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Cancelation Policy: 50% deposit for the full cost of the stay and any add-ons is due upon reservation of stay. This deposit is fully refundable up to 60 days prior to arrival. Within 60 days, no portion of the deposit is refundable for any reason. Remaining 50% payment is due 60 days prior to arrival. This payment is not refundable for any reason.

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Terms & Conditions

<p>THIS LEASE HAS IMPORTANT LEGAL CONSEQUENCES. </p> <p>THE TENANT SHOULD CONSULT LEGAL COUNSEL BEFORE SIGNING. </p> <p>RESIDENCE LEASE </p> <p>** Reservations/pricing/dates are not confirmed until reviewed by a member of the Vail Butler staff. Vail Butler reserves the right to notify you should there be a fault in the software preventing a proper reservation (i.e. nightly/weekly rates not being properly applied via the online software) or with any issues/questions regarding your reservation. </p> <p>**If this is an online booking, no reservation is confirmed until it has been reviewed and approved by a Vail Butler staff member, usually within 24 hours of submitting your reservation request. </p> <p>This Residence Lease (the “Lease”) is entered into by and between Landlord (as defined below) and Tenant (as defined below). In consideration of the payment of the Rent (as defined below), other monies due the Landlord (“Additional Rent”), and the performance of the promises by Tenant set forth below, Landlord leases to Tenant, and Tenant accepts, the Premises described below, subject to the terms and provisions set forth in the Lease. This Lease shall be deemed to be a Rental Agreement as such term is employed in the Colorado Revised Statutes (the “Rental Agreement”). </p> <p><strong>PARTIES, PREMISES, AND DEFINED TERMS</strong> </p> <p>1. Landlord: Homeowners, referred to as “Landlords”rent properties by acting by and through its agent Vail Butler, a Colorado limited liability company. </p> <p>2. Tenant/Occupancy: A maximum number of tenants was identified for the property you are leasing when you booked the property online with Vail Butler which is made a part of this Lease and incorporated herein. </p> <p>3. Premises: The property being rented was identified when you booked the property online with Vail Butler which is made a part of this Lease and incorporated herein. When you book your reservation, the unit of your choice will be assigned but cannot be guaranteed when there are circumstances beyond our control. Although rare, examples are a house that is sold, changed property management companies, or a house that has unforeseen damage and is not rental ready. Vail Butler will make every effort to relocate you to a similar property. Vail Butler will issue a full refund if no property is available for the desired dates. Rates are subject to change based on season/availability. Rates will not be adjusted once a reservation has been confirmed by a member of our staff. Exact bedding/décor/amenities are not guaranteed the same as pictured as owners will often change items within the home. </p> <p>4. Term: The term of your Lease/rental was identified for the property you are leasing when you booked the property online with Vail Butler which is made a part of this Lease and incorporated herein. </p> <p>5. Rent: Rental terms and amount of Rent was identified for the property you are leasing when you booked the property online with Vail Butler which is made a part of this Lease and incorporated herein </p> <p>6. Guest Screening: I give permission to SafelyStay, Inc., to screen my identity, and check criminal databases in order to confirm my reservation. Complete terms regarding Safely’s guest screening can be found at You may receive an email from to complete your screening. Please check your spam inbox for this email, and contact Safely at, or go to, if you have any questions. </p> <p>7. Late Payments: If any rental installment or other payment is received later than five (5) days after the date when due, the parties agree that Additional Rent in the amount of eight percent (8.00%) of the outstanding sums, shall also be due and payable. The foregoing items shall be deemed Additional Rent. </p> <p>8. Colorado Revised Statutes Definitions: The Colorado Warranty of Habitability Law, codified at § 38-12-501 et seq., C.R.S., contains the following definitions which may be applicable in conjunction with certain rights and responsibilities imposed by the law: Dwelling Unit is the structure, or the part of the structure, that is used as the home, residence, or sleeping place by Tenant (the “Dwelling Unit”). Common areas are the facilities and appurtenances to a Residential Premises, including the grounds, areas, and facilities held out for the use of tenants generally or whose use is promised to Tenant (the “Common Areas”). Residential Premises means the Dwelling Unit, the structure of which the unit is a part and the Common Areas (the “Residential Premises”). </p> <p>9. Pets: Shall not be allowed to have pets on the Premises without prior written consent of the Landlord. PREMISES </p> <p>10. Common Areas/Governing Documents: If the Premises includes any common areas with any other properties that are subject to