Common use of Completion of Contract Clause in Contracts

Completion of Contract. Alabama Law allows the Owner/Broker up to 60 days to return the Tenant’s Security Deposit minus any itemized deductions. When the Security Deposit is returned and all accounts are settled with the Owner, this contract shall be considered completed and no longer in effect and the Broker will have no management responsibility for the premises. SAMPLE 73. OWNER’S RIGHT TO CANCEL THIS AGREEMENT WITH 30 DAY WRITTEN NOTICE IS LIMITED: The Owner may terminate this Agreement with a 30 day written notice, however, the termination shall not be effective unless and until the Owner has a clear account with the Broker. In the situation where the Owner notifies the Broker that Owner is terminating the Agreement, the management of the property will not terminate until the Owner clears its account with Broker and Broker will not provide direction to the Tenant to redirect rent to the Owner unless and until the termination is effective. Furthermore, the Owner authorizes the Broker to retain those funds necessary to satisfy the amounts incurred for repairs and services (Broker will not deduct from Security Deposits, but Rent Receipts only).