SECURITY DEPOSIT DEDUCTIONS Clause Samples

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SECURITY DEPOSIT DEDUCTIONS. Landlord may deduct from the security deposit any such amounts as are reasonably necessary to recover any defaults made in the faithful performance by Tenant of the Lease. Tenant must return the premises to the condition at the commencement of the Lease, reasonable wear and tear excluded. The cost of maintenance and repairs due to reasonable wear and tear shall be assumed by Landlord. Landlord shall return any remaining portion of the security deposit to Tenant within 21 days after Tenant has vacated and Landlord has regained possession of the premises. In the event any deduction to the security deposit is made by Landlord, Landlord shall provide Tenant with an itemized statement accounting for the use of the unrefunded portion of the security deposit, including a detailed itemization of labor and materials, within 21 days of this Lease’s termination.
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SECURITY DEPOSIT DEDUCTIONS. Resident understands that the Security Deposit will be used for, but not limited to, damages to the Resident’s Bedroom and Common Areas of the Unit and cleaning and repairs beyond "normal wear and tear" to Resident's Bedroom and the Common Areas of the Unit caused by the Resident, Co-tenants, invitees and guests, unpaid utilities (if applicable), unpaid Rents, unpaid late charges, fees, re-rental expenses, and other fines for which Resident is liable. Resident understands that liability for such damages is not limited to the amount of the Security Deposit and that such liability can go beyond the amount of the Security Deposit. Resident agrees that the Security Deposit is not to be used in lieu of last month's Rent Installment, an advanced rent payment, or any other sum anytime during the Resident's tenancy. Liability under this Lease of each Resident of the Unit is joint and several, except as to liability for base Rent. Unless all Co-tenants of the Unit agree otherwise in writing, and said written agreement is sent to Landlord within three (3) days of the termination of this Lease, deductions from the four (4) or five (5) Co-tenants’ Security Deposits, for other than unpaid Rent, may be deducted from the four (4) or five (5) Security Deposits on a prorated basis. A summary of costs have been provided in the Resident Handbook Rules and Regulations; however these costs are merely estimates, and Resident(s) will be obligated to pay the actual market rate costs of repair and / or replacement, as applicable.
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SECURITY DEPOSIT DEDUCTIONS. If Tenant fails to comply with requirements for vacating or surrendering Premises in its cleanly, original condition, less normal wear and tear, or if Tenant causes damage to common areas or other areas on the property, Tenant agrees Landlord may deduct from the Security Deposit an amount for labor, materials, supplies, cleaning, and administrative costs. Labor costs will be billed at $60.00 per hour per worker or the actual hourly cost of the worker hired if such cost exceeds $60.00 per hour. At the end of the lease, damage to the property will be determined based on the ''Move In/Out Checklist'' form given to the Tenant at the start of the lease. Any and all charges deducted from the Security Deposit may incur a 10% additional administration fee.
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SECURITY DEPOSIT DEDUCTIONS. Property Address:
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SECURITY DEPOSIT DEDUCTIONS. Prior to refund, deductions will be made from the Security Deposit for the following items (a) A cleaning charge of $50.00. The cleaning charge will be waived if the Salon Suite is returned in the same condition as noted in condition report on page one, less normal wear and tear; color on floors, furniture, counter, dryers, etc. (b) Owner's actual expenses for damages beyond normal wear and tear to the Salon Suite or its Contents (c) Damages resulting from ▇▇▇▇▇▇'s failure to give proper notice of termination (d) Any other unpaid sums due to Owner under the terms of this Lease, including, but not limited to, late charges, returned checks, NSF charges, administrative costs, charges for changes of locks because of lost keys.
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SECURITY DEPOSIT DEDUCTIONS. There shall be deducted from the Deposit appropriate charges for (a) unpaid rent including late charges (b) unpaid utilities, (c) cleaning, damages and required repair to the leased premises (d) removing and/or storing abandoned property, (e) removing abandoned or illegally parked vehicles, (f) agreed costs of reletting, (g) attorney’s fees and court costs incurred in any eviction proceeding against Tenant . Deposit will be first applied to non-rent items, including late charges, charges for returned checks, deductions outlined above, if any, then to unpaid rent. Any balance of Deposit shall be refunded to Tenant’s forwarding address provided to Landlord in writing by Tenant in accordance with state law. Landlord shall provide Tenant a written report of any deductions.
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SECURITY DEPOSIT DEDUCTIONS. There shall be deducted from the Deposit appropriate charges for (a) unpaid rent including late charges (b) unpaid utilities, (c) cleaning, damages and required repair to the leased premises (d) replacing unreturned mailbox keys, (e) removing and/or storing abandoned property, (f) removing abandoned or illegally parked vehicles, (g) agreed costs of reletting, (h) attorney’s fees and court costs incurred in any eviction proceeding against Tenant and (i) other charges provided for herein or agreed to by the parties hereto. Deposit will be first applied to non-rent items, including late charges, charges for returned checks, deductions outlined above, if any, then to unpaid rent. Any balance of Deposit shall be refunded to Tenant’s forwarding address provided to Landlord in writing by Tenant in accordance with state law. Landlord shall provide Tenant a written report of any deductions. If deductions exceed the Deposit, Tenant agrees to pay to Landlord any overage amount within (10) days of written notice to Tenant by Landlord.
