Common use of Security Deposit Required Clause in Contracts

Security Deposit Required. The Landlord requires a payment of $ (“Security Deposit”) for the faithful performance of the Tenant under the terms and conditions of this Agreement. The Security Deposit is required by the Tenant upon the execution of this Agreement. The Security Deposit shall be returned to the Tenant in accordance with the return period provided under Governing Law. This Security Deposit shall not be credited towards any Rent unless the Landlord gives their written consent.

Security Deposit Required. The Landlord requires a payment of $ $[AMOUNT] (“Security Deposit”) for the faithful performance of the Tenant under the terms and conditions of this Agreement. The Security Deposit is required by the Tenant upon the execution of this Agreement. The Security Deposit shall be returned to the Tenant in accordance with the return period provided under Governing Law. This Security Deposit shall not be credited towards any Rent unless the Landlord gives their written consent.