We, the members of the Bay Area Apartment Association, recognizing our duty to the public and the intimate nature of the relationship between the apartment resident and the owner, or manager, and being aware of the vastly increasing role of the apartment industry in providing the home of the future, and in order to provide the apartment resident high quality service with unqualified honesty, do hereby bind ourselves with each and every member, together and alone, agreeing that so long
as we remain members of the Bay Area Apartment Association and so long as nothing contained herein shall be unlawful, we shall:

1. Take a sincere interest in our residents.

2. Promote, employ and maintain a high standard of integrity in the establishment of rental rates and the performance of all other rental obligations and services in the operation of our apartment facilities.

3. Recognizing that the security deposit is a sensitive matter between resident managers and the resident, we hereby pledge ourselves to carefully explain our policy of handling the security deposit to the resident at the time he/she places said deposit. We further pledge ourselves to promptly account for said security deposit and refund to the resident any monies which he/ she may have coming within 15 days after resident manager and the resident have reached agreement concerning damages, clean-up fees, or any other matter which may effect the security deposit.

4. Maintain and operate our apartment communities in accordance with fair and honorable standards of competition, ever mindful of the purposes of the Bay Area Apartment Association and in compliance with the Bylaws thereof.

5. Strive continually to promote the education and fraternity of the membership and to promote the progress and dignity of the apartment industry in creating a better image of itself in order that the public may be better served.

6. Seek to provide better values, so that an ever greater share of the public may enjoy the many benefits of apartment living.

7. Establish high ethical standards of conduct with apartment rental agencies, suppliers and others doing business with the apartment industry.

8. Endeavor to expose all schemes to mislead or defraud the apartment residents, through advertising or otherwise, by means of deceptive, misleading or fraudulent statements, misrepresentation or the use of implications, unwarranted by fact or reasonable probability.

The interpretation and administration of the Code of Ethics shall be vested in a Committee composed of three members of the Bay Area Apartment Association who will investigate violations and make recommendations to the Board of Directors for disciplinary or other action to be taken.