| #1: Resident |
#2: Resident |
| First Name | Last Name |
First Name | Last Name |
| Angel | Otero |
Margarita | Otero |
Pay via check or credit card at depositiq.com
If you are paying with a money order or would like to fax us Check or Credit Card Payments, see instructions on page 2.
| Security Bond Coverage Amount: |
$750.00 |
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Pet Bond Coverage Amount: |
$0.00 |
| Refundable Deposit Due To Community: |
$0.00 |
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Refundable Pet Deposit Due to Community: |
$0.00 |
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Non-refundable Purchase Price: |
$131.25 |
PLEASE READ THE FOLLOWING BEFORE SIGNING:
I intend to be legally bound, and I understand and voluntarily agree that:
I am enrolling on a bond that Bankers Insurance Company (Surety) issued for the benefit of the apartment community named above. The premium that I am paying for the Bond is not a security deposit, and I will not receive the premium back at the end of my lease. Moreover, this bond is not liability or other insurance, and thus does not relieve me of any responsibilities I have under the lease, including responsibility for physical damage to the property or for unpaid rent.
The bond is for the amount listed above in the box marked “Bond Coverage Amount.” The bond provides coverage for damages that I may be responsible for under the lease and under law, including physical damage to the apartment (beyond normal wear and tear) or for any unpaid obligations under my lease agreement, such as unpaid rent or fees (“Covered Damages”), up to the Bond Coverage Amount. Therefore, if the apartment community makes a claim for Covered Damages, and provided the apartment community strictly complies with the lease terms and applicable law, Surety will be obligated to pay the claim for Covered Damages, including any collection expenses, court costs, and attorney fees, but not to exceed the Bond Coverage Amount. I will then be obligated to reimburse Surety the amount of the claim.
Nothing in this agreement limits the apartment community from first applying any money that I have on deposit with the apartment community to pay the claim. Moreover, if Surety pays a claim on my behalf, it will then seek to collect reimbursement from me. If this happens, subject to all applicable legal limitations, I authorize anyone to furnish Surety (or its employees or agents or assigns) any information that will assist Surety in collecting the money I owe. Moreover, the apartment community and the Surety are not affiliated in any manner, and the apartment community is not responsible for the actions that Surety takes during any collection efforts. I understand that if I fail to pay money that I owe to Surety as a result of my obligations under this bond: a) my credit rating may get worse; b) I might have trouble renting an apartment; and c) I might have trouble getting insurance coverage.
Any dispute or claim arising out of or relating to this agreement
will be resolved by a single arbitrator in a binding arbitration proceeding administered by the American Arbitration Association or other appropriate entity that we mutually accept. Judgment on the arbitrator’s award may be entered in any court with appropriate jurisdiction. In any arbitration or court proceeding, Surety, DepositIQ and I waive any claims for punitive damages, and Surety, DepositIQ and I waive any right to pursue claims on a class or representative basis – or to be included in any such class.
This is our entire agreement, and I am not relying on any oral promises or statements.
RESCISSION RIGHTS: Within five (5) Calendar Days of signing this Bond Enrollment Form, I may rescind this bond enrollment for a full refund, PROVIDED I take certain action. I have been informed that a complete description of such actions (for example, the lease agree is lawfully terminated) is available at
www.depositiq.com/rescission.html.
THIS IS PART OF THE AGREEMENT. PLEASE READ CAREFULLY
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This constitutes our entire agreement, which supersedes all prior agreements and understandings pertaining thereto, and I am solely relying on what is written in this document, and not relying on any oral representations or promises.
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The parties hereto shall have all remedies for breach of this Agreement available to them provided by law.
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This agreement is not intended to be for the benefit of and shall not be enforceable by any person who or which is not a party hereto.
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Neither Party may assign or delegate any of its rights or obligations under this agreement, although Surety may assign this agreement and any resulting judgment, for purposes of collection.
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I understand that Surety and apartment community are independent and unaffiliated companies, and, that they are therefore not agents, joint venturers, partners, parents, or subsidiaries of one another. Therefore, I understand that the apartment community is not responsible for the conduct of the Surety, and the Surety is not responsible for the conduct of apartment community.
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I am enrolling in the bond program voluntarily, and not under the pressure, influence or recommendation of any person. I fully understand that I don’t have to enroll in this program. But after considering the matter, I choose to enroll because I believe that it makes sense for me to do so.
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I have had sufficient opportunity and time to review this agreement.
