Common use of SECURITY DEPOSIT AND ADVANCE RENT Clause in Contracts

SECURITY DEPOSIT AND ADVANCE RENT. Xxxxxx agrees to pay Landlord: The sum of the Security Deposit Charges of <<Security Deposit Charges>> will be held as a security deposit for faithful performance by Tenant of all terms, covenants, and conditions of this lease. The deposit may be applied by the Landlord for any monies owed by Tenant under the lease or Florida law, physical damages to the premises, costs, and attorney's fees associated with Xxxxxx's failure to satisfy the full terms and conditions of the lease. Tenant cannot dictate that this deposit be used for any rent due. If tenant breaches the lease by abandoning, surrendering or being evicted from the rental premises prior to the lease expiration date (or the expiration of any extension thereof), the deposit will be forfeited as special liquidated damages to off-set the costs of re-letting the rental premises. Tenant will still be responsible for unpaid rent, physical damages, future rent due, attorney's fees, costs and any other amounts due under the terms of the tenancy or Florida law. The security (and advance rent, if applicable) will be held in the following manner: Deposited in a separate non-interest bearing account with SunTrust Bank, N.A. 000 X. Xxxxxx Xxxxxx, Xxxxxxx, XX 00000. Unless premises are vacated or abandoned by Tenant prior to expiration of the Term of this Agreement, within fifteen (15) days following the termination of the Rental Agreement, Landlord shall return the security deposit to the Tenant. However, if Xxxxxxxx intends to impose a claim on the deposit monies, Landlord will have thirty (30) days to give Tenant notice by certified mail to a forwarding address furnished by Xxxxxx in writing or if none given, to the last known mailing address of Tenant, of Xxxxxxxx's intention to impose a claim on the deposit monies and the reason for the claim. Unless Tenant objects to the imposition of Landlord's claim, or the amount thereof, within fifteen (15) days after receipt of Landlord's notice, Landlord may then deduct the amount of the claim and remit any balance of the deposit monies to Tenant within thirty (30) days after the date of the Landlord's initial notice. Said remittance will be made payable to all of the persons signing this Agreement, and mailed to the same address to which Xxxxxxxx's initial notice was sent. Security deposit refunds, if any, shall be made out in the names of all Tenants in one check, and, may not be picked up in person from the Landlord.

SECURITY DEPOSIT AND ADVANCE RENT. Xxxxxx agrees to pay LandlordPLEASE NOTE: The sum of the Security Deposit Charges of <<Security Deposit Charges>> will be held as a security deposit for faithful performance by Tenant of all terms, covenants, and conditions FLORIDA STATUE 83.49 REQUIRES THE OWNER/LANDLORD TO HOLD THE SECURITY DEPOSIT IN A FLORIDA BANKING INSTITUTION. OWNER ACKNOWLEDGES RECEIPT OF FLORIDA STATUE 83.49 RELATED TO SECURITY DEPOSITS (pg. 15 & 16 of this leaseagreement). The deposit may be applied by the Landlord for any monies owed by Tenant under the lease or Florida lawIT IS RECOMMENDED THAT OWNERS PERUSE A COMPLETE COPY OF THE FLORIDA LANDLORD AND TENANT ACT (FLORIDA STATUTE 83, physical damages to the premises, costs, and attorney's fees associated with Xxxxxx's failure to satisfy the full terms and conditions of the leasePART 11) WHICH HAS TO DO WITH FLORIDA LAW AS IT PERTAINS TO RESIDENTIAL TENANCIES. Tenant cannot dictate that this deposit be used for any rent due. If tenant breaches the lease by abandoning, surrendering or being evicted from the rental premises prior to the lease expiration date (or the expiration of any extension thereof), the deposit will be forfeited as special liquidated damages to off-set the costs of re-letting the rental premises. Tenant will still be responsible for unpaid rent, physical damages, future rent due, attorney's fees, costs and any other amounts due under the terms of the tenancy or Florida law. The All security (deposits and advance rent, if applicable) will rent must be held in the following manner: Deposited a Florida banking institution and in a separate non-interest bearing account accordance with SunTrust BankChapter 83, N.A. 000 X. Xxxxxx XxxxxxFlorida Statutes. Owner shall have full responsibility to collect rents and deposits, Xxxxxxxto hold funds received on behalf of tenant as required by Chapter 83.49, XX 00000. Unless premises are vacated or abandoned by Tenant prior Florida Statutes, and to expiration of the Term of this Agreement, within fifteen (15) days following the termination of the Rental Agreement, Landlord shall return disburse the security deposit to the Tenanttenant in accordance with Florida Law. However, if Xxxxxxxx intends to impose Owner shall indemnify Broker in the event Tenant sues Brokers over a claim on the deposit monies, Landlord will have thirty (30) days to give Tenant notice by certified mail to a forwarding address furnished by Xxxxxx in writing or if none given, to the last known mailing address of Tenant, of Xxxxxxxx's intention to impose a claim on the deposit monies and the reason for the claim. Unless Tenant objects to the imposition of Landlord's claim, or the amount thereof, within fifteen (15) days after receipt of Landlord's notice, Landlord may then deduct the amount dispute concerning Owner’s disposition of the claim and remit any balance of security deposit or advance rent. The security deposit collected from the deposit monies to Tenant within thirty (30) days after the date of the Landlord's initial notice. Said remittance will may be made payable to and turned over to the Owner, thereby, releasing the Broker from all liability for the return of security deposit upon termination of the persons signing this Agreementlease. Owner agrees that all responsibilities of the Broker shall end with the execution of the lease. The owner hereby indemnifies and holds harmless the Broker from any claims or costs incurred by the Broker in defending against any claims arising from the security deposit. The suggested amount of security deposit will be 120% of one month’s rent, unless negative findings are discovered during the credit or background check. If the Owner resides out of the State of Florida, the security deposit will be transferred to the Owner’s financial institution within the State of Florida only. Owner shall provide Broker with all Florida banking information to facilitate transfer of security deposit. Owner acknowledges that Broker is not a property manager for the premises described herein, and mailed Broker’s sole responsibility is to the same address secure a tenant acceptable to which Xxxxxxxx's initial notice was sentOwner. Security deposit refundsUpon acceptance and execution of lease agreement, if any, Broker shall be made out in the names relieved of all Tenants in one checkfurther responsibilities and obligations, and, may not be picked up in person from except to remit to Owner the Landlordsums specified.