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Residential Rental Agreement Page 5
Residential Lease Agreement 2
lease.doc Page 5
15.2 Alternative: Build-up of security deposit by installments. If the lessor's
initials appear here: , the security deposit may be built up by lessee in
installments in the amount of $ to be paid with rent on the first day of each
month, until the deposit reaches the amount of $_____________. The security deposit
must, in any event, be fully paid not later than this date:_________________________.
15.3 Name and location of bank for security deposit. This deposit will be
maintained by lessor in a trust account at the following financial institution (name and
location): .
The security deposit will be held to secure all of lessee's obligations under this lease.
Refund of all or part of the security deposit to lessee is conditioned as follows: (a)
Lessee shall have fully performed his or her or their obligations under this agreement and
those pursuant to chapter 59.18, Revised Code of Washington; (b) Lessee shall have
occupied the property for the term agreed to above (paragraph 3) without default; (c)
Lessee shall have cleaned, repaired, and restored the property and returned possession of
the property (including keys) to the lessor in its initial condition at the commencement
of this rental agreement except for reasonable wear and tear; (d) Lessee shall have
furnished proof that all utility and service charges accruing during lessee's tenancy have
been satisfied or discharged. Failure of any of these conditions shall entitle lessor to
apply all or part of the security deposit in satisfaction or partial satisfaction of the
condition, including but not limited to repair of damage, cleaning charges, delinquent
rent, unpaid utilities, replacement of fixtures, screens, appliances, or other personal
property, and rental losses for premature termination or abandonment by lessee.
15.4 Use of security deposit; replenishment. The lessor in lessor's unrestricted
election may apply the security deposit or any part of it to cure or partly cure defaults
in rent or other delinquencies, including but not limited to repair of damage, on the part
of lessee during or after the tenancy, but lessor is not required to do so. If lessee
defaults, lessor may continue to hold the security deposit to secure future performance
while seeking other remedies for the default.
15.4.1 The lessor may elect to hold the security deposit until the
termination of tenancy and require the lessee to cure any defaults or delinquencies
without resort to the security deposit during the tenancy.
15.4.2 If the lessor applies the security deposit or any part of it to
cure lessee's defaults or delinquencies during the tenancy, the lessor shall notify the
lessee of the amount and purpose of the application. The lessee shall promptly replenish
the security deposit so that the balance is restored to at least the amount specified in
paragraph 15.1, 15.2, or 15.4.3, whichever are applicable. The amount needed to restore
such balance shall be payable not later than the first day of the month following the
notice.
15.4.3 Additional security deposit. In lessor's unrestricted election in
lieu of, or in addition to, enforcing lessor's other remedies, lessor may, but is not
required to, forgo other remedies on condition that lessee enlarge the security deposit.
By way of illustration only, lessor may require an increased security deposit if the
property becomes damaged by lessee or lessee's guests, or if lessee acquires a pet without
obtaining lessor's written permission beforehand, or if lessee fails to furnish proof of
renter's insurance, or if lessee intends to remain as holdover tenant after termination of
the rental agreement with consent of the lessor.
16. Lessor's duties with respect to other tenants. If the property is part of a
multiple unit rental property, the lessor may have adopted agreements, rules, or policies
requiring all tenants to refrain from disturbing each other; such as by abiding by rental
clauses identical to or similar to paragraph 7 above. Lessor's adoption of such
agreements, rules or policies with other tenants does not impose upon lessor a duty to
evict offending tenants or enforce any particular standards of conduct for the benefit of
the lessee in this agreement. Lessee shall not be deemed a beneficiary of the lessor's
agreements or policies with any other tenants.
17. Other nonrefundable fees
. In addition to the security deposit (and pet charge, if
any) and not as part of the security deposit or pet charge, the lessee shall pay to
lessor, as additional consideration for this rental agreement, a nonrefundable fee in the
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