Deposit. Upon execution of the original Lease, Tenant deposited with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord as security for the faithful performance of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereof.
Appears in 4 contracts
Samples: Work Letter (Natera, Inc.), Work Letter (Natera, Inc.), Suit Lease (Nektar Therapeutics)
Deposit. Upon execution of the original Lease, Tenant deposited with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide The Lessor (or one or more irrevocable letters of creditLessor Lenders) shall retain the Deposit during the Term as additional security for Lessee's obligations under this Agreement. On the Delivery Date, payable to Landlordthe Deposit, as together with any interest earned thereon shall constitute a security deposit. Upon deposit under this Lease, shall be non-refundable during the execution Term of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord Lessor (or one or more Lessor Lenders) in an interest bearing account (which may be a general account and need not be segregated) as security for the timely and faithful performance by Lessee of all of Lessee's obligations under this Lease. If Lessee fails to pay Rent hereunder or to pay any other sums due or to or to perform any of the terms, covenants, other terms and conditions provisions of this Lease to be kept or an Event of Default has otherwise occurred and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due is continuing hereunder, Landlord shall have the right, but shall not be required, to Lessor may use, apply apply, draw upon or retain all or any part portion of the Security Deposit in partial payment for the payment sums due to Lessor by Lessee, to compensate Lessor for any sums it may in its reasonable discretion advance as a result of rentalan Event of Default, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss apply toward losses or damage which Landlord expenses Lessor may suffer by reason or incur as a result of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination occurrence of this Leasean Event of Default hereunder. If Lessor uses, draws upon or applies all or any portion of the Security Deposit is so used Deposit, such application shall not be deemed a cure of any Default or appliedEvent of Default, Tenant shall, and Lessee shall within five (5) days Business Days after written demand therefor, therefor deposit with Lessor cash with Landlord or other collateral acceptable to Lessor in an amount sufficient to restore the Security Deposit to its original amount level as set forth in Schedule 9 hereto, and Tenant’s the failure of Lessee to do so shall be a material breach of this LeaseLease by Lessee. Landlord shall be required to keep any deposit Provided no Default has occurred and is continuing under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by itLease, the Security Deposit, or any balance thereof, together with all accrued interest, Deposit shall be returned to Tenant Lessee, together with interest (net of any reasonable fees, commissions and other expenses incurred in connection with investment of the Deposit), if any, earned thereon, within five (5) Business Days following the Expiry Date, or, at Landlord’s optionif later, the date Lessee's obligations relating to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofAircraft have been fully performed.
Appears in 4 contracts
Samples: Lease Agreement (Afg Investment Trust B), Lease Agreement (Afg Investment Trust C), Lease Agreement (American Income Fund I-C LTD Partnership)
Deposit. Upon (a) Within ten (10) days after mutual execution of the original this Lease, Tenant deposited shall deposit with Landlord the sum of Seven Hundred Thirty-Eight Thousand and No/100 Dollars ($5,500,000. In lieu of a cash security deposit738,000.00), Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon which sum (the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”"SECURITY DEPOSIT") shall be held by Landlord as security for the faithful performance of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults (beyond any applicable cure period) with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses rental or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s 's default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s 's default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five ten (510) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s 's failure to do so shall be a material breach of this Lease. Landlord shall not be required to keep any deposit under this Section separate from Landlord’s 's general funds in an interest bearing account reasonably acceptable to Tenantfunds, and Tenant shall not be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s 's option, to the last assignee of Tenant’s 's interest hereunder, at the expiration of the Term term of this Lease and after Tenant has vacated the PremisesProperty. In the event of termination of Landlord’s 's interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s 's successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereof.
