Common use of Security Deposit Disposition Clause in Contracts

Security Deposit Disposition. (section 12 PBV TA) The security deposit may not be used to pay rent or other charges while the Tenant occupies the Dwelling Unit. No refund of the security deposit will be made until after the Tenant has vacated the Dwelling Unit, the Dwelling Unit has been inspected by Landlord, and all remaining charges on the Tenant’s account have been deducted. Landlord will use the security deposit at the termination of the Lease: 1. To pay rent or any other charges owed by the Tenant at the termination of the Lease, including but not limited to court ordered costs; and 2. To reimburse Landlord for the cost of repairing any damage to the Dwelling Unit, common areas or grounds beyond normal wear and tear, caused by the Tenant, or their household members, guests or other persons under their control; and 3. To reimburse Landlord for the cost of unit preparation if Tenant vacates the unit within the first 12 months of occupancy. The Tenant will be charged for the materials and labor necessary to prepare the unit for re-occupancy, minus the costs associated with expected normal wear and tear, based on the length of occupancy. 4. Within 30 days following move-out, ▇▇▇▇▇▇▇▇ agrees to return the Security Deposit to Tenant, less deductions for any costs as indicated above. If any deductions are made, Landlord will furnish Tenant with a written statement of any such costs for damages and/or other charges deducted from the Security Deposit.