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charged against the security deposit. Since the inspection is a <br />useful tool for letting the tenant know the best condition to leave <br />the unit in order to maximize the amount of security deposit that <br />will be refunded, the tenant will be encouraged but will not be <br />required to participate in this inspection. If applicable, the RSC <br />will also be asked to join the inspection and /or to assist the tenant <br />with move -out preparations. The move -out inspection form will be <br />compared to the move -in inspection form to determine the extent <br />of tenant - caused damages. <br />e. Within 21 days from the day of the move -out inspection, a security <br />deposit refund will be completed in accordance with applicable <br />estate and federal laws, indicating: <br />1) Security deposit on hand <br />2) Amount of interest earned, if applicable <br />3) Amount of past due rent or unpaid charges as of the date of <br />the move -out. <br />4) Amount of damage and /or cleaning charges. An itemized <br />list of work and actual costs will be attached to the forms <br />for repair, cleaning or replacement of items above the <br />normal wear and tear based on the Property's useful life <br />schedule. <br />The balance of the security deposit and interest after deductions for <br />outstanding rent, charges, cleaning and damages will be refunded <br />to the tenant with the move -out inspection form and itemization of <br />costs. <br />f. As part of the tenant orientation interviews, tenants shall receive an <br />explanation of the use of security deposits, and shall sign a security <br />deposit agreement. <br />7. Other Reports <br />The Agent shall comply with all reporting requirements defined in any <br />regulatory agreements or Partnership Agreements. <br />The Agent shall comply with the regulations of the California Tax Credit <br />Allocation Committee for annual and other reporting as required for <br />compliance under Section 42 of the Internal Revenue Code. <br />8. Year -End Audited Financial Statement <br />Agent shall work with the Owner's independent third party auditor to <br />insure that the audited financial statement and tax returns are prepared in <br />Exhibit H - 13 - <br />