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.
Michigan Clause Providing for the Reduction of the Tenant Security Deposit
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The Michigan Truth in Renting Act regulates residential leases ? prohibiting certain clauses or provisions and prescribing penalties. A provision or clause in a lease that violates the Truth in Renting Act is void.
AN ACT to regulate relationships between landlords and tenants relative to rental agreements for rental units; to regulate the payment, repayment, use and investment of security deposits; to provide for commencement and termination inventories of rental units; to provide for termination arrangements relative to rental ...
AN ACT to regulate relationships between landlords and tenants relative to rental agreements for rental units; to regulate the payment, repayment, use and investment of security deposits; to provide for commencement and termination inventories of rental units; to provide for termination arrangements relative to rental ...
The Landlord and Tenant Relationships Act found in the Michigan Compiled Law defines a security deposit to include any deposit, including any required prepayment of rent, and any other sum required to be paid in excess of the average rent for the term, and any other amount of money returnable to the tenant if the ...
By statute, the maximum security deposit allowable is a 1½ times the monthly rent. This amount includes pet and other similar deposits. This amount does NOT include NONREFUNDABLE fees, such as cleaning and preparation fees.
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.
(1) Within 45 days after termination of the occupancy and not thereafter the landlord may commence an action in a court of competent jurisdiction for a money judgment for damages which he has claimed or in lieu thereof return the balance of the security deposit held by him to the tenant or any amount mutually agreed ...
A landlord can charge only a limited number of items against a tenant's security deposit MCL 554.607: Actual damages to the unit or ancillary facility (garage, shed, etc); Reimbursement for back rent; Reimbursement for rent due to premature termination; and. Reimbursement for accrued and unpaid utilities.
