Common use of SECURITY DEPOSIT NOTICE AND RECEIPT Clause in Contracts

SECURITY DEPOSIT NOTICE AND RECEIPT. The Tenant shall, upon execution of this Lease, deposit with the Landlord the sum indicated above [See Section 7], which shall not exceed two months rent, to be held in an escrow account to ensure full compliance by Tenant of all provisions of this Lease, including but not limited to Tenant obligations with respect to damages caused by the Tenant, Xxxxxx's family, agents, employees, guests, other invitees or pets. The Landlord hereby acknowledges receiving from the Tenant payment of the Security Deposit referred to in Section 7. Within 30 days after Xxxxxxxx receives the security deposit, the Landlord shall deposit the funds into an interest bearing account devoted exclusively to security deposits, and thereafter maintain the security deposit in a federally insured financial institution that does business in the State of Maryland. At the end of the tenancy, the security deposit, or any portion thereof, may be withheld for unpaid rent, damage due to breach of lease or for damage by the Tenant or the Tenant's family, agents, employees, guests or invitees in excess of ordinary wear and tear to the leased premises, common areas, major appliances, and furnishings owned by the Landlord. The Tenant is hereby advised that Xxxxxx has the right to be present when the Landlord or the Land- lord's agent inspects the premises in order to determine if any damage was done to the premises, if the Tenant notifies the Landlord by certified mail of the Tenant's intention to move, the date of moving, and the Tenant's new address. The notice to be furnished by the Tenant to the Landlord shall be mailed at least 15 days prior to the date of moving. Upon receipt of the Tenant’s notice, the Landlord shall notify the Tenant by certified mail of the time and date when the premises are to be inspected. The date of inspection shall occur within five days before or five days after the date of moving as designated in the Ten- ant's notice. Failure by the Landlord to comply with this requirement forfeits the right of the Landlord to withhold any part of the security deposit for damages, although Xxxxxxxx may retain the right to pursue other legal remedies against the Tenant. The Landlord’s application of the Security Deposit shall not be the Landlord’s sole remedy in the event of the Tenant’s default if the costs of repairs, replacements or other damages exceed the Security Deposit, the Tenant shall pay for such excess costs. During the tenancy, the Tenant may not use the Security Deposit for any payment of rent or other obligations, and the Tenant shall not use the Security Deposit as the last month's rent. The security deposit is not liquidated damages and may not be forfeited to the Landlord for breach of the rental agreement, except in the amount that the Landlord is actually damaged by the Tenant’s breach. In calculating damages for lost future rents any amount of rents received by the Landlord for the premises during the remainder if any, of the Tenant's term, shall reduce the damages by a like amount. If Landlord withholds any portion of the security deposit for damages as described above, the Landlord must present by first-class mail directed to the last known address of the Tenant, within 45 days after the termination of the tenancy, a written list of the damages claimed by Landlord together with a statement of the cost actually incurred. If the Landlord fails to comply with this requirement, the Landlord forfeits the right to withhold any part of the security deposit for damages. Within 45 days after the end of the tenancy, the Landlord shall return the security deposit to the Tenant together with simple interest which has accrued in the amount of 3 percent per annum, less any damages rightfully withheld. Interest shall accrue at six-month intervals from the day the Tenant gives the Landlord the security deposit. Interest is not compounded. Interest shall be payable only on security deposits of $50 or more. If the Landlord, without a reasonable basis, fails to return any part of the security deposit, plus accrued interest, within 45 days after the termination of the tenancy, the Tenant has an action for up to threefold of the withheld amount, plus reasonable attorney's fees. (1) At the commencement of the tenancy, if the Tenant specifically requests by certified mail within 15 days of the Tenant's occupancy, the Tenant has right to have the dwelling unit inspected by the Landlord in the Tenant's presence for the purpose of making a written list of damages that exist at the commence- ment of the tenancy; (2) At the conclusion of the tenancy, if the Tenant notifies the Landlord by certified mail at least 15 days prior to the date of the Tenant's intended move, of the Tenant's intention to move, the date of moving, and the Tenant's new address, the Tenant has the right to be present when the Landlord inspects the premises in order to determine if any damage was done to the premises; if Tenant provides such notice, the Landlord has the obligation to conduct the final move-out inspection within 5 days before or after the Tenant's stated date of intended moving, and the Landlord has an obligation to notify the Tenant in writing, by certified mail, of the date and time of the final move-out inspection; (3) The Tenant has a right to receive, by first class mail, delivered to the last known address of the Tenant, a written list of the charges against the security deposit claimed by the Landlord and the actual costs, within 45 days after the termination of the tenancy; (4) The Landlord has an obligation to return any unused portion of the security deposit, by first class mail, ad- dressed to the Tenant's last known address, within 45 days after the termination of the tenancy; and (5) The failure of the Landlord to comply with the security deposit law may result in the Landlord being liable to the Tenant for a penalty of up to 3 times the security deposit wrongfully withheld, plus reasonable attorney's fees.

