Common use of Application of Security Deposit Clause in Contracts

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. 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 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 shall, within ten (10) days after of receiving a written demand thereafter demand, 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.