Common use of Initial Security Deposit Clause in Contracts

Initial Security Deposit. Lessee shall make payable to Lessor a Lease security deposit in the amount of six thousand dollars ($6,000.00) on the Commencement date of the lease. Thereafter, Lessee will make a further Lease security deposit of twenty-two thousand dollars ($22,000.00) within seven hundred thirty (730) days of the issuance of the Certificate of Occupancy by the City of Chico, County of Butte, State of California.