Common use of Deductions from Security Deposit Clause in Contracts

Deductions from Security Deposit. In the event of any default by Tenant hereunder, Landlord shall have the right from time to time to apply all or any portion of the Security Deposit to the performance of Tenant’s unperformed obligations but shall not be obligated to do so. If Landlord does so apply any portion of the Security Deposit, Tenant, upon demand by Landlord, shall immediately pay to Landlord a sufficient amount to restore the Security Deposit to its original amount. Tenant’s failure to fully restore the Security Deposit within ten (10) business days of Landlord’s demand shall, without further notice or demand, constitute an Event of Default (as hereafter defined). Use by Landlord of the Security Deposit, or any portion thereof, to satisfy any of Tenant’s obligations hereunder shall not constitute Landlord’s waiver of Tenant’s default with respect to such nonperformance for which amounts are expended, nor prevent Landlord from exercising any other remedies available to Landlord.

Deductions from Security Deposit. In the event of any default by Tenant hereunder, Landlord shall have the right from time to time to apply all or any portion of the Security Deposit to the performance of Tenant’s 's unperformed obligations but shall not be obligated to do so. If Landlord does so apply any portion of the Security Deposit, Tenant, upon demand by Landlord, shall immediately pay to Landlord a sufficient amount to restore the Security Deposit to its original amount. Tenant’s 's failure to fully restore the Security Deposit within ten (10) business days of Landlord’s 's demand shall, without further notice or demand, constitute an Event of Default (as hereafter defined). Use by Landlord of the Security Deposit, or any portion thereof, to satisfy any of Tenant’s 's obligations hereunder shall not constitute Landlord’s 's waiver of Tenant’s 's default with respect to such nonperformance for which amounts are expended, nor prevent Landlord from exercising any other remedies available to Landlord.