THANK YOU, IF YOU HAVE ANY QUESTIONS OR CONCERNS ABOUT THIS EXCITING PROGRAM, PLEASE VISIT OUR WEBSITE AT WWW.DEPOSITIQ.COM, OR CALL A CUSTOMER SERVICE REPRESENTATIVE AT (877-684-4039). WE WELCOME YOUR CALLS AND FEEDBACK.
If you cannot pay online, fax the form below to 877-306-8473 or send a Money Order to PO Box 832405, Richardson, TX 75083-2405. Please include a signed copy of the Enrollment and Bond Acknowledgement Form.
| Credit Card |
| Name on Card: |
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| Card #: |
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| Card Type: |
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| Exp. Date: |
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CVV Code: |
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| Billing Address: |
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| City/State/Zip Code: |
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| Amount to Pay: |
$131.25 |
| Signature: |
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| Check |
| Name on Check: |
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| Account #: |
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| Routing #: |
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| Amount to Pay: |
$131.25 |
Account Type
(circle one): |
Checking Savings |
| Signature: |
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66225
Frequently Asked Questions
What is DepositIQ?
When a resident elects to use the DepositIQ program, DepositIQ issues a financial guarantee bond that replaces conventional security deposits. DepositIQ guarantees the performance of a resident according to the terms of a signed lease agreement. DepositIQ is based on a simple concept: instead of requiring a full security deposit, residents are offered the option of promising to return the unit in good condition, satisfy all rental and financial obligations by paying a modest one-time non-refundable premium for a surety bond. If the resident does not meet their obligations, they are required to reimburse the Surety for the amount owed of their rental and financial obligations.
What is a Surety Bond?
A surety bond is a written agreement that usually provides for monetary compensation in case the principal (see below for definition) fails to perform the acts as promised. A surety bond is a form of insurance that is created whenever one party guarantees performance of an obligation by another party. There are three parties to the agreement, as defined by the Surety Association of America.
- The principal is the party that undertakes the obligation. (The Resident)
- The surety guarantees the obligation will be performed. (DepositIQ)
- The obligee receives the benefit of the bond. (The Property Owner)
How do I purchase a bond?
DepositIQ is available at participating communities. Once you accurately complete a DepositIQ application and pay the required one-time, non-refundable premium, you are automatically a DepositIQ client when your new lease is approved.
What happens at the end of my lease term?
After you pay your last month’s rent and honor the other conditions of your lease, you simply move out without any further obligations. If you have not fulfilled your commitments under the lease and owe the community additional funds, the Surety must pay to reimburse the Property Owner and you (the resident) will be required to reimburse the surety company for damages, loss of rent and related expenses.
How long is the property owner covered by this one-time premium that I am purchasing today?
Coverage is purchased for the benefit of the apartment community and is intended to remain in force for the duration of your tenancy. However, if your apartment community is sold, or changes management, we cannot warrant that the bond will remain in force, and you may be required by the new owner to post a security deposit upon lease renewal in accordance with applicable landlord/tenant law.
What happens if I move to another Apartment in this Apartment Community?
Your DepositIQ premium can move with you to the new apartment in this community provided both you and the Property Owner agree to do so. Similarly, it can be transferred with you to any other apartment community your Property Owner has enrolled in the DepositIQ program, as long as both you and the Property Owner agree to do so.
Are there any other costs for DepositIQ?
No. Your one-time premium is all you pay, if you have fulfilled your lease obligations. If you have not fulfilled your lease obligations, and the Surety is required to the Property Owner on your behalf, you will be required to reimburse the Surety for damages, loss of rent and related expenses, such as legal and collections fees.
Do I get my premium back at the end of my lease?
No. Your premium is non-refundable.
What happens if I owe rent, fees, or cause damage to my apartment when I move-out?
We (the Surety) will be obligated to pay your debt (only up to the bond coverage amount) to the Apartment Community and then we will collect a reimbursement for our payment to the Apartment Community from you. This is the essence of the financial guarantee that you are signing.
If I do owe fees, rent or damage expense, can I pay it directly to the Apartment Community?
Yes. That is the best thing to do. Once the outstanding monies are paid to the Apartment Community, you will have no obligation to the Surety.
Should I purchase a DepositIQ Surety Bond?
This is a decision that you need to make. You are the only one who can determine how important it is to you to free up the cash that would be tied up in the security deposit. The DepositIQ premium is paid once and is non-refundable.
For more information, email us at info@depositiq.com, or call 877-684-4039.