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 three (3) months 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 three (3) months 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, shall 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 ARTICLE 18. The Holder of a Mortgage shall not be responsible to Tenant for the return or application of any such Letter of Credit and/or Security Deposit, whether or not it succeeds to the position of Landlord hereunder, unless such Letter of Credit and/or Security Deposit shall have been received in hand by such Holder.
Appears in 1 contract
Samples: Lease (Caliper Life Sciences Inc)
Application of Security Deposit. Any Within fifteen (15) days after the Contingency Expiration Date, Tenant shall deliver to Landlord the sum stipulated in the Basic Lease Information as a Security Deposit. Landlord shall be required to maintain such deposit in a separate account if such deposit is made in cash. The Security Deposit shall be held security for the performance by Tenant of all of Tenant's obligations, covenants, conditions, and applied by the Landlord as set forth in agreements under this Lease. Within thirty (30) days after the expiration of the Term, and provided Tenant has vacated the Premises and is not in Default hereunder, Landlord shall hold any return the Security Deposit (or so much to Tenant, less such portion thereof as has Landlord shall have appropriated to satisfy any Default by Tenant hereunder. In the event of any Default by Tenant hereunder, Landlord shall have the right, but shall not been applied be obligated to use, apply or retain all or any portion of the Security Deposit for (i) the payment of any Base Rent, Additional Rent or any other sum as to which Tenant is in Default, (ii) the payment of any amount which Landlord may spend or become obligated to spend to repair physical damage to the Premises or the Building pursuant to PART 11 hereof, or (iii) the payment of any amount Landlord may spend or become obligated to spend or for compensation of Landlord for any losses incurred by Landlord pursuant hereto) until that date which reason of Tenant's Default, including, but not limited to, any damage or deficiency arising in connection with the reletting of the Premises. If any portion of the Security Deposit is so used or applied, within three (3) months 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 business days after written notice 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 Tenant of such Security Deposituse or application, Tenant shall immediately upon demand deposit with Landlord the an amount so applied sufficient to restore the Security Deposit to the full its original amount of the Letter of Credit. Landlord amount, and Tenant's failure to do so 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 three (3) months 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, shall 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 ARTICLE 18. The Holder of a Mortgage shall not be responsible to Tenant for the return or application of any such Letter of Credit and/or Security Deposit, whether or not it succeeds to the position of Landlord hereunder, unless such Letter of Credit and/or Security Deposit shall have been received in hand by such Holder.
Appears in 1 contract
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 three two (32) months 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 Creditthereof. 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 three two (32) months 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, shall 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 ARTICLE 18. The Holder of a Mortgage shall not be responsible to Tenant for the return or application of any such Letter of Credit and/or Security Deposit, whether or not it succeeds to the position of Landlord hereunder, unless such Letter of Credit and/or Security Deposit shall have been received in hand by such Holder.
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Application of Security Deposit. Any Lessor shall hold the 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 three (3) months following the expiration or earlier termination of the Term as security for the full and faithful performance by Lessee of every term, provision, obligation and covenant under this Lease and subject to the terms and conditions of this Lease. If the Security Deposit is paid in immediately available funds, the Security Deposit may be deposited by Lessor into an interest-bearing account, which interest shall accrue for the sole benefit of Lessor and not Lessee. The Security Deposit shall not be considered an advance payment and performance of all Rent (or of Tenantany other sum payable by Lessee under this Lease) or a measure of Lessor’s obligations hereunderdamages in case of a default by Lessee. Landlord If the Security Deposit is paid in immediately available funds, Lessor shall have no obligation to maintain the right Security Deposit separate and apart from time Lessor’s general and/or other funds. If Lessee defaults in respect of any of the terms, provisions, covenants and conditions of this Lease, Lessor may, but shall not be required to, in addition to time, without prejudice to and not in lieu of any other remedy Landlord may haverights and remedies available to Lessor, apply all or any part of the Security Deposit to apply such Security Depositthe payment of any sum in default, or any part thereofother sum that Lessor may expend or be required to expend by reason of Lessee’s default, to Landlord’s damages arising from, or to cureincluding but not limited to, any Default damages or deficiency in reletting the Premises. Whenever, and as often as, Lessor has applied any portion of Tenant. If Landlord shall so apply any or all of such the Security DepositDeposit to cure Lessee’s default hereunder, Tenant shall immediately upon demand Lessee shall, within ten (10) days after Notice from Lessor, deposit additional funds with Landlord the amount so applied Lessor sufficient to restore the Security Deposit to the full original amount then required to be