The Foundry, Urbana

Booking Deposit

• Application fee and Admin fee are due upon application completion.

Security Deposit

• The security deposit varies based on screening results.

Pay In Instalment

• The total rent amount for the lease term is divided into 12 equal monthly installments.
• Monthly installments are billed on the 1st of each month.
• The rent installment plan is specific to the selected floor plan and bedroom type.
• The rent installment plan cannot be changed.
• Alternative rates may be discussed with the onsite team through a transfer to another floor plan or bedroom type.
• Payment plans based on student loan availability or distribution timing are not allowed.
• Additional charges, such as pet fees or parking fees, may be billed along with the monthly installment.

Mode Of Payment

• Rent and recurring installment payments can be made through the Resident Portal using a linked bank account or credit/debit card.
• eCheck payments can be made through a checking account.
• Debit cards are accepted.
• Major credit cards are accepted for installment payments.
• Accepted credit cards include Visa, Mastercard, Discover, and American Express.
• Credit card fees vary by card and may be imposed by the credit card provider.

Guarantor Requirement

• Most applicants require a guarantor to provide income verification, excluding student loans, to meet the income requirement.
• Applicants without a guarantor may try to self-qualify using their own income or apply to use a third-party guarantor service.
• Information about the third-party guarantor service is available from the onsite team.
• Guarantors must have a US Social Security Number and US credit history to be screened.
• Non-US citizens are not accepted as guarantors.
• A separate statement provided states that no guarantor is required for installments.

Additional Fees

• Parking fees may apply and vary by property.
• Pet fees may apply.
• Credit card payment fees vary by card/provider.
• Late fees or fines may apply from the 4th of the month when a monthly installment is late.
• Utility charges are posted to resident accounts for usage from the preceding month.

Replacement Tenant Accepted

• Residents may relet their bed space to another resident who takes over the monthly installment payments for the remainder of the lease term.
• The replacement resident must meet the same qualifying criteria.
• The replacement resident must sign a new lease with the community.
• Residents should contact the onsite management team for information about reletting the bed space.

Delayed Arrivals & travel restrictions

• If you are unable to travel due to government-imposed travel restrictions, please contact the team with the relevant supporting documentation. We will facilitate the request to review your circumstances and explore the possibility of cancellation/contract amendment. Requests are considered individually, and any outcome will depend on the property's review and applicable booking terms.

University Course Cancellation/Modification

• If your course has been cancelled by your university, please reach out to the team with the relevant supporting documentation. We will liaise with the property team to review your request on a case-by-case basis for cancellation. The resolution will be subject to the property's assessment and the terms of your booking.

Deferring Studies

• If you have deferred your studies, please contact the team and share your updated university documentation. We will notify the property team to review your request for cancellation/contract amendment. Requests are assessed individually, and the final outcome will be subject to the property's review and booking terms.

Cooling Off Period

• No cooling off period is allowed once the application is approved, screening is completed, and the lease is signed.
• Note - Residents are responsible for lease payments even if they do not move in.

Early termination by students

• Lease cancellations are not allowed once the application is approved, screening is completed, and the lease is signed.
• Residents may move out before the lease end date but remain responsible for all monthly installment payments through the end of the lease term.
• Moving out does not remove the resident's payment obligations.
• Even if a resident does not move in or take possession of the unit, they remain bound by the lease terms and are expected to make the monthly installment payments.
• Failure to make the required payments may result in the account being sent to a collections agency.

Other cancellation policies

• Residents must contact the onsite management team before moving out for information about the required move-out steps, including key return.
• Non-payment of monthly installments may result in late fees or fines starting on the 4th of the month.
• Continued non-payment may result in eviction in accordance with the lease agreement.

Pets

• No animals are permitted anywhere in the bedroom, dwelling unit, apartment or the apartment community, at any time, without the Landlord’s written permission. Resident will be allowed to keep 1 dog or 1 cat as pets within their bedroom, dwelling unit or apartment subject to the following restrictions: (1) No aggressive dog breeds are permitted, including but not limited to, Pit bulls, (this includes American Staffordshire Terriers and Staffordshire Bull Terriers), Rottweilers, German Shepherds, Huskies, Alaskan Malamutes, Doberman Pinschers, Chow Chows, Great Danes, St. Bernards, and Akitas. (2) All other animals (including mammals, reptiles, birds, fish, rodents, and insects) are prohibited in the apartment or the apartment community. (3) Resident must provide Landlord with documentation that verifies that all animals have the required licenses and that all tags and inoculations are current. Landlord will authorize support and/or service animals for the Resident and Residents' guests and occupants in accordance with federal, state and local fair housing laws and regulations.