Common use of Security Deposit Return Clause in Contracts

Security Deposit Return. Owner will mail the security deposit, less any lawful deductions, and an itemized list of amounts withheld no later than thirty (30) days after termination, surrender, or abandonment, unless applicable law provides otherwise. Delivery of security deposit refunds and itemized deductions to any one of multiple residents shall constitute notice and delivery to all Residents. Residents are not entitled to a refund of any portion of the security deposit unless Owner receives proper notice of move-out pursuant to this Agreement. If Residents fail to provide a valid forwarding address, Owner shall mail, by first class mail, the deposit or itemized accounting, or both, to the last known address of Residents or, if none, to Residents at the address of the Lease Premises. Any deposit unclaimed by Residents, as well as any outstanding check, shall be forfeited by Residents after ninety (90) days.