StudentLiving shall hold the Deposit throughout your stay as security for the compliance of the resident with their obligations under The Lease Agreement. The Deposit will not bear interest.
The Deposit is refundable at the end of the period of your stay, or upon cancellation of The Lease Agreement, providing the conditions set out below are met.
1. The Resident and a StudentLiving Team member have conducted an Out-‐going Inspection.
If the Resident did not attend his/her Out‐going Inspection, StudentLiving may complete the Out-going Inspection and list all the items to be replaced on behalf of the Resident. The Resident will accept StudentLiving’s Out-going Inspection and the deductions from the Deposit and will have no recourse in this regard.
2. The maintenance, the cleaning costs identified in the Out‐going Inspection as well as the fee for the inspection to be deducted from the Deposit.
3. Any other outstanding amounts also to be deducted from the Deposit before it is refunded.
4. In the event the lease is cancellaed prior to the expiry date. The requisite notice is to be provided and the cancellation fee as per the lease agreement will apply.
The Deposit will be refunded within 14 business days after the end date of your stay, provided the above conditions have been met.