Empathy List Archives

AJ

Anthony J. Horky

Thu, Apr 10, 2014 6:33 PM

Hello Members. Is anyone familiar with a "security deposit burn-off
provision"? If so, I'd appreciate it if you could direct me to information
regarding such a provision. Thank you.

Regards,

AJH Logo mark

Anthony J. Horky, Esquire

Anthony J. Horky, P.A.

2255 Glades Road, Suite 324A

Boca Raton, Florida 33431

T: 561.989.3206

F: 561.989.3204

http://www.horkylaw.com www.horkylaw.com

This message and the documents attached to it, if any, are intended only for
the use of the addressee and may contain information that is attorney-client
privileged or confidential, and/or may contain attorney work product. If
you are not the intended recipient, you are hereby notified that any
dissemination of this communication is strictly prohibited. If you have
received this communication in error, please delete all electronic copies of
this message and its attachments, if any, destroy any hard copies you may
have created and notify me immediately at: mailto:ahorky@horkylaw.com
ahorky@horkylaw.com.

Tax Advice Disclosure: To ensure compliance with requirements imposed by the
IRS under Circular 230, we inform you that any U.S. federal tax advice
contained in this communication (including any attachments), unless
otherwise specifically stated, was not intended or written to be used, and
cannot be used, for the purpose of (1) avoiding penalties under the Internal
Revenue Code or (2) promoting, marketing or recommending to another party
any matters addressed herein.

Hello Members. Is anyone familiar with a "security deposit burn-off provision"? If so, I'd appreciate it if you could direct me to information regarding such a provision. Thank you. Regards, AJH Logo mark Anthony J. Horky, Esquire Anthony J. Horky, P.A. 2255 Glades Road, Suite 324A Boca Raton, Florida 33431 T: 561.989.3206 F: 561.989.3204 <http://www.horkylaw.com> www.horkylaw.com This message and the documents attached to it, if any, are intended only for the use of the addressee and may contain information that is attorney-client privileged or confidential, and/or may contain attorney work product. If you are not the intended recipient, you are hereby notified that any dissemination of this communication is strictly prohibited. If you have received this communication in error, please delete all electronic copies of this message and its attachments, if any, destroy any hard copies you may have created and notify me immediately at: <mailto:ahorky@horkylaw.com> ahorky@horkylaw.com. ------------------------------------------------------- Tax Advice Disclosure: To ensure compliance with requirements imposed by the IRS under Circular 230, we inform you that any U.S. federal tax advice contained in this communication (including any attachments), unless otherwise specifically stated, was not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any matters addressed herein.

MS

Marc Shuster

Thu, Apr 10, 2014 6:50 PM

Are you asking for form language or just the concept ? that is, the notion that as the lease goes on and tenant is in compliance, the security deposit or a portions thereof begin to come back to tenant so landlord is less secured (under theory that tenant has proved its reliability)

Marc Stephen Shuster
Berger Singerman LLP
1450 Brickell Avenue, Ste 1900, Miami, FL 33131
office: 305-982-4080 | cell: 954-257-9059
mshuster@bergersingerman.com mailto:mshuster@bergersingerman.com

From: landten-bounces@lists.flabarrpptl.org [mailto:landten-bounces@lists.flabarrpptl.org] On Behalf Of Anthony J. Horky
Sent: Thursday, April 10, 2014 2:34 PM
To: 'RPPTL Landlord Tenant Committee'
Subject: [RPPTL LandTen] Burn off provision

Hello Members. Is anyone familiar with a "security deposit burn-off provision"? If so, I'd appreciate it if you could direct me to information regarding such a provision. Thank you.

Regards,

[AJH Logo mark]

Anthony J. Horky, Esquire

Anthony J. Horky, P.A.

2255 Glades Road, Suite 324A

Boca Raton, Florida 33431

T: 561.989.3206

F: 561.989.3204

www.horkylaw.com http://www.horkylaw.com

This message and the documents attached to it, if any, are intended only for the use of the addressee and may contain information that is attorney-client privileged or confidential, and/or may contain attorney work product. If you are not the intended recipient, you are hereby notified that any dissemination of this communication is strictly prohibited. If you have received this communication in error, please delete all electronic copies of this message and its attachments, if any, destroy any hard copies you may have created and notify me immediately at: ahorky@horkylaw.com mailto:ahorky@horkylaw.com.

Tax Advice Disclosure: To ensure compliance with requirements imposed by the IRS under Circular 230, we inform you that any U.S. federal tax advice contained in this communication (including any attachments), unless otherwise specifically stated, was not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any matters addressed herein.

