SECURITY DEPOSIT SECTION 8

SECURITY DEPOSIT SECTION 8. The Security Deposit shall be cash in the total amount of one million seven hundred thousand dollars ($1,700,000). If the Security Deposit is paid in cash, ten percent (10%) of the Security Deposit will be refunded each year on the anniversary of the Commencement Date. Tenant may 9 Pages elect to utilize a letter of credit for a portion of the Security Deposit, in which event, Tenant shall provide Landlord with $75,000 in cash and a letter of credit in the... amount of $1,625,000. The principal amount of the letter of credit will be reduced pursuant to Section 42. View More