deposited with Lessor, and Lessee’s failure to do so shall constitute an Event 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 three (3) months 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 without 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 fundsfurther Notice. If Landlord Lessor transfers or assigns Landlord’s its interest under this Lease, Lessor shall assign the Security Deposit to the new lessor and upon new lessor’s assumption of the Lease, Lessor shall have no further liability for the return of the Security Deposit, or any part thereof not previously applied, shall be turned over by Landlord to Landlord’s assignee, and, if so turned over, Tenant and Lessee agrees to look solely to such assignee the new lessor for proper application the return of the Security Deposit. Lessee agrees that it will not assign or encumber or attempt to assign or encumber the Security Deposit and that Lessor, its successors and assigns may return the Security Deposit to the last lessee in accordance with possession of the terms Premises at the last address for which Notice has given by such lessee and that Lessor thereafter shall be relieved of any liability therefor, regardless of one or more assignments of this ARTICLE 18. The Holder of a Mortgage shall not be responsible to Tenant for the return Lease or application of any such Letter actual or attempted assignment or encumbrances of Credit and/or the Security Deposit. Provided Lessee is not in default, whether or not it succeeds to Lessor shall return the position of Landlord hereunder, unless such Letter of Credit and/or Security Deposit shall have been received in hand by such Holderto Lessee within thirty (30) days of the date of termination of this Lease.
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Application of Security Deposit. Any On or before August 1, 1999, Tenant shall deliver to Landlord half (1/2) the sum stipulated in the Basic Lease Information as a Security Deposit. On or before the Commencement Date, Tenant shall deliver to Landlord the balance of the sum stipulated in the Basic Lease Information as a Security Deposit. Landlord shall be required to maintain such deposit in a separate account if such deposit is made in cash. The Security Deposit shall be held security for the performance by Tenant of all of Tenant's obligations, covenants, conditions, and applied by the Landlord as set forth in agreements under this Lease. Within thirty (30) days after the expiration of the Term, and provided Tenant has vacated the Premises and is not in Default hereunder, Landlord shall hold any return the Security Deposit (or so much to Tenant, less such portion thereof as has Landlord shall have appropriated to satisfy any Default by Tenant hereunder. In the event of any Default by Tenant hereunder, Landlord shall have the right, but shall not been applied be obligated to use, apply or retain all or any portion of the Security Deposit for (i) the payment of any Base Rent, Additional Rent or any other sum as to which Tenant is in Default, (ii) the payment of any amount which Landlord may spend or become obligated to spend to repair physical damage to the Premises or the Building pursuant to PART 11 hereof, or (iii) the payment of any amount Landlord may spend or become obligated to spend or for compensation of Landlord for any losses incurred by Landlord pursuant hereto) until that date which reason of Tenant's Default, including, but not limited to, any damage or deficiency arising in connection with the reletting of the Premises. If any portion of the Security Deposit is so used or applied, within three (3) months 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 business days after written notice 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 Tenant of such Security Deposituse or application, Tenant shall immediately upon demand deposit with Landlord the an amount so applied sufficient to restore the Security Deposit to the full its original amount of the Letter of Credit. Landlord amount, and Tenant's failure to do so 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 three (3) months 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, shall be turned over by Landlord to . C-25 Initials: _____ (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 ARTICLE 18. The Holder of a Mortgage shall not be responsible to Tenant for the return or application of any such Letter of Credit and/or Security Deposit, whether or not it succeeds to the position of Landlord hereunder, unless such Letter of Credit and/or Security Deposit shall have been received in hand by such Holder.) _____ (Tenant)
Appears in 1 contract
Application of Security Deposit. Any On or before May 1, 1999, Tenant shall deliver to Landlord the sum stipulated in the Basic Lease Information as a Security Deposit. Landlord shall be required to maintain such deposit in a separate account if such deposit is made in cash. The Security Deposit shall be held security for the performance by Tenant of all of Tenant's obligations, covenants, conditions, and applied by the Landlord as set forth in agreements under this Lease. Within thirty (30) days after the expiration of the Term, and provided Tenant has vacated the Premises and is not in Default hereunder, Landlord shall hold any return the Security Deposit (or so much to Tenant, less such portion thereof as has Landlord shall have appropriated to satisfy any Default by Tenant hereunder. In the event of any Default by Tenant hereunder, Landlord shall have the right, but shall not been applied be obligated to use, apply or retain all or any portion of the Security Deposit for (i) the payment of any Base Rent, Additional Rent or any other sum as to which Tenant is in Default, (ii) the payment of any amount which Landlord may spend or become obligated to spend to repair physical damage to the Premises or the Building pursuant to PART 11 hereof, or (iii) the payment of any amount Landlord may spend or become obligated to spend or for compensation of Landlord for any losses incurred by Landlord pursuant hereto) until that date which reason of Tenant's