any declarations, covenants, conditions, or restrictions by any governing documents (the “Governing Documents”) pertaining to the Premises, Tenant is granted a license to use those areas on the terms and conditions contained in such governing documents. All use of the Common Areas is at the sole risk of Tenant and Landlord will not be held liable for any damages or injuries occasioned by such use. If Tenant is unfamiliar with the Governing Documents, then Tenant may request a copy from the Landlord. </p> <p>11. Parking: If parking is available and included on or adjacent to the Premises, the parties understand and agree that the Lease establishes a license to use the Premises for parking for Tenant’s motor vehicles. All motor vehicles must be properly licensed and insured. Landlord may cause removal of all motor vehicles or personal property not authorized or permitted, including those left on the Premises or designated Common Areas after expiration or termination of the Lease or Term. Tenant agrees to comply with any parking requirements and restrictions specified in any Governing Documents or rules and regulations governing the Premises. </p> <p>12. Condition of Premises and Representations: As of the commencement of the Lease, Tenant acknowledges that Tenant has examined the Premises and is satisfied with the condition of the Premises, including all systems and appliances on the Premises. Taking possession of the Premises is conclusive evidence to the fact that the Premises are in good order and satisfactory condition. </p> <p>13. Use of Premises: Where used in this Paragraph, Premises includes any Common Areas and Tenant includes Tenant’s licensees and invitees. </p> <p>a. Occupancy of Premises: Tenant represents and warrants that Tenant has identified all of the individuals over the age of 18 who will occupy the Premises in Paragraph 2 of the Lease and that the Premises are to be used only as a private residence for those individuals. Landlord must approve any change to those listed as Tenants in the Lease. If Tenant desires any change or increase to those shown as Tenants in the Lease, and provided any increase is not in violation of applicable occupancy codes, those individuals desiring tenancy must complete any application and approval process required by Landlord, in advance of any change. If Tenant fails to obtain Landlord’s approval in advance of any change in occupancy, Tenant understands that this failure constitutes a Default as described in the Lease. </p> <p>b. Legal Compliance: Tenant is liable for the actions of Tenant’s licensees and invitees. Tenant agrees to comply with and abide by all federal, state, county and municipal laws and ordinances, and any Governing Documents, if applicable, in connection with the occupancy and use of the Premises. No alcoholic beverages shall be possessed or consumed by Tenant, or Tenant’s licensees or invitees, unless the person possessing or consuming alcohol is of legal age. No illegal drugs or controlled substances, which include medical and/or recreational marijuana, are permitted on the Premises. Tenant agrees to refrain from using the Premises in any way that may result in an increase of the rate or cost of insurance on the Premises. No hazardous or dangerous activities are permitted on the Premises. </p> <p>c. Safety: Tenant must not use the Premises in a manner that may endanger the person or property of Landlord, co-tenants, or any person living on or near the Premises. Tenant agrees to limit use of the Premises to those consistent with the Premises’ clean, safe, sanitary, and habitable condition. </p> <p>d. Nuisance Prohibited: Neither Tenant nor Tenant’s licensees or invitees shall be a nuisance or act in any manner that would interfere with the quiet enjoyment by adjacent property owners or other tenants (or their invitees) of their premises. This prohibition includes, but is not limited to, loud noises, loud music, noxious or unpleasant odors, and disruptive behavior or actions. </p> <p>14. Check-Out Procedure: Landlord may, at its discretion, demand and conduct a check-out/walk through of the Premises when, or immediately before, Tenant re-delivers the Premises at the end of the Term. </p> <p>a. Check-Out Time is 10 am unless otherwise confirmed in advance and in writing by a Vail Butler team member. Failure to depart by 10 am will result in additional charges. Unauthorized late check outs up to 12 pm incur a half day charge. Unauthorized late check outs from 12:01 pm or later incur a full day charge. Amounts are based upon the publicly listed lodging amount for the day of check out. </p> <p>15. Surrender of Premises: Tenant will return the Premises to Landlord at the expiration of the Term in as good condition as when Tenant took possession of the Premises, normal wear and tear excepted. Any deterioration or damage caused by intentional act, misconduct, accident, abuse, carelessness, or negligence shall not be considered normal wear and tear. If Tenant fails to re-deliver the Premises in appropriate condition, Landlord may restore the Premises to appropriate condition, including repair, replacement and cleaning. If the Security Deposit is insufficient to cover work performed, Tenant will be obliged