Appears in 3 contracts
Samples: Pharmacopeia Inc, Pharmacopeia Inc, Pharmacopeia Inc
Deposit. Upon execution Within three (3) business days following any termination of this Agreement, but subject to the following sentence, Buyer shall deliver written instructions to the Escrow Agent to release from the Deposit Escrow and pay to Buyer the Deposit (including any interest earned thereon); provided that, in the event of a termination with respect to the ACE Lo Purchase only and not the AREH Subs Purchase pursuant to Section 11.1(g) hereof, Buyer shall deliver written instructions to the Escrow Agent to release from the Deposit Escrow and pay to Buyer a portion of the original LeaseDeposit corresponding to the proportion of the entire Purchase Price represented by the Closing ACE Purchase Price (including any interest earned thereon). Notwithstanding the foregoing sentence, Tenant deposited with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit if (individually and collectively, the “Security Deposit”i) shall be held by Landlord as security for the faithful performance of all of the terms, covenantsconditions to Buyer’s obligation to close under Section 10.1 and Section 10.2 hereof shall have been satisfied (other than those conditions to be satisfied at the Closing), and conditions of Buyer fails to close within the time required by this Lease to be kept and performed by Tenant during Agreement, (ii) the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating condition to the payment of rental and other sums due hereunder, Landlord shall have the right, but parties’ obligations to close under Section 10.1(b) shall not be required, have been satisfied due to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and TenantBuyer’s failure to do so use best efforts to cause the expiration or termination of any appliacable waiting periods, together with any extensions thereof, under the HSR Act in accordance with Section 9.7(b) hereof, (iii) the condition to Buyer’s obligation to close under Section 10.2(d) shall be a material breach not have been satisfied due to Buyer’s failure to pay the fees of this Lease. Landlord the title insurance company, or (iv) the Sellers’ obligations to close under Section 10.3(c) hereof shall be required not have been satisfied due to keep any deposit under this Section separate from LandlordBuyer’s general funds in an interest bearing account reasonably acceptable failure to Tenantpay the Purchase Price at the Closing, and Tenant then ACE Hi shall be entitled to receive the Deposit (without any interest earned thereon) and Buyer and ACE Hi shall deliver joint written instructions to the Escrow Agent to (A) release from the Deposit Escrow and pay to ACE Hi, the Deposit (without giving effect to the interest earned thereon) and (B) release from the Deposit Escrow and pay to Buyer, to be paid to Tenant when and if any interest earned on the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned pursuant to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for 11.2(b) and the return of such deposit or the accounting thereofDeposit Escrow Agreement.
Appears in 3 contracts
Samples: Acquisition Agreement (American Real Estate Partners L P), Terms Agreement (Atlantic Coast Entertainment Holdings Inc), Acquisition Agreement (Pinnacle Entertainment Inc)
Deposit. Upon execution of the original Lease, Tenant deposited with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one 2 At or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the before Xxxxxx's execution of this Lease, Tenant shall deposit with Landlord the amount sum set 3 forth in the Data Sheet as a security deposit and payment and performance guaranty. Landlord shall 4 retain said sum throughout the Term of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord this Lease as security for the faithful performance by Xxxxxx of all 5 of the terms, covenants, and conditions of this Lease Lease. (Such sum is occasionally referred to be kept and performed by Tenant during herein as the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security 6 “deposit. ”.) If Tenant defaults with respect to any provision of this Lease, including, without limitation, including but not limited to the 7 provisions relating to the payment of rental and other sums due hereunderRental, Landlord shall have the right, but shall not be required, to may use, apply or retain all or any part of the Security Deposit 8 deposit for the payment of rental, unreimbursed Operating Expenses any Rental or any other sum in default, or for the payment of any loss or 10 other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default 's default. In 11 no event, except as specifically hereinafter provided, shall Landlord be obliged to apply the same to 12 Rental or other charges in arrears or to compensate damages for Xxxxxx's failure to perform said covenants, conditions 13 and agreements; however, Landlord may so apply the deposit, at its option. Xxxxxxxx's right to bring a 14 special proceeding to recover or otherwise to obtain possession of the Premises before or after Xxxxxxxx's 15 declaration of the termination of this Lease for non-payment of Rental or for any other loss or damage which Landlord may suffer reason shall not in 16 any event be affected by reason of the fact that Landlord holds the deposit. 