Default, including, but not limited to, any damage or deficiency arising in connection with the reletting of the Premises. If any portion of the Security Deposit is so used or applied, within three (3) months 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 business days after written notice 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 Tenant of such Security Deposituse or application, Tenant shall immediately upon demand deposit with Landlord the an amount so applied sufficient to restore the Security Deposit to the full its original amount of the Letter of Credit. Landlord amount, and Tenant's failure to do so 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 three (3) months 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, shall 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 ARTICLE 18. The Holder of a Mortgage shall not be responsible to Tenant for the return or application of any such Letter of Credit and/or Security Deposit, whether or not it succeeds to the position of Landlord hereunder, unless such Letter of Credit and/or Security Deposit shall have been received in hand by such Holder.
Appears in 1 contract
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 three sixty (360) months 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 three sixty (360) months 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, shall 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 ARTICLE 18Lease. The Holder of a Mortgage shall not be responsible to Tenant for the return or application of Notwithstanding any such Letter of Credit and/or Security Deposit, whether or not it succeeds provision herein to the position contrary, following the one (1) year anniversary of Landlord hereunderthe Rent Commencement Date and no more often than once during any twelve (12) consecutive month period thereafter (each, unless such Letter of Credit and/or a “Security Deposit shall have Year”), so long as: (a) there has been received no Default of Tenant hereunder; (b) this Lease is then in hand by such Holder.full force and effect; and
Appears in 1 contract
Samples: Lease (Replimune Group, Inc.)
Application of Security Deposit. Any Security Deposit shall be In the event that Tenant defaults beyond the giving of notice and the expiration of applicable grace periods in respect of any of the terms, provisions and conditions of this Lease, Landlord may apply or retain the whole or any part of any cash security held by Landlord or may notify the Issuing Bank and applied thereupon receive all the monies represented by the Landlord Letter of Credit and use, apply or retain the whole or any part of such proceeds, 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 three (3) months following the expiration or earlier termination of case may be, to the Term as security extent required for the payment and performance of all any Rent as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant’s obligations hereunder. Landlord shall have default beyond the right from time to timeapplicable cure period under this Lease, without prejudice to including any damages or deficiency in the reletting of the Premises, whether such damages or deficiency accrue or accrues before or after summary proceedings or other remedy Landlord may have, to apply such Security Deposit, or any part thereof, to reentry by Landlord’s damages arising from, or to cure, any Default of Tenant. If Landlord applies or retains any part of any cash security or proceeds of the Letter of Credit, as the case may be, Tenant, within ten (10) days after notice from Landlord and at Landlord’s option, shall so apply any or all of such Security Deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to restore or retained or increase the amount of the Letter of Credit or provide an additional or replacement Letter of Credit, so that Landlord shall have the full Security Deposit on hand at all times during the Term. Any cash security or the Letter of Credit, as the case may be, shall be promptly returned to Tenant after the Expiration Date and after delivery of the entire possession of the Premises to Landlord, less any sums appropriately drawn upon by Landlord pursuant to the full original amount foregoing provisions of this Article 27. In the event of a sale of the Real Property or the Building or leasing of the Building, Landlord shall transfer any cash security or so much thereof as remains following a default by Tenant to the vendee or lessee and with respect to the Letter of Credit, within thirty (30) days of notice of such sale or leasing, Tenant, at Tenant’s sole cost and expense, shall arrange for the transfer of the Letter of Credit to the new landlord, as designated by Landlord in the foregoing notice or have the Letter of Credit reissued in the name of the new landlord and Landlord shall thereupon be released by Tenant from all liability for the return of such security. Landlord shall execute any documentation reasonably required by the Issuing Bank to effectuate such assignment 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 three (3) months 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, shall be turned over by Landlord to Landlord’s assignee, and, if so turned over, Tenant agrees to look solely to the new landlord for the return of such assignee for proper application cash security or Letter of Credit and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the Security Deposit to a new landlord. Tenant further covenants that, except in accordance connection with the terms a permitted assignment of this ARTICLE 18. The Holder of a Mortgage shall Lease, it will not be responsible assign or encumber or attempt to Tenant for the return assign or application of encumber any such monies or Letter of Credit and/or Security Depositdeposited herein as security and that neither Landlord nor its successors or assigns shall be bound by any such assignment, whether encumbrance, attempted assignment or not it succeeds to the position of Landlord hereunder, unless such Letter of Credit and/or Security Deposit shall have been received in hand by such Holderattempted encumbrance.