to pay the additional balance upon Landlord’s demand. If payment is not received within five (5) days of Landlord’s demand, interest shall be carried on the balance at a rate of eighteen percent (18.00%) per annum. </p> <p>16. Subletting or Assignment: Tenant shall neither sublet any part of the Premises nor assign the Lease, nor any interest in the Lease, without Landlord’s prior written consent. Consent to a sublease or assignment shall be in the sole and absolute discretion of Landlord. PAYMENTS </p> <p>17. Payments/Dishonored Checks: Payments shall be deemed received when actually delivered to, and received by, Landlord at the payment location. Dishonored checks and any checks received late in the mail will be treated as late payments. Any additional bank and handling charges that are assessed in the event of a dishonored check shall be deemed Additional Rent. </p> <p>18. Partial Payment: Landlord’s acceptance of any partial payment does not waive Landlord’s right to require immediate payment of the unpaid balance of Rent, or waive or affect Landlord’s rights to institute legal proceedings including, without limitation, an eviction action. </p> <p>19. No Offset: No assent, express or implied, to any Default of any one or more of the agreements in the Lease will be deemed or taken to be a waiver of any succeeding or other Default. The covenants set forth in the Lease are independent. Tenant shall have no right to withhold or set off any Rent due Landlord. </p> <p>20. Joint and Several Obligations of Tenant: If more than one person comprises Tenant, it is expressly understood and agreed that each person comprising Tenant is jointly and severally liable for any and all obligations of Tenant in the Lease. Moreover, if Tenant is a business entity such as, without limitation, a corporation, partnership, limited liability company or the like, a personal guaranty of this Lease and all of its payments and obligations hereunder shall be required from the business entity’s principal approved in advance by Landlord. MAINTENANCE </p> <p>21. Tenant’s Maintenance of the Premises: In addition to the duties imposed upon Tenant by this Lease, The Colorado Warranty of Habitability Law, codified at § 38-12-501 et seq., C.R.S., requires that Tenant has a duty to use that portion of the Premises within Tenant’s control in a reasonably clean and safe manner. Tenant shall not knowingly, intentionally, deliberately, or negligently destroy, deface, damage, impair, or remove any part of the Residential Premises including any personal property therein, or permit any person within Tenant’s control to do so. </p> <p>22. Tenant’s Notification, Restrictions, and Additional Responsibilities: Tenant shall not perform or contract with third parties to perform any repairs of any kind on the Premises or structure on which the Premises are located without the written consent of Landlord. Tenant shall not paint the Premises or Common Areas without Landlord’s prior written consent. Tenant shall not otherwise decorate or deface the Premises or Common Areas in a manner that causes damage or alteration to the Premises or said areas. Tenant shall be responsible for any and all damage to the plumbing, HVAC and electrical systems caused by Tenant’s intentional, reckless or negligent use, misconduct or abuse. Such actions include, without limitation, clogging and backing up of plumbing not attributable to ordinary wear and tear of the plumbing system, and plumbing system freeze-ups occasioned by Tenant’s negligence. Tenant shall not place any additional locks on the Premises, including, but not limited to, exterior and interior doors. Tenant shall not cause any of the locks or cylinders in the locks to be changed or re-keyed in any manner. Tenant must keep the Premises and the real property surrounding the Premises free and clear of all debris, garbage and rubbish. </p> <p>23. Maintenance and Repair of the Premises: If repairs, replacements, restorations, or maintenance have been necessitated by any other reason including, without limitation, Tenant’s intentional, reckless or negligent use, misconduct or abuse of the Premises, improvements or systems then Tenant shall be responsible for the cost and expense for repairs, improvements or maintenance occasioned by such acts or omissions. In lieu of a Security Deposit from the Tenant, Tenant is providing Landlord with a credit card to pay for Tenant’s responsibility to pay for the cost and expense for repairs, improvements, or maintenance regarding this Section 23. If Landlord determines that Tenant is responsible for the cost and expense of any repairs, improvements, or maintenance as described herein, Tenant hereby authorizes Landlord to charge Tenant’s credit card for the reasonable cost and expense to make such repair, improvement or maintenance without further notice. </p> <p><strong>DEFAULT, NOTICE, AND REMEDIES </strong></p> <p>24. Default: If Tenant is in arrears in the payment of any installment of Rent, any Additional Rent, or in violation of any other covenants or agreements set forth in the Lease (a “Default”) then Landlord may, at Landlord’s option, undertake any of the following remedies without limitation: (i) declare the Term of the Lease