The ultimate application is that God won't give us what we deserve, if there can be found in our midst one that is righteous who can take our place.
Abraham's request: will you spare the many because of the righteousness of the few? (23)
Guilt transference: (Romans 5:12) Because Adam sinned, the consequences spread to everybody.
God spared Lot for Abraham's sake. (19:29)
Abraham's faith was something that was credited to him as righteousness. (15:6, Rom. 4:1-8)
The only way to be acceptable to God is through righteousness. (Romans 5:15-21)
If we simply believe in God's plan to save us through Jesus Christ, then our faith in Jesus is credited to us as righteousness. (Rom. 4:18-25)
When you trust in the righteousness of Jesus, His righteousness becomes more and more a part of who you are.