Appears in 1 contract
Samples: Agreement of Lease (Compass, Inc.)
Application of Security Deposit. Any Security Deposit shall be In the event that Tenant defaults beyond the giving of notice and the expiration of applicable grace periods in respect of any of the terms, provisions and conditions of this Lease, including, but not limited to, the payment of Minimum Rent and additional rent, Landlord may apply or retain the, whole or any part of any cash security held by Landlord or may notify the Issuing Bank and applied thereupon receive all the monies represented by the Landlord Letter of Credit and use, apply or retain the whole or any part of such proceeds, 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 three (3) months following the expiration or earlier termination of case may be, to the Term as security extent required for the payment of any Rent and performance of all additional rent or any other sum as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant’s obligations hereunder. Landlord shall have 's default in respect of my of the right from time to timeterms, without prejudice to any other remedy Landlord may havecovenants and conditions of this Lease, to apply such Security Deposit, or any part thereof, to Landlord’s damages arising from, or to cureincluding but not limited to, any Default damages or deficiency in the reletting of Tenantthe Premises, whether such damages or deficiency accrue or accrues before or after summary proceedings or other reentry by Landlord. If Landlord applies or retains any part of any cash security or proceeds of the Letter of Credit, as the case may be, Tenant, within five (5) days after notice from Landlord and at Landlord's option, shall so apply any or all of such Security Deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to restore or retained or increase the Security Deposit to the full original amount of the Letter of Credit or provide an additional or replacement Letter of Credit. , so that Landlord shall return have the full Security DepositDeposit on hand at all times during the Term. The failure by Tenant to deposit such additional amount or provide an additional or replacement Letter of Credit within the foregoing time period shall be deemed a material default pursuant to Article 17 of this Lease. If Tenant shall fully and faithfully comply with all of the terms, provisions, covenants and conditions of this Lease, any cash security or the Letter of Credit, as the case may be, shall be promptly returned to Tenant after the Expiration Date and after delivery of the entire possession of the Premises to Landlord. In the event of a sale of the Real Property or the Building or leasing of the Building, Landlord shall transfer any cash security 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 three (3) months remains following the expiration or earlier termination of the Term of this Lease and surrender of possession of the Premises a default by Tenant to the vendee or lessee and with respect to the Letter of Credit, within thirty (30) days of notice of such sale or leasing, Tenant, at Tenant's sole cost and expense, shall arrange for the transfer of the Letter of Credit to the new landlord, as designated by Landlord at such time, provided that there is then existing no Default in the foregoing notice or have the Letter of Tenant (nor any circumstance which, with Credit reissued in the passage name of time or the giving of notice, or both, would constitute a Default of Tenant). new landlord and Landlord shall have no obligation to pay interest on thereupon be released by Tenant from all liability for the Security Deposit and may commingle the same with Landlord’s other fundsreturn of such security. If Landlord assigns Landlord’s interest under this Lease, the Security Deposit, or any part thereof not previously applied, shall be turned over by Landlord to Landlord’s assignee, and, if so turned over, Tenant agrees to look solely to the new landlord for the return of such assignee for proper application cash security or Letter of Credit and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the Security Deposit in accordance with the terms of this ARTICLE 18to a new landlord. The Holder of a Mortgage shall Tenant further covenants that it will not be responsible assign or encumber or attempt to Tenant for the return assign or application of encumber any such monies or Letter of Credit and/or Security Depositdeposited herein as security and that neither Landlord nor its successors or assigns shall be bound by any such assignment, whether encumbrance, attempted assignment or not it succeeds to the position of Landlord hereunder, unless such Letter of Credit and/or Security Deposit shall have been received in hand by such Holderattempted encumbrance.
