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.
New Mexico Tenant Oriented Clause Providing for the Reduction of the Tenant Security Deposit
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State:
Multi-State
Control #:
US-OL4A012C
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Word;
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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
The deposit amount in New Mexico depends on the length of the rental agreement term. For an agreement term that is less than one year only one month's rent can be collected as a security deposit. For terms one year or greater the security deposit amount is not restricted to one month's rent.
Section 47-8-18 - Deposits. A. An owner is permitted to demand from the resident a reasonable deposit to be applied by the owner to recover damages, if any, caused to the premises by the resident during his term of residency.
Section 47-8-37 - Notice of termination and damages. A. The owner or the resident may terminate a week-to-week residency by a written notice given to the other at least seven days prior to the termination date specified in the notice.
Ing to the Fair Housing Act and the New Mexico landlord-tenant laws, the tenant cannot be discriminated against for their sexual orientation, national origin, religion, disability, race, color, or sex.
New Mexico defines ?Normal Wear and Tear? as ?deterioration that occurs based upon the use for which the rental unit is intended, without negligence, carelessness, accident, abuse or intentional damage of the premises, equipment or chattels of the owner by the residents or by any other person in the dwelling unit or on ...
Upon termination of the tenancy, landlords may deduct from the security deposit any remaining rent that is due and the cost of repairs for damages caused by the tenant.
Rent ? New Mexico prohibits rent control on state and local levels, so landlords may charge whatever they deem reasonable for rent. There are also no limits for raising rent, but they must notify month-to-month tenants at least 30 days before the new rent takes effect.