ended; (ii) terminate Tenant’s right to possession of the Premises and re-enter and repossess the Premises; (iii) recover all present and future damages, costs and other relief to which Landlord is entitled; (iv) pursue Landlord’s lien remedies; (v) pursue breach of contract remedies; and/or (vi) pursue any and all available remedies in law or equity. If possession is terminated by reason of a Default before the Term expires, Tenant shall still be responsible for the Rent and Additional Rent occurring for the remainder of the Term. ADDITIONAL PROVISIONS </p> <p>25. Liability Indemnification/Waiver: Tenant shall save and hold Landlord harmless and indemnified from all injury, loss, claim or damage to any person or property while on the Premises, or arising in any way out of Tenant’s use of the Premises. Landlord and Landlord’s directors, officers, members, managers, agents, contractors, and employees shall not be liable for, and Tenant waives all claims for, damage to person or property sustained by Tenant, resulting from any accident or occurrence in or on the Premises, including, but not limited to, claims for damage resulting from: (i) any equipment or appurtenances becoming out of repair; (ii) Landlord’s failure to keep the Premises in repair; (iii) injury done or occasioned by wind, water, or other natural element; (iv) any defect in, or failure of, plumbing, heating or air-conditioning equipment (including wood stoves), electric wiring or installation thereof, gas, water and steam pipes, stairs, porches, railings or walks; (v) broken glass; (vi) the backing up of any sewer pipe or downspout; (vii) the bursting, leaking or running of any tank, tub, sink, sprinkler system, water closet, waste pipe, drain or any other pipe or tank in, on or about the Premises; (viii) the escape of steam or hot water; (ix) water, snow, or ice being on or coming through the roof, skylight, doors, stairs, walks, or any other place on or near the Premises; (x) the falling of any fixtures, plaster or stucco; (xi) fire or other casualty; (xii) any act, omission or negligence of co-tenants or of other persons or occupants of the Premises; (xiii) hot tub use; and (xiv) any hazardous materials or conditions on the Premises. Where used in this Paragraph: (a) Premises includes any Common Areas, structures on any Common Areas, and any adjacent property; (b) Landlord includes Landlord’s directors, officers, members, managers, agents, respective successors and assigns, contractors, and employees; and (c) Tenant includes Tenant’s invitees, licensees, or any other person claiming through Tenant. </p> <p>26. Insurance: Landlord, in its sole discretion and for its sole benefit, shall cause the Premises to be insured as it deems appropriate. Tenant shall have no right or claim to any insurance or insurance proceeds. Tenant understands and agrees that Landlord has no obligation to obtain insurance for Tenant including, but not limited to, liability, hazard, or contents insurance. Tenant shall not act nor permit another to act in a manner which shall adversely affect, increase the cost of, or result in the cancellation of any fire or other insurance policy of the Landlord covering the Premises. Tenant acknowledges that all of Tenant’s personal property or that which belongs to others placed on the Premises at the invitation of or with the consent of the Tenant shall be at the Tenant’s sole risk. To the extent permitted by law, Tenant shall indemnify and hold harmless Landlord from and against any loss or damage to such personal property. </p> <p>27. Destruction or Condemnation of Premises: Landlord’s and Tenant’s duties and responsibilities are as follows when destruction or condemnation of the Premises occurs: a. Partial Destruction of the Premises: In case of partial destruction to the Premises by fire, the elements, or other casualty, Landlord, at its discretion, may repair the Premises with reasonable dispatch after notice of the partial destruction. Tenant shall still be responsible for payment of Rent. If Landlord determines that the partial destruction may not be repaired, Subparagraph (d) of this Paragraph shall be effective. b. Premises Untenable: If the Premises are made totally untenable by fire, the elements or other casualty, or if the building in which the Premises are located is partially destroyed to the point where Landlord, within a reasonable time, decides not to rebuild or repair, then Subparagraph (d) of this Paragraph shall be effective. c. Condemnation: If the whole or part of the Premises rented under the Lease are taken by any authority for any public or quasi-public use or purpose, then Subparagraph (d) of this Paragraph shall be effective. All damages and compensation awarded for any taking shall be the sole property of Landlord. d. Termination of Term: Tenant agrees that if Landlord decides not to repair or rebuild the Premises where the destruction has occurred as described in Subparagraphs (a) and (b) of this Paragraph, the Term granted by the Lease will cease and the Rent and Additional Rent will be prorated and payable up to the time of the cessation of the Term. A refund will be given for the balance of any Rent paid in advance for which Tenant did not have use of the Premises