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(9) Security Deposits

Security

(a)

All landlords of residential property requiring security deposits prior to occupancy

Deposits

shall be required to deposit all tenants’ security deposits in an account used only

for that purpose, in any bank, or other lending institution subject to regulation by

the State of ____________________ or any agency of the U.S. Government.

Prospective tenants shall be informed of the location of the separate account and

the account number.

(b) Prior to tendering any consideration deemed to be a security deposit, the prospective

tenant shall be presented with a comprehensive listing of any then-existing damage

to the unit which would be the basis for a charge against the security deposit and the

estimated dollar cost of repairing such damage. The tenant shall have the right to

inspect the premises to ascertain the accuracy of such listing prior to taking

occupancy. The landlord and the tenant shall sign the listing, which signature shall

be conclusive evidence of the accuracy of such listing, but shall not be construed to

be conclusive as to latent defects. If the tenant shall refuse to sign such listing, he

shall state specifically in writing the items on the list to which he dissents, and shall

sign such statement of dissent.

a comprehensive listing of any damage to the unit which is the basis for any charge

against the security deposit and the estimated dollar cost of repairing such damage.

The tenant shall have the right to inspect the premises to ascertain the accuracy of

such listing. The landlord and the tenant shall sign such listing, which signatures

shall be conclusive evidence of the accuracy of such listing. If the tenant shall

refuse to sign such listing, he shall state specifically in writing the items on the list to

which he dissents, and shall sign such statement of dissent.

(d) No landlord shall be entitled to retain any portion of a security deposit if the security

deposit was not deposited in a separate account as required by subsection (a) of this

section and if the initial and final damage listings required by subsections (b) and (c

of this section are not provided.

(e) A tenant who disputes the accuracy of the final damage listing given pursuant to

subsection (c of this section may bring an action in district court. Tenant’s claim

shall be limited to those items from which the tenant specifically dissented in

accordance with the provisions of subsection (c of this section, or except as

otherwise provided, and if the tenant shall fail to sign the listing or specifically

dissent in accordance with subsection (c of this section, the tenant shall not be

entitled to recover any damages under this section.

(f) In the event a tenant leaves not paying his last month’s rent and does not demand a

return of his deposit, the landlord may, after thirty (30) days, remove the deposit

from the account and apply any such excess to the debt owing.

(g) In the event the tenant leaves not owing rent and having any refund due, the landlord

shall send notification to the last known or reasonably determinable address, of the

amount of any refund due the tenant. In the event the landlord shall not have

received a response from the tenant within sixty (60 days from the sending of such

notification, the landlord may remove the deposit from the account and retain it free

from any claim of the tenant or any person claiming in his behalf.

10.

Additional Terms and Agreements:

Additional

Terms and

Agreements

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Property Management Agreement Page 4

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