SECURITY DEPOSIT NOTICE AND RECEIPT. The Tenant shall, upon execution of this Lease, deposit with the Landlord the sum indicated above [See Section 7], which shall not exceed two months months’ rent, to be held in an escrow account to ensure full compliance by Tenant of all provisions of this Lease, including but not limited to Tenant obligations with respect to damages caused by the Tenant, XxxxxxTenant's family, agents, employees, guests, other invitees or pets. The Landlord hereby acknowledges receiving from the Tenant payment of the Security Deposit referred to in Section 7. Within 30 days after Xxxxxxxx receives the security deposit, the Landlord shall deposit the funds into an interest bearing account devoted exclusively to security deposits, and thereafter maintain the security deposit in a federally insured financial institution that does business in the State of Maryland. At the end of the tenancy, the security deposit, or any portion thereof, may be withheld for unpaid rent, damage due to breach of lease or for damage by the Tenant or the Tenant's family, agents, employees, guests or invitees in excess of ordinary wear and tear to the leased premises, common areas, major appliances, and furnishings owned by the Landlord. The Tenant is hereby advised that Xxxxxx has the right to be present when the Landlord or the Land- lordLandlord's agent inspects the premises in order to determine if any damage was done to the premises, if the Tenant notifies the Landlord by certified mail of the Tenant's intention to move, the date of moving, and the Tenant's new address. The notice to be furnished by the Tenant to the Landlord shall be mailed at least 15 days prior to the date of moving. Upon receipt of the Tenant’s notice, the Landlord shall notify the Tenant by certified mail of the time and date when the premises are to be inspected. The date of inspection shall occur within five days before or five days after the date of moving as designated in the Ten- antTenant's notice. Failure by the Landlord to comply with this requirement forfeits the right of the Landlord to withhold any part of the security deposit for damages, although Xxxxxxxx may retain the right to pursue other legal remedies against the Tenant. The Landlord’s application of the Security Deposit shall not be the Landlord’s sole remedy in the event of the Tenant’s default if the costs of repairs, replacements or other damages exceed the Security Deposit, the Tenant shall pay for such excess costs. During the tenancy, the Tenant may not use the Security Deposit for any payment of rent or other obligations, and the Tenant shall not use the Security Deposit as the last month's rent. The security deposit is not liquidated damages and may not be forfeited to the Landlord for breach of the rental agreement, except in the amount that the Landlord is actually damaged by the Tenant’s breach. In calculating damages for lost future rents any amount of rents received by the Landlord for the premises during the remainder if any, of the Tenant's term, shall reduce the damages by a like amount. If Landlord withholds any portion of the security deposit for damages as described above, the Landlord must present by first-class mail directed to the last known address of the Tenant, within 45 days after the termination of the tenancy, a written list of the damages claimed by Landlord together with a statement of the cost actually incurred. If the Landlord fails to comply with this requirement, the Landlord forfeits the right to withhold any part of the security deposit for damages. Within 45 days after the end of the tenancy, the Landlord shall return the security deposit to the Tenant together with simple interest which has accrued in the amount of 3 1.5% percent per annum, or a rate equal to the U.S. Treasury Daily Yield Curve Rate, whichever is higher, less any damages rightfully withheld. For any year in which the Landlord has held the Security Deposit for less than the full year, the Landlord shall pay an amount of interest calculated by: 1) Multiplying the amount of the deposit by the Daily U.S. Treasury Yield Curve rate for 1 year that was in effect as of the first business day of that calendar year, or 1.5% whichever is greater; and 2) multiplying the result obtained under items 1 of the subparagraph by a fraction, the numerator of which the number of months that the deposit was held that year and the denominator of which is 12. Interest shall accrue at six-month intervals from the day the Tenant gives the Landlord the security