Tenants split, one staying. Security deposit?

[Daniel B.]

Hi,

Tenants split up and had initially agreed to have one removed from lease. Person being removed is now requesting to get part of their deposit back when the other person moves out. Lease states that deposit is mailed payable to both tenants mailed to one of them. If one tenants stays and signs a new lease, can i not roll the deposit into the new lease? I don’t want to return the deposit made payable to both of them if one of them will stay In the house deposit free, they may not send in a new deposit?

Advice?

[Nathan Gesner]

This should be done in writing and agreed to by all parties before Tenant A leaves. Here's my agreement:

This Addendum is to remove the Tenant, ____________________________________, from the Lease Agreement dated ____________________ for the property know as _________________________________. The undersigned understands and agrees that:

1. The original terms of the Rental Agreement, addendums, attachments and change of terms will remain in effect, with no exceptions unless otherwise agreed to by all parties in writing.
2. This addendum removes the afore-mentioned Tenant from the Rental Agreement and said Tenant is no longer responsible to the terms of this Agreement as of ________________.
3. Tenant shall pay a $50 administrative fee at the office for the processing of this request. Fee shall be paid in the form of a money order, cashiers check, or direct deposit.
4. Any reimbursement of funds between the departing Tenant and remaining Tenants regarding the Security Deposit is to be settled between them.
5. Release of the Security Deposit, or any portion thereof, will not take place until all Tenants vacate.
6. After vacancy, American West Realty will settle all Security Deposit funds with the current Tenants on the Rental Agreement.