This form is a Security Agreement. This security agreement is entered into as security for a loan given to the borrower(s). The agreement also contains provisions concerning: warranties, collection of collateral, and events of default.
Rhode Island Security Agreement - Long Form
Category:
State:
Multi-State
Control #:
US-00627
Format:
Word;
Rich Text
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FAQ
There is no rent control in Rhode Island, so a landlord is free to set the rent at whatever s/he decides. You and the landlord can agree on the date that rent will be paid. If your rent is more than 15 days late, you can be evicted for non-payment and the landlord can use a quick court proceeding.
Creating a security agreement Some key provisions in a security agreement include: Describing the collateral as accurately and as detailed as possible, so both the borrower and the lender agree upon the secured property. How to determine whether and when the borrower is in default under the loan.
R.I. Gen. Laws § 34-18-19 § 34-18-19. ... (a) A landlord may not demand or receive a security deposit, however denominated, in an amount or value in excess of one month's periodic rent.
Grace Period: Rhode Island law does not specify a grace period, but landlords may not send a rent demand notice until rent is 15 days late. Therefore, Rhode Island has an effective 15-day mandatory grace period (RI Gen. Laws § 34-18-35(a)).
Rhode Island is a somewhat landlord-friendly state because there are few rent control laws.
Rhode Island law allows a landlord to deduct the following: ? Unpaid rent owed by the tenant. ? Reasonable cleaning expenses, excluding ordinary wear and tear. ? Reasonable trash disposal expenses.
Recitals describe the transaction broadly, naming the parties, their legal status, and their intent in executing the security agreement.
Just like real estate deeds, security agreements should be recorded at state offices and made available to the public. Recording a security agreement?filing / registering it with the state?does a number of things for both parties involved.
