Security Deposit Receipt
The purpose of this document is to provide receipt for SECURITY DEPOSIT received by Kevin and Kristine Adams Landlord for associated property. The amount received in this transaction may be a partial payment of the entire security deposit or the full security deposit. Should tenant forfeit on lease agreement, fail to properly ratify lease agreement and all associated paperwork, or falsify information on application, this security deposit will not be refunded.
A. Tenant has deposited with the Landlord a sum which does not exceed two (2) months' rent, and shall be held as collateral security and may be applied by the Landlord toward the payment of any of the following expenses: (i) any rent or other charge that may remain due and owing at the expiration of this Lease, any extension thereof, or holding over period; (ii) any damages to the Premises caused by the Tenant, his family, invitees, employees, trades people or pets, as hereinafter determined, or (iii) any other expense suffered by Landlord as a result of Tenant's breach of any covenant of this Lease.
B. The Landlord hereby acknowledges receipt of the Deposit and shall deposit said funds within thirty (30) days after receipt in an interest bearing escrow account devoted exclusively to security deposits(s) in a federally insured banking or savings institution which does business within the State of Maryland. Simple interest shall accrue at six (6) month intervals from the date the Landlord deposits such funds at a rate of not less than that required by Section 8 of the Real Property Article of the Annotated Code of Maryland.
C. Tenant may not utilize the Deposit as rent nor shall he/she require the Landlord to indemnify himself/herself from said sum of money or any part thereof with respect to any particular violation or default by Tenant. In the event that any part of the said Deposit shall have been utilized by Landlord in accordance with the terms hereof or applicable law the Tenant shall upon the delivery of notice of same immediately deposit with the Landlord the amount so applied by Landlord so that the Landlord shall have the full Deposit on hand at all times during the term of this Lease, and any renewal term hereof or holding over period, subject to the payment provisions set forth in paragraph 7(A) above.
D. In the event of the sale of the property upon which the Premises are situated, or the transfer or assignment by the Landlord of this Lease, the Landlord shall have the right to transfer said Deposit to the transferee and Landlord shall be considered released from all liability for the return of the Deposit, if hereinafter required, and the Tenant shall look solely to the new Landlord for the return of his Deposit. It is agreed that the foregoing shall apply to every transfer or assignment of the Deposit to a new Landlord. In the event of any rightful or permitted assignment of this Lease by the Tenant to any assignee or sub-lessee, the Landlord shall be deemed to hold the Deposit as a deposit made by the assignee or sub-lessee, and Landlord shall have no further liability with respect to the return of such Deposit to the Tenant assignor.
E. Within forty-five (45) days after the end of the tenancy, the Landlord shall return the Deposit to the Tenant, together with simple interest earned thereon, less any damages rightfully withheld. If deductions are made for damages, Landlord shall provide a written list of the damages, and the actual costs. The Landlord shall determine damages, if any, by conducting an inspection on the Premises up to 5 days prior or within five (5) days after the property is vacated by the Tenant. Tenant has the right to be present at the time of inspection to determine if any damages were done to the Premises if, and only if, within fifteen (15) days prior to date of moving, Tenant notifies Landlord by certified mail of (i) his intention to move, (ii) the date of moving, (iii) the Tenant's new address. Upon receipt of such notice, Landlord shall notify Tenant by certified mail of the time and date of inspection, which date shall occur within five (5) days before or five (5) days after date of moving as designated in Tenant's notice, such date of inspection to be at the sole discretion of the Landlord.
F. Tenant acknowledges that this paragraph constitutes written notice of his/her rights under subsection 8- 203 of the Real Property Article of Annotated Code of Maryland, as amended from time to time.
G. Tenant shall be notified via email of Adams Housing Move Out protocol no less than 15 days prior to the end of the lease. It is the tenant’s sole responsibility to maintain current email and cell phone records with landlord.