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.
Virginia Clause Providing for the Reduction of the Tenant Security Deposit
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FAQ
§ 55.1-1240. The tenant may terminate the rental agreement by vacating the premises and within 14 days thereafter, serving on the landlord a written notice of his intention to terminate the rental agreement, in which case the rental agreement terminates as of the date of vacating.
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.
Use reasonable care to prevent any dog or other animal in possession of the tenant, authorized occupants, or guests or invitees from causing personal injuries to a third party in the dwelling unit or on the premises, or property damage to the dwelling unit or the premises.
The Virginia Residential Landlord and Tenant Act (VRLTA), Sections 55-248.2 through 55-248.40 of the Code of Virginia, establishes the rights and obligations of landlords and tenants in the Commonwealth. Only the courts can enforce those rights and responsibilities.
The security deposit and any deductions, damages, and charges shall be itemized by the landlord in a written notice given to the tenant, together with any amount due to the tenant, within 45 days after the termination date of the tenancy or the date the tenant vacates the dwelling unit, whichever occurs last.
Unless otherwise agreed, a landlord who conveys premises that include a dwelling unit subject to a rental agreement in a good faith sale to a bona fide purchaser is relieved of liability under the rental agreement and this chapter as to events occurring subsequent to notice to the tenant of the conveyance.
Security Deposits Deposit Limit: 2 months' rent (VA Code § 55.1-1226). Interest: There is no law in Virginia requiring landlords to pay interest on security deposits. Return Within: 45 days (VA Code § 55.1-1226(A)). Deposit Location: There are no laws in Virginia specifying where the security deposit should be kept.
§ 55.1-1255. Authority of sheriffs to store and sell personal property removed from residential premises; recovery of possession by owner; disposition or sale.