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SECURITY DEPOSIT DEDUCTIONS. Prior to refund, deductions will be made from the Security Deposit for the following items (a) A cleaning charge of (b) Owner's actual expenses for damages beyond normal wear and tear to the Salon Suite or its Contents (c)Damages resulting from Associate's failure to give proper notice of termination (d) Any other unpaid sums due to Owner under the terms of this Lease, including, but not limited to, late charges, returned checks, EFT not going through, charges for replacement of lost access cards, charges for changes of locks because of lost keys.
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Related to SECURITY DEPOSIT DEDUCTIONS

  • Security Deposit (a) It shall be a condition precedent to the effectiveness of this Lease that Tenant shall deliver to Landlord, together with Tenant’s execution and delivery of this Lease, the Security Deposit in the form of an irrevocable standby letter of credit (the “Letter of Credit”) pursuant to the provisions of paragraphs (b) and (c) below. The Security Deposit shall be held as security for the performance of Tenant’s obligations. The Security Deposit is not an advance payment of Rent or a measure of damages. Landlord may use all or a portion of the Security Deposit to satisfy past-due Rent or to cure any Event of Default by Tenant. If Landlord uses any portion of the Security Deposit, Tenant shall, within five (5) days after demand, restore the Security Deposit to its original amount. Landlord may assign the Security Deposit to a successor or transferee that purchases the Property and, following the assignment, Landlord shall have no further liability for the return of the Security Deposit. In the event Landlord or its successor or transferee pays, on behalf of Tenant, any transfer fee required by the issuer of a Letter of Credit in connection with a transfer of the Letter of Credit, Tenant shall reimburse such transfer fee to Landlord, as additional Rent, within fifteen (15) days of Landlord’s invoice therefor. (b) The Letter of Credit (and any renewals or replacements thereof) shall: (i) be in the amount of $137,714.00; (ii) be issued on a form reasonably acceptable to Landlord; (iii) name Landlord as its beneficiary; (iv) be transferable by Landlord to Landlord’s transferee, without Tenant’s approval, should Landlord transfer or convey its interest in the Property, with any transfer fees being for the account of Tenant; (v) be drawn on an FDIC insured financial institution reasonably satisfactory to the Landlord and having a minimum corporate credit rating from Standard and Poor’s Professional Rating Service of “BBB” or a comparable minimum credit rating from ▇▇▇▇▇’▇ Professional Rating Service (Landlord hereby acknowledging that Silicon Valley Bank is acceptable to Landlord on the date hereof); (vi) be for a term of not less than one (1) year; (vii) allow draws on the Letter of Credit at the bank counter of the issuing bank, and/or by overnight courier; and (viii) expressly provide that the amount thereof may not be reduced by amendment unless and until Landlord shall have provided its written consent to such amendment ((i) - (viii) being referred to herein as the “LOC Criteria”). (c) Tenant agrees that it shall from time to time, as necessary, whether as a result of a draw on the Letter of Credit by Landlord pursuant to the terms hereof or as a result of the expiration of the Letter of Credit then in effect, renew or replace the original and any subsequent Letter of Credit so that a Letter of Credit, in the amount required hereunder, is continuously in effect until a date which is at least thirty (30) days after the Termination Date. If (x) Tenant fails to furnish such renewal or replacement at least thirty (30) days prior to the stated expiration date of the Letter of Credit then held by Landlord, (y) the corporate credit rating of the issuing institution drops below the minimum set forth above and/or (z) if Landlord determines, in its reasonable discretion, that it is reasonably likely that the Letter of Credit shall expire prior to the date Tenant shall surrender possession of the Premises to Landlord in accordance with this Lease, Landlord may draw upon such Letter of Credit and hold the proceeds thereof (and such proceeds need not be segregated) as a cash Security Deposit pursuant to the terms of this Section 13.3. To the extent the Security Deposit is held as cash, the Security Deposit may be commingled with Landlord’s general accounts and shall be held by Landlord without liability for interest (unless required by applicable law). Any renewal, replacement or amendment of the original or any subsequent Letter of Credit shall meet the LOC Criteria. If Landlord draws on the Letter of Credit then, within five (5) days following written demand of Landlord, Tenant shall restore the amount available under the Letter of Credit to its original amount by providing Landlord with an amendment to the Letter of Credit evidencing that the amount available under the Letter of Credit has been restored to its original amount. Should Landlord elect to draw upon the Letter of Credit, Tenant expressly waives any rights it might otherwise have to prevent Landlord from drawing on the Letter of Credit and agrees that an action for damages and not injunctive or other equitable relief shall be Tenant’s sole remedy in the event Tenant disputes Landlord’s claims to any such amounts. (d) Upon the expiration or earlier termination of this Lease, Landlord shall return any unapplied portion of the Security Deposit to Tenant or return the Letter of Credit within thirty (30) days after the later to occur of: (x) the date Tenant surrenders possession of the Premises to Landlord in accordance with this Lease; or (y) the date of expiration or earlier termination of this Lease. Landlord shall have the right to pledge or assign its interest in the Security Deposit (including the Letter of Credit and proceeds thereof) to any lender holding a security interest in the Premises. No mortgagee or purchaser of any or all of the Building at any foreclosure proceeding brought under the provisions of any mortgage shall (regardless of whether the Lease is at the time in question subordinated to the lien of any mortgage) be liable to Tenant or any other person for any or all of such sums or the return of any Letter of Credit (or any other or additional Security Deposit or other payments made by Tenant under the provisions of this Lease), unless Landlord has actually delivered the Security Deposit (including the Letter of Credit and proceeds thereof), to such mortgagee or purchaser. If requested by any such mortgagee or purchaser, Tenant shall obtain an amendment to the Letter of Credit that names such mortgagee or purchaser as the beneficiary thereof in lieu of Landlord.