SECURITY DEPOSIT POLICY AGREEMENT
We have found that poor communications may cause misunderstandings concerning Security
Deposits. This brief outline is to explain how Management will handle Security Deposits.
Refund of the Security Deposit is subject to the following provisions:
1. A 30-day written notice to vacate must be given prior to lease expiration. Failure to give
notice (as stipulated in Paragraph 28a of the Lease Agreement) will entitle Lessor to charge
Lessee one month’s rent from the date of notice.
2. Damage to the apartment should not exceed normal wear and tear. Odors requiring special
treatment for elimination are not considered normal wear and tear.
3. The entire apartment, including stove, refrigerator, bathroom(s), closets and cabinets must be
clean. All debris and trash should be removed and placed in proper containers. The carpet
must be vacuumed and all hard surfaced floors cleaned. Additional costs associated with the
removal of residue (nicotine, grease, crayon, etc.) on the walls or fixtures will be a charge
against your Security Deposit.
4. No holes or scratches on the walls are allowed, other than those made by approved picture
hangers or nails. If more than one coat of paint is required to return the walls to the original
color, the additional expense will be a charge against the Security Deposit.
5. Burns, holes or stains in the carpet should not be present, unless originally noted on the
Move-In Inspection Report.
6. All unpaid balances will be deducted from your Security Deposit.
7. Return all apartment and mailbox keys to the Management office no later than the day of
8. Leave your forwarding address with office personnel.
9. The Move-Out Inspection Report must be completed by the resident with office personnel.
Failure to do so authorizes Management to complete the report.
If you are eligible for a refund of your Security Deposit, it will be paid by check to the
undersigned and mailed to the forwarding address within 30 days after your move-out date.
As per the Lease Agreement, residents may not use their Security Deposit for payment of
the last month’s rent.