This office lease clause 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.
Indiana Clause Providing for the Reduction of the Tenant Security Deposit
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US-OL4A012B
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How to fill out Clause Providing For The Reduction Of The Tenant Security Deposit?
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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.
It outlines the circumstances under which the deposit can be kept, such as rent arrears, damages to the property, or other expenses related to the tenant's breach of the agreement.
Typically, if the property is in good condition and without the need for repair when the renter moves out, the security deposit may be refunded to them.
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.
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.
Earnest money is money paid to the landlord to hold the apartment/house pending the application process. The landlord has 3 days, however, this can be extended in writing up to 21 days. If a landlord approves the application, the prospective tenant is legally obligated to enter into a lease.
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.
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.