18 In the event that Xxxxxxxx regains possession of the Premises, whether by special proceeding, 19 reentry or otherwise, because of Tenant’s default. Landlord may also apply 's default or failure to carry out the Security Deposit toward costs incurred to repair damages to the Premises or to clean covenants, conditions and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination 20 agreements of this Lease, Landlord may apply such deposit to all damages suffered through the date of 21 said repossession and may retain the deposit to apply to such damages as may be suffered or shall accrue 22 thereafter by reason of Xxxxxx's default or breach. If In the event any portion bankruptcy, insolvency, 23 reorganization or other creditor-debtor proceedings shall be instituted by or against Tenant, or its 24 successors or assigns, or any guarantor of Tenant hereunder, such deposit shall be deemed to be applied 25 first to the Security Deposit is so used payment of any Rental and/or other charges due Landlord for all periods prior to the institution 26 of such proceedings, and the balance, if any, of such deposit may be retained by Landlord in partial 27 liquidation of Xxxxxxxx's damages. 29 The deposit shall not constitute a trust fund. Landlord shall not be obligated to keep such deposit 30 as a separate fund but may commingle the deposit with its own funds. Tenant shall not be entitled to 31 interest on the deposit. In the event Landlord applies the deposit in whole or appliedin part, Tenant shall, within 32 five (5) days after written demand thereforby Xxxxxxxx, deposit cash with sufficient funds to maintain the deposit in the 33 initial amount. Failure of Tenant to deposit such additional funds shall entitle Landlord to avail itself of 34 the remedies provided in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach this Lease for non-payment of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to TenantRental by Xxxxxx. If Tenant fully and faithfully 35 performs every provision of this Lease to be performed by it, the Security Deposit, security deposit or any balance thereof, together with all accrued interest36 less any sums then due Landlord from Tenant under this Lease, shall be returned to Tenant (or, at 37 Landlord’s option, 's option to the last assignee of Tenant’s Xxxxxx's interest hereunder, at thereunder) within thirty (30) days following the 38 later of the expiration of the Term of this Lease and after Tenant has vacated or Xxxxxx's vacating the Premises. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereof.39 40 ARTICLE XXVII 41 42 MISCELLANEOUS 43
Appears in 2 contracts
Deposit. Upon Contemporaneously with Tenant's execution of the original Lease, Tenant deposited with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution and delivery of this Lease, Tenant shall deposit with Landlord an amount equal to the first full month's Base Rent, such amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord during the Term as security for the faithful Tenant's performance of all of the terms, covenants, and conditions of this Lease its obligations hereunder. If Tenant fails to be kept and performed by Tenant during the Term hereof; provided that if at make any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of payment when due under this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant or otherwise defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to may use, apply or retain all or any part portion of the Security Deposit said deposit for the payment of rentalsuch obligation or default, unreimbursed Operating Expenses or for the payment of any other amount sum to which Landlord may spend or be become obligated to spend by reason of Tenant’s default 's default, or to compensate Landlord for any other loss or damage which that Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Leasethereby. If Landlord so uses or applies all or any portion of the Security Deposit is so used or appliedsaid deposit, Tenant shall, within five ten (510) days after written demand therefortherefor from Landlord, deposit cash with Landlord in an amount sufficient to restore said deposit to the Security Deposit to its original full amount stated in this Paragraph IV(16), and Tenant’s 's failure to do so shall be a material breach constitute an Event of Default under this Lease. If Tenant performs all of Tenant's obligations hereunder, Landlord shall be required to keep any return said deposit (or so much thereof as has not theretofore been applied by Landlord as permitted under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to Paragraph IV(16)) within sixty (60) days following the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision date of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after or the date on which Tenant has vacated the Premises. In Landlord shall not be required to keep said security deposit separate from its general funds, and Tenant shall not be entitled to interest on said deposit. Landlord shall be entitled to deliver the event of termination funds constituting the deposit hereunder to any purchaser of Landlord’s 's interest in this Leasethe Premises, whether by sale, foreclosure, deed in lieu of foreclosure, or otherwise, and upon such delivery, Landlord shall transfer all deposits then held by Landlord under this Section be discharged from any further liability with respect to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofsaid deposit.
