SECURITY DEPOSIT AGREEMENT
Resident shall submit to Owner the sum of $________________. Said sum is a payment for security deposit. If submitted as part of an application to rent a house and not approved, the deposit will be refunded to Tenant. Such deposit is not advance rent and cannot be applied to rent owed by resident. Such deposit shall be returned only after each and all of the following conditions have been met:
- The entire lease term must have expired or been terminated without fault by Tenant.
- 30 days written notice must have been given to Tinch Properties, Inc. prior to date of termination or expiration.
- Tenant’s forwarding address or addresses have been left with Tinch Properties, Inc.
- The house, including designated kitchen appliances, has been cleaned thoroughly, and has been surrendered in the same condition as when received, reasonable wear expected.
- After inspection by owner, appropriate charges will be deducted for any unpaid damages or repairs to the house or its contents (beyond reasonable wear); insufficient light bulbs; stickers, scratches, burns, or holes, etc. on the walls, doors, floors, draperies, carpet and furniture, etc. A charge of $5.00 per unreturned key will be made. Deductions for late payments and returned checks will be as set out in the rental contract.
After the above conditions have been complied with by the Tenant, the balance of the security deposit will be mailed to Tenant’s forwarding address or addresses, along with an itemized accounting of any charges or damages or other sums owed by Tenant no later than thirty days after move out.
Resident agrees that this security deposit may not be applied to rent due, and that the full monthly rent will be paid on or before the due date of each month, including the last month of occupancy.
If Tenant fails to move in to the property, pay the first month’s rent, or sign a residential lease by the lease start date in this agreement tenant’s deposit(s) will be forfeited and, in addition, Tinch Properties, Inc. may terminate the residential contract or may elect to sue for damages, plus attorney’s fees.