Security Deposits Required Sample Clauses
The 'Security Deposits Required' clause mandates that a tenant must provide a sum of money, known as a security deposit, to the landlord at the start of a lease or rental agreement. This deposit is typically held by the landlord as financial protection against potential damages to the property, unpaid rent, or breaches of the lease terms. By requiring a security deposit, the clause helps ensure that the landlord has recourse for recovering costs associated with tenant-related damages or defaults, thereby reducing financial risk and encouraging responsible tenant behavior.
Security Deposits Required. The total Security Deposit required to be held by Landlord at any given time is the sum of Security Deposits for each portion of the Premises for which the Lease is then in effect, subject to the reduction provision in (P) 36.b below and the general provisions of (P) 6.
1) Temporary Premises Security Deposit equals $90,000.00.
2) Original Premises Security Deposit equals $67,710.00 (said amount is held by Landlord per (P) 2.13 of the Old Lease).
3) Expansion Premises Security Deposit equals $86,940.00.
Security Deposits Required no -------------------------- ----- Initial Security Deposit Amount:.
Security Deposits Required. The total Security Deposit required to be held by Landlord at any given time is the sum of Security Deposits for each portion of the Premises for which the Lease is then in effect, subject to the reduction provision in ¶36.b. below and the general provisions of ¶6.