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.
Utah Clause Providing for the Reduction of the Tenant Security Deposit
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How to fill out Clause Providing For The Reduction Of The Tenant Security Deposit?
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FAQ
In addition, the deposit use clause provides landlords with a clear framework for handling deposits. By outlining the circumstances under which the deposit can be kept, landlords can ensure that they are following the law and avoiding any potential legal issues at the end of the tenancy.
Deductions from deposits payment of rent, damages beyond reasonable wear and tear, cleaning, and. other costs provided for in the contract.
How to write a security deposit return letter Landlord's name and contact information. Tenant's name and contact information. Date of the letter. Amount of security deposit being returned to the tenant. Breakdown of any deductions made from the security deposit, including an explanation for each deduction.
In the event some or all of the Damage and Security Deposit is to be returned and only one person signs this lease as Lessee, Lessor shall return the security deposit in one check or money order payable to that person.
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.
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.
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.