Appears in 2 contracts
Samples: Pyramid Breweries Inc, Pyramid Breweries Inc
Deposit. Upon execution of the original LeaseLessee, Tenant deposited concurrently with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, has deposited with Lessor and shall keep on deposit at all times during the term of this Lease, the sum of Five Thousand Six Hundred Fifty Eight and 00/100 Dollars ($ 5,658.00 ) for the purpose hereinafter set for, to be held by Lessor at: 0000 Xxxxxx Xxxxx, Xxxxxxxx Xxxxxxx, Xxxxxxxx 00000 , in a non-interest bearing account. If at any time during the term of this Lease, Lessee shall be in default in the performance of any of the terms, provisions, covenants or conditions of this Lease, Lessor shall have the right to apply said deposit, or so much thereof as may be necessary, toward the reimbursement for any physical damage to the Leased Premises and for any attorney's fees and legal costs incurred by Lessor by reason of such default; and in the event such deposit shall be diminished by any such payment from or application of the same, Lessee shall and will forthwith pay to Lessor, or its agent, as Lessor may request, such sum as shall be necessary to restore said deposit to the original amount mentioned above. If the amount of said deposit shall be insufficient to pay, reimburse and fully discharge such expenses and damages, Lessee shall be and remain liable for the balance thereof remaining unpaid, and shall pay the amount of such deposit shall be reduced deficiency to $1,375,000Lessor. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or After the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord as security for the faithful performance of all termination of the termsLessee's tenancy, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord Lessor shall return the Security Deposit to Tenant. Upon the execution Lessee such part or portion of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged said deposit as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be requiredrequired to pay, to use, apply or retain all or any part of the Security Deposit discharge and reimburse Lessor for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean said expenses and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premisesdamages. In the event the property in which the Leased Premises is located is sold or otherwise conveyed, or a new management agent is named by Lessor, said security deposit may be transferred by Lessor to the new owner of termination of Landlord’s interest in this Leasethe property or new management agent, Landlord and notice thereof shall transfer all deposits then held by Landlord under this Section be given to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofLessee.
Appears in 2 contracts
Samples: Office Lease (Good Times Restaurants Inc), Office Lease (Good Times Restaurants Inc)
Deposit. Upon execution (a) In the event that Buyer waives its rights or otherwise fails to terminate this Agreement pursuant to Section 2.08(f) hereof, Buyer shall cause CWYP to deposit the Original Deposit Amount with Escrow Agent no later than 5:00 p.m. (Eastern time) on the last day of the original LeaseDue Diligence Period; provided, Tenant deposited however, in the event that Buyer elects the Extension, (i) on the Extension Date, Buyer shall deposit the Additional Deposit Amount with Landlord Escrow Agent and, if prior to the sum expiration of $5,500,000. In lieu of a cash security depositthe Due Diligence Period, Tenant elected shall cause CWYP to provide one or more irrevocable letters of credit, payable to Landlord, deposit the Original Deposit Amount with Escrow Agent as a security depositdeposit against the Purchase Price, (ii) the Additional Deposit Amount shall be included in the Deposit Amount and the Deposit Amount shall total Six Million Dollars ($6,000,000) from, and including, the Extension Date, and (iii) the Deposit Amount shall become non-refundable to Buyer as of the Extension Date and delivered to Seller forthwith as liquidated damages hereunder without demand, deduction, offset or delay in the event that this Agreement is terminated for any reason other than as otherwise expressly provided in this Agreement. Upon the execution If termination of this LeaseAgreement occurs prior to the expiration of the Due Diligence Period and the Extension has not occurred, then CWYP shall transfer the Deposit Amount to Buyer upon Seller’s receipt from Buyer of copies of all Due Diligence Materials (or a certificate from Buyer to Seller to the effect that Buyer has destroyed all Due Diligence Materials), together with a waiver of all right, title and interest in and to the Business, the amount of such deposit shall be reduced to $1,375,000Acquired Assets and the Real Property. At Tenant’s election, Except as otherwise expressly provided in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord as security for the faithful performance of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this LeaseAgreement, including, without limitation, in Section 12.02 hereof, the provisions relating to the payment of rental and other sums due hereunder, Landlord Deposit Amount shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is non-refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at Buyer upon the expiration of the Term Due Diligence Period or as of the Extension Date, if any, and shall be delivered to Seller as liquidated damages hereunder forthwith without demand, deduction, offset or delay upon termination of this Lease and Agreement on or after Tenant has vacated the Premises. In expiration of the event of termination of Landlord’s interest in this LeaseDue Diligence Period or on or after the Extension Date, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofif any.
