Common use of Your Security Deposit Clause in Contracts

Your Security Deposit. ‌ A security deposit is required prior to moving into the unit. The purpose of this security deposit is to insure SMHA against tenant-caused damage to the apartment. Your deposit will be held in an account for you and will earn interest at the current rate. Upon leaving your apartment in good condition, the security deposit will be refunded, including interest, less any charges for damages or monies owed to the Authority. The amount of your security deposit is equal to one month’s Total Tenant Payment. The dollar amount of the security deposit is noted in Part II of the Lease. No personal checks will be accepted for your security deposit. All security deposits must be paid in cash, banker’s check or money order. A refunded security deposit will take approximately two (2) weeks to receive from the Authority. You must give the SMHA a Proper 30-day notice of intent to vacate. (A month is from the 1st of the calendar month) or you will be charged the following month’s rent.

Your Security Deposit. ‌ A security deposit is required prior to moving into the unit. The purpose of this security deposit is to insure SMHA against tenant-caused damage to the apartment. Your deposit will be held in an account for you and will earn interest at the current rate. Upon leaving your apartment in good condition, the security deposit will be refunded, including interest, less any charges for damages or monies owed to the Authority. The amount of your security deposit is equal to one month’s Total Tenant Payment. The dollar amount of the security deposit is noted in Part II of the Lease. No personal checks will be accepted for your security deposit. All security deposits must be paid in cash, banker’s check or money order. A refunded security deposit will take approximately two three (23) weeks to receive from the Authority. You must give the SMHA a Proper 30-day notice of intent to vacate. (A month is from the 1st of the calendar month) or you will be charged the following month’s rent.