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.
Maryland Clause Providing for the Reduction of the Tenant Security Deposit
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US-OL4A012B
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Lessee shall pay to Lessor simultaneously with the execution of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (the ?Security Deposit?) as security for the full and faithful performance by Lessee of each and every term, covenant and condition of this Lease Agreement.
(f) (1) (i) The security deposit, or any portion thereof, may be withheld for unpaid rent, damage due to breach of lease or for damage by the tenant or the tenant's family, agents, employees, guests or invitees in excess of ordinary wear and tear to the leased premises, common areas, major appliances, and furnishings ...
If you're having a dispute, you may be able to get assistance from the Mediation Unit of the Maryland Office of the Attorney General. They will help resolve disputes between a landlord and tenant. You can file a landlord/tenant complaint online or call the Maryland Attorney General.
If your landlord has violated the security deposit law, you may sue him/her in district court. Your lawsuit must be filed no later than two years from the end of your tenancy. If you file suit against your landlord and hire an attorney to represent you, you can ask the court for attorneys' fees.
Maximum Charge - Up to two months' rent. Return Deadline - Up to 45 days after the end of the lease. Penalty - Up to three times the amount of the security deposit plus reasonable attorney's fees. Approved Deductions - Damages that exceed ordinary wear and tear, unpaid rent, and damages coming from a breach of lease.
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.
The Lease Deposit shall be held by Lessor as security for the performance by Lessee of Lessee's covenants and obligations under the Lease. The Lease Deposit shall not be considered an advance payment of rental or a measure of Lessor's damages in case of default by Lessee.
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.
(e) (1) Within 45 days after the end of the tenancy, the landlord shall return the security deposit to the tenant together with simple interest which has accrued in the amount of 3 percent per annum, less any damages rightfully withheld.