Appears in 2 contracts
Samples: Asset Purchase Agreement (Golf Trust of America Inc), Asset Purchase Agreement (Gta-Ib, LLC)
Deposit. Upon execution of the original LeaseBuyer shall deposit with Seller, Tenant deposited concurrent with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this LeaseAddendum, a Deposit in the amount of such deposit shall be reduced to $1,375,0001,000.00 (the "Deposit"). At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) The Deposit shall be held by Landlord Seller as security for the faithful performance by Buyer of all of the terms, covenants, and conditions provisions of this Lease Addendum to be kept and performed or observed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security depositBuyer. If Tenant Buyer fails to pay any amounts or other charges hereunder, or otherwise defaults with respect to any provision of this LeaseAddendum, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to Seller may use, apply or retain all or any part portion of the Security Deposit for the payment of rentalany such amounts or other charge in default, unreimbursed Operating Expenses or for the payment of any other amount sum to which Landlord the Seller may spend or become obligated to spend by reason of TenantBuyer’s default default, or to compensate Landlord Seller for any other loss or damage which Landlord Seller may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Leasethereby. If Seller so uses or applies all or any portion of the Security Deposit is so used or appliedDeposit, Tenant Buyer shall, within five ten (510) days after written demand thereforSeller's demand, deposit cash a cashier's or certified check with Landlord Seller in an the amount sufficient to restore the Security Deposit to its original the full amount and Tenant’s thereof. Buyer's failure to do so shall be a material breach of this Leasethe Addendum. Landlord Seller shall not be required to keep any deposit under this Section the Deposit separate from Landlord’s its general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenantaccounts. If Tenant fully and faithfully Buyer performs every provision all of this Lease to be performed by itBuyer's obligations hereunder, the Security Deposit, or any balance thereof, together with all accrued interestso much thereof as has not theretofore been applied to Seller, shall be returned to Tenant orreturned, at Landlord’s optionwithout payment of interest or other increment for its use, to Buyer upon completion of Buyer's obligations hereunder to Seller's reasonable satisfaction. No trust relationship is created herein between Seller and Buyer with respect to the last assignee of Tenant’s interest hereunder, at the expiration Deposit. The Deposit is not part of the Term Xxxxxxx Money and no provisions of this Lease and after Tenant has vacated the Premises. In Purchase Agreement or Addendum relating to the event of termination of Landlord’s interest in this Lease, Landlord Xxxxxxx Money shall transfer all deposits then held by Landlord under this Section be applicable to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofDeposit unless expressly stated otherwise.
Appears in 2 contracts
Samples: Purchase Agreement, Purchase Agreement
Deposit. Upon Concurrently with Tenant’s execution of the original this Lease, Tenant deposited shall deposit with Landlord the sum of One Hundred Seventy-Five Thousand and No/100 Dollars ($5,500,000. In lieu of a cash security deposit175,000.00), Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit which sum (individually and collectively, the “Security Deposit”) shall be held by Landlord as security for the faithful performance of all of the terms, covenants, covenants and conditions of this Lease to be kept and performed by Tenant during the term hereof. On or before the Direct Term hereof; provided that if at any time Commencement Date, Tenant shall have maintained deposit with Landlord an investment grade credit rating additional sum of BBB or better by Standard One Hundred Seventy-Five Thousand and Poors for a consecutive twelve month periodNo/100 Dollars ($175,000.00), Landlord which sum shall return be added to and held as part of the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit (in the then aggregate amount of the required security deposit$350,000.00). If Tenant defaults (beyond any applicable notice and cure period) with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses rental or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five ten (510) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall not be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenantfunds, and Tenant shall not be entitled to the interest thereon, to be paid to . Provided that no uncured event of default by Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of then exists under this Lease to be performed by itLease, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunderhereunder (unless different instructions have been presented to Landlord in a writing signed by both Tenant and such assignee), at in no event more than thirty (30) days after (i) the expiration of the Term term of this Lease and after has expired or terminated, (ii) Tenant has vacated the PremisesProperty and surrendered possession of the Premises to Landlord, and (iii) Tenant has fully performed its obligations under or arising out of this Lease, including, without limitation, (A) obtaining any signoffs, releases, closure letters and other required actions or documents from any applicable governmental authorities and completing any other applicable decommissioning, site closure or other procedures required by any applicable governmental authorities as a result of or in connection with Tenant’s use and occupancy of the Premises (including, but not limited to, as a result of any use or storage of radioactive or other hazardous materials on or about the Premises by Tenant) and delivering written evidence of such compliance to Landlord, and (B) in the case of a termination of this Lease following a default by Tenant, paying future rent damages recoverable under applicable law as a result of such default. Tenant expressly and voluntarily waives any and all provisions of and benefits under California Civil Code Section 1950.7 to the extent such provisions could otherwise be interpreted or applied to require a repayment of any portion of Tenant’s Security Deposit prior to the time specified in the immediately preceding sentence. In the event of termination of Landlord’s interest in this LeaseLease by assignment or otherwise, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereof.
