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security deposit, first and last months rent return

I have a condo that was leased out last year and ended this past October.  There are two guys on the lease however, my then property manger only took one credit report and one rental application from guy#1.  It looks like the lease shows guy#1 as the main contact.   Guy#1 has decided to move out and Guy#2  has decided to stay.  Both tenants have informed me that they  have worked out a deal with the security deposit and that guy#2 will be the one who we will refund the security deposit to when he moves out down the line.  I wrote up a document that I will have both guys sign, that states this arrangement and that guy#1 releases us form any further liability.  They have agreed to sign this and I was going to place this copy with the new lease that guy#2 will sign.   Does this sound ok to do since both were on the original lease.  Also, how do I deal with the last months rent?  Come December the lease should be in place and guy#1 will leave.  How do I manage the last month rent since guy#2 will now be the renter?

This sounds like it is pretty well thought out. It should work out well as for the last months rent if the payment did not come from the tenant that is staying inform them that they will need to pay it not so that at the time it does not cause hard feelings.
Thanks Justin!
You should have it worded in your addendum that they work out the difference of the security and last months rent on their own.  Make sure it is signed by both and everyone gets a copy, keep your copy with the current lease.
Thanks Jacqueline!   I did just that and now I wait to get the signed copy back.
I've been in a similar situation in WA state. After talking to my attorney, I wrote up a move out letter for first tenant, returned the appropriate deposit amount, then renter 2 paid their own deposit and last months rent. A whole lot easier and less confusing.
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