It is understood that no pets will be permitted unless written permission is given by the Lessor, that the premises are to be used as a residence to be occupied by no one other that the person listed above, and that occupancy is subject to possession being delivered by present occupant. A deposit of $__________ is made with the clear understanding that this application, including each prospective occupants, is subject to approval and acceptance. When so approved and accepted, the applicant agrees to execute a lease contract and to pay any balance due on rent or security deposit before possession is given, and should the applicant decide for any reason not take possession, the deposit will be forfeited as liquidated damages. If this application is not approved and accepted by the owner or agent, the deposit will be refunded, the application hereby waiving any claim for damages by reason of no acceptance of this application which the landlord or his agent may reject without stating any reason for so doing.