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CLOUDTEN RESIDENT RENTAL CRITERIA

(OREGON)

I. Non-Discrimination Policy

CloudTen Resident does not discriminate against any person based on race, color, religion, sex, national origin, familial status, disability, marital status, sexual orientation, ancestry, source of income, or any other specific classes protected by applicable laws. II. Application Process

Generally

The Rental Criteria listed below explains the policies of this community with regard to standards that must be met by each applicant in order to be approved for residency. All persons over the age of 18 who will be occupying the unit must submit a completed application and pay a non- refundable application processing fee. Emancipated minors must show written legal proof of emancipation and submit a completed application.

Each individual applicant that is applying jointly with one or more other applicants must be approved in order for the application to be approved. Each applicant must individually meet all of the screening criteria, except as otherwise provided herein. Incomplete applications or applications with false or misleading information will be denied. We utilize a third-party tenant screening company, Resident Verify, that will obtain a credit report and search public and criminal records for each applicant. We may also contact your prior landlords or sources of income directly to verify the information provided in this application. Upon application approval, applicant may be required to sign a holding deposit agreement and pay a holding deposit to reserve the desired apartment prior to lease execution. Prior to move-in, applicants must sign the rental agreement and pay all required security deposits and initial amounts due with certified funds.

ORS 90.295 Disclosures

• Application Screening Charge: $ per applicant

• Amount of Required Deposits*:

o Holding Deposit: $

o Security Deposit: $

o Additional Deposit: $ (for conditional approvals) o Pet Deposit (if applicable): $

• Estimate of the approximate number of rental units of the type, and in the area, sought by the applicant, that are, or within a reasonable future time will be, available to rent from us: (if left blank, actual notice was provided to applicant). STSFADFAS SADFSADFA

• You will be required to obtain and maintain renter’s liability insurance in the amount of

$100,000.00 per occurrence. Tenants meeting the following circumstances will not be required to obtain or maintain renter’s insurance: (a) tenants whose household income is equal to or less than 50% of the area median income, adjusted for family size as measured up to a five person family, as determined by the Oregon Housing Stability Council based on information from HUD, and (b) tenants residing in a dwelling unit that has been subsidized with public funds (including federal or state tax credits, federal block grants authorized in the HOME Investment Partnership Act or the Community Development Block Grant program, project-based federal rent subsidy payments under 42 USC 1437f, and tax exempt bonds).

*Note: These amounts are subject to change by agreement of the landlord and the tenant before entering into a rental agreement.

III. Identity Verification

All applicants (and financial guarantors when applicable) will be required to provide documentation verifying their name, date of birth, and appearance (i.e. photo). Applicants who cannot verify their name, date of birth, and appearance will be denied. We will accept the following documentation, or combination thereof, as such verification:

• Evidence of Social Security Number (SSN Card)

• Valid Permanent Resident Alien Registration Receipt Card

• Immigrant Visa

• Individual Tax Payer Identification Number

• Non-immigrant Visa

• Any government-issued ID (regardless of expiration date)

• Any non-governmental ID or combination of IDs that would permit a reasonable verification of identity

IV. Rental History

• Twelve months of positive contractual rental history from third party references.

• Judgments for eviction against the applicant entered within 5 years of the date of the application shall result in denial.

• Three (3) or more NSF checks, or three (3) or more termination notices for nonpayment of rent during the year immediately preceding the date of application may result in denial.

• Rental history reflecting any past due rent or damages to the unit will result in denial, unless the debt is settled and proof of settlement is received.

• Lease violations that resulted in a termination notice for cause. STSFADFAS SADFSADFA

• Three or more notices of termination for cause or notices of noncompliance during the two years immediately preceding the date of application may result in denial.

• Applicants may be denied if they unreasonably harass us or our agents during the application process.

V. Maximum Occupancy Standards

The general standard for occupancy is two people per bedroom, plus one. “Bedroom” is defined as a space within the premises that is used primarily for sleeping, with at least one window and a closet space for clothing – dens and lofts do not count as “bedrooms.” Our general occupancy standard may vary based on factors including, without limitation, the size and configuration of the bedrooms and the unit, state, local, or federal occupancy requirements, limiting facts (e.g. capacity of building systems/facilities), and occupancy by infants or toddlers. VI. Financial Responsibility

With the exception of non-financially responsible applicants applying for tenancy for a property located within Portland, all applicants will be required to demonstrate financial responsibility. Income Requirements

• City of Portland: If the amount of monthly rent is at or above the maximum monthly rent for a household earning no more than 80% of the area median income, then the combined household income of all financially-responsible applicants must be at least 2 times the amount of the monthly rent. If the amount of monthly rent is below the maximum monthly rent for a household earning no more than 80% of the area median income, then the combined household income of all financially-responsible applicants must be at least 2.5 times the amount of the monthly rent.

