Common use of Partial Refund of Security Deposit Clause in Contracts

Partial Refund of Security Deposit. Pursuant to the Lease, Tenant has delivered to Landlord the sum of $6,819.68 as a Security Deposit. As a result of the reduction in Rentable Area of the Premises, and the reduction in the monthly installment of the Basic Annual Rent, Tenant is entitled to a partial refund of the Security Deposit upon the terms and conditions set forth in this Section 3. As soon after the Effective Date as Landlord is reasonably able to confirm that Tenant has compiled with the conditions precedent to the Cancellation of Amendment No. 1, the Security Deposit shall be reduced to $4,918.88 and Landlord shall immediately thereafter refund to Tenant the sum of $1,900.80, representing the difference between the amount of the Security Deposit held by Landlord and the revised amount of the Security Deposit as determined in this Section 3.