Common use of Security and Damage Deposits Clause in Contracts

Security and Damage Deposits. 1. A security and damage deposit greater than or equal to one month’s rent, shall be collected by Manager from Tenant before Tenant occupies the Premises. Such deposit shall be maintained in a savings/escrow account of the Manager or the Owner, with prior arrangement. Manager may take less than one month’s rent equivalent with Owner’s permission. 2. Security and damage deposit collected by Manager from Tenant, shall be returned to the Tenant by the Manager or the Owner when the Tenant vacates the Premises, subject to Manager’s determination, consistent with Colorado law, which requires funds be returned within thirty (30) days unless otherwise stipulated in lease, not to exceed 60 (60) days. 3. Manager shall properly account for any portion of the security deposit retained for the purpose of offsetting Owner’s expenses for unpaid rent, utilities, cleaning charges or repairs 4. In the event litigation occurs concerning security deposits, Manager shall defend same in its own name as Manager for Owner, at Owner’s expense. Manager may charge Owner a fee not to exceed $100/hour for time spent in litigation (time in court, time preparing for court, travel time to and from courthouse, etc.). 5. Should this Agreement terminate while an existing Tenant’s security deposit is in Manager’s possession, Manager shall forward that amount in full to Owner within 30 working days. As of disbursement, Manager shall have no further obligation or liability whatsoever concerning the security deposit to any person or entity; and Owner shall hold Manager harmless there from.

Security and Damage Deposits. 1. A security and damage deposit greater than or equal to one month’s rent, shall be collected by Manager from Tenant before Tenant occupies the Premises. Such deposit shall be maintained in a savings/escrow account of the Manager or the Owner, with prior arrangement. Manager may take less than one month’s rent equivalent with Owner’s permission. 2. Security and damage deposit collected by Manager from Tenant, shall be returned to the Tenant by the Manager or the Owner when the Tenant vacates the Premises, subject to Manager’s determination, consistent with Colorado law, which requires funds be returned within thirty (30) days unless otherwise stipulated in lease, not to exceed 60 (60) days. 3. Manager shall properly account for any portion of the security deposit retained for the purpose of offsetting Owner’s expenses for unpaid rent, utilities, cleaning charges or repairs 4. In the event litigation occurs concerning security deposits, Manager shall defend same in its own name as Manager for Owner, at Owner’s expense. Manager may charge Owner a fee not to exceed $100/hour hr for time spent in litigation (time in court, time preparing for court, travel time to and from courthouse, etc.). 5. Should this Agreement terminate while an existing Tenant’s security deposit is in Manager’s possession, Manager shall forward that amount in full to Owner within 30 working days. As of disbursement, Manager shall have no further obligation or liability whatsoever concerning the security deposit to any person or entity; and Owner shall hold Manager harmless there from.