Residential Program Term Sheet
Residential Program Term Sheet
I. Overview
Welcome to the Residential Program offered by [Your Company Name]. This Term Sheet outlines the primary terms and conditions under which [Your Company Name] offers residential services. The program is designed to create comfortable living environments while ensuring all participants' needs are effectively met.
The Residential Program provided by [Your Company Name] covers various services including accommodation, maintenance, and community activities aimed at enhancing the quality of life for all residents. The terms detailed below serve as a foundation for the agreement to be formalized in a subsequent definitive contract.
II. Program Details
The Residential Program at [Your Company Name] includes the following amenities and services:
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Accommodation: Fully furnished residential units, each comprising a bedroom, living room, kitchen, and bathroom. The units vary in size and layout to accommodate different preferences.
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Maintenance Services: Regular maintenance and repair services, including weekly cleaning and upkeep of common areas. Additionally, residents can request maintenance for their individual units as needed.
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Community Activities: Residents have access to a gym, pool, and lounge with entertainment options and are encouraged to join community events like social gatherings, educational workshops, and fitness classes to foster networking and social interaction.
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Security and Management: 24-hour security and surveillance ensure resident safety, with an experienced on-site management team available to promptly address concerns.
III. Financial Terms
The financial commitments for joining the Residential Program include:
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Initial Deposit: A refundable security deposit of [Deposit Amount], equivalent to one month's rent.
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Rent: Monthly rent of [Monthly Rent Amount], due on the first of every month. Rent includes access to all amenities and services.
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Utilities: A fixed rate of [Utilities Fee] per month covering electricity, water, and high-speed internet services.
All financial transactions must be completed using acceptable forms of payment as detailed in the agreement. Late payments may incur penalties as outlined in the final contract.
IV. Responsibilities
Both parties have responsibilities under this agreement:
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Resident Responsibilities: Residents are responsible for maintaining their individual units in good condition and complying with community rules and regulations. This includes keeping noise levels at a reasonable level and respecting common areas.
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Company Responsibilities: [Your Company Name] is responsible for ensuring the proper functioning of all amenities and services provided under the Residential Program. This includes timely maintenance and repair of common areas and facilities.
V. Dispute Resolution
In case of disputes arising under this agreement, both parties agree to first attempt to resolve the dispute through mediation. If mediation is unsuccessful, either party may seek resolution through arbitration in accordance with the laws of [Jurisdiction].
VI. Term and Termination
The standard term for residency under this program is [Term Length], starting from the effective date of the signed agreement. Residents wishing to extend their stay must notify the management team at least [Notice Period] in advance to discuss renewal terms.
Termination of residency can occur under circumstances including but not limited to breach of contract, by mutual agreement, or as necessitated by unforeseen events. Specific details regarding the termination process will be set forth in the definitive agreement.
VII. Jurisdiction
This agreement shall be governed by and construed in accordance with the laws of [Jurisdiction], without regard to its conflict of law principles.
Both parties, [Your Name] of [Your Department] at [Your Company Name] and the resident, acknowledge the terms outlined in this Term Sheet. A formal agreement will be drafted for signatures following mutual agreement on these terms.
This Term Sheet is not binding and is intended only as a preliminary outline of the major terms. It is subject to the negotiation of a more detailed contract that both parties will execute.
