Eto po pala yung nakasulat tungkol sa security deposit.
SECURITY DEPOSIT: The LESSEE shall pay a non-interest bearing security deposit equivalent to one (1) month rental in the amount of NINE THOUSAND TWO HUNDRED SIXTY EIGHT PESOS ONLY (P9,268.00) upon the execution of this Contract. The one (1) month Security Deposit shall be applied to the cost in any damages caused on the leased premises by the LESSEE and its member and/or to any unpaid electrical, telephone, water bill and all other charges incurred by the LESSEE before leaving the leased premises. Any excess of the security deposit after full payment of whatever damage and bills shall be returned to the LESSEE within sixty (60) days from expiration of this contract, and provided further that the LESSEE would have completely and satisfactorily vacated and delivered the leased premises to the LESSOR.
The Security Deposit shall be adjusted from time to time to correspond to the current prevailing monthly rental. This amount shall serve as security for the full and faithful compliance of each and every term, provision, covenant and condition of this lease and not as any pre-payment of rent. The LESSOR shall not be required to keep the security deposit from its general funds and the LESSEE shall not be entitled to interest on such deposit. The deposit shall remain intact during the entire term of this lease and shall not be applied as payment of any monetary obligations of the LESSEE under this contract. If the LESSEE should fully and faithfully perform every term, provision, covenant and condition of this lease, the security deposit shall be refunded after sixty (60) days to the LESSEE, without any interest, by the LESSOR, after the LESSEE would have completely and satisfactory vacated and delivered the leased premises to the LESSOR. should the LESSOR be required to draw funds from the security deposit, the LESSEE will be informed of such use and the LESSEE shall replenish and to-up the Security Deposit within five (5) business days from such notification.
In the event the LESSEE commits a breach of any term, provision, covenant and condition herein or terminates this contract before the expiry date for whatever reason, the security deposit shall be automatically forfeited by the LESSEE in favor of the LESSOR. However, the LESSEE's liability for any breach of this contract or for any obligation for the leased premises shall not be limited to the amount of the said deposit.