• Outside City of Portland: The combined household income of all applicants must be at least 2.5 times the amount of the monthly rent.

• Tenant Based Rental Assistance: When calculating the rent-to-income ratio for households that receive any form of local, state, or federal government rent voucher, household subsidy, or rental assistance, we will use the amount of the tenant portion of rent that the applicants will be responsible for paying rather than the amount of the monthly rent.

• Conditional Approval: Applicants who fail to meet the income requirements may be required to pay an additional security deposit or provide additional and documented security from a guarantor. Guarantors will be required to demonstrate financial capacity. If the guarantor is a friend or family member, then the guarantor’s income must be at least 3 times the amount of the monthly rent. All other guarantors must have income of at least 5 times the amount of the monthly rent. Applicants will have 48 hours after the communication of conditional approval to accept or decline the opportunity to provide an additional security deposit or guarantor. Failure by the applicant to timely respond shall be construed as the applicant’s declining of said opportunity.

• Amount of Rent: The amount of the monthly rent shall include all the market rate of the apartment (without concessions) and all additional anticipated monthly rent STSFADFAS SADFSADFA

charges, which may include, without limitation, pet rent, parking space rent, and/or garage rent.

Verification of Income

We will consider all current and verifiable sources of income, including, but not limited to, wages, non-governmental rent assistance, monetary public benefits, social security payments, unemployment benefits, Section 8 of AFDC, GI benefits, trust funds, grants, assets producing dividends, and other legal sources of income received on a regular basis. Applicants will be required to provide third-party verification from a third-party source, which may include, but is not limited to, one or more of the following:

• Copy of previous year’s tax return or W-2

• Copies of the past one month’s paycheck stubs or

• Three months of most recent, current, consecutive bank statements showing recurring deposits of consistent amounts

• SSA benefit letters

• Child support payment stubs

• Welfare benefit letters or printouts

• Unemployment monetary benefit notices

• Employment hire/offer letters

• Section 8 Housing Choice Voucher

• Employment verification from Applicant’s employer Self-employment income must be verified by a copy of the Applicant’s previous year’s tax return

(Form 1040 with Schedule C, E, or F) and copies of the past two months’ bank statements. Income that cannot be verified will not be considered.

Landlord may request as many types of third-party verification as is necessary to sufficiently determine Applicant’s income.

In the absence of income, Applicant may meet the income requirement by providing Landlord with Applicant’s most recent, consecutive, three months’ worth of current bank statements showing a balance on each bank statement in an amount equal to or greater than the gross monthly rent multiplied by the rent-to-income ratio multiplied by 12 (months). For example: If rent is $1,000 and the required rent-to-income ratio is 2x the rent, then the required balance on each statement should be $24,000 ($1,000 x 2 x 12). Release of Information

By signing this Criteria, Applicants hereby consent to allow CloudTen Residential to request and obtain income information from any current or former employer, federal, state, or local agency, or any other source of income reported by Applicants for the purposes of verifying Applicants’ income qualifications under this screening criteria. STSFADFAS SADFSADFA

By signing this Criteria, Applicant hereby authorizes their current and former employers, federal, state, and local agencies, and all other sources of Applicants’ reported income to disclose information about Applicant’s employment status, job title, dates of employment, wages and income, and anticipated changes in Applicant’s income to CloudTen Residential, and CloudTen Residential may use this criteria as Applicants’ signed release of information. Credit History

Applicants must demonstrate an acceptable credit history and may be denied for negative credit history. Resident Verify will verify credit history and assign all applicants a score based on statistical data such as: payment history, number and type of accounts, outstanding debt, age of accounts, FICO, debt, and rent-to-income ratios. Based on that score, Resident Verify will recommend that the application be approved, denied, or approved with conditions and we will adopt that recommendation unless inconsistent with this Criteria. Notwithstanding the foregoing, applicants may be denied for the following:

• Bankruptcies that have been discharged or dismissed within the past 2 years from the date of the application

• Open or pending Bankruptcies as of the date of the application (excluding Chapter 13 Bankruptcy under an active repayment plan)

• Balance owed to a prior landlord greater than $500.00

• Recent charge-offs of $1,000.00 or more

• Poor payment history

• Inability to verify information regarding credit history

• No credit history

Applicants who fail to meet the credit history requirements may be required to provide additional and documented security from a guarantor (not applicable to Portland applicants) or pay an additional security deposit. Guarantors will be required to demonstrate financial capacity. If the guarantor is a friend or family member, then the guarantor’s income must be at least 3 times the amount of the monthly rent. All other guarantors must have income of at least 5 times the amount of the monthly rent. Applicants will have 48 hours after the communication of conditional approval to accept or decline the opportunity to provide an additional security deposit or guarantor. Failure by the applicant to timely respond shall be construed as the applicant’s declining of said opportunity.

