This form is a tenant oriented office lease clause that states that the amount of the security deposit shall be reduced from 4 months' Base Rent to 3 months' Base Rent provided that certain lease conditions are met by the lessee.
Georgia Tenant Oriented Clause Providing for the Reduction of the Tenant Security Deposit
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US-OL4A012C
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FAQ
A security deposit agreement is an agreement between a landlord and a tenant where the tenant deposits a specific amount of money with the landlord at the time the lease is signed. This security deposit is usually an amount between and three months of rent.
Georgia Landlord Tenant Laws ? Security Deposit Georgia Landlord Tenant Law, under 44-7-34 requires that a security deposit be returned to the tenant upon termination of the tenancy, except for any damages caused by the tenant.
A: Generally, as applied to security deposits in commercial leases, a ?burn down? clause provides that after a certain period of time, if a tenant is not in default of the lease, the landlord will return a portion of the security deposit to the tenant.
Lessee shall pay to Lessor simultaneously with the execution of this Lease Agreement a sum zero and 00/100 Dollars ($0,000.00) (the ?Security Deposit?) as security for the full and faithful performance by Lessee of each and every term, covenant and condition of this Lease Agreement.
Under Georgia law, there is no set limit regarding the Georgia security deposit amount a landlord can ask from their tenant in Georgia. However, it would be beneficial to the landlord to ask for a reasonable amount to encourage the tenant to rent in their rental unit.
The landlord is allowed to adjust the security deposit amount when rent has not been paid or intentional damage has been made to the property. The landlord should refund the balance to the tenant when the property is being vacated.
The Lease Deposit shall be held by Lessor as security for the performance by Lessee of Lessee's covenants and obligations under the Lease. The Lease Deposit shall not be considered an advance payment of rental or a measure of Lessor's damages in case of default by Lessee.
