Common use of Interest on security deposits Clause in Contracts

Interest on security deposits. In accordance with New Jersey law (NJSA Section 46:8-19), Landlord will pay Tenant interest on Tenant's security deposit, less any service fee charged by the bank or investment company. Interest will be paid annually on the anniversary of Tenant's Lease in cash or as a credit towards rent due. Further, Landlord will annually notify Tenant of certain information concerning the security deposit: the name of the bank where the security deposit is held, the type of account in which the funds are deposited, and the account's interest rate. Landlord is prohibited from increasing the amount of the security deposit by more than ten (10) percent per year.

Interest on security deposits. In accordance with New Jersey law (NJSA Section 46:8-19), Landlord will pay Tenant interest on TenantXxxxxx's security deposit, less any service fee charged by the bank or investment company. Interest will be paid annually on the anniversary of TenantXxxxxx's Lease in cash or as a credit towards rent due. Further, Landlord will annually notify Tenant of certain information concerning the security deposit: the name of the bank where the security deposit is held, the type of account in which the funds are deposited, and the account's interest rate. Landlord is prohibited from increasing the amount of the security deposit by more than ten (10) percent per year.

Interest on security deposits. In accordance with New Jersey law (NJSA Section 46:8-46:8- 19), Landlord will pay Tenant interest on TenantXxxxxx's security deposit, less any service fee charged by the bank or investment company. Interest will be paid annually on the anniversary of TenantXxxxxx's Lease in cash or as a credit towards rent due. Further, Landlord will annually notify Tenant of certain information concerning the security deposit: the name of the bank where the security deposit is held, the type of account in which the funds are deposited, and the account's interest rate. Landlord is prohibited from increasing the amount of the security deposit by more than ten (( 10) percent per year.