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.
Illinois Tenant Oriented Clause Providing for the Reduction of the Tenant Security Deposit generally refers to a provision included in a lease agreement specifically designed to protect tenants' rights and ensure the return of a portion of their security deposit. This clause offers tenants a clear and concise framework to request a reduction in their initial security deposit amount under specific circumstances, such as maintenance or repair issues present at the rental property. Keywords: Illinois, tenant oriented clause, reduction, tenant security deposit. There are various types of Illinois Tenant Oriented Clauses Providing for the Reduction of the Tenant Security Deposit, categorized based on specific scenarios or circumstances that warrant a deposit reduction. Let's explore some common classifications: 1. Maintenance-related Reduction Clause: This clause allows tenants to request a reduction in their security deposit if they encounter maintenance issues that affect their quality of living. Examples could include plumbing problems, electrical malfunctions, heating or cooling system failures, or other essential utility-related issues. To activate this clause, tenants must provide written notice to the landlord and a reasonable timeframe for the problem to be rectified. 2. Repairs and Renovations Reduction Clause: Under this clause, tenants can seek a reduction of their security deposit when certain repairs or renovations need to be performed on the rental property. It may include cosmetic repairs, addressing structural damage, or any alterations necessary for the tenant's safety and comfort. Tenants must inform the landlord in writing about the specific repairs required and provide a reasonable timeframe for completion. 3. Non-compliance of Landlord Obligations Reduction Clause: This clause protects tenants if the landlord fails to fulfill their legal responsibilities, such as maintaining a habitable dwelling, providing essential utilities, or ensuring compliance with health and safety codes. Should the landlord breach these obligations, tenants may request a reduced security deposit by providing written notice and an opportunity for the landlord to rectify the situation within a reasonable timeframe. 4. Early Termination Reduction Clause: In the event of an early lease termination at the tenant's request, this clause allows tenants to negotiate a reduction in their security deposit. The tenant typically provides a written notice and an explanation for their early departure, while the landlord may consider factors like the remaining lease term, potential replacement tenants, or any additional costs incurred to approve the reduction. It is important to note that specific language and requirements may differ across different lease agreements and individual situations. Tenants should carefully review and understand the exact clauses included in their lease agreements to ensure they fully comprehend their rights and responsibilities related to security deposit reduction in Illinois.
