Deposit payable Sample Clauses
The 'Deposit payable' clause requires one party, typically the buyer or tenant, to pay a specified sum of money as a deposit to the other party at the outset of an agreement. This deposit is usually paid upon signing the contract or before a certain date, and may be held in escrow or by the seller/landlord until certain conditions are met, such as completion of a sale or fulfillment of lease terms. The core function of this clause is to secure the commitment of the paying party and provide the recipient with financial assurance against default or non-performance.
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Deposit payable. (1) The Tenant shall pay a deposit in accordance with the Residential Tenancy Act as security for unpaid rent, damage to the property, expenses accruing from default, and any other claims arising from the Tenancy Agreement. The deposit amount is stated on the attached paying-in slip. Any interest earned on the deposit will be payable to Sammen.
(2) When the Tenancy Agreement expires, the deposit shall be paid back in accordance with the provisions of section 3-5 of the Residential Tenancy Act. Should Sammen demand that all or some of the deposit be retained, ▇▇▇▇▇▇.▇▇ Customer no: For the tenancy of: Student Housing Estate: Building no.: Section: this demand must be put forward no later than one month after the tenancy terminated under section 2 or in accordance with notice/termination of the Tenancy Agreement given by Sammen.