Interest in Security Deposit

[Michael Fundaro]

Hi all,

We have tenants signing a 12 month lease.  They are 3 roommates, one of which will be moving out in the spring.  After screening them, the remaining 2 are both good candidates and can afford/pay rent after he leaves.  Originally, they did not want to include him on the lease.  We agreed to allow him to remove himself from the lease at any time, but while he lives there, must be on the lease.  So, I'm hoping you can help translate some of the legalese in this clause of the lease our attorney provided us (his standard version):

"If more than one tenant has an interest in the security deposit and one tenant vacates the Premises prior to the termination date of this lease and the other tenant remains, the vacating tenant may not transfer his/her interest in the security deposit to the remaining tenant unless we receive a notarized statement by the vacating tenant indicating that the vacating tenant waives his/her interest in the security deposit."

So, by allowing him to leave the lease at any time without penalty, we are saying that we won't need a notarized waiver of his interest in the security deposit.  Which we are fine with.  So how do we phrase this to say, "you can leave when you want, but if you split the security deposit with your roommates, you will not receive it until the end of the 12 month term"?

I couldn't get a hold of my attorney today, so i figured I'd see what BP had to say while I wait to call him tomorrow.

Thanks!