The Bank It Program (the “Program”) is designed to provide individuals who rent a Lifestyle Communities apartment with an opportunity to accrue credit that can be used towards the down payment, closings costs, or other expenses of a new home purchase.  Participation in the Program is subject to the following Terms and Conditions as set forth below.

1.  Eligibility
This 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: Villages at New Albany Park; Villages at Preserve Crossing; Villages at Waggoner Park; Village at Sunbury Mills; and Washington Place.  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”).

2.  Commencement of Program and Termination by Lifestyle Communities
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. 
 
3.  Forfeiture of Accrued Credit by Qualified Lessee
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.

Accrued credit may also be forfeited by Qualified Lessee in the event of late payment of Qualified Lessee’s monthly rent, or in the case of any violation of Qualified Lessee’s lease.  Whether a Qualified Lessee is in violation of their lease shall be determined solely by an authorized representative of LRS.  Credit will begin to accrue from a zero (0) balance once Qualified Lessee has remedied the above event(s). 

4.  Rate of Credit Accrual
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.