This office lease clause states that the amount of the security deposit shall be increased to reflect the increase in Base Rent. The Owner shall at all times have and maintain two full months' Base Rent as security.
Illinois Clause Providing for the Periodic Increase in the Tenant Security to Reflect Increases in Base Rent
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FAQ
In suburban Cook County, the landlord must return the security deposit within 30 days after the tenant moves out. The law in most of the rest of Illinois is as follows. 4 units or less: There are no specific rules. 5 or more units: The landlord must return the security deposit within 45 days after the tenants move out.
In Chicago, a landlord cannot ask the tenant to renew more than 90 days before the lease ends. Also, if the tenancy is less than 6 months, the landlord must let the tenant know 30 days before the lease ends if the landlord doesn't want to renew the lease. Otherwise, the tenant gets to stay another 60 days.
Your landlord should either: Provide you with an itemized statement of damages, including the costs of repair with receipts, within 30 days after you return your keys; or. Return your security deposit in full within 45 days after you return your keys.
In the event of a sale, lease, transfer or other direct or indirect disposition of residential real property, other than to the holder of a lien interest in such property, by a lessor who has received a security deposit or prepaid rent from a lessee, the transferee of such property shall be liable to that lessee for ...
Normal Wear and Tear: Damage in Illinois, ?Normal Wear and Tear? refers to deterioration of the property that happens when the property is used as it was meant to be used, but only when that deterioration occurs without negligence, carelessness, accidents, misuse, or abuse by the tenant or guests of the tenant.
Generally, there are no limits on how much a landlord can charge as a security deposit. Landlords usually charge one or two months' rent. But, there are some exceptions: Subsidized or public housing: Landlords may only charge a deposit similar to deposits being charged by private landlords in the area.
Tenants usually sue in small claims court, where it's cheap to file, lawyers aren't necessary, and disputes typically go before a judge (there are no juries) fairly quickly. You don't need a lawyer?in fact, they're not even allowed in some cases.