deposit. Interest is not compounded. Interest shall be payable only on security deposits of $50 or more. If the Landlord, without a reasonable basis, fails to return any part of the security deposit, plus accrued interest, within 45 days after the termination of the tenancy, the Tenant has an action for up to threefold of the withheld amount, plus reasonable attorney's fees. (1) At the commencement of the tenancy, if the Tenant specifically requests by certified mail within 15 days of the Tenant's occupancy, the Tenant has right to have the dwelling unit inspected by the Landlord in the Tenant's presence for the purpose of making a written list of damages that exist at the commence- ment commencement of the tenancy; (2) At the conclusion of the tenancy, if the Tenant notifies the Landlord by certified mail at least 15 days prior to the date of the Tenant's intended move, of the Tenant's intention to move, the date of moving, and the Tenant's new address, the Tenant has the right to be present when the Landlord inspects the premises in order to determine if any damage was done to the premises; if Tenant provides such notice, the Landlord has the obligation to conduct the final move-out inspection within 5 days before or after the Tenant's stated date of intended moving, and the Landlord has an obligation to notify the Tenant in writing, by certified mail, of the date and time of the final move-out inspection; (3) The Tenant has a right to receive, by first class mail, delivered to the last known address of the Tenant, a written list of the charges against the security deposit claimed by the Landlord and the actual costs, within 45 days after the termination of the tenancy; (4) The Landlord has an obligation to return any unused portion of the security deposit, by first class mail, ad- dressed to the Tenant's last known address, within 45 days after the termination of the tenancy; and (5) The failure of the Landlord to comply with the security deposit law may result in the Landlord being liable to the Tenant for a penalty of up to 3 times the security deposit wrongfully withheld, plus reasonable attorney's fees.

SECURITY DEPOSIT NOTICE AND RECEIPT. The Tenant shall, upon execution of this Lease, deposit with the Landlord the sum indicated above [See Section 7], which shall not exceed two months rent, to be held in an escrow account to ensure full compliance by Tenant of all provisions of this Lease, including but not limited to Tenant obligations with respect to damages caused by the Tenant, XxxxxxTenant's family, agents, employees, guests, other invitees or pets. The Landlord hereby acknowledges receiving from the Tenant payment of the Security Deposit referred to in Section 7. Within 30 days after Xxxxxxxx Landlord receives the security deposit, the Landlord shall deposit the funds into an interest bearing account devoted exclusively to security deposits, and thereafter maintain the security deposit in a federally insured financial institution that does business in the State of Maryland. At the end of the tenancy, the security deposit, or any portion thereof, may be withheld for unpaid rent, damage due to breach of lease or for damage by the Tenant or the Tenant's family, agents, employees, guests or invitees in excess of ordinary wear and tear to the leased premises, common areas, major appliances, and furnishings owned by the Landlord. The Tenant is hereby advised that Xxxxxx Tenant has the right to be present when the Landlord or the Land- lordLandlord's agent inspects the premises in order to determine if any damage was done to the premises, if the Tenant notifies the Landlord by certified mail of the Tenant's intention to move, the date of moving, and the Tenant's new address. The notice to be furnished by the Tenant to the Landlord shall be mailed at least 15 days prior to the date of moving. Upon receipt of the Tenant’s 's notice, the Landlord shall notify the Tenant by certified mail of the time and date when the premises are to be inspected. The date of inspection shall occur within five days before or five days after the date of moving as designated in the Ten- antTenant's notice. Failure by the Landlord to comply with this requirement forfeits the right of the Landlord to withhold any part of the security deposit for damages, although Xxxxxxxx Landlord may retain the right to pursue other legal remedies against the Tenant. The Landlord’s 's application of the Security Deposit shall not be the Landlord’s 's sole remedy in the event of the Tenant’s 's default if the