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Security Deposit Receipt 3

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Security Deposit Receipt 3
DATE OF LEASE OFFER ______________________________________________________________________________
LEASED PROPERTY ADDRESS (THE “PROPERTY”) ____________________________________________________
Owner and Tenant have entered into a Lease dated the ___ day of _________, ______, for the rental of Property. Owner
hereby acknowledges receipt from Tenant of the sum of ____________Dollars($_______) in the form of
__________________as a security deposit in connection with the Lease to protect Owner against non-payment of rent, damage
due to breach of the Lease (including failure to surrender the Property free and clear of debris and furniture, or failure to
return all keys to the Property to the Owner), and for damages to the Property, common areas, major appliances and
furnishings, if any, caused by 'I'enant, or any agent, employee, invitee or family member of Tenant, in excess of ordinary wear
and tear.
The amount of the security deposit shall not exceed the equivalent of two (2) months’ rent per dwelling unit leased under the Lease. Tenant shall not
apply the security deposit as rent and shall not apply the security deposit to the last month’s rent.
Within thirty (30) days of its receipt, the security deposit shall be deposited by Owner in a Federally insured Maryland banking or savings institution,
which does business in Maryland, in an interest-bearing account devoted exclusively to security deposits or, upon Owner’s election, in an insured
certificate of deposit at a branch of a Federally insured banking or savings institution located in Maryland, or in securities issued by the Federal
Government or the State of Maryland. Within forty-five (45) days after the end of the tenancy, Owner shall return the security deposit to Tenant, by
first class mail addressed to Tenant’s last known address, together with simple interest which has accrued in the amount of four percent (4%) per
annum, less any damages rightfully withheld, including nonpayment of rent, damages due to a breach of the Lease or damages to the leased Premises,
common elements, major appliances and furnishings caused by Tenant, or by Tenant’s family, agents, employees, guests or invitees in excess of
ordinary wear and tear. Interest shall accrue at six-month intervals from the day Tenant gives the security deposit. Interest shall not be compounded.
If Owner withholds all or any portion of the security deposit for unpaid rent or for damages as provided, Owner, within forty-five (45) days after the
termination of the tenancy, shall furnish, by first class mail to Tenant's last known address, a written list of damages claimed, together with a
statement of the costs actually incurred.
Tenant has the right to have the Property inspected by Owner, in the presence of the Tenant, for the purpose of making a written list of damages to
the Property that exist at the commencement of the tenancy if Tenant so requests, in writing, by certified mail, to Owner within fifteen (15) days of
the Tenant’s occupancy of the Property.
Tenant has the right to be present when Owner inspects the Property in order to determine if any damage was done to the Property, if the Tenant
notifies the Owner by certified mail of Tenant's intention to move, the date of moving and Tenant's new address. Such notice from Tenant must be
mailed at least fifteen (15) days prior to the date of moving. Upon receipt of such notice, Owner shall notify Tenant by certified mail of the time and
date when the Property is to be inspected. The date of inspection shall occur within five (5) days before or five (5) days after the date of moving as
designated in the notice from Tenant to Owner. Owner need not notify Tenant of his intention to withhold all or any part of the security deposit if
Tenant has been evicted, or ejected for breach of a condition or covenant of the Lease prior to the termination of the tenancy, or if Tenant has
abandoned the Property prior to the termination of the tenancy. In such event, Tenant may make demand for return of the security deposit by giving
written notice by first class mail to Owner within forty-five (45) days of being evicted or ejected or of abandoning the Property. The notice shall
specify the Tenant's new address. Owner, within forty-five (45) days of receipt of said notice, shall supply Tenant with a list of damages and costs by
first class mail.
In the event Owner fails to comply with the provisions of Maryland law applicable to residential security deposits, Owner may be liable to Tenant for
a penalty of up to three (3) times the amount of the security deposit withheld by Owner, plus reasonable attorney’s fees. Owner, by Maryland law,
shall retain a copy of this receipt for a period of two (2) years following the termination of the tenancy, abandonment of the Property, or eviction of
the Tenant.
In the event of a sale of the Property or the transfer or assignment by Owner of this Lease, Owner shall have the right to transfer the security deposit
to the transferee and Owner shall be released from all liability for the return of the security deposit and Tenant shall look solely to the transferee for
the return of the security deposit. It is agreed that the foregoing shall apply to every transfer or assignment made of the security deposit to a
transferee. In the event of any rightful or permitted assignment or sublease of the Lease by Tenant to any assignee or sublessee, the security deposit
shall be deemed to be held by Owner as a deposit made by the assignee or sublessee and Owner shall have no further liability with respect to return
of such security deposit to Tenant.
Tenant hereby acknowledges that a copy of the f'oregoing Receipt for Security Deposit was delivered by Owner to Tenant.
____________________________________ ______SEAL ____________________________________ ______SEAL
Tenant Date Tenant Date
____________________________________ ______SEAL ____________________________________ ______SEAL
Owner/Authorized Representative Date Owner/Authorized Representative
Security Deposit Receipt 3