Application of Security Deposit. Any Security Deposit shall be held and applied by the Landlord as set forth in this Lease. Landlord shall hold any Security Deposit (or so much thereof as has not been applied by Landlord pursuant hereto) until that date which is sixty (60) days following the expiration or earlier termination of the Term as security for the payment and performance of all of Tenant’s obligations hereunder. Landlord shall have the right from time to time, without prejudice to any other remedy Landlord may have, to apply such Security Deposit, or any part thereof, to Landlord’s damages arising from, or to cure, any Default of Tenant. If Landlord shall so apply any or all of such Security Deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to restore the Security Deposit to the full original amount of the Letter of Credit. Landlord shall return the Security Deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on or before that date which is sixty (60) days following the expiration or earlier termination of the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Default of Tenant (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute a Default of Tenant). Landlord shall have no obligation to pay interest on the Security Deposit and may commingle the same with Landlord’s other funds. If Landlord assigns Landlord’s interest under this Lease, the Security Deposit, or any part thereof not previously applied, may be turned over by Landlord to Landlord’s assignee, and, if so turned over, Tenant agrees to look solely to such assignee for proper application of the Security Deposit in accordance with the terms of this Lease. Notwithstanding any provision herein to the contrary, following the one (1) year anniversary of the Rent Commencement Date and no more often than once during any twelve (12) consecutive month period thereafter (each, a “Security Deposit Year”), so long as: (a) there has been no Default of Tenant hereunder; (b) this Lease is then in full force and effect; and
Application of Security Deposit. The parties agree: (1) that the Security Deposit or any portion thereof, may be applied to the curing of any Default that may exist, and/or payment of subsequent damages and costs incurred by Landlord, without prejudice to any other remedy or remedies that the Landlord may have on account thereof, and upon such application Tenant shall pay Landlord on demand the amount so applied, which shall be added to the Security Deposit so it will be restored to its original amount; (2) that should the Premises be conveyed by Landlord, the Security Deposit or any portion thereof may be turned over to Landlord's grantee, and if the Security Deposit is turned over, Tenant agrees to look to such grantee for such application or return; (3) that Landlord shall not be obligated to hold Security Deposit as a separate fund; (4) that should the Rent be increased, the Security Deposit shall be increased in the same proportion within thirty (30) days of such Rent increase; and (5) that should a Default occur, Landlord may, as an additional remedy, increase the Security Deposit at its sole discretion.
Application of Security Deposit. Tenant agrees that, if Tenant fails to pay any Rent, or otherwise defaults with respect to any provision of this Lease, Landlord may (but shall not be obligated to), and without prejudice to any other remedy available to Landlord, use, apply or retain all or any portion of the Security Deposit for the payment of any Rent in default or for the payment of any other sum to which Landlord may become obligated by reason of Tenant’s default, or to compensate Landlord for any loss or damage which Landlord may suffer thereby, including, without limitation, prospective damages and damages recoverable pursuant to California Civil Code Section 1951.2. If Landlord uses or applies all or any portion of the Security Deposit as provided above, Tenant shall, within three (3) days after demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to the full amount thereof, and Tenant’s failure to do so shall, at Landlord’s option, be an Event of Default under this Lease with no opportunity to cure. If Tenant performs all of Tenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Landlord, shall be returned to Tenant (or, at Landlord’s option, to the last assignee, if any, of Tenant’s interest hereunder) within thirty (30) days following the later to occur of (a) the expiration of the Term of this Lease or (b) Tenant’s vacation and surrender of the Premises in accordance with the requirements of this Lease. Tenant waives the provisions of California Civil Code Section 1950.7, or any similar or successor laws now or hereinafter in effect, that restrict Landlord’s use or application of the Deposit, or that provide specific time periods for return of the Deposit. Landlord shall not be deemed to hold the Security Deposit in trust nor be required to keep the Security Deposit separate from its general funds, and Tenant shall not be entitled to any interest on the Security Deposit. The Security Deposit shall not be construed as an advance payment of Rent nor liquidated damages, and if Landlord’s claims hereunder exceed the Security Deposit, Tenant shall remain liable for the balance of such claims.
Application of Security Deposit. If Tenant fails to pay Basic Rental or other charges due hereunder, or otherwise defaults with respect to any provision of this Lease Agreement, Landlord may use, apply or retain all or any portion of said deposit for the payment of any rent or other charge in default or for the payment of any other sum to which Landlord may become obligated by reason of Tenant’s default, or to compensate Landlord for any loss or damage which Landlord may suffer thereby. If Landlord so uses or applies all or any portion of said deposit, Tenant shall within ten (10) days after written demand thereafter deposit cash with Landlord in an amount sufficient to restore said deposit to the full amount hereinabove stated and Tenant’s failure to do so shall be a material breach of this Lease Agreement.
