Common use of Security Deposit Act Clause in Contracts

Security Deposit Act. The security deposit paid by the Tenant may be applied to actual damages caused by the Tenant and any other purposes permitted under the provisions of Article 6, Chapter 42 of the North Carolina General Statutes entitled “Residential Tenant Security Deposit Act.” Violation of the above will also result in charges to the Leaseholder’s credit card on file for all damages, eviction costs, and/or any other fees associated with the eviction of Tenant. NC Gen. Stat. 14-100 makes it a crime to obtain any rental unit under false pretenses. BY SIGNING THIS CONTRACT, YOU AGREE THAT YOU ARE A FAMILY GROUP AND ARE AT LEAST 26 YEARS OF AGE OR ARE A NON-FAMILY GROUP RESERVING A DESIGNATED "NON-FAMILY" COTTAGE AND AGREE TO PAY THE SPECIFIED DAMAGE DEPOSIT FOR THAT "NON-FAMILY" COTTAGE.