DEPOSIT AGREEMENT

I/we, hereinafter referred to as "Buyer or Tenant" agree(s) to deposit as a NON-REFUNDABLE DEPOSIT toward the purchase or lease of the property located at ___(address), under the following terms and conditions.

Seller/Landlord agrees to hold the property for me/us until I/we either purchase the property or lease the property, but not to exceed 15 days from the date signed below, unless extended by agreement of the parties. Seller/Landlord can continue to show the property, hold an open house in the property, or use the property as a model home until date of purchase or lease, and upon the remaining amount due for the purchase/lease of property being paid.

Buyer/tenant understands, acknowledges and agrees the Seller/Landlord will incur expenses in the holding of the property and if I/we fail to either purchase or lease the property, the Seller will suffer damages which are not easily susceptible to calculation. I/we agree that the NON-REFUNDABLE DEPOSIT is a fair and reasonable approximation of the damages that the Seller/Landlord will suffer if I/we do not purchase or lease the property, and is not a penalty, and agree that the Seller/Landlord may retain the NON REFUNDABLE DEPOSIT as liquidated damages in such event.

Seller/Landlord may, at its sole discretion, issue a credit to Buyer or Tenant, not to exceed the amount of the NON REFUNDABLE DEPOSIT, to be applied to the purchase/lease of another property owned by Seller/Landlord.