Application of Security Deposit. Prior to the Delivery Date, Subtenant shall provide Sublandlord with an irrevocable stand-by letter of credit in the amount of $193,688.00, in a form acceptable to Sublandlord in Sublandlord’s reasonable discretion, and issued by a bank reasonably acceptable to Sublandlord. The letter of credit shall (i) be unconditional, irrevocable, transferable, payable to Sublandlord upon presentment of original to the issuer in person or by courier, in partial or full draws, and (ii) contain an “evergreen” provision which provides that it is automatically renewed on an annual basis (subject to the permitted date of termination set forth below) unless the issuer delivers thirty (30) days’ prior written notice of cancellation to Sublandlord and Subtenant. Any and all fees or costs charged by the issuer in connection with the letter of credit shall be paid by Subtenant. The irrevocable stand-by letter of credit shall remain effective from the Delivery Date through and including the date that is 60 days following the Expiration Date. Notwithstanding the foregoing, and provided that Subtenant is not in default beyond applicable notice and cure periods under this Sublease, as of the 181st day following the Commencement Date, the amount of the Security Deposit required pursuant to this Sublease shall be reduced to $96,844.00. Within 10 days after Sublandlord’s receipt of a replacement letter of credit in the amount of $96,844.00 that is otherwise in the form required by this Section 4.3, Sublandlord shall return the original letter of credit to Subtenant. If Subtenant defaults with respect to any provision of this Sublease beyond applicable notice and cure periods, including but not limited to the provisions relating to the payment of Rent, Sublandlord may draw upon all or any part of Subtenant’s letter of credit. If any portion of the Security Deposit is so used, applied, or retained, Subtenant will within 15 days after written demand from Sublandlord, provide to Sublandlord an additional irrevocable, stand-by letter of credit, which shall be in form and substance satisfactory to Sublandlord, issued by a bank reasonably acceptable to Sublandlord, in an amount sufficient to restore the Security Deposit to its then required amount pursuant to this Section 4.3. Sublandlord may use, apply or retain all or any part of the Security Deposit for the payment of any Rent, or any other sum in default. In no event shall Sublandlord be required to apply the Security Deposit. Neither the...
Application of Security Deposit. If an Event of Default has occurred and is continuing hereunder, in addition to all other rights Lessor has under this Lease or applicable Law, Lessor may set-off against, use, apply or retain all or any part of the Security Deposit in full or partial payment of amounts due and payable by Lessee or any Affiliate of Lessee, as applicable, under any Operative Document or Related Lease and to compensate Lessor for any documented, out-of-pocket expense it shall have incurred as a result of the occurrence of such Event of Default, or to apply toward documented, out-of-pocket losses or expenses Lessor may suffer or incur as a result of the occurrence of an Event of Default.
Application of Security Deposit. Upon the occurrence and during the continuance of an Event of Default, Lessor may, but shall not be required to, in addition to and not in lieu of any of the rights and remedies available to Lessor, use and apply all or any part of the Security Deposit to the payment of any sum in default, or any other sum, including, but not limited to, any damages or deficiency in reletting the Leased Properties, which Lessor may expend or be required to expend by reason of the existence of such Event of Default. Whenever, and as often as, Lessor has applied any portion of the Security Deposit to cure (in whole or in part) an Event of Default, Lessee shall, within ten (10) days after Notice from Lessor, deliver a new letter of credit to Lessor (or, at Lessor’s option, deposit additional money with Lessor) sufficient to restore the Security Deposit to the full amount originally provided or paid, and Lessee’s failure to do so shall constitute an Event of Default hereunder without any further Notice.
Application of Security Deposit. In the event of default by Tenant in respect to any of its obligations under this Lease, including, but not limited to, the payment of Basic Annual Rent or Additional Rent, Landlord may use, apply, or retain all or any part of the security deposit for the satisfaction of any unpaid Basic Annual Rent or Additional Rent. Landlord may apply the security deposit to any expenses incurred by reason of the default of Tenant, including any damages or deficiency in the reletting of the Leased Premises, regardless of whether the accrual of such damages or deficiency occurs before or after an eviction or a portion of the security deposit is so used or applied. Tenant shall, upon five (5) days written demand, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount.
Application of Security Deposit. Security Deposit may not be applied towards payment of the last month’s rent. Security Deposit is to be held as collateral security and applied towards any rent or any other charge that may remain due and owing at the expiration of this Agreement, or any extension thereof or holding over period or applied to any damages to the Premises caused by TENANT, his family, invitees, employees, trades people or pets, or other expenses suffered by LANDLORD as a result of a breach of any covenant of this Lease. LANDLORD’s application of TENANT’s Security Deposit to satisfy all or part of TENANT’s obligations under this Lease shall not prevent LANDLORD from claiming damages in excess of the Security Deposit. The Security Deposit will not be returned if TENANT vacates the Premises before the Lease term is completed. LANDLORD TENANT TENANT may NOT (i) utilize the Security Deposit as rent (ii) deduct the Security Deposit from the TENANT’s last’s month’s rent, or (iii) require LANDLORD to indemnify itself from the Security Depositor any part thereof with respect to any particular violation or default of TENANT. In the event that any part of the Security Deposit shall have been utilized by LANDLORD in accordance with the terms hereof or applicable law, TENANT shall, upon the delivery of notice by LANDLORD, immediately deposit with LANDLORD the amount so applied by LANLORD so that LANDLORD shall have the full Security Deposit on hand at all times during the term of this Lease and any renewal thereof or holding over period.
Application of Security Deposit. If Lessee defaults in respect of any of the terms, provisions, covenants and conditions of this Lease, including, but not limited to, payment of any Rent and other sums of money payable by Lessee, Lessor may, but shall not be required to, in addition to and not in lieu of any other rights and remedies available to Lessor use, apply all or any part of the Security Deposit to the payment of any sum in default, or any other sum, including but not limited to, any damages or deficiency in reletting the Leased Properties, which Lessor may expend or be required to expend by reason of Xxxxxx's default. Whenever, and as often as, Lessor has applied any portion of the Security Deposit to cure Xxxxxx's default hereunder, Lessee shall, within ten (10) days after Notice from Lessor, deposit additional money with Lessor sufficient to restore the Security Deposit to the full amount originally provided or paid, and Xxxxxx's failure to do so shall constitute an Event of Default hereunder without any further Notice.
