This form is a tenant oriented office lease clause that states that the amount of the security deposit shall be reduced from 4 months' Base Rent to 3 months' Base Rent provided that certain lease conditions are met by the lessee.
Arkansas Tenant Oriented Clause Providing for the Reduction of the Tenant Security Deposit
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Multi-State
Control #:
US-OL4A012C
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Word;
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How to fill out Tenant Oriented Clause Providing For The Reduction Of The Tenant Security Deposit?
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FAQ
Security Deposits They can also be used to cover unpaid rent/utilities. ing to Arkansas landlord tenant laws, the security deposit's value cannot be higher than the cost of two months' rent. Arkansas landlords are not required to provide the tenant a receipt of the security deposit.
Normal wear and tear happens when you use the property in a reasonable manner (for example, carpet worn from being walked on). However, your landlord may evict you for damages that happened because of unreasonable use, even if it was an accident. An example of these damages is stained or burned carpet.
It explicitly states tenants shall comply with housing codes, keep the property safe and clean, dispose of any garbage or waste in a reasonable manner, keep all plumbing fixtures reasonably clean, and other terms. These can be found in Arkansas Code Annotated section 18-17-601.
If an issue of noncompliance arises (and rent is current and noncompliance is not excused) and the landlord does not remedy the noncompliance within 30 days after receiving notice from the tenant, the tenant may terminate the lease or rental agreement without penalty and receive a refund of his or her security deposit.
Arkansas rent laws There is no rent control in Arkansas so landlords may charge whatever they consider a reasonable rate for their unit. But, before raising rent, landlords must provide notice of at least one rental period. This applies to both oral and written lease agreements.
Security deposits: If you are required to pay a security deposit, you cannot be charged in excess of two months' rent. For example, if your rent is $500 a month, a landlord cannot require a security deposit of more than $1,000. When you move, the landlord must return your security deposit within 60 days.
Reasons to Withhold a Tenant's Security Deposit Some of the scenarios may be: If the tenant defaults on unpaid rent or fails to pay rent. If the tenant causes damage beyond ordinary wear and tear. If the tenant fails in restoring the rental unit to a reasonable condition.
