a) The student is required to give Rutgers University Newark a security deposit. The amount is stated on the current Lease Agreement. The student may not apply the security deposit to payment of rent. This security deposit shall be deposited in an interest bearing account at a federally insured New Jersey bank or savings and loan.
b) The security deposit will be returned within sixty (60) days after the student vacates the apartment.
c) Rutgers University may use as much of the security as necessary to pay for repair of damages resulting from the occupancy or vacating of the apartment, not including normal wear and tear.
The security may be used to pay the cost of cleaning the apartment thoroughly if the student fails to do so upon vacating the apartment. If any of the security is used to pay for rent or repairs required before the end of this agreement, Rutgers may demand that the student replace the amount used.