Appears in 2 contracts
Samples: Lease (Five Prime Therapeutics Inc), Lease (Five Prime Therapeutics Inc)
Deposit. Upon Tenant has upon execution of the original Lease, Tenant this Lease deposited with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”hereinafter defined) shall be held by Landlord as security for the faithful performance of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount set forth in Section 1.1 (the “Deposit”), which Letter of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental Credit may be drawn upon in whole or in part and other sums due hereunder, applied by Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment purpose of rental, unreimbursed Operating Expenses or curing any other amount which Landlord may spend or become obligated to spend Event of Default by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Tenant under this Lease Term and upon expiration or sooner termination of this Leasethat remains outstanding. If any portion of the Security Deposit is so used or appliedapplied to cure an Event of Default by Tenant, Tenant shall, within five (5) days Business Days after written demand therefor, either deposit cash funds with Landlord equal to the amount applied (in which case such funds shall be held by Landlord hereunder as part of the Deposit) or reinstate the Letter of Credit in an amount sufficient to restore the Security Deposit to its original amount amount, and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to The unapplied balance of the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together including the Letter of Credit with all accrued interestits remaining unapplied balance, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at within thirty (30) days after the expiration of the Term of this Lease or sooner termination hereof, and after Tenant has vacated and delivered the PremisesPremises as required hereunder. Landlord may retain for sixty (60) days following the expiration of the Term or sooner termination of this Lease an amount reasonably calculated to be sufficient to pay any final amount of Taxes or Operating Expenses for the year in which the Term ends. The Deposit is not an advance payment of Rent or an account of Rent, or any part or settlement thereof, or a measure of Landlord’s damages. The use or application of the Deposit or any portion thereof shall not prevent Landlord from exercising any other right or remedy provided hereunder or under any Legal Requirements and shall not be construed as liquidated damages. In the event Landlord transfers all or any part of termination of Landlord’s its interest in the Buildings or this Lease, Landlord shall transfer all deposits then held the Deposit to the transferee. Upon such transfer, Landlord shall thereby be released by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability or obligation for the return of such deposit or the accounting thereof.Deposit. The term “
Appears in 2 contracts
Samples: Lease (Mercury Computer Systems Inc), Lease (Mercury Computer Systems Inc)
Deposit. Upon Concurrently with Tenant’s execution of the original this Lease, Tenant deposited shall deposit with Landlord the sum of One Hundred Fifty-Nine Thousand Two Hundred and No/100 Dollars ($5,500,000. In lieu of a cash security deposit159,200.00), Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit which sum (individually and collectively, the “Security Deposit”) shall be held by Landlord as security for the faithful performance of all of the terms, ; covenants, and conditions of this Lease to be kept and performed by Tenant during the Term term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses rental or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five ten (510) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall not be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenantfunds, and Tenant shall not be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term term of this Lease and after Tenant has vacated the PremisesProperty. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereof.
Appears in 2 contracts
Samples: Sublease (Five Prime Therapeutics Inc), Sublease (Five Prime Therapeutics Inc)
Deposit. Upon execution of the original Lease, Tenant deposited with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s 's election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”"SECURITY DEPOSIT") shall be held by Landlord as security for the faithful performance of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s 's default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s 's default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s 's failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s 's general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s 's option, to the last assignee of Tenant’s 's interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord’s 's interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s 's successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereof.
