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.
Mississippi Tenant Oriented Clause Providing for the Reduction of the Tenant Security Deposit
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Multi-State
Control #:
US-OL4A012C
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Word;
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How to fill out Tenant Oriented Clause Providing For The Reduction Of The Tenant Security Deposit?
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FAQ
Residential Landlord & Tenant Act At the outset, let's clear up one common misunderstanding: Mississippi law does NOT allow you to withhold your rent until the landlord makes a repair. Nor does Mississippi law allow you to ?repair and deduct? except under certain very specific conditions which are discussed below.
Only in an emergency can a landlord enter the residence without consent.
Landlords are often willing to provide a burn-down in exchange for a larger security deposit. Overall, a burn-down provides that, as long as tenant is not in default, the security deposit will be reduced and returned to tenant in equal portions throughout an agreed- upon timeframe.
No reason is required for the termination. However, if there is a set ending date for the lease, the lease cannot be terminated before that date by either landlord or tenant except in case of a breach such as non-payment by the tenant or failure to repair by the landlord.
When a tenant moves out, he or she must request the return of the security deposit. The landlord has 45 days to return the deposit but may deduct rent owed or reasonable costs for cleaning the unit or repairing damage caused by the tenant. However, the landlord must provide a written, itemized notice of such costs.
Right to terminate tenancy for breach; notice of breach; return of prepaid rent and security; disposition of tenant's abandoned personal property.
3. § 89-8-11. Landlord Regulations on Tenant Usage: (1) A landlord may, from time to time, adopt rules or regulations, however described, concerning the tenant's use and occupancy of the premises.
Since a tenant's remaining lease obligations decline as the lease term progresses, a tenant may negotiate for a burn down provision, a reduction in the security deposit (cash or letter of credit or a combination of both) after a set period of time during the lease term.
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.
