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.
New Mexico Clause Providing for the Periodic Increase in the Tenant Security to Reflect Increases in Base Rent
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FAQ
New Mexico Security Deposit Returns & Deductions Quick FactsAnswerAcceptable DeductionsUnpaid rent, utilities, and late fees Costs of damage Costs due to breach of lease Cleaning costsReturn Deadline30 daysItemized DeductionsRequiredPenalty for Late ReturnDeposit + $250 + Court Costs + Attorneys' Fees
This question is about New Mexico Security Deposit Law There are no specific statutes that provide a definition of wear vs tear, but in most cases any deterioration that occurs naturally as a result of correct and regular use by the tenant without negligence is considered wear.
Required Landlord Disclosures in New Mexico Under New Mexico law, landlords must disclose specific information to tenants (usually in the lease or rental agreement), such as the identity of anyone authorized to act on the landlord's behalf.
Within 14 days (excluding weekends and holidays) after the tenant has moved out and the landlord has received the tenant's Request for Return of Security Deposit, the landlord must provide the tenant with an itemized list of all the charges (if any) that the landlord intends to deduct from the security deposit as well ...
Ing to the Fair Housing Act and the New Mexico landlord-tenant laws, the tenant cannot be discriminated against for their sexual orientation, national origin, religion, disability, race, color, or sex.
Landlords are required to provide the tenant with a written itemized list of each deduction from the security deposit and to return the remaining security deposit to the tenant within 30 days of termination of the tenancy.
New Mexico has no limits for what landlords may charge for rent and may file for eviction sooner than in other states.
If the lease is one year or less, the security deposit amount cannot be higher than the cost of one month s rent. On the other side, the security deposit can be higher than the monthly rent cost if the lease is longer. In these cases, landlords must give the tenant an annually earned interest.
