Security Deposit Promissory Note
We tried many times to add a special stipulation for security deposit installments but couldn’t get judges to enforce it. The note was the answer as judges understand promissory notes.
We often get more than one month’s rent as a security deposit. Depending on their credit, we will agree to take installments on a portion of that deposit. We did it poorly for many years and struggled with getting judges to enforce our documents. We finally went to our attorney and paid to get it right. Now we are able to enforce this document and evict for failure to pay as agreed. It’s not 100% but we are successful 85% of the time. Taking installments on the deposit probably needs the owner’s approval depending on your model.