7601 North Eastlake
Chicago, IL 60626-1421
Office(773)465-7500
Fax(773) 465-7755

Date__________________

Dear ________________________________
        ________________________________,

As you may know, your lease with us is near the end of its term.  According to Chicago Landlord and Tenant Ordinance, section 5-12-081, we owe you interest on your Security Deposit of $________________*  at an interest rate of ________%.  This rate of interest is determined by the City of Chicago Department of Consumer Services and will vary from year to year.

You may receive the benefit of this Security Deposit interest in one of the following ways:

a. A credit against your rent.
b. A direct payment by cash or check.

c.

An addition to the principal balance of your Security Deposit which will increase the total amount of your Security Deposit with us and upon which you will be entitled to additional interest at this time next year, compounded annually.

d.

Any reasonable other compensation alternative that both parties may agree upon in advance and in writing.

It is not necessary for you to respond to this letter.  However, unless you notify us otherwise within 30 days from the date shown above, Lee Street Management's default alternative for you will be option (a.). Therefore, you may deduct $__________ from your next month's rent payment to us.  If you fail to deduct this Security Deposit credit amount from your next month's rent, we will automatically credit your rent-due account for $___________, and your account will then carry a running-credit balance until your credit is used.  We very strongly encourage you to use your security deposit credit immediately.

As you know, Lee Street Management does not regularly invoice tenants for monthly rent or mail regular monthly statements of account.  Should you fail to use any rent-credit that becomes available to you, from this or from any other source, at any time, during any month subsequent to the date of this notification, you will not receive routine re-notification of your running credit balance.  You will however, receive an annual letter similar to this one, approximately one month before the expiration of any subsequent lease term (except for month-to-month leases,) reminding you of your current account status.  That reminder will indicate an accumulated or unused running credit balance, if any, and will once again strongly encourage you to utilize any available but unused rent credit.

Please remember that Lee Street Management will always remain liable to you, as determined by City Ordinance, for any rent overpayment or unused Security Deposit credit.  You will always retain the right to determine how, when and whether any overpayment or credit shall be paid, accumulated or offset.  Inaction on your part will not waive our obligation to pay or credit you this money or waive your right to receive, accumulate or offset this money.

In the event your tenancy with us is at or near its termination, for any reason whatsoever, all Security Deposit interest accumulated and presently due will be returned to you in accordance with City Ordinance. Options a. and c., shown above, will not be available to you and will not apply.

Please call our office if you have any questions regarding our Security Deposit procedures or your Security Deposit interest payment/rent-credit.

Sincerely,

 Signature of Michael Lee

Michael Lee
Lee Street Management

 

* This amount may vary from the amount shown at the top of your lease if you elected alternative (c.) in any prior year.