This office lease guaranty lists the conditions of the principal's obligations held in this bond. If all obligations of this guaranty are performed and indemnifies and holds harmless the obligee from any loss, costs, and expenses incurred by the obligee as a result of any failure or default by the principal in its execution of the agreement, then this obligation shall be void; otherwise it will remain in full force and effect.
North Dakota Lease Deposit Guarantee Bond
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Multi-State
Control #:
US-OL4A025
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How to fill out Lease Deposit Guarantee Bond?
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FAQ
The security deposit and an itemized list of deductions must be returned to you within 30 days of moving out. The landlord can deduct for damages to the property or unpaid rent but not for normal wear and tear.
In North Dakota, you cannot withhold rent for any reason. If a landlord fails to make repairs, the tenant does have the right to repair and deduct. This is where the tenant will pay for repairs and deduct that cost from their next rent payment.
Surety bonds offer assurance that the contractor is capable of completing the contract on time, within budget, and ing to specifications. Specifying bonds not only reduces the likelihood of default, but with a surety bond, the owner has the peace of mind that a sound risk transfer mechanism is in place.
One important difference is that with a security deposit, you can get the money back (up to the full $1,000 or whatever the amount is). With a surety bond, you cannot get back the money you paid for it (the $10-$40). That money is non-refundable.
A security deposit is a set-amount of money ($1,000) that you pay the landlord before you move in. ... One important difference is that with a security deposit, you can get the money back (up to the full $1,000 or whatever the amount is). With a surety bond, you cannot get back the money you paid for it (the $10-$40).
However, interest is not required to be paid if occupancy was shorter than nine months in duration (ND Century Code 47-16-07.1(3)). Any security deposit in excess of $50 or one month's rent, whichever is greater, shall bear interest at a rate of 5% per year.
Landlord Responsibilities: A landlord may enter the property at any time if there is an emergency, or at reasonable times to repair, inspect or show the property. A landlord may not lock the tenant out, cut off the utilities, or confiscate tenant's belongings.
Rent and Fees Late Fees: There is no statutory limit on late fees in North Dakota. Grace Period: There is no mandatory grace period in North Dakota. NSF/Bounced Check Fee Maximum: If the tenant's rent check bounces, the landlord may charge any collection fees or costs less than or equal to $40 (NDC § 6-08-16).