costs of repairs, replacements or other damages exceed the Security Deposit, the Tenant shall pay for such excess costs. During the tenancy, the Tenant may not use the Security Deposit for any payment of rent or other obligations, and the Tenant shall not use the Security Deposit as the last month's rent. The security deposit is not liquidated damages and may not be forfeited to the Landlord for breach of the rental agreement, except in the amount that the Landlord is actually damaged by the Tenant’s 's breach. In calculating damages for lost future rents any amount of rents received by the Landlord for the premises during the remainder if any, of the Tenant's term, shall reduce the damages by a like amount. If Landlord withholds any portion of the security deposit for damages as described above, the Landlord must present by first-class mail directed to the last known address of the Tenant, within 45 days after the termination of the tenancy, a written list of the damages claimed by Landlord together with a statement of the cost actually incurred. If the Landlord fails to comply with this requirement, the Landlord forfeits the right to withhold any part of the security deposit for damages. Within 45 days after the end of the tenancy, the Landlord shall return the security deposit to the Tenant together with simple interest which has accrued in the amount of 3 1.5% percent per annum, or a rate equal to the U.S. Treasury Daily Yield Curve Rate, whichever is higher, less any damages rightfully withheld. For any year in which the Landlord has held the Security Deposit for less than the full year, the Landlord shall pay an amount of interest calculated by: 1) Multiplying the amount of the deposit by the Daily U.S. Treasury Yield Curve rate for 1 year that was in effect as of the first business day of that calendar year, or 1.5% whichever is greater; and 2) multiplying the result obtained under items 1 of the subparagraph by a fraction, the numerator of which the number of months that the deposit was held that year and the denominator of which is 12. Interest shall accrue at six-month intervals from the day the Tenant gives the Landlord the security deposit. Interest is not compounded. Interest shall be payable only on security deposits of $50 or more. If the Landlord, without a reasonable basis, fails to return any part of the security deposit, plus accrued interest, within 45 days after the termination of the tenancy, the Tenant has an action for up to threefold of the withheld amount, plus reasonable attorney's fees. (1) At the commencement of the tenancy, if the Tenant specifically requests by certified mail within 15 days of the Tenant's occupancy, the Tenant has right to have the dwelling unit inspected by the Landlord in the Tenant's presence for the purpose of making a written list of damages that exist at the commence- ment commencement of the tenancy; (2) At the conclusion of the tenancy, if the Tenant notifies the Landlord by certified mail at least 15 days prior to the date of the Tenant's intended move, of the Tenant's intention to move, the date of moving, and the Tenant's new address, the Tenant has the right to be present when the Landlord inspects the premises in order to determine if any damage was done to the premises; if Tenant provides such notice, the Landlord has the obligation to conduct the final move-out inspection within 5 days before or after the Tenant's stated date of intended moving, and the Landlord has an obligation to notify the Tenant in writing, by certified mail, of the date and time of the final move-out inspection;; This form is the property of Xxxx Arundel County Association of REALTORS®, Inc. and may be used only by Association members. Produced with zipForm® by zipLogix 00000 Xxxxxxx Xxxx Xxxx, Xxxxxx, Xxxxxxxx 00000 xxx.xxxXxxxx.xxx (3) The Tenant has a right to receive, by first class mail, delivered to the last known address of the Tenant, a written list of the charges against the security deposit claimed by the Landlord and the actual costs, within 45 days after the termination of the tenancy; (4) The Landlord has an obligation to return any unused portion of the security deposit, by first class mail, ad- dressed addressed to the Tenant's last known address, within 45 days after the termination of the tenancy; and (5) The failure of the Landlord to comply with the security deposit law may result in the Landlord being liable to the Tenant for a penalty of up to 3 times the security deposit wrongfully withheld, plus reasonable attorney's fees.

