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Security Deposit Interest. Generally, in California, Landlord is not required to place security deposits in interest bearing accounts or pay interest earned on security deposits to Tenant. If, however, the Premises is subject to a State or Federal Program which requires payment of security deposit interest to Tenant or the Premises is located in a city or county which mandates payment of interest on security deposits to Tenant, Landlord will pay such interest either to Tenant or to the Property’s operating account in accordance with applicable laws and program regulations.
Security Deposit Interest. NCPA shall maintain a detailed accounting of each Participant’s Security Deposits, and withdrawals of such funds, held by NCPA. Security Deposits held by NCPA shall be invested by NCPA in accordance with the General Operating Reserve policies and investment policies adopted by the NCPA Commission. Interest earned on the Security Deposit funds shall be proportionately credited to the Participants in accordance with their weighted average balances held therein. Any Security Deposit losses caused by early termination of investments shall be allocated among the Participants in accordance with the General Operating Reserve provisions and guidelines approved by the Commission, as the same may be amended from time to time; provided, however, to the extent that either the General Operating Reserve provisions and guidelines do not apply or the Security Deposit is not adequate to cover the losses, then such losses shall be allocated among the Participants in accordance with their proportionate Security Deposit balances.
Security Deposit Interest. Owner agrees to deposit any sums paid by Tenant as security deposit under the Lease (pursuant to Article 32 hereof) in a one (1) year Certificate of Deposit in Owner's name, as selected by Owner at Owner's sole discretion. Any interest earned on such security, less a one (1%) percent fee to be retained by Owner for managing the same, shall accrue and be added to the original, or any subsequent, security deposit hereunder. Subject to Article 32 of the Lease, the Certificate of Deposit (together with accrued interest thereon) shall be "rolled over" and reinvested, or a new one (1) year certificate of deposit purchased, at the expiration of each twelve-month period from the date of original deposit thereof.
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