Tenants: ______, ______, ______, ______ Landlord or Landlord’s Representative: ______, ______ Page 1 of 6
VIRGINIA RESIDENTIAL LEASE AGREEMENT
THIS LEASE AGREEMENT (hereinafter referred to as the “Agreement”) made and entered into this September 26, 2011, by and
between Daniel M. Babcock, whose address is 200 Jennings Drive, Yorktown, VA 23692_________________ (hereinafter
referred to as “Landlord”) and __Josh and Sarah Wade_ (hereinafter referred to as “Tenant”).
W I T N E S S E T H :
WHEREAS, Landlord is the fee owner of certain real property being, lying and situated in The City of Richmond, Virginia, such
real property having a street address of 2508 E. Franklin Street, Richmond, VA 23223 (hereinafter referred to as the “Premises”).
WHEREAS, Landlord desires to lease the Premises to Tenant upon the terms and conditions as contained herein; and
WHEREAS, Tenant desires to lease the Premises from Landlord on the terms and conditions as contained herein;
NOW, THEREFORE, for and in consideration of the covenants and obligations contained herein and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:
1. TERM. Landlord leases to Tenant, and Tenant leases from Landlord, the above described Premises together with any and all
appurtenances thereto, for a term of __(12)__ (s), such term beginning on __September 26, 2011____, and ending at 11:59 PM
on _September 30, 2012_. After the aforementioned ending date, this lease will revert to a "Month-to-Month" rental basis
with tenant giving Landlord at least 30 days prior notice of ending this agreement.
2. RENT. The total rent for the term hereof is the sum of _Sixteen thousand two hundred dollars (for the minimum period of
12 months) ($16,200.00) payable on the __1st___ day of each month of the term, in equal installments of ONE THOUSAND
THREE HUNDRED FIFTY DOLLARS ($1,350.00) with first and last installments (daily rent will be prorated based
on $1,350.00 / 30 days or $45 per day) to be paid upon the execution of this Agreement. If the tenant moves into the property
on any day other than the 1st of the month, daily rent will be prorated from the move-in date to the end of the month. The daily
rent will be due and payable upon the execution of this agreement. The daily rent will be prorated based
on $1,350.00 / 30 days or $45 per day. All such payments shall be made to Landlord at Landlord’s address as set forth in the
preamble to this Agreement on or before the due date and without demand.
3. SECURITY DEPOSIT. Upon the due execution of this Agreement, Tenant shall deposit with Landlord the sum of
ONE THOUSAND DOLLARS ($1,000.00) receipt of which is hereby acknowledged by Landlord, as a Security Deposit. Upon
termination of the tenancy, such Security Deposit, plus any accrued interest, held by Landlord may be applied solely by the
Landlord (i) to the payment of accrued rent and including the reasonable charges for late payment of rent specified in Paragraph
21; (ii) to the payment of the amount of damages which the Landlord has suffered by reason of Tenant’s noncompliance with
Paragraph 11, less reasonable wear and tear; or (iii) to other damages or charges as provided in this Agreement.
For lease terms of fewer than thirteen (13) months, the Security Deposit will be held by Landlord without any duty to pay interest
and may be commingled with Landlord’s funds in accordance with the laws of the Commonwealth of Virginia.
For lease terms of more than thirteen (13) months, in accordance with the Virginia Residential Landlord and Tenant Act, the
Security Deposit will accrue interest at an annual rate equal to one percentage point below the Federal Reserve Board discount
rate as of January 1 of each year on all property or money held as a Security Deposit. Such Security Deposit shall accrue interest
from the effective date of this Agreement, and such interest shall be paid only upon termination of the tenancy, delivery of
possession, and return of the Security Deposit as provided in this Agreement.
During the course of the tenancy, Landlord shall notify Tenant in writing of any deductions to be made from Tenant’s Security
Deposit. Such notification shall be made within thirty (30) days of the date of the determination of the deduction and shall itemize
the reasons in the same manner. Such notification shall not be required for deductions made less than thirty (30) days prior to the
termination of the Agreement. The Security Deposit, any accrued interest (if applicable) and any deductions, damages, and
charges shall be itemized by the Landlord in a written notice given to the Tenant, together with any amount due the Tenant within
forty-five (30) days after termination of the tenancy and delivery of possession.
PET CLEANING DEPOSIT: Landlord shall collect from Tenant a REFUNDABLE PET CLEANING DEPOSIT OF
$400.00 that is due at the time of execution of this agreement for (___) cat(s) / (___)dog (s). The deposit will be refundable to
the tenant within 30 days of the move-out date of the tenant and is based a satisfactory inspection by the owners.