Appears in 2 contracts
Deposit. Upon execution of Deposit 9.01 The Tenant shall on the original Lease, Tenant deposited signing hereof deposit with the Landlord the sum or sums specified in Part VI of $5,500,000. In lieu the Schedule hereto (being the equivalent of a cash security deposit, three months’ rent and management fee and central chilled water charges at the rates payable therefor at the commencement of the Term) to secure the due observance and performance by the Tenant elected of the agreements stipulations terms and conditions herein contained and on the part of the Tenant to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, the amount of such be observed and performed which said deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by the Landlord as security throughout the currency of this Agreement free of any interest to the Tenant with the right for the faithful performance of all of the terms, covenants, and conditions of this Lease Landlord (without prejudice to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB other right or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit remedy hereunder) to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in deduct therefrom the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental Rent rates and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or charges payable hereunder and any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other costs expenses loss or damage which sustained by the Landlord may suffer as the result of any non-observance or non-performance by reason the Tenant of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used said agreements stipulations obligations or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premisesconditions. In the event of termination any deduction being made by the Landlord from the said deposit in accordance herewith during the currency of Landlord’s interest this Agreement the Tenant shall forthwith on demand by the Landlord make a further deposit equal to the amount so deducted and failure by the Tenant so to do shall entitle the Landlord forthwith to re-enter upon the Premises and to determine this Agreement as hereinbefore provided. Increase in this LeaseDeposit 9.02 The amount of the deposit shall be increased following each and any increase in rent or the management fee and central chilled water charges provided for herein to a sum equal to three (3) months’ rent and management fee and central chilled water charges at the rates payable therefor at the date or dates of such increase becoming effective, Landlord and the Tenant shall transfer all deposits then held by Landlord under make payment accordingly and the provisions of this Section IX shall apply to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereoffurther deposits.
Appears in 2 contracts
Samples: Parties an Agreement (SRS Labs Inc), Tenancy Agreement (SRS Labs Inc)
Deposit. Upon execution of On the original LeaseCommencement Date, the Tenant deposited with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as shall pay a security depositdeposit equivalent to two (2) months’ rent for the Premises amounting to Kenya Shillings [*] (KShs. Upon the execution of this Lease, the [*]/-) which amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued retained by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, Landlord throughout the “Security Deposit”) shall be held by Landlord Term as security for the faithful due performance of all by the Tenant of the terms, covenants, covenants agreements restrictions stipulations and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provisions herein contained provided that if the Landlord shall be entitled at any time and from time to time to apply the deposit monies in and towards the satisfaction and discharge of the covenants and agreements on the part of the Tenant if after giving thirty (30) days’ notice specifying the nature of the breach and the Tenant fails to satisfy or discharge a material covenant or agreement herein. The Tenant acknowledges and agrees that the Landlord shall not be required to account for any interest on the deposit monies held by the Landlord. The Deposit, less any deductions as the Landlord shall deem sufficient to make good any damage to the Premises, shall be refunded by the Landlord to the Tenant within thirty (30) days of expiry or other determination of the Term hereby created and upon fulfilment by the tenants of all their obligations under this agreement. Service Charge In addition to paying Rent, the Tenant shall have maintained an investment grade credit rating pay a monthly service charge of BBB Kenya Shillings [*] (KShs. [*]/-) Only and the same shall become due and monthly in advance, on or better before the fifth day of every succeeding month. All payments shall be paid directly to the Landlord by Standard way of cheque, banker’s cheque or cash into the Landlord’s or Landlord’s agent nominated bank account. The Tenant's Covenants The Tenant covenants with the Landlord: - To pay the Rent on the days and Poors for a consecutive twelve month periodin the manner set out in Clause 3 above, not to exercise or seek to exercise any right or claim to withhold Rent or any right or claim to legal or equitable set off and, if so, required by the Landlord, to make such payments by banker's order to the bank and account which the Landlord shall return may from time to time nominate. To pay all electricity, water and telephone user charges, if any in respect of the Security Deposit to Tenant. Upon Premises throughout the execution Term of this LeaseAgreement or up to the date of its sooner determination. Having satisfied themselves upon gaining access to the Premises that it is in good order, to be responsible for the full maintenance of it throughout the Term of this Agreement. To insure their personal and household belongings and indemnify the Landlord shall promptly obtain against any action, claim or demand arising from any loss, damage, theft or injury to the release Tenant or Tenant’s family, licensee, invitees or servants. To ensure that the internal plumbing, immersion heaters, window locks, fastenings and other ancillary apparatus are in good order before gaining access to the Premises and thereafter throughