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.
North Dakota Clause Providing for the Reduction of the Tenant Security Deposit
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US-OL4A012B
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FAQ
C. 186, §15B will require the landlord to immediately return to the security deposit to the tenant; however, the following three (3) violations will subject a landlord to treble damages and attorneys' fees: The landlord fails to deposit the security deposit into a qualified separate interest bearing bank account.
Rent and Fees Late Fees: There is no statutory limit on late fees in North Dakota. Grace Period: There is no mandatory grace period in North Dakota. NSF/Bounced Check Fee Maximum: If the tenant's rent check bounces, the landlord may charge any collection fees or costs less than or equal to $40 (NDC § 6-08-16).
Section 92.104 of the Texas Property Code describes what a landlord may deduct from a security deposit: Before returning a security deposit, the landlord may deduct from the deposit damages and charges for which the tenant is legally liable under the lease or as a result of breaching the lease.
However, interest is not required to be paid if occupancy was shorter than nine months in duration (ND Century Code 47-16-07.1(3)). Any security deposit in excess of $50 or one month's rent, whichever is greater, shall bear interest at a rate of 5% per year.
The landlord can require a security deposit of up to one month's rent, plus an additional deposit if you have a pet. If you have a felony conviction, the landlord can require up to two months' rent for a security deposit.
North Dakota is generally a landlord-friendly state where landlords can charge whatever they deem reasonable for rent and security deposits. Make sure to always check local area laws along with state laws to ensure you're fully educated.
A landlord is required to pay interest owed on a security deposit to the tenant annually. If you paid more than one refundable deposit, like a pet deposit in addition to a security deposit, you can add those amounts together when calculating the interest you are owed.
How much can the deposit be? No more than two months' rent for an unfurnished unit. For a furnished unit, the deposit cannot be more than three months' rent.