due to the cessation of the Term under the conditions of this clause. Where the Premises have been taken due to condemnation as described in Subparagraph (c) of this Paragraph, the Term of the Lease will cease and terminate on the date that possession of the Premises is taken by the authority. Rent and Additional Rent will be prorated and payable up to the time of the cessation of the Term. Tenant shall not hold Landlord liable for any damages as a result of any of the acts or events described in this Subparagraph. </p> <p>28. Holdover: Tenant must vacate the Premises and remove all of Tenant’s personal property from the Premises before twelve o’clock noon on the date the Term expires. Landlord may immediately commence eviction proceedings at its sole discretion. If, after the Lease expires, Tenant remains in possession of the Premises without a written agreement as to possession, then the tenancy will be regarded as a day-to-day tenancy, at a daily rental, payable in advance, equivalent to two times the last Rent paid under the Lease, and subject to all the terms and conditions of the Lease. </p> <p>29. Entry by Landlord: Landlord may enter the Premises at reasonable hours for reasonable purposes (such as repairs, inspections, ensuring compliance with the Lease, or re-letting to prospective new tenants), after giving reasonable notice to Tenant. Landlord may also enter the Premises in the event of an emergency, without notice, or in the event of vacancy of the Premises. </p> <p>30. Guarantor: If the Lease is guaranteed, the person(s) guaranteeing the Lease (“Guarantor”) absolutely guarantees Tenant’s obligations and performance under the Lease. Guarantor further agrees to be bound by the same covenants and conditions of the Lease and makes the same warranties and representations as Tenant under the Lease. If Tenant defaults in the performance of Tenant’s obligations under the Lease, Guarantor will perform Tenant’s obligations. </p> <p>31. Notices: All notices required to be sent under the Lease are as follows: If to Landlord: Vail Butler, a Colorado limited liability company 2607 Arosa Drive UNIT A Vail, CO 81657 970-471-3312 </p> <p>32. Attorneys’ Fees: If either party fails to perform any of its obligations under the Lease, or if a dispute arises concerning the meaning or interpretation of any provision of the Lease, then the defaulting party or the party not prevailing in the dispute, as the case may be, must pay any and all costs and expenses incurred by the other party in enforcing or establishing its rights under the Lease, including, without limitation, court costs and reasonable attorneys’ fees. </p> <p>33. Governing Law: The Lease is governed by and construed in accordance with the laws of the State of Colorado. Venue is proper in Eagle County, Colorado. </p> <p>34. Amendments and Termination: Unless otherwise provided in the Lease, the Lease may be amended, modified, or terminated only by a written instrument executed by Landlord and Tenant. </p> <p>35. Captions: The Paragraph titles or captions in the Lease are for convenience only and shall not be deemed to be part of the Lease. </p> <p>36. Pronouns; Joint and Several Use of Certain Terms: Whenever the terms referred to in the Lease are singular, the same shall be deemed to mean the plural, as the context indicates, and vice versa. All references to the “Landlord” mean Landlord and/or its authorized agents, contractors, or employees as may be required by the specific context. All references to “Tenant” mean each and every person comprising Tenant or an individual person or combination of persons comprising Tenant as may be required by the specific context. </p> <p>37. Waivers: No waiver of any breach of any provision contained in the Lease shall be deemed a waiver of any preceding or succeeding breach of that provision or of any other provision contained in the Lease. No extension of time for performance of any obligations or acts shall be deemed an extension of the time for performance of any other obligations or acts.</p> <p>38. Severability: If any term, covenant, condition, or provision of the Lease or the application thereof to any person or circumstance is found, at any time or to any extent, to be invalid or unenforceable, the remainder of the Lease, or the application of that term or provision to persons or circumstances other than those to which it is held invalid or unenforceable, shall not be affected thereby, and each provision of the Lease shall be valid and shall be enforced to the fullest extent permitted by law. </p> <p>39. Pest Control: Tenant acknowledges that the Landlord does not guarantee or warrant that the Premises are or ever will be a “pest free environment.” Tenant acknowledges and understands that Landlord’s ability to effectively address pest infestation issues is dependent in significant part on Tenant’s and other tenants’ voluntary compliance and cooperation. Tenant agrees to cooperate fully with, and to undertake all efforts and tasks required by Landlord, or Landlord’s pest-control company to exterminate and control pests. Tenant’s full cooperation includes, but is not limited to, immediately reporting pest infestation to the Landlord in writing, making the Premises