I understand that the Lease Initiation Fee (holding fee) is to secure a desired apartment home in our name. All other potential applicants will be turned away. If APPROVED, the Lease Initiation fee will be applied toward your account and the execution of your Lease Agreement. It will NOT be applied to first month's rent and/or security deposits. If DENIED, the lease initiation fee will be returned. You have 72 hours to cancel your deposit agreement from the date you are notified of approval to receive a full refund of the $150 Lease Initiation Fee paid, otherwise it is forfeited. If you are approved and fail to sign the Lease Agreement for the reserved apartment the Lease Initiation Fee will be retained by Gateway as "lost rental damages" to cover the lost opportunity to rent the apartment.