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.
Virgin Islands 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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How to fill out Tenant Oriented Clause Providing For The Reduction Of The Tenant Security Deposit?
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FAQ
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.
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.
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.
Under the terms of most burn-down/burn-off guaranties, on day 1 of the loan term, the guaranty is at its maximum coverage. From there, depending on its terms, coverage will diminish as the conditions are satisfied and, if applicable, eventually terminate altogether.
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.
