The Security Deposit Installment Agreement is designed for use in Canadian jurisdictions where landlords and property managers need to accommodate tenants who cannot pay the full security deposit upfront. This document becomes necessary when tenants request or require a payment plan for their security deposit, particularly common in situations involving students, first-time renters, or in markets with high security deposit requirements. The agreement ensures compliance with provincial residential tenancy laws while protecting both landlord and tenant interests. It typically includes specific payment dates, amounts, methods of payment, and consequences of default, all structured within the framework of applicable provincial legislation. This document is essential for proper record-keeping and establishing clear expectations for both parties regarding the installment payment arrangement.
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1. Parties: Identification of the landlord/property manager and tenant, including full legal names and contact information
2. Background: Context of the agreement, including reference to the main lease agreement and circumstances necessitating the installment arrangement
3. Definitions: Key terms used throughout the agreement, including 'Security Deposit', 'Installment Payment', 'Due Date', etc.
4. Security Deposit Amount: Total amount of security deposit required under the main lease agreement
5. Installment Payment Structure: Breakdown of how the security deposit will be paid in installments, including number of installments and amount of each payment
6. Payment Schedule: Specific dates when each installment payment is due
7. Method of Payment: Acceptable payment methods and processing details
8. Late Payments and Penalties: Consequences of missed or late payments, including any applicable fees or penalties
9. Default Provisions: Circumstances constituting default and resulting consequences
10. Security Deposit Handling: How the security deposit will be held, including interest calculations if applicable
11. Term and Termination: Duration of the installment agreement and conditions for early termination
12. Governing Law: Specification of applicable provincial laws and jurisdiction
13. Signatures: Execution blocks for all parties and witnesses if required
1. Co-Signer Provisions: Terms applicable when a guarantor or co-signer is involved in guaranteeing the payments
2. Electronic Payment Authorization: Terms for automatic payment processing when electronic payments are authorized
3. Early Payment Provisions: Terms governing early payment of the full security deposit
4. Insurance Requirements: Additional insurance requirements if needed due to installment arrangement
5. Dispute Resolution: Specific procedures for resolving disputes related to the installment payments
6. Assignment and Subletting: Terms regarding transfer of the agreement obligations in case of subletting or assignment
1. Schedule A - Payment Plan: Detailed table showing all installment amounts and due dates
2. Schedule B - Automatic Payment Authorization Form: Form for setting up automatic payments if applicable
3. Schedule C - Notice of Rights and Obligations: Required disclosures under provincial tenant protection laws
4. Appendix 1 - Copy of Main Lease Agreement: Reference copy of the primary lease agreement
5. Appendix 2 - Tenant Information Form: Collection of tenant details required for payment processing
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Relevant Teams
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Leasing Operations
Tenant Relations
Risk Management
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Administrative Services
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Relevant Roles
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Leasing Agent
Real Estate Manager
Legal Counsel
Tenant Relations Coordinator
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Compliance Officer
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Property Management Director
Residential Services Manager
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