Common use of Increased Security Deposit Clause in Contracts

Increased Security Deposit. Notwithstanding anything to the contrary in Section 3.12(e), require RIDA to, in which case RIDA shall, increase the security deposit with an amount equal to three (3) months of the Base Rent (which remedy may be exercised on more than one occasion with further increases in the security deposit on any subsequent Event of Default); provided that the City shall return such increased amount of the security deposit to RIDA on the first anniversary of the date on which the applicable Event of Default ceased to exist upon request in writing from RIDA except if another Event of Default then exists, and a separate increased security deposit has not already been delivered to RIDA with respect to such Event of Default in accordance with this Section 8.2(d), then the City will continue to hold such increased amount of security deposit until the first anniversary of the date on which such other Event of Default ceases to exist and RIDA requests in writing the return of the increased amount of the security deposit from the City.