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.
Illinois Tenant Oriented Clause Providing for the Reduction of the Tenant Security Deposit
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Multi-State
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US-OL4A012C
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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
Generally, there are no limits on how much a landlord can charge as a security deposit. Landlords usually charge one or two months' rent. But, there are some exceptions: Subsidized or public housing: Landlords may only charge a deposit similar to deposits being charged by private landlords in the area.
The Security Deposit Interest Act (765 ILCS 715) requires that the lessor of residential real property, consisting of 25 or more units, pay interest to the lessee on any security deposit held for six months or more.
Beginning January 1, 2023, the applicable interest rate on security deposits for tenants in Chicago and in the State of Illinois is 0.01%. The rate of interest applies to all residential rental agreements that become effective on or after January 1, 2023.
The rate of 0.01% is the same minimum rate of interest set by the City Comptroller for security deposits for rental agreements in 2017, 2018, 2019, 2020, 2021 and 2022.
The rate of interest owed on deposits for the period March 1, 2023 through February 29, 2024 is 2.3%. The rate of interest owed on deposits for the period March 1, 2022 through February 28, 2023 is 0.1%. The new rate is published annually by the Rent Board in early January for the one-year period beginning March 1st.
The landlord must mail or deliver the statement within 30 days of the tenant vacating the unit. If the list provides actual costs, the landlord must provide paid receipts with the itemized list.
In most cases, an Illinois landlord has up to 45 days once the tenant left the property to return the security deposit. Landlords can either send written notice personally or via postmarked email directed to the tenant's forwarding address or last known address in general.
Within 45 days of the date the tenant vacates the dwelling unit, a landlord must return all security deposit and required interest, if any, minus unpaid rent and expenses for damages.
