[RPPTL LandTen] Burn off provision

Thu Apr 10 11:58:13 PDT 2014

Eric is right on

Marc Stephen Shuster
Berger Singerman LLP
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From: landten-bounces at lists.flabarrpptl.org [mailto:landten-bounces at lists.flabarrpptl.org] On Behalf Of Eric.Rapkin at akerman.com
Sent: Thursday, April 10, 2014 2:56 PM
To: landten at lists.flabarrpptl.org
Subject: Re: [RPPTL LandTen] Burn off provision

Here's one possible way to do it, there are definitely other ways (and if it's a commercial lease and the deposit is in the form of a Letter of Credit, there needs to be additional language to detail how the Letter of Credit will be reduced):

If no default, or event which, with the passing of time or giving of notice would constitute a default, exists under this Lease as of the end of

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_________ (__) months after the Commencement Date (the "First Reduction Date"), then Landlord will return $_________ of the Security Deposit to Tenant, and the remaining $_________  shall continue to be held by Landlord as security for Tenant's obligations under this Lease as provided herein.  In addition, if no default, or event which, with the passing of time or giving of notice would constitute a default, exists under this Lease as of the end of _________ (__) months after the Commencement Date (the "Second Reduction Date"), then Landlord will return an additional $_________  of the Security Deposit to Tenant, and the remaining $_________  shall continue to be held by Landlord as security for Tenant's obligations under this Lease as provided herein.  If a default, or event which, with the passing of time or giving of notice would constitute a default, exists under this Lease as of the First Reduction Date or the Second Reduction Date, as applicable, so that Tenant is not entitled to the reduction at such time, then the reduction of the Security Deposit may take place once the default or event is cured.

Eric D. Rapkin
Akerman LLP | Las Olas Centre II, Suite 1600 | 350 East Las Olas Boulevard | Fort Lauderdale, FL 33301-2999
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From: landten-bounces at lists.flabarrpptl.org<mailto:landten-bounces at lists.flabarrpptl.org> [mailto:landten-bounces at lists.flabarrpptl.org] On Behalf Of Anthony J. Horky
Sent: Thursday, April 10, 2014 2:34 PM
To: 'RPPTL Landlord Tenant Committee'
Subject: [RPPTL LandTen] Burn off provision

Hello Members.  Is anyone familiar with a “security deposit burn-off provision”?  If so, I’d appreciate it if you could direct me to information regarding such a provision.  Thank you.

Regards,

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Anthony J. Horky, Esquire

Anthony J. Horky, P.A.

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