Partial Return of Security Clause Samples

Partial Return of Security. Owner has agreed that Owner shall return to Tenant the sum of FIFTY-TWO THOUSAND TWO HUNDRED THIRTY-NINE AND 00/100 ($52,239.00) DOLLARS of such security reasonably promptly following the second (2nd) anniversary of the commencement of the Second Rent Period (referred to as the “Partial Return Date”), provided Tenant is not then in default under any of the terms, covenants or conditions of this Lease on Tenant’s part to be observed and performed. Accordingly, if on the Partial Return Date Tenant shall not so be in default, Tenant may replace the Letter of Credit with a Letter of Credit in a sum reduced by FIFTY-TWO THOUSAND TWO HUNDRED THIRTY-NINE AND 00/100 ($52,239.00)

Partial Return of Security. The term "Partial Return Date" shall mean the 10 Year Surrender Date and each subsequent yearly anniversary thereof occurring during the Demised Term. Owner has agreed that Owner shall return to Tenant the sum of DOLLARS of such security on each Partial Return Date, provided on the applicable Partial Return Date, Tenant is not then in default under any of the terms, covenants or conditions of this Lease on Tenant's part to be observed beyond the applicable grace periods provided in this Lease (if Tenant is so in default and thereafter cures such default, Owner shall then return to Tenant the sum of money scheduled to have been returned in the immediately preceding Partial Return Date). Accordingly, if on the applicable Partial Return Date Tenant shall not so be in default, Tenant may replace the Letter of Credit with a Letter of Credit in a sum reduced by the applicable sum of DOLLARS. In the event that at any time Tenant shall be entitled to reduce such Letter of Credit as provided in the foregoing provisions of this Article, the security shall be held as Cash Security, then, in lieu of Tenant replacing any such Letter of Credit, Owner shall return sums to Tenant equal to the amount by which the Letter of Credit would have been reduced if it were in existence. The sum of DOLLARS referred to in the previous Sections of this 167 Article shall be deemed reduced as the provisions of this Section 51.08 shall operate to so reduce the Letter of Credit and/or Cash Security, as the case may be. Notwithstanding anything to the contrary contained in this Section 51.08, to the extent required by a Mortgage given in connection with construction financing or an initial permanent loan affecting the Real Property the schedule of reductions in the Letter of Credit shall be subject to the reduction schedule in such above-mentioned financing provided that such schedule shall not be more restrictive to Tenant than the following schedule: On the 15th anniversary of the later of (x) the Commencement Date or (y) the date upon which Tenant's obligation for the payment of rent commences and on each succeeding anniversary thereof the security shall be reduced by a sum equal to the aggregate of one (1) year's Fixed Rent and increases therein pursuant to Article 23.