Appears in 1 contract
Samples: Bridgeline Software, Inc.
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 three forty-five (345) months 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 Creditthereof. 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 three forty-five (345) months 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, shall 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 ARTICLE 18. So long as no monetary Default of Tenant has previously occurred and no non-monetary Default of Tenant has occurred in the prior twelve (12) months, Tenant is not then in default, Landlord has not previously drawn on the Security Deposit and provided that Tenant has a market capitalization of $1,000,000,000, Tenant may reduce the Security Deposit by $339,296.00 to $678,592.00 on the fourth anniversary of the Term Commencement Date by written notice to Landlord with reasonable evidence of such market capitalization. Such reduction in the amount of the Security Deposit shall be accomplished within thirty (30) days of request therefor by either (i) Landlord returning $339,296.00 to Tenant, if cash or (ii) if the Security Deposit is a Letter of Credit, then Tenant shall provide Landlord with a replacement Letter of Credit in the amount of $678,592.00 and Landlord will promptly return the original Letter of Credit to Tenant $1,017,888.00. The Holder of a Mortgage shall not be responsible to Tenant for the return or application of any such Letter of Credit and/or Security Deposit, whether or not it succeeds to the position of Landlord hereunder, unless such Letter of Credit and/or Security Deposit shall have been received in hand by such Holder.
Appears in 1 contract
Application of Security Deposit. Any Security Deposit shall be In the event that Tenant defaults beyond the giving of notice and the expiration of applicable grace periods in respect of any of the terms, provisions and conditions of this Lease, Landlord may apply or retain the whole or any part of any cash security held by Landlord or may notify the Issuing Bank and applied thereupon receive all the monies represented by the Landlord Letter of Credit and use, apply or retain the whole or any part of such proceeds, 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 three (3) months following the expiration or earlier termination of case may be, to the Term as security extent required for the payment and performance of all any Rent as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant’s obligations hereunder. Landlord shall have default beyond the right from time to timeapplicable cure period under this Lease, without prejudice to including any damages or deficiency in the reletting of the Premises, whether such damages or deficiency accrue or accrues before or after summary proceedings or other remedy Landlord may have, to apply such Security Deposit, or any part thereof, to reentry by Landlord’s damages arising from, or to cure, any Default of Tenant. If Landlord applies or retains any part of any cash security or proceeds of the Letter of Credit, as the case may be, Tenant, within ten (10) days after notice from Landlord and at Landlord’s option, shall so apply any or all of such Security Deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to restore or retained or increase the amount of the Letter of Credit or provide an additional or replacement Letter of Credit, so that Landlord shall have the full Security Deposit on hand at all times during the Term. Any cash security or the Letter of Credit, as the case may be, shall be promptly returned to Tenant after the Expiration Date and after delivery of the entire possession of the Premises to Landlord, less any sums appropriately drawn upon by Landlord pursuant to the full original amount foregoing provisions of this Article 27. In the event of a sale of the Real Property or the Building or leasing of the Building, Landlord shall transfer any cash security or so much thereof as remains following a default by Tenant to the vendee or lessee and with respect to the Letter of Credit, within thirty (30) days of notice of such sale or leasing, Tenant, at Tenant’s sole cost and expense, shall arrange for the transfer of the Letter of Credit to the new landlord, as designated by Landlord in the foregoing notice or have the Letter of Credit reissued in the name of the new landlord and Landlord shall thereupon be released by Tenant from all liability for the return of such security. Landlord shall execute any documentation reasonably required by the Issuing Bank to effectuate such assignment 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 three (3) months 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, shall be turned over by Landlord to Landlord’s assignee, and, if so turned over, Tenant agrees to look solely to the new landlord for the return of such assignee for proper application cash security or Letter of Credit and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the Security Deposit to a new landlord. Tenant further covenants that, except in accordance connection with the terms a permitted assignment of this ARTICLE 18. The Holder of a Mortgage shall Lease, it will not be responsible assign or encumber or attempt to Tenant for the return assign or application of encumber any such monies or Letter of Credit and/or Security Depositdeposited herein as security and that neither Landlord nor its successors or assigns shall be bound by any such assignment, whether encumbrance, attempted assignment or not it succeeds attempted encumbrance. Confidential Treatment Requested by Compass, Inc. Pursuant to the position of Landlord hereunder, unless such Letter of Credit and/or Security Deposit shall have been received in hand by such Holder.17 C.F.R. Section 200.83
Appears in 1 contract
Samples: Lease (Urban Compass, Inc.)
