This office lease form is a tenant's letter of credit to the owner in the place of a security deposit. The letter of credit maintains effect at all times during the term of the lease following delivery thereof. A clean, unconditional and irrevocable letter of credit shall have an expiration date no earlier than the first anniversary of the date of issuance and shall provide that it shall be automatically renewed from year to year unless terminated by a bank by notice to the owner. The final expiration date of the letter of credit (including any renewals) shall be no earlier than sixty days after expiration date of lease.
District of Columbia Tenant Letter of Credit in Lieu of a Security Deposit
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US-OL4A023
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How to fill out Tenant Letter Of Credit In Lieu Of A Security Deposit?
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FAQ
Tenant Rights to Withhold Rent in the District of Columbia Tenants may withhold rent or exercise the right to "repair and deduct" if a landlord fails to take care of important repairs, such as a broken heater.
Whereas a cash security deposit leaves the tenant's account and can tie up a considerable amount of working capital, a letter of credit keeps the money in their account where it can earn interest.
(a) A tenant shall allow access to his or her dwelling unit, at reasonable times, to the unit owner or the owner's employee or representative to facilitate any work or inspection required under this subchapter following the provision of written notice by the owner at least 48 hours prior to the work or inspection; ...
A letter of credit, or a credit letter, is a letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. If the buyer is unable to make a payment on the purchase, the bank will be required to cover the full or remaining amount of the purchase.
(3) For the purposes of this subsection, the term "ordinary wear and tear" means deterioration that results from the intended use of a dwelling unit, including breakage or malfunction due to age or deteriorated condition.
There are specific laws in D.C. pertaining to leases with an air conditioning stipulation, as the landlord must keep the inside temperature at least 15 degrees cooler than outside.
Basic Security Deposit Law for Residential Tenants in the District of Columbia. A landlord generally may charge no more than one month's rent as security deposit.
Landlords routinely accept a security deposit in the form of a letter of credit in lieu of cash upon execution of a lease agreement as security for the performance by a tenant of all obligations on the part of such tenant thereunder.