Interest on Security Deposit. In accordance with Illinois law (765 ILCS 715/1, 715/2), and subject to the exception set forth in this Paragraph, such deposit shall be returned to Tenant, without interest, and less any set off for damages to the Premises upon the termination of this Agreement. Landlord will only pay interest to Tenant if the Premises is an apartment in a building with 25 or more units, provided the security deposit is held by Landlord for more than six (6) months. The interest rate is to be the same rate as given by the largest bank in Illinois on minimum passbook savings accounts as of December 31 of the year before the commencement date of this Agreement. Landlord shall pay Tenant the accrued interest annually by cash or credit towards rent due, except when Tenant is in default under the Agreement.
Appears in 5 contracts
Samples: Residential Lease Agreement, Residential Lease Agreement, Illinois Residential Lease Agreement
