Emergency Rental Security Deposit

EMERGENCY RENTAL SECURITY DEPOSIT AGREEMENT

This Emergency Rental Security Deposit Agreement (the Agreement) is entered into by and between Landlord Name: and Tenant Name: .

WHEREAS

WHEREAS, Tenant occupies the residential premises located at (the Premises);

WHEREAS, the parties have agreed that Tenant will provide an additional security deposit to be held specifically for emergency repairs and immediate measures required to prevent imminent harm to persons or material damage to the Premises (the Emergency Deposit); and

WHEREAS, the parties desire to set forth the terms under which the Emergency Deposit will be paid, held, used, replenished, and returned.

SCOPE OF WORK

The Emergency Deposit shall be available for the limited purpose of funding repairs or immediate corrective measures that address:

Examples of covered emergencies include, but are not limited to, conditions that present an imminent risk to health or safety, immediate risk of structural failure, major plumbing failures causing flooding, or other urgent situations requiring immediate corrective action to prevent material property damage. Use of the Emergency Deposit for routine maintenance or cosmetic repairs is prohibited.

PAYMENT TERMS

Replenishment: If the Emergency Deposit is applied in whole or in part, Tenant shall replenish the Emergency Deposit in the amount disbursed within days of receipt of notice from Landlord and supporting invoices. Failure to replenish when required constitutes a default under this Agreement and may be treated as a breach of the underlying lease.

Late Fee for Replenishment: If Tenant fails to timely replenish the Emergency Deposit, Tenant shall pay a late fee of on the outstanding replenishment balance, computed monthly.

Accounting and Receipts: Landlord shall furnish Tenant with written notice and copies of invoices or receipts for all expenditures charged against the Emergency Deposit within calendar days after expenditure.

TERM AND TERMINATION

Effective Date: This Agreement is effective as of .

Termination: This Agreement shall terminate upon the earliest of: (a) mutual written agreement of the parties; (b) return of the Emergency Deposit in full following final accounting and any permitted deductions at lease termination; or (c) the end of the tenancy on .

Notice of Termination: Either party may terminate this Agreement upon days' written notice to the other party, provided that termination shall not relieve Tenant of obligations to replenish disbursements already made.

CONFIDENTIALITY

The parties acknowledge that information exchanged pursuant to this Agreement, including contact information, billing statements, invoices, and any inspection reports, constitutes Confidential Information. Each party agrees not to disclose Confidential Information to third parties except to the extent required by law or with the prior written consent of the other party. Confidential Information shall not include information that is or becomes publicly available without breach of this Agreement.

USE, DEDUCTIONS, AND RETURN

Use: Landlord shall use the Emergency Deposit only for those emergency actions described in the Scope of Work above. Any expenditure charged to the Emergency Deposit must be reasonable and supported by documentation.

Deductions: Landlord may deduct from the Emergency Deposit costs for emergency repairs and documented expenses as allowed under this Agreement and the underlying lease. Landlord shall not characterize routine repairs as emergencies in order to avoid proper notice or approval.

Return: Upon termination of this Agreement, after final accounting and lawful deductions, Landlord shall return any remaining Emergency Deposit to Tenant within days, together with an itemized statement of deductions.

INDEMNIFICATION; LIMITATION OF USE

Tenant shall indemnify and hold Landlord harmless from any claims arising from Tenant's improper use of the Emergency Deposit or failure to replenish when required. Landlord shall exercise reasonable care in the expenditure of the Emergency Deposit, and shall not be liable for incidental or consequential damages except in cases of willful misconduct or gross negligence.

GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of the state in which the Premises are located. The parties consent to the exclusive jurisdiction of the courts sitting in the county in which the Premises are located for any action arising under this Agreement.

ENTIRE AGREEMENT

This Agreement, together with any written addenda and the underlying lease between Landlord and Tenant, constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, representations, and understandings, whether written or oral. No amendment to this Agreement shall be effective unless in writing and signed by both parties.

CONTACT AND ACCOUNTING INFORMATION

ADDITIONAL TERMS

By signing below, the parties acknowledge receipt of the Emergency Deposit (or agreement to pay it as provided above), confirm the accuracy of the information provided herein, and agree to be bound by the terms of this Agreement.

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