available for entry to complete pest inspection and extermination treatments, completing all required pre-treatment activities, evacuating the premises during and after the treatment for the required time frame, completing all required post treatment activities. Tenant acknowledges and agrees that Landlord will not be responsible for damages or losses due to pest infestation to the extent such conditions have resulted from the acts or omissions of the Tenant, or if Tenant has failed to immediately notify Landlord of any such condition. </p> <p>40. Mold: When moisture is present mold can grow. Landlord does not guarantee or warrant that the Premises are or ever will be a “mold free environment.” The best way to avoid problems related to mold is to prevent moisture buildup in the Premises. Tenant acknowledges and agrees to undertake reasonable steps to eliminate moisture within the premises which may lead to growth of mold. Such steps include, but are not limited to, keeping the premises clean, using exhaust fans when bathing/showering, wiping down any moisture and/or spillage, and regularly inspecting for leaks or water accumulation on the Premises. Tenant further agrees to notify Landlord immediately, in writing, of any sign of water leak, excessive or persistent moisture or any condensation sources in the Premises or any stains, discolorations, or other indications of mold growth, including a musty odor in the Premises. Tenant acknowledges and agrees that Landlord will not be responsible for damages or losses due to mold growth to the extent such conditions have resulted from the acts or omissions of the Tenant or if Tenant has failed to immediately notify Landlord of any such conditions described above. </p> <p>41. Smoke Free Premises: No smoking is allowed upon the Premises or any common area adjacent to the Premises unless explicitly designated for the purpose of smoking. “Smoking” means the burning of a lighted cigarette, cigar, pipe, or any other matter or substance that contains tobacco (as defined by the Colorado Clean Indoor Air Act) or contains any other controlled substance. Smoking on the Premises shall constitute a default under this Lease. </p> <p>42. Marijuana: Colorado law permits the use of medical and recreational marijuana in specific and limited circumstances. The State of Colorado has also passed additional legislation in adopted rules that govern the use of medical and recreational marijuana (hereafter, “Colorado Marijuana Law”). Despite the Colorado Marijuana Law, the Federal Controlled Substances Act categorizes marijuana as a Schedule 1 substance, and further provides that the manufacture, distribution, or possession of marijuana is a federal criminal offense. Furthermore, the United States Department of Housing and Urban Development has stated that the use of marijuana for medical and/or recreational purposes violates federal law and the federal and state nondiscrimination laws do not require landlords to accommodate requests by current or prospective residents with disabilities to use medical marijuana. Possession, use, and/or cultivation of marijuana on the Premises is not permitted and shall constitute a default under this Lease. </p> <p>43. Counterparts: This Lease may be executed in counterparts and/or by electronic transmission, each of which shall be considered the same as an original, and all of which shall together constitute one document. </p> <p>44. Successors, Assigns, and Authority to Execute: This Lease shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, representatives, successors, and assigns. The person(s) executing this Lease represents that it has the full power and authority to bind its principal hereunder. </p> <p>45. Interpretation: The parties acknowledge and agree that this Lease shall not be construed or interpreted against any single party on the grounds of sole or primary authorship. </p> <p>46. Payment Due Upon Execution: Tenant shall execute this Lease and provide their signed version to Landlord along with payment for the Rent as provided herein. Upon receipt, Landlord will provide Tenant with a signed version of the Lease. </p> <p>47. Interest on Deposits: The Tenant acknowledges they shall not be entitled to any interest earned on security deposits or rental payments.</p> <p>48. Time is of the Essence: Time is of the essence regarding this Lease. </p> <p>49.<strong> Cancelation Policy and Liquidated Damages</strong> </p> <p>Tenant hereby acknowledges and agrees to the following cancellation policy. If Tenant cancels or terminates this Lease sixty (60) days or more from the start of occupancy of the Lease, then Landlord shall not retain the 50% down payment Tenant provided. If Tenant cancels or terminates this Lease less than sixty (60) days from the start of occupancy of the Lease, then Tenant shall forfeit the return of any and all monies paid by Tenant to Landlord. Tenant’s forfeiture of said payments/Rent as provided for in this paragraph is LIQUIDATED DAMAGES and is not a penalty because the amount the Parties hereto agree is fair and reasonable, the Parties intend to liquidate the damages, and this is because the actual damages of Landlord would be extremely difficult and impractical to ascertain.</p>