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.
New York Clause Providing for the Reduction of the Tenant Security Deposit
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FAQ
For a two-year lease beginning on or after October 1, 2023, and on or before September 30, 2024: For the first year of the lease: 2.75% For the second year of the lease: 3.20% of the amount lawfully charged in the first year, excluding any increases other than the first-year guideline increase.
Security deposits from the tenant in residential dwelling units shall be deposited in a trust account with a licensed and federally insured depository institution or a trust institution authorized to do business in this State, or the landlord may, at the landlord's option, furnish a bond from an insurance company ...
Painting costs In that case, they can't deduct painting costs from a security deposit. Landlords can only use a security deposit to pay for painting costs when a tenant has painted over the original color or damaged the walls. First off, tenants should always check their Lease Agreement before painting a rental unit.
No limit on how much your landlord can increase your rent. However, your landlord must give you advanced written notice before they can raise your rent 5% or more. advance written notice. This applies to month-to-month tenants without a lease as well.
A: Generally, as applied to security deposits in commercial leases, a ?burn down? clause provides that after a certain period of time, if a tenant is not in default of the lease, the landlord will return a portion of the security deposit to the tenant.
The amount of a security deposit for rent regulated apartments can be no more than one month's rent. The security deposit must be kept by the owner in an interest bearing account in a NYS bank.
For tenants in units that are not rent stabilized or rent controlled, the landlord must return the security deposit within 14 days of the tenant moving out. If the landlord takes any money out of the security deposit for damages, they must provide an itemized ?receipt? describing the damage and its cost.
