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Security Deposit

  1. Refund of the full Security Deposit by Lessor to Lessee depends upon Lessee’s full performance of the following terms of this Agreement. Lessee agrees in order to avoid deductions from the Security Deposit:
    • To deliver to Lessor a written notice of Lessee’s intent to vacate at least 30-days prior to any such vacating, and to vacate in strict compliance with such notice. Vacate shall occur on such date by 5:00pm;
    • To pay in full all rent, late charges and other charges, if any, according to the terms of the Lease Agreement;
    • The Premises shall not be damaged or evidence thereof by any use of Lessee beyond ordinary wear and tear;
    • The entire Premises including, if any, stove, oven, filter(s), screen(s), refrigerator, bathroom(s), closet(s), walls and carpets shall be cleaned professionally by a licensed, insured company, to Manager’s satisfaction, and such satisfaction, if expressed, shall be evidenced by a written cleaning-release of Lessee;
    • To remove all personal property, including trash, from the Premises and to dispose of same in proper disposal containers;
    • To return all keys to the Premises to the Manager on vacating the Premises.
  2. All costs of labor and materials for needed cleaning, repairs and replacement beyond ordinary wear and tear based on Premises condition following inspection will be deducted from the Security Deposit;
  3. If the Premises must be repaired or re-painted, Lessee will be charged for the unused portion of the item damaged or the current paint job, as follows: A new carpet is prorated over 5 years or 60 months from install, and new paint is prorated over 3 years or 36 months:
    Example of a Tenancy lasting 16 months

    1. The Premises had new carpet and new paint at the commencement of the tenancy;
    2. Renter vacates after 16 months of occupancy: There is a 20 month remaining balance for paint and 44 month remaining balance for the carpet;
    3. The Premises, because of its condition, is required to be re-carpeted and painted;
    4. The pass through for paint is calculated at 20/36 or 56% of the cost to re-paint.
    5. The pass through for the new carpet is calculated at 44/60 or 73% of the cost to re-carpet.
  4. No portion of the Security Deposit shall be used or claimed to offset any rent or other amounts that may be due to Lessor until Premises have been vacated by all persons, keys returned and all personal property removed from the Premises.
  5. Any Security Deposit refund due to the Lessee(s) shall be mailed to the Lessee’s forwarding address left with the Lessor or, if none, to Lessee in care of the Premises, within three weeks of Lessee’s vacating. The refund check will be payable jointly to all persons who appear as the Lessee on the Lease Agreement. It is permissible for the Lessee’s to designate, in writing, one individual to receive such refund. This written request must be signed by each Lessee named on the Lease Agreement.