Application of Security Deposit. Any Security Deposit shall be In the event of an Event of Default by Tenant hereunder, Landlord may apply or retain the whole or any part of any cash security held by Landlord or may notify the Issuing Bank and applied thereupon receive all the monies represented by the Landlord Letter of Credit and use, apply or retain the whole or any part of such proceeds, as set forth the case may be, 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 three (3) months following each case, to the expiration or earlier termination of the Term as security extent required for the payment and performance of all any Rent as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant’s obligations hereunder. Landlord shall have default under this Lease, including any damages or deficiency in the right from time to timereletting of the Premises, without prejudice to any whether such damages or deficiency accrue or accrues before or after summary proceedings or other remedy Landlord may have, to apply such Security Deposit, or any part thereof, to reentry by Landlord’s damages arising from, or to cure, any Default of Tenant. If Landlord applies or retains any part of any cash security or proceeds of the Letter of Credit, as the case may be, Tenant, within ten (10) days after notice from Landlord and at Landlord’s option, shall so apply any or all of such Security Deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to restore or retained or increase the Security Deposit to the full original amount of the Letter of Credit or provide an additional or replacement Letter of Credit. , so that Landlord shall return have the full Security DepositDeposit on hand at all times during the Term. If Tenant shall fully and faithfully comply with all of the terms, provisions, covenants and conditions of this Lease, any cash security or the Letter of Credit, as the case may be, shall be promptly returned to Tenant after the Expiration Date and after delivery of the entire possession of the Premises to Landlord. In the event of a sale of the Real Property or the Building or leasing of the Building, Landlord shall transfer any cash security 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 three (3) months remains following the expiration or earlier termination of the Term of this Lease and surrender of possession of the Premises a default by Tenant to the new landlord and with respect to the Letter of Credit, within thirty (30) days of notice of such sale or leasing, Tenant, at Tenant’s sole cost and expense, shall arrange for the transfer of the Letter of Credit to the new landlord, as designated by Landlord at such time, provided that there is then existing no Default in the foregoing notice or have the Letter of Tenant (nor any circumstance which, with Credit reissued in the passage name of time or the giving of notice, or both, would constitute a Default of Tenant). new landlord and Landlord shall have no obligation to pay interest on thereupon be released by Tenant from all liability for the Security Deposit and may commingle the same with return of such security, provided, in each case that such new landlord assumes Landlord’s other funds. If Landlord assigns Landlord’s interest obligations under this Lease, the Security Deposit, or any part thereof not previously applied, shall be turned over by Landlord to . Provided that such new landlord assumes Landlord’s assignee, and, if so turned overobligations under this Lease, Tenant agrees to look solely to the new landlord for the return of such assignee for proper application cash security or Letter of Credit and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the Security Deposit to a new landlord. Tenant further covenants that, except in accordance connection with the terms a permitted assignment of this ARTICLE 18. The Holder of a Mortgage shall Lease, it will not be responsible assign or encumber or attempt to Tenant for the return assign or application of encumber any such monies or Letter of Credit and/or Security Depositdeposited herein as security and that neither Landlord nor its successors or assigns shall be bound by any such assignment, whether encumbrance, attempted assignment or not it succeeds to the position of Landlord hereunder, unless such Letter of Credit and/or Security Deposit shall have been received in hand by such Holderattempted encumbrance.
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