COVID-19 Protections

Notwithstanding the above, we will not consider the following:

• Eviction judgments against the applicant that were entered on claims that arose on or after April 1, 2020 and before March 1, 2022.

• Unpaid rent, including rent reflected in judgments or referrals of debt to a collection agency, that accrued on or after April 1, 2020 and before March 1, 2022. STSFADFAS SADFSADFA

If there is any conflict between this provision and any other provision of this Criteria, then this provision shall control.

Guarantors

If and when an application is declined or accepted with conditions, you may have the option to apply with a guarantor, as provided herein, which may or may not improve the result of the application. Guarantors must complete an application, pay the above-described non-refundable application fee, and meet all Financial Responsibility screening criteria. VII. Criminal History

Landlord will conduct a public records search on all applicants age 18 and older to determine whether said person has a record of criminal convictions, or criminal charges pending at the time of application, for the following types of crimes that are illegal in Oregon as of the date of the application: (a) drug-related crimes (not including convictions based solely on the use or possession of marijuana), (b) person crimes, (c) sex offenses, (d) identity theft, forgery, and other crimes involving financial fraud, and (e) any other crimes if the underlying conduct for which the applicant was convicted or charged is of the nature that would adversely affect (i) property of the landlord or another tenant, or (ii) the health, safety, or right to peaceful enjoyment of the premises of residents, the landlord, or the landlord’s agents. Conviction shall include guilty pleas, no contest pleas, and judgments following trial.

Subject to the results of an individualized assessment, Applicants may be denied if they have one or more convictions, or committed the underlying conduct of one or more pending criminal charges, for offenses related to the following: property (e.g. burglary, theft), animals (e.g. animal abuse), violence (e.g. murder, menacing), fraud (e.g. identity theft), computers (e.g. cyber stalking), family relations (e.g. domestic violence), public justice (e.g. assault on a police offer), public order (e.g. criminal mischief, disorderly conduct), gambling (e.g. keeping a gambling place), weapons (e.g. discharging of a firearms), organized crime (.e. racketeering), drugs (e.g. manufacturing methamphetamine), sex crimes (e.g. sexual assault), transportation (e.g. reckless driving), and alcohol (e.g. DUI), where:

• The offense is a felony and date of disposition (or date of the underlying conduct for pending charges) occurred less than 7 years from the date of application.

• The offense is a misdemeanor and the date of disposition (or date of the underlying conduct for pending charges) occurred less than 3 years from the date of application.

• Conviction of the crime requires lifetime registration as a sex offender.

• The applicant is subject to a court-mandated prohibition that would prohibit the applicant from living at the subject property.

Applicants who are concerned that their application will be denied on the basis of criminal history have the opportunity to submit supplemental evidence along with their application to explain, justify, or negate the relevance of potentially negative criminal history. STSFADFAS SADFSADFA

Prior to denying an application on the basis of criminal history, we will conduct an individualized assessment of the applicant, including any supplemental evidence, taking into consideration, without limitation: (a) the nature and severity of the incidents that would lead to a denial, (b) the number and type of incidents, (c) the time that has elapsed since the date the incidents occurred, and (d) the age of the individual at the time the incidents occurred. Unsatisfactory individualized assessment results may result in the denial of an application. We will not consider arrests that did not result in convictions (except for pending charges as set forth above), pending charges where the applicant is presently participating in a diversion, conditional discharge, or deferral of judgment program on the charges, convictions that have been judicially dismissed, expunged, voided, or invalidated, determinations or adjudications issued through the juvenile justice system, or convictions or pending charges for crimes that are no longer illegal in the State of Oregon.

VIII. Appeals

If your application is denied, you will have 30 days from the date of the denial to request an appeal in writing. When requesting an appeal, applicants must provide an explanation of the basis for the appeal and may provide any information that the applicants feel would correct, refute, or explain the basis for the denial.

If we overturn your denial on approval, you will be prequalified for rental opportunities at our other managed properties for three months following the date your denial is overturned. During this three-month period, we will waive your applicant screening fee, but we may require you to self-certify that no conditions have materially changed from those described in your approved application.

By signing below, you acknowledge that you have fully read and understand these rental criteria and understand that we will obtain your credit report, verify your income and references, and search public and criminal records for records pertaining to you. Please sign and return with completed application. Signature Date

Signature Date

Signature Date

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