumigation, as the case may be. Except in the

case of emergency or if it is impractical to do so, Owner shall give Resident

at least two days notice of Owner’s intent to enter the Premises. Resident

agrees to permit Owner to show the Premises to prospective residents upon

without acceptable insurance naming Owner as a co-insured on file.

MAINTENANCE OF PREMISES: Resident has examined the Premises

and is satisfied with its physical condition, order and repair. Upon

termination or expiration of the Lease, Resident agrees to surrender the

Premises to the Owner in the same condition, reasonable wear and tear

excepted. Resident shall maintain the Premises in a neat, clean and

undamaged condition and shall comply with all applicable provisions of

building codes regarding public health and safety. Resident agrees to (a)

dispose of all ashes, rubbish, garbage, and waste in a clean and safe manner;

Resident’s guests that violate the Lease or Rules and Regulations. Resident

shall be responsible for all glass on the Premises. Owner shall at times

comply with the requirements of all applicable building codes and shall

make all repairs necessary to keep the Premises and Property in a fit and

habitable condition.

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OWNER’S LIABILITY: Owner shall not be liable for any injury to any

person or damage or loss to any property unless such harm or damage is due

to the specific negligence of Owner. Owner strongly recommends that

Resident secure renter’s insurance to protect against liability, property

damage and casualty losses. If for any reason Owner agrees to render

services such as handling furniture, cleaning, delivering or accepting

duration without written consent shall constitute a material breach of this

Lease. Such breach may result in the termination of the Lease by Owner

and eviction from the Premises.

ASSIGNMENT: Resident shall not sublet, transfer, or assign this Lease, or

any part thereof, without Owner’s prior written consent; which consent may

be granted or withheld at the sole and absolute discretion of the Owner.

Only persons listed herein, and temporary guests registered with the

management office and residing for less than nine days may occupy the

premises.

occupancy Rules and Regulations governing the Property whether now in

effect or hereinafter promulgated and delivered to Resident. Resident

acknowledges receipt of a copy of the Rules and Regulations in effect as of

the date hereof.

EXPIRATION: At Expiration, this Lease shall be renewed annually once

the Resident’s income is recertified unless: (a) Owner has provided Resident

with written notice of intent not to extend the Lease or, (b) Resident has

delivered a 30-day notice to Owner of Resident’s intent to vacate the

Premises by the Expiration. Failure by Resident to provide such notice of

RENTAL ASSISTANCE: If applicable, the appropriate program lease

addendum will be incorporated into this Rental Agreement.

SECURITY DEPOSIT POLICY: The Deposit is collected to assure the

Resident’s compliance with the terms and conditions of this Lease. The

Deposit shall be held, applied and refunded pursuant to this agreement. If

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any portion of the Deposit is retained by Owner, written notice to Resident

detailing the reason for such retention shall be provided within 20 days of

Resident’s surrender of the Premises and demand thereof. It is specifically

understood that application of any Deposit towards Rent, damages, or other

charges does not constitute a limit to Owner’s legal rights to all such sums

due.

vacate at least 30 days in advance of the Expiration; (c) Resident makes an

appointment with Owner for the inspection of the Premises; and (d)

Resident surrenders all keys, parking permits, and property owned by

Owner. Resident acknowledges the right to be present for a move-out

inspection. Security deposits will be returned within 20 days after the

Resident vacates, but if the resident delays in providing a forwarding

address, the deposit may not be returned until 20 days after the address is

provided. Unpaid rent, as well as damages beyond reasonable wear and

tear, may be deducted from this sum. In the event that some or all of the

security deposit is to be withheld, and resident has provided a forwarding

in good faith, the Owner may also recover, in addition to possession,

an amount not more than three (3) months periodic rent or threefold the

actual damages sustained by him or her whichever is greater, and reasonable

attorney’s fees. If the Owner consents to the resident’s occupancy, the

parties may agree to a definite term.

DISCLOSURE:_______________________________is authorized to

manage the Premises and Property, receive rents, execute leases, enforce

leases, and receive legal notices on behalf of ________________________,

HUD. The Program also requires that the Property be leased to “Qualified

Households” as defined by Section 42 of the Internal Revenue Code. At

this property, Qualified Households must not exceed certain income

limitations. Resident agrees to notify Owner immediately of any material

changes in income, number of persons residing within the Premises, or

enrollment as a full-time student.

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Resident acknowledges that this Lease shall terminate upon 30 days notice

in the event all household members become full-time students and the

household is not eligible for student status exemption.

Resident agrees that 90 days prior to the Expiration, Resident will submit to

Owner all documentation requested by Owner to insure that Resident

notice from Owner of non-qualifying status.

It is specifically agreed that each obligation of the Lease, Application and

Certification is material, and that violation of any obligation or

misrepresentation of any information shall constitute a breach of the Lease.

Resident is fully aware that this Lease may not be canceled or

otherwise terminated prior to its Expiration without the written consent of

Owner.

Abandonment of the Premises or termination of the Lease for breach will

the land and the buildings on or in which this apartment is contained upon

any foreclosure of any deed of trust upon such land or buildings or upon the

execution of any deed in lieu of such foreclosure in respect of such deed of

trust. If requested, Resident shall execute and deliver an instrument or

instruments confirming its attornment as provided for herein; provided,

however, that no such beneficiary or successor-in-interest shall be bound by

any payment of rent for more than one (1) month in advance, or any

amendment or modification of this Lease made without the express written

consent of such beneficiary.

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Dated this ______day of _________, 20______.

_________________________________

Owner

_________________________________

Resident (1) Head of Household

_________________________________

Resident (3)