Security deposits are both a partial hedge against a tenant who fails to pay rent and other amounts due under the lease as well as a disincentive for tenants to diregard their tenancy obligations. There are certain formalities that are required to be observed by Owners and Lessors when dealing with dealing with security deposits. Also, leases can include provisions providing for top-up of security deposits when rent increases and replacement of deposits when the deposit is depleted following a breach of the lease by a tenant. Failure to adhere to lease provisions or applicable laws and a lack of clarity in some third party leases can give rise to disputes.
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