It really depends. In theory, they could cross out the last section, which would be your conclusion and vitally important. In practice, a tolerance of 10% is a fairly common. However, as this is an application you are making, I would say it is important to show your best side, and going well over the limit looks a bit sloppy and careless, so I would try to cut out every word possible to get it as close to the limit as you can. by setting a limit, they are looking for your ability to write concisely, and you wil be judged on that. My advice is to get it down. If it's 10 over, that's OK, but 100 over on an application doesn't look that good. Get on the course first, then break the rules.