SECURITY DEPOSIT DISPOSITION AND REPAIRS. OWNER agrees that MANAGER shall collect a minimum of one month’s rent as a security deposit from OWNER’s tenants. Upon OWNER’s tenants vacating the property, MANAGER shall have sole judgment regarding the disposition of this security deposit. MANAGER shall solely determine whether any claims against the security deposit are to be made for default, for cleaning or damages, or whether no claims are to be made. In the event of tenant default, MANAGER may use claimed security deposit funds to improve OWNER’s property as MANAGER deems appropriate, without MANAGER being subject to $350 per incident repair authority.
Appears in 4 contracts
Samples: Office, Property Management Agreement, Property Management Agreement
