This office lease clause states that the amount of the security deposit shall be reduced from 4 months' Base Rent to 3 months' Base Rent provided that certain lease conditions are met by the lessee.
Mississippi Clause Providing for the Reduction of the Tenant Security Deposit
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US-OL4A012B
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How to fill out Clause Providing For The Reduction Of The Tenant Security Deposit?
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FAQ
A deposit use clause is a section of the tenancy agreement that explains how the deposit can be used. It outlines when a deposit can be kept, such as rent arrears, damages to the property, or other expenses related to the tenant's breach of the agreement.
When a tenant moves out, he or she must request the return of the security deposit. The landlord has 45 days to return the deposit but may deduct rent owed or reasonable costs for cleaning the unit or repairing damage caused by the tenant. However, the landlord must provide a written, itemized notice of such costs.
The clause must include the total amount of rent payable, the date the tenant must pay rent and how the rent must be paid. The tenancy agreement may also expand to include details on how pro rata rent is apportioned alongside details of how interest is calculated where a tenant fails to pay rent on the rent due date.
§ 89-7-29. Upon receipt of the sworn affidavit, the court shall initiate the removal of the tenant for the nonpayment of rent or other event of default contained in any written agreement between the parties, as specified in the affidavit.
A deposit use clause is a section of the tenancy agreement that explains how the deposit can be used. It outlines the circumstances under which the deposit can be kept, such as rent arrears, damages to the property, or other expenses related to the tenant's breach of the agreement.
The landlord is allowed to adjust the security deposit amount when rent has not been paid or intentional damage has been made to the property. The landlord should refund the balance to the tenant when the property is being vacated.
In addition, the deposit use clause provides landlords with a clear framework for handling deposits. By outlining the circumstances under which the deposit can be kept, landlords can ensure that they are following the law and avoiding any potential legal issues at the end of the tenancy.
A security deposit agreement is an agreement between a landlord and a tenant where the tenant deposits a specific amount of money with the landlord at the time the lease is signed. This security deposit is usually an amount between and three months of rent.
