This Program (the BankIt savings program) is being offered only to Qualified Lessees who purchase a Qualified Home. Qualified Lessee is defined as any current lessee of a Qualified Apartment unit, or any individual who enters into a new lease and becomes a lessee of a Qualified Apartment unit. A Qualified Apartment is any apartment unit located within any of the following Lifestyle Communities Apartment Projects: LC River South in Columbus, OH; LC New Albany Park in New Albany, OH; LC The Greene in Canal Winchester, OH; LC Paddock in Dublin, OH; LC Sunbury Mills in Sunbury, OH; LC Preserve Crossing in Gahanna, OH; LC Brooklands in Hilliard, OH. Qualified Home is defined as any condominium or single family home, including non-Lifestyle Community products purchased through an agent of Lifestyle Real Estate Services (“LRS”).
The Program will commence on October 1, 2007 and may be terminated at any time by Lifestyle Communities without notice. In the event the Program is terminated by Lifestyle Communities, accrual of credit will cease immediately from the termination date. However, credit accrued by a Qualified Lessee prior to termination of the Program will not be automatically forfeited, and will remain in Qualified Lessee’s Program account.
All accrued credit will be forfeited unless Qualified Lessee has entered into a purchase agreement for a Qualified Home within 60 days from the date of expiration of Qualified Lessee’s lease of a Qualified Apartment unit. Once Qualified Lessee has entered into a purchase agreement for a Qualified Home, all accrued credit will be forfeited if Qualified Lessee has not closed on the Qualified Home within 180 days from the date that Qualified Lessee signed the purchase agreement.
Credit will begin to accrue on the first day of the month following the month in which the Qualified Lessee becomes enrolled in the Program. The rate at which credit will accrue shall be equal to ten percent (10%) of Qualified Lessee’s monthly rental rate under their Qualified Apartment lease, provided, however, that in no event shall the total amount of credit paid to or on behalf of Qualified Lessee upon the purchase of a Qualified Home exceed the lesser amount of (a) one percent (1%) of the total purchase price of the Qualified Home, or (b) Two Thousand Dollars ($2,000.00). Credit will accrue into an individual Program account for each Qualified Lessee and will be kept and paid out by LRS.
In the event that a Qualified Lessee’s Program account has a balance less than $250 at the time of the expiration of Qualified Lessee’s lease, LRS shall deposit an amount into such Qualified Lessee’s Program account so that the Program account balance is $250.
Qualified Lessee may receive a check from LRS after the time of closing of a Qualified Home in an amount equal to Qualified Lessee’s accrued credit.
In the event that more than one person is named as a Qualified Lessee on a lease for a Qualified Apartment unit, all Qualified Lessees will split the total accrued credit for such Qualified Apartment equally. Credit does not accrue on an individual basis.
Qualified Lessee must purchase their Qualified Home through an agent of LRS, or all accrued credit will be forfeited.
To become enrolled in the Program as a Qualified Lessee, the following must occur:
New lessees must enter into a lease for a Qualified Apartment unit and fill out the Bank It Program addendum.
Current Lessees of a Qualified Apartment unit must complete an Application on the Lifestyle Communities website, or visit their leasing office and complete an Application.
Eligibility requirements and these Terms and Conditions may change at anytime without notice..