SECURITY DEPOSIT NOTICE AND RECEIPT. The Tenant shall, upon execution of this Lease, deposit with the Landlord the sum indicated above [See Section 7], which shall not exceed two months rent, to be held in an escrow account to ensure full compliance by Tenant of all provisions of this Lease, including but not limited to Tenant obligations with respect to damages caused by the Tenant, XxxxxxTenant's family, agents, employees, guests, other invitees or pets. The Landlord hereby acknowledges receiving from the Tenant payment of the Security Deposit referred to in Section 7. Within 30 days after Xxxxxxxx Landlord receives the security deposit, the Landlord shall deposit the funds into an interest bearing account devoted exclusively to security deposits, and thereafter maintain the security deposit in a federally insured financial institution that does business in the State of Maryland. At the end of the tenancy, the security deposit, or any portion thereof, may be withheld for unpaid rent, damage due to breach of lease or for damage by the Tenant or the Tenant's family, agents, employees, guests or invitees in excess of ordinary wear and tear to the leased premises, common areas, major appliances, and furnishings owned by the Landlord. The Tenant is hereby advised that Xxxxxx Tenant has the right to be present when the Landlord or the Land- lord's agent inspects the premises in order to determine if any damage was done to the premises, if the Tenant notifies the Landlord by certified mail of the Tenant's intention to move, the date of moving, and the Tenant's new address. The notice to be furnished by the Tenant to the Landlord shall be mailed at least 15 days prior to the date of moving. Upon receipt of the Tenant’s notice, the Landlord shall notify the Tenant by certified mail of the time and date when the premises are to be inspected. The date of inspection shall occur within five days before or five days after the date of moving as designated in the Ten- ant's notice. Failure by the Landlord to comply with this requirement forfeits the right of the Landlord to withhold any part of the security deposit for damages, although Xxxxxxxx Landlord may retain the right to pursue other legal remedies against the Tenant. The Landlord’s application of the Security Deposit shall not be the Landlord’s sole remedy in the event of the Tenant’s default if the costs of repairs, replacements or other damages exceed the Security Deposit, the Tenant shall pay for such excess costs. During the tenancy, the Tenant may not use the Security Deposit for any payment of rent or other obligations, and the Tenant shall not use the Security Deposit as the last month's rent. The security deposit is not liquidated damages and may not be forfeited to the Landlord for breach of the rental agreement, except in the amount that the Landlord is actually damaged by the Tenant’s breach. In calculating damages for lost future rents any amount of rents received by the Landlord for the premises during the remainder if any, of the Tenant's term, shall reduce the damages by a like amount. If Landlord withholds any portion of the security deposit for damages as described above, the Landlord must present by first-class mail directed to the last known address of the Tenant, within 45 days after the termination of the tenancy, a written list of the damages claimed by Landlord together with a statement of the cost actually incurred. If the Landlord fails to comply with this requirement, the Landlord forfeits the right to withhold any part of the security deposit for damages. Within 45 days after the end of the tenancy, the Landlord shall return the security deposit to the Tenant together with simple interest which has accrued in the amount of 3 percent per annum, less any damages rightfully withheld. Interest shall accrue at six-month intervals from the day the Tenant gives the Landlord the security deposit. Interest is not compounded. Interest shall be payable only on security deposits of $50 or more. If the Landlord, without a reasonable basis, fails to return any part of the security deposit, plus accrued interest, within 45 days after the termination of the tenancy, the Tenant has an action for up to threefold of the withheld amount, plus reasonable attorney's fees. (1) At the commencement of the tenancy, if the Tenant specifically requests by certified mail within 15 days of the Tenant's occupancy, the Tenant has right to have the dwelling unit inspected by the Landlord in the Tenant's presence for the purpose of making a written list of damages that exist at the commence- ment of the tenancy; (2) At the conclusion of the tenancy, if the Tenant notifies the Landlord by certified mail at least 15 days prior to the date of the Tenant's intended move, of the Tenant's intention to move, the date of moving, and the Tenant's new address, the Tenant has the right to be present when the Landlord inspects the premises in order to determine if any damage was done to the premises; if Tenant provides such notice, the Landlord has the obligation to conduct the final move-out inspection within 5 days before or after the Tenant's stated date of intended moving, and the Landlord has an obligation to notify the Tenant in writing, by certified mail, of the date and time of the final move-out inspection; (3) The Tenant has a right to receive, by first class mail, delivered to the last known address of the Tenant, a written list of the charges against the security deposit claimed by the Landlord and the actual costs, within 45 days after the termination of the tenancy; (4) The Landlord has an obligation to return any unused portion of the security deposit, by first class mail, ad- dressed to the Tenant's last known address, within 45 days after the termination of the tenancy; and (5) The failure of the Landlord to comply with the security deposit law may result in the Landlord being liable to the Tenant for a penalty of up to 3 times the security deposit wrongfully withheld, plus reasonable attorney's fees.