Office Lease Agreement
A 2 to 3 years lease term requires tenant to pay a security deposit equivalent to 2 or 3 months’ gross rent payable upon signing the letter of offer. Conversely, to the advantage of tenant, some Landlord may practice paying the security deposit in 2 stages:
- Initial 1 month’s gross rent deposit payable upon signing the letter of offer or intent to lease.
- The balance 1 or 2 months’ gross rent deposit payable upon signing the tenancy agreement or the occupation of premises or commencement of lease, whichever is earlier.
The deposit is refundable without interest when the tenancy expires but it is subjected to tenant’s due performance of the terms and condition in the tenancy agreement. The landlord reserves the right to deduct all costs and expenses properly payable on account of any breach by the tenant.