Common use of TOTAL DEPOSIT Clause in Contracts

TOTAL DEPOSIT. These are to be retained by Owner during the term of the lease and to be refunded according to the state law after vacating the premises provided that Resident has kept and performed the conditions of this contract and the Standard Vacating Checklist. In the event Resident defaults in any provision of this contract the deposit may be used by the Owner to apply against the defaults of the Resident. Resident may not apply Security Deposit toward rent owing the Apartment. Upon vacating the Apartment, Resident agrees to thoroughly clean the same or pay the Owner the cost of having this done. $25.00 will be charged if all keys are not returned together. If any cleaning is needed, damage done, or locks changed, Owner shall have such work accomplished and deduct this cost from the deposit. The vacating inspection will be made promptly within seventy-two (72) hours of Resident vacating property. Prior to termination of occupancy, Resident agrees to provide forwarding address to which refund and correspondence will be mailed. A Resident should accompany Owner/Management during move out inspection. Failure of RESIDENT to do so shall constitute concurrence by RESIDENT of Owner/Management’s assessment of charges for damages or cleaning.