Are you asking for form language or just the concept ? that is, the notion that as the lease goes on and tenant is in compliance, the security deposit or a portions thereof begin to come back to tenant so landlord is less secured (under theory that tenant has proved its reliability) Marc Stephen Shuster Berger Singerman LLP 1450 Brickell Avenue, Ste 1900, Miami, FL 33131 office: 305-982-4080 | cell: 954-257-9059 mshuster@bergersingerman.com<mailto:mshuster@bergersingerman.com> From: landten-bounces@lists.flabarrpptl.org [mailto:landten-bounces@lists.flabarrpptl.org] On Behalf Of Anthony J. Horky Sent: Thursday, April 10, 2014 2:34 PM To: 'RPPTL Landlord Tenant Committee' Subject: [RPPTL LandTen] Burn off provision Hello Members. Is anyone familiar with a "security deposit burn-off provision"? If so, I'd appreciate it if you could direct me to information regarding such a provision. Thank you. Regards, [AJH Logo mark] Anthony J. Horky, Esquire Anthony J. Horky, P.A. 2255 Glades Road, Suite 324A Boca Raton, Florida 33431 T: 561.989.3206 F: 561.989.3204 www.horkylaw.com<http://www.horkylaw.com> This message and the documents attached to it, if any, are intended only for the use of the addressee and may contain information that is attorney-client privileged or confidential, and/or may contain attorney work product. If you are not the intended recipient, you are hereby notified that any dissemination of this communication is strictly prohibited. If you have received this communication in error, please delete all electronic copies of this message and its attachments, if any, destroy any hard copies you may have created and notify me immediately at: ahorky@horkylaw.com<mailto:ahorky@horkylaw.com>. ------------------------------------------------------- Tax Advice Disclosure: To ensure compliance with requirements imposed by the IRS under Circular 230, we inform you that any U.S. federal tax advice contained in this communication (including any attachments), unless otherwise specifically stated, was not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any matters addressed herein.

ER

Eric.Rapkin (at) akerman.com

Thu, Apr 10, 2014 6:55 PM

Here's one possible way to do it, there are definitely other ways (and if it's a commercial lease and the deposit is in the form of a Letter of Credit, there needs to be additional language to detail how the Letter of Credit will be reduced):

If no default, or event which, with the passing of time or giving of notice would constitute a default, exists under this Lease as of the end of

vCardhttp://www.akerman.com/bios/vcard.asp?id=574 | Biohttp://www.akerman.com/bios/bio.asp?id=574

http://www.akerman.com/

[http://www.akerman.com/akermansig.jpg]

CONFIDENTIALITY NOTE: The information contained in this transmission may be privileged and confidential, and is intended only for the use of the individual or entity named above. If the reader of this message is not the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this transmission in error, please immediately reply to the sender that you have received this communication in error and then delete it. Thank you.

CIRCULAR 230 NOTICE: To comply with U.S. Treasury Department and IRS regulations, we are required to advise you that, unless expressly stated otherwise, any U.S. federal tax advice contained in this transmittal, is not intended or written to be used, and cannot be used, by any person for the purpose of (i) avoiding penalties under the U.S. Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this e-mail or attachment.
_________ () months after the Commencement Date (the "First Reduction Date"), then Landlord will return $_______ of the Security Deposit to Tenant, and the remaining $_________ shall continue to be held by Landlord as security for Tenant's obligations under this Lease as provided herein. In addition, if no default, or event which, with the passing of time or giving of notice would constitute a default, exists under this Lease as of the end of _________ () months after the Commencement Date (the "Second Reduction Date"), then Landlord will return an additional $_______ of the Security Deposit to Tenant, and the remaining $_________ shall continue to be held by Landlord as security for Tenant's obligations under this Lease as provided herein. If a default, or event which, with the passing of time or giving of notice would constitute a default, exists under this Lease as of the First Reduction Date or the Second Reduction Date, as applicable, so that Tenant is not entitled to the reduction at such time, then the reduction of the Security Deposit may take place once the default or event is cured.

From: landten-bounces@lists.flabarrpptl.org [mailto:landten-bounces@lists.flabarrpptl.org] On Behalf Of Anthony J. Horky
Sent: Thursday, April 10, 2014 2:34 PM
To: 'RPPTL Landlord Tenant Committee'
Subject: [RPPTL LandTen] Burn off provision

Hello Members. Is anyone familiar with a “security deposit burn-off provision”? If so, I’d appreciate it if you could direct me to information regarding such a provision. Thank you.

Regards,

[AJH Logo mark]

Anthony J. Horky, Esquire

Anthony J. Horky, P.A.

2255 Glades Road, Suite 324A

Boca Raton, Florida 33431

T: 561.989.3206

F: 561.989.3204

www.horkylaw.com http://www.horkylaw.com

This message and the documents attached to it, if any, are intended only for the use of the addressee and may contain information that is attorney-client privileged or confidential, and/or may contain attorney work product. If you are not the intended recipient, you are hereby notified that any dissemination of this communication is strictly prohibited. If you have received this communication in error, please delete all electronic copies of this message and its attachments, if any, destroy any hard copies you may have created and notify me immediately at: ahorky@horkylaw.com mailto:ahorky@horkylaw.com.

Tax Advice Disclosure: To ensure compliance with requirements imposed by the IRS under Circular 230, we inform you that any U.S. federal tax advice contained in this communication (including any attachments), unless otherwise specifically stated, was not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any matters addressed herein.

Here's one possible way to do it, there are definitely other ways (and if it's a commercial lease and the deposit is in the form of a Letter of Credit, there needs to be additional language to detail how the Letter of Credit will be reduced): If no default, or event which, with the passing of time or giving of notice would constitute a default, exists under this Lease as of the end of vCard<http://www.akerman.com/bios/vcard.asp?id=574> | Bio<http://www.akerman.com/bios/bio.asp?id=574> <http://www.akerman.com/> [http://www.akerman.com/akermansig.jpg] CONFIDENTIALITY NOTE: The information contained in this transmission may be privileged and confidential, and is intended only for the use of the individual or entity named above. If the reader of this message is not the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this transmission in error, please immediately reply to the sender that you have received this communication in error and then delete it. Thank you. CIRCULAR 230 NOTICE: To comply with U.S. Treasury Department and IRS regulations, we are required to advise you that, unless expressly stated otherwise, any U.S. federal tax advice contained in this transmittal, is not intended or written to be used, and cannot be used, by any person for the purpose of (i) avoiding penalties under the U.S. Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this e-mail or attachment. _________ (__) months after the Commencement Date (the "First Reduction Date"), then Landlord will return $_________ of the Security Deposit to Tenant, and the remaining $_________ shall continue to be held by Landlord as security for Tenant's obligations under this Lease as provided herein. In addition, if no default, or event which, with the passing of time or giving of notice would constitute a default, exists under this Lease as of the end of _________ (__) months after the Commencement Date (the "Second Reduction Date"), then Landlord will return an additional $_________ of the Security Deposit to Tenant, and the remaining $_________ shall continue to be held by Landlord as security for Tenant's obligations under this Lease as provided herein. If a default, or event which, with the passing of time or giving of notice would constitute a default, exists under this Lease as of the First Reduction Date or the Second Reduction Date, as applicable, so that Tenant is not entitled to the reduction at such time, then the reduction of the Security Deposit may take place once the default or event is cured. Eric D. Rapkin Akerman LLP | Las Olas Centre II, Suite 1600 | 350 East Las Olas Boulevard | Fort Lauderdale, FL 33301-2999 Dir: 954.759.8962 | Main: 954.463.2700 | Cell: 305.343.6129 | Fax: 954.847.5350 eric.rapkin@akerman.com From: landten-bounces@lists.flabarrpptl.org [mailto:landten-bounces@lists.flabarrpptl.org] On Behalf Of Anthony J. Horky Sent: Thursday, April 10, 2014 2:34 PM To: 'RPPTL Landlord Tenant Committee' Subject: [RPPTL LandTen] Burn off provision Hello Members. Is anyone familiar with a “security deposit burn-off provision”? If so, I’d appreciate it if you could direct me to information regarding such a provision. Thank you. Regards, [AJH Logo mark] Anthony J. Horky, Esquire Anthony J. Horky, P.A. 2255 Glades Road, Suite 324A Boca Raton, Florida 33431 T: 561.989.3206 F: 561.989.3204 www.horkylaw.com<http://www.horkylaw.com> This message and the documents attached to it, if any, are intended only for the use of the addressee and may contain information that is attorney-client privileged or confidential, and/or may contain attorney work product. If you are not the intended recipient, you are hereby notified that any dissemination of this communication is strictly prohibited. If you have received this communication in error, please delete all electronic copies of this message and its attachments, if any, destroy any hard copies you may have created and notify me immediately at: ahorky@horkylaw.com<mailto:ahorky@horkylaw.com>. ------------------------------------------------------- Tax Advice Disclosure: To ensure compliance with requirements imposed by the IRS under Circular 230, we inform you that any U.S. federal tax advice contained in this communication (including any attachments), unless otherwise specifically stated, was not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any matters addressed herein.

MS

Marc Shuster

Thu, Apr 10, 2014 6:58 PM

Eric is right on

Marc Stephen Shuster
Berger Singerman LLP
1450 Brickell Avenue, Ste 1900, Miami, FL 33131
office: 305-982-4080 | cell: 954-257-9059
mshuster@bergersingerman.com mailto:mshuster@bergersingerman.com

From: landten-bounces@lists.flabarrpptl.org [mailto:landten-bounces@lists.flabarrpptl.org] On Behalf Of Eric.Rapkin@akerman.com
Sent: Thursday, April 10, 2014 2:56 PM
To: landten@lists.flabarrpptl.org
Subject: Re: [RPPTL LandTen] Burn off provision

Here's one possible way to do it, there are definitely other ways (and if it's a commercial lease and the deposit is in the form of a Letter of Credit, there needs to be additional language to detail how the Letter of Credit will be reduced):

If no default, or event which, with the passing of time or giving of notice would constitute a default, exists under this Lease as of the end of

vCardhttp://www.akerman.com/bios/vcard.asp?id=574 | Biohttp://www.akerman.com/bios/bio.asp?id=574
http://www.akerman.com/

[http://www.akerman.com/akermansig.jpg]http://www.akerman.com/

CONFIDENTIALITY NOTE: The information contained in this transmission may be privileged and confidential, and is intended only for the use of the individual or entity named above. If the reader of this message is not the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this transmission in error, please immediately reply to the sender that you have received this communication in error and then delete it. Thank you.

CIRCULAR 230 NOTICE: To comply with U.S. Treasury Department and IRS regulations, we are required to advise you that, unless expressly stated otherwise, any U.S. federal tax advice contained in this transmittal, is not intended or written to be used, and cannot be used, by any person for the purpose of (i) avoiding penalties under the U.S. Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this e-mail or attachment.
_________ () months after the Commencement Date (the "First Reduction Date"), then Landlord will return $_______ of the Security Deposit to Tenant, and the remaining $_________ shall continue to be held by Landlord as security for Tenant's obligations under this Lease as provided herein. In addition, if no default, or event which, with the passing of time or giving of notice would constitute a default, exists under this Lease as of the end of _________ () months after the Commencement Date (the "Second Reduction Date"), then Landlord will return an additional $_______ of the Security Deposit to Tenant, and the remaining $_________ shall continue to be held by Landlord as security for Tenant's obligations under this Lease as provided herein. If a default, or event which, with the passing of time or giving of notice would constitute a default, exists under this Lease as of the First Reduction Date or the Second Reduction Date, as applicable, so that Tenant is not entitled to the reduction at such time, then the reduction of the Security Deposit may take place once the default or event is cured.

From: landten-bounces@lists.flabarrpptl.org mailto:landten-bounces@lists.flabarrpptl.org [mailto:landten-bounces@lists.flabarrpptl.org] On Behalf Of Anthony J. Horky
Sent: Thursday, April 10, 2014 2:34 PM
To: 'RPPTL Landlord Tenant Committee'
Subject: [RPPTL LandTen] Burn off provision

Hello Members. Is anyone familiar with a “security deposit burn-off provision”? If so, I’d appreciate it if you could direct me to information regarding such a provision. Thank you.

Regards,

[AJH Logo mark]

Anthony J. Horky, Esquire

Anthony J. Horky, P.A.

2255 Glades Road, Suite 324A

Boca Raton, Florida 33431

T: 561.989.3206

F: 561.989.3204

www.horkylaw.com http://www.horkylaw.com

This message and the documents attached to it, if any, are intended only for the use of the addressee and may contain information that is attorney-client privileged or confidential, and/or may contain attorney work product. If you are not the intended recipient, you are hereby notified that any dissemination of this communication is strictly prohibited. If you have received this communication in error, please delete all electronic copies of this message and its attachments, if any, destroy any hard copies you may have created and notify me immediately at: ahorky@horkylaw.com mailto:ahorky@horkylaw.com.

Tax Advice Disclosure: To ensure compliance with requirements imposed by the IRS under Circular 230, we inform you that any U.S. federal tax advice contained in this communication (including any attachments), unless otherwise specifically stated, was not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any matters addressed herein.

Eric is right on Marc Stephen Shuster Berger Singerman LLP 1450 Brickell Avenue, Ste 1900, Miami, FL 33131 office: 305-982-4080 | cell: 954-257-9059 mshuster@bergersingerman.com<mailto:mshuster@bergersingerman.com> From: landten-bounces@lists.flabarrpptl.org [mailto:landten-bounces@lists.flabarrpptl.org] On Behalf Of Eric.Rapkin@akerman.com Sent: Thursday, April 10, 2014 2:56 PM To: landten@lists.flabarrpptl.org Subject: Re: [RPPTL LandTen] Burn off provision Here's one possible way to do it, there are definitely other ways (and if it's a commercial lease and the deposit is in the form of a Letter of Credit, there needs to be additional language to detail how the Letter of Credit will be reduced): If no default, or event which, with the passing of time or giving of notice would constitute a default, exists under this Lease as of the end of vCard<http://www.akerman.com/bios/vcard.asp?id=574> | Bio<http://www.akerman.com/bios/bio.asp?id=574> <http://www.akerman.com/> [http://www.akerman.com/akermansig.jpg]<http://www.akerman.com/> CONFIDENTIALITY NOTE: The information contained in this transmission may be privileged and confidential, and is intended only for the use of the individual or entity named above. If the reader of this message is not the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this transmission in error, please immediately reply to the sender that you have received this communication in error and then delete it. Thank you. CIRCULAR 230 NOTICE: To comply with U.S. Treasury Department and IRS regulations, we are required to advise you that, unless expressly stated otherwise, any U.S. federal tax advice contained in this transmittal, is not intended or written to be used, and cannot be used, by any person for the purpose of (i) avoiding penalties under the U.S. Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this e-mail or attachment. _________ (__) months after the Commencement Date (the "First Reduction Date"), then Landlord will return $_________ of the Security Deposit to Tenant, and the remaining $_________ shall continue to be held by Landlord as security for Tenant's obligations under this Lease as provided herein. In addition, if no default, or event which, with the passing of time or giving of notice would constitute a default, exists under this Lease as of the end of _________ (__) months after the Commencement Date (the "Second Reduction Date"), then Landlord will return an additional $_________ of the Security Deposit to Tenant, and the remaining $_________ shall continue to be held by Landlord as security for Tenant's obligations under this Lease as provided herein. If a default, or event which, with the passing of time or giving of notice would constitute a default, exists under this Lease as of the First Reduction Date or the Second Reduction Date, as applicable, so that Tenant is not entitled to the reduction at such time, then the reduction of the Security Deposit may take place once the default or event is cured. Eric D. Rapkin Akerman LLP | Las Olas Centre II, Suite 1600 | 350 East Las Olas Boulevard | Fort Lauderdale, FL 33301-2999 Dir: 954.759.8962 | Main: 954.463.2700 | Cell: 305.343.6129 | Fax: 954.847.5350 eric.rapkin@akerman.com<mailto:eric.rapkin@akerman.com> From: landten-bounces@lists.flabarrpptl.org<mailto:landten-bounces@lists.flabarrpptl.org> [mailto:landten-bounces@lists.flabarrpptl.org] On Behalf Of Anthony J. Horky Sent: Thursday, April 10, 2014 2:34 PM To: 'RPPTL Landlord Tenant Committee' Subject: [RPPTL LandTen] Burn off provision Hello Members. Is anyone familiar with a “security deposit burn-off provision”? If so, I’d appreciate it if you could direct me to information regarding such a provision. Thank you. Regards, [AJH Logo mark] Anthony J. Horky, Esquire Anthony J. Horky, P.A. 2255 Glades Road, Suite 324A Boca Raton, Florida 33431 T: 561.989.3206 F: 561.989.3204 www.horkylaw.com<http://www.horkylaw.com> This message and the documents attached to it, if any, are intended only for the use of the addressee and may contain information that is attorney-client privileged or confidential, and/or may contain attorney work product. If you are not the intended recipient, you are hereby notified that any dissemination of this communication is strictly prohibited. If you have received this communication in error, please delete all electronic copies of this message and its attachments, if any, destroy any hard copies you may have created and notify me immediately at: ahorky@horkylaw.com<mailto:ahorky@horkylaw.com>. ------------------------------------------------------- Tax Advice Disclosure: To ensure compliance with requirements imposed by the IRS under Circular 230, we inform you that any U.S. federal tax advice contained in this communication (including any attachments), unless otherwise specifically stated, was not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any matters addressed herein.

ER

Eric.Rapkin (at) akerman.com

Thu, Apr 10, 2014 7:04 PM

George tells me the paragraph was cut off, here it is again:

If no default, or event which, with the passing of time or giving of notice would constitute a default, exists under this Lease as of the end of

vCardhttp://www.akerman.com/bios/vcard.asp?id=574 | Biohttp://www.akerman.com/bios/bio.asp?id=574

http://www.akerman.com/

[http://www.akerman.com/akermansig.jpg]

CONFIDENTIALITY NOTE: The information contained in this transmission may be privileged and confidential, and is intended only for the use of the individual or entity named above. If the reader of this message is not the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this transmission in error, please immediately reply to the sender that you have received this communication in error and then delete it. Thank you.

CIRCULAR 230 NOTICE: To comply with U.S. Treasury Department and IRS regulations, we are required to advise you that, unless expressly stated otherwise, any U.S. federal tax advice contained in this transmittal, is not intended or written to be used, and cannot be used, by any person for the purpose of (i) avoiding penalties under the U.S. Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this e-mail or attachment.
_________ () months after the Commencement Date (the "First Reduction Date"), then Landlord will return $_______ of the Security Deposit to Tenant, and the remaining $_________ shall continue to be held by Landlord as security for Tenant's obligations under this Lease as provided herein. In addition, if no default, or event which, with the passing of time or giving of notice would constitute a default, exists under this Lease as of the end of _________ () months after the Commencement Date (the "Second Reduction Date"), then Landlord will return an additional $_______ of the Security Deposit to Tenant, and the remaining $_________ shall continue to be held by Landlord as security for Tenant's obligations under this Lease as provided herein. If a default, or event which, with the passing of time or giving of notice would constitute a default, exists under this Lease as of the First Reduction Date or the Second Reduction Date, as applicable, so that Tenant is not entitled to the reduction at such time, then the reduction of the Security Deposit may take place once the default or event is cured.

From: Rapkin, Eric (Ptnr-Ftl)
Sent: Thursday, April 10, 2014 2:56 PM
To: 'RPPTL Landlord Tenant Committee'
Subject: RE: [RPPTL LandTen] Burn off provision

Here's one possible way to do it, there are definitely other ways (and if it's a commercial lease and the deposit is in the form of a Letter of Credit, there needs to be additional language to detail how the Letter of Credit will be reduced):

If no default, or event which, with the passing of time or giving of notice would constitute a default, exists under this Lease as of the end of _________ () months after the Commencement Date (the "First Reduction Date"), then Landlord will return $_______ of the Security Deposit to Tenant, and the remaining $_________ shall continue to be held by Landlord as security for Tenant's obligations under this Lease as provided herein. In addition, if no default, or event which, with the passing of time or giving of notice would constitute a default, exists under this Lease as of the end of _________ () months after the Commencement Date (the "Second Reduction Date"), then Landlord will return an additional $_______ of the Security Deposit to Tenant, and the remaining $_________ shall continue to be held by Landlord as security for Tenant's obligations under this Lease as provided herein. If a default, or event which, with the passing of time or giving of notice would constitute a default, exists under this Lease as of the First Reduction Date or the Second Reduction Date, as applicable, so that Tenant is not entitled to the reduction at such time, then the reduction of the Security Deposit may take place once the default or event is cured.

From: landten-bounces@lists.flabarrpptl.org [mailto:landten-bounces@lists.flabarrpptl.org] On Behalf Of Anthony J. Horky
Sent: Thursday, April 10, 2014 2:34 PM
To: 'RPPTL Landlord Tenant Committee'
Subject: [RPPTL LandTen] Burn off provision

Hello Members. Is anyone familiar with a “security deposit burn-off provision”? If so, I’d appreciate it if you could direct me to information regarding such a provision. Thank you.

Regards,

[AJH Logo mark]

Anthony J. Horky, Esquire

Anthony J. Horky, P.A.

2255 Glades Road, Suite 324A

Boca Raton, Florida 33431

T: 561.989.3206

F: 561.989.3204

www.horkylaw.com http://www.horkylaw.com

This message and the documents attached to it, if any, are intended only for the use of the addressee and may contain information that is attorney-client privileged or confidential, and/or may contain attorney work product. If you are not the intended recipient, you are hereby notified that any dissemination of this communication is strictly prohibited. If you have received this communication in error, please delete all electronic copies of this message and its attachments, if any, destroy any hard copies you may have created and notify me immediately at: ahorky@horkylaw.com mailto:ahorky@horkylaw.com.

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George tells me the paragraph was cut off, here it is again: If no default, or event which, with the passing of time or giving of notice would constitute a default, exists under this Lease as of the end of vCard<http://www.akerman.com/bios/vcard.asp?id=574> | Bio<http://www.akerman.com/bios/bio.asp?id=574> <http://www.akerman.com/> [http://www.akerman.com/akermansig.jpg] CONFIDENTIALITY NOTE: The information contained in this transmission may be privileged and confidential, and is intended only for the use of the individual or entity named above. If the reader of this message is not the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this transmission in error, please immediately reply to the sender that you have received this communication in error and then delete it. Thank you. CIRCULAR 230 NOTICE: To comply with U.S. Treasury Department and IRS regulations, we are required to advise you that, unless expressly stated otherwise, any U.S. federal tax advice contained in this transmittal, is not intended or written to be used, and cannot be used, by any person for the purpose of (i) avoiding penalties under the U.S. Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this e-mail or attachment. _________ (__) months after the Commencement Date (the "First Reduction Date"), then Landlord will return $_________ of the Security Deposit to Tenant, and the remaining $_________ shall continue to be held by Landlord as security for Tenant's obligations under this Lease as provided herein. In addition, if no default, or event which, with the passing of time or giving of notice would constitute a default, exists under this Lease as of the end of _________ (__) months after the Commencement Date (the "Second Reduction Date"), then Landlord will return an additional $_________ of the Security Deposit to Tenant, and the remaining $_________ shall continue to be held by Landlord as security for Tenant's obligations under this Lease as provided herein. If a default, or event which, with the passing of time or giving of notice would constitute a default, exists under this Lease as of the First Reduction Date or the Second Reduction Date, as applicable, so that Tenant is not entitled to the reduction at such time, then the reduction of the Security Deposit may take place once the default or event is cured. Eric D. Rapkin Akerman LLP | Las Olas Centre II, Suite 1600 | 350 East Las Olas Boulevard | Fort Lauderdale, FL 33301-2999 Dir: 954.759.8962 | Main: 954.463.2700 | Cell: 305.343.6129 | Fax: 954.847.5350 eric.rapkin@akerman.com From: Rapkin, Eric (Ptnr-Ftl) Sent: Thursday, April 10, 2014 2:56 PM To: 'RPPTL Landlord Tenant Committee' Subject: RE: [RPPTL LandTen] Burn off provision Here's one possible way to do it, there are definitely other ways (and if it's a commercial lease and the deposit is in the form of a Letter of Credit, there needs to be additional language to detail how the Letter of Credit will be reduced): If no default, or event which, with the passing of time or giving of notice would constitute a default, exists under this Lease as of the end of _________ (__) months after the Commencement Date (the "First Reduction Date"), then Landlord will return $_________ of the Security Deposit to Tenant, and the remaining $_________ shall continue to be held by Landlord as security for Tenant's obligations under this Lease as provided herein. In addition, if no default, or event which, with the passing of time or giving of notice would constitute a default, exists under this Lease as of the end of _________ (__) months after the Commencement Date (the "Second Reduction Date"), then Landlord will return an additional $_________ of the Security Deposit to Tenant, and the remaining $_________ shall continue to be held by Landlord as security for Tenant's obligations under this Lease as provided herein. If a default, or event which, with the passing of time or giving of notice would constitute a default, exists under this Lease as of the First Reduction Date or the Second Reduction Date, as applicable, so that Tenant is not entitled to the reduction at such time, then the reduction of the Security Deposit may take place once the default or event is cured. Eric D. Rapkin Akerman LLP | Las Olas Centre II, Suite 1600 | 350 East Las Olas Boulevard | Fort Lauderdale, FL 33301-2999 Dir: 954.759.8962 | Main: 954.463.2700 | Cell: 305.343.6129 | Fax: 954.847.5350 eric.rapkin@akerman.com From: landten-bounces@lists.flabarrpptl.org [mailto:landten-bounces@lists.flabarrpptl.org] On Behalf Of Anthony J. Horky Sent: Thursday, April 10, 2014 2:34 PM To: 'RPPTL Landlord Tenant Committee' Subject: [RPPTL LandTen] Burn off provision Hello Members. Is anyone familiar with a “security deposit burn-off provision”? If so, I’d appreciate it if you could direct me to information regarding such a provision. Thank you. Regards, [AJH Logo mark] Anthony J. Horky, Esquire Anthony J. Horky, P.A. 2255 Glades Road, Suite 324A Boca Raton, Florida 33431 T: 561.989.3206 F: 561.989.3204 www.horkylaw.com<http://www.horkylaw.com> This message and the documents attached to it, if any, are intended only for the use of the addressee and may contain information that is attorney-client privileged or confidential, and/or may contain attorney work product. If you are not the intended recipient, you are hereby notified that any dissemination of this communication is strictly prohibited. If you have received this communication in error, please delete all electronic copies of this message and its attachments, if any, destroy any hard copies you may have created and notify me immediately at: ahorky@horkylaw.com<mailto:ahorky@horkylaw.com>. ------------------------------------------------------- Tax Advice Disclosure: To ensure compliance with requirements imposed by the IRS under Circular 230, we inform you that any U.S. federal tax advice contained in this communication (including any attachments), unless otherwise specifically stated, was not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any matters addressed herein.

AJ

Anthony J. Horky

Thu, Apr 10, 2014 7:35 PM

Thank you everyone. I have been asked to speak on this issue as part of my
presentation on commercial evictions, but from the responses (which I thank
you for) it does not appear to be a related topic. It seems to be more on
the transaction side of negotiating the terms of a commercial lease.
However, I will be speaking on Security Deposits vs. letters of Credit so
the information you are providing is helpful.

Regards,

AJH Logo mark

Anthony J. Horky, Esquire

Anthony J. Horky, P.A.

2255 Glades Road, Suite 324A

Boca Raton, Florida 33431

T: 561.989.3206

F: 561.989.3204

www.horkylaw.com

This message and the documents attached to it, if any, are intended only for
the use of the addressee and may contain information that is attorney-client
privileged or confidential, and/or may contain attorney work product. If
you are not the intended recipient, you are hereby notified that any
dissemination of this communication is strictly prohibited. If you have
received this communication in error, please delete all electronic copies of
this message and its attachments, if any, destroy any hard copies you may
have created and notify me immediately at: mailto:ahorky@horkylaw.com
ahorky@horkylaw.com.

Tax Advice Disclosure: To ensure compliance with requirements imposed by the
IRS under Circular 230, we inform you that any U.S. federal tax advice
contained in this communication (including any attachments), unless
otherwise specifically stated, was not intended or written to be used, and
cannot be used, for the purpose of (1) avoiding penalties under the Internal
Revenue Code or (2) promoting, marketing or recommending to another party
any matters addressed herein.

From: landten-bounces@lists.flabarrpptl.org
[mailto:landten-bounces@lists.flabarrpptl.org] On Behalf Of Marc Shuster
Sent: Thursday, April 10, 2014 2:51 PM
To: RPPTL Landlord Tenant Committee
Subject: Re: [RPPTL LandTen] Burn off provision

Are you asking for form language or just the concept ? that is, the notion
that as the lease goes on and tenant is in compliance, the security deposit
or a portions thereof begin to come back to tenant so landlord is less
secured (under theory that tenant has proved its reliability)

Marc Stephen Shuster

Berger Singerman LLP

1450 Brickell Avenue, Ste 1900, Miami, FL 33131

office: 305-982-4080 | cell: 954-257-9059

mailto:mshuster@bergersingerman.com mshuster@bergersingerman.com

From: landten-bounces@lists.flabarrpptl.org
[mailto:landten-bounces@lists.flabarrpptl.org] On Behalf Of Anthony J. Horky
Sent: Thursday, April 10, 2014 2:34 PM
To: 'RPPTL Landlord Tenant Committee'
Subject: [RPPTL LandTen] Burn off provision

Hello Members. Is anyone familiar with a "security deposit burn-off
provision"? If so, I'd appreciate it if you could direct me to information
regarding such a provision. Thank you.

Regards,

AJH Logo mark

Anthony J. Horky, Esquire

Anthony J. Horky, P.A.

2255 Glades Road, Suite 324A

Boca Raton, Florida 33431

T: 561.989.3206

F: 561.989.3204

www.horkylaw.com

This message and the documents attached to it, if any, are intended only for
the use of the addressee and may contain information that is attorney-client
privileged or confidential, and/or may contain attorney work product. If
you are not the intended recipient, you are hereby notified that any
dissemination of this communication is strictly prohibited. If you have
received this communication in error, please delete all electronic copies of
this message and its attachments, if any, destroy any hard copies you may
have created and notify me immediately at: mailto:ahorky@horkylaw.com
ahorky@horkylaw.com.

Tax Advice Disclosure: To ensure compliance with requirements imposed by the
IRS under Circular 230, we inform you that any U.S. federal tax advice
contained in this communication (including any attachments), unless
otherwise specifically stated, was not intended or written to be used, and
cannot be used, for the purpose of (1) avoiding penalties under the Internal
Revenue Code or (2) promoting, marketing or recommending to another party
any matters addressed herein.

Thank you everyone. I have been asked to speak on this issue as part of my presentation on commercial evictions, but from the responses (which I thank you for) it does not appear to be a related topic. It seems to be more on the transaction side of negotiating the terms of a commercial lease. However, I will be speaking on Security Deposits vs. letters of Credit so the information you are providing is helpful. Regards, AJH Logo mark Anthony J. Horky, Esquire Anthony J. Horky, P.A. 2255 Glades Road, Suite 324A Boca Raton, Florida 33431 T: 561.989.3206 F: 561.989.3204 www.horkylaw.com This message and the documents attached to it, if any, are intended only for the use of the addressee and may contain information that is attorney-client privileged or confidential, and/or may contain attorney work product. If you are not the intended recipient, you are hereby notified that any dissemination of this communication is strictly prohibited. If you have received this communication in error, please delete all electronic copies of this message and its attachments, if any, destroy any hard copies you may have created and notify me immediately at: <mailto:ahorky@horkylaw.com> ahorky@horkylaw.com. ------------------------------------------------------- Tax Advice Disclosure: To ensure compliance with requirements imposed by the IRS under Circular 230, we inform you that any U.S. federal tax advice contained in this communication (including any attachments), unless otherwise specifically stated, was not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any matters addressed herein. From: landten-bounces@lists.flabarrpptl.org [mailto:landten-bounces@lists.flabarrpptl.org] On Behalf Of Marc Shuster Sent: Thursday, April 10, 2014 2:51 PM To: RPPTL Landlord Tenant Committee Subject: Re: [RPPTL LandTen] Burn off provision Are you asking for form language or just the concept ? that is, the notion that as the lease goes on and tenant is in compliance, the security deposit or a portions thereof begin to come back to tenant so landlord is less secured (under theory that tenant has proved its reliability) Marc Stephen Shuster Berger Singerman LLP 1450 Brickell Avenue, Ste 1900, Miami, FL 33131 office: 305-982-4080 | cell: 954-257-9059 <mailto:mshuster@bergersingerman.com> mshuster@bergersingerman.com From: landten-bounces@lists.flabarrpptl.org [mailto:landten-bounces@lists.flabarrpptl.org] On Behalf Of Anthony J. Horky Sent: Thursday, April 10, 2014 2:34 PM To: 'RPPTL Landlord Tenant Committee' Subject: [RPPTL LandTen] Burn off provision Hello Members. Is anyone familiar with a "security deposit burn-off provision"? If so, I'd appreciate it if you could direct me to information regarding such a provision. Thank you. Regards, AJH Logo mark Anthony J. Horky, Esquire Anthony J. Horky, P.A. 2255 Glades Road, Suite 324A Boca Raton, Florida 33431 T: 561.989.3206 F: 561.989.3204 www.horkylaw.com This message and the documents attached to it, if any, are intended only for the use of the addressee and may contain information that is attorney-client privileged or confidential, and/or may contain attorney work product. If you are not the intended recipient, you are hereby notified that any dissemination of this communication is strictly prohibited. If you have received this communication in error, please delete all electronic copies of this message and its attachments, if any, destroy any hard copies you may have created and notify me immediately at: <mailto:ahorky@horkylaw.com> ahorky@horkylaw.com. ------------------------------------------------------- Tax Advice Disclosure: To ensure compliance with requirements imposed by the IRS under Circular 230, we inform you that any U.S. federal tax advice contained in this communication (including any attachments), unless otherwise specifically stated, was not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any matters addressed herein.