Security Deposit Interest. Generally, in California, Landlord is not required to place security deposits in interest bearing accounts or pay interest earned on security deposits to Tenant. If, however, the Premises is subject to a State or Federal Program which requires payment of security deposit interest to Tenant or the Premises is located in a city or county which mandates payment of interest on security deposits to Tenant, Landlord will pay such interest either to Tenant or to the Property’s operating account in accordance with applicable laws and program regulations.
Appears in 3 contracts
Sources: Hud Lease Agreement, Hud Lease Agreement, Hud Lease Agreement