This office lease clause 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.
Delaware Clause Providing for the Reduction of the Tenant Security Deposit
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FAQ
§ 5308. Essential services; landlord obligation and tenant remedies. (2) Upon written notice to the landlord, keep 2/3 per diem rent accruing during any period when hot water, heat, water, electricity or equivalent substitute housing is not supplied.
§ 5514. Security deposit. (a) (1) A landlord may require the payment of security deposit. (2) No landlord may require a security deposit in excess of 1 month's rent where the rental agreement is for 1 year or more.
Early termination by tenant If the tenant wishes to terminate the lease early, they have to give a notice period of 60 days. For more information on Delaware Landlord Tenant laws please visit their website here.
Rental agreements for period longer than one (1) year must be in writing. (§5106) Unless a rental agreement is in writing, it will not be effective for any longer than one (1) year. An agreement that has no term will be for a term of month to month.
The landlord is allowed to adjust the security deposit amount when rent has not been paid or intentional damage has been made to the property. The landlord should refund the balance to the tenant when the property is being vacated.
§ 5106. Rental agreement; term and termination of rental agreement. (a) No rental agreement, unless in writing, shall be effective for a longer term than 1 year.
Whether the tenant's lease/rental agreement is weekly, monthly, or fixed-term, a Delaware landlord must provide all tenants a 60-days' written eviction notice to vacate the premises.
Delaware landlords cannot raise rent during the lease term unless the lease agreement allows for it. Additionally, if the rental property is a mobile home, rent increases are limited to once per year. Landlords must provide 60 days' notice before raising rent, and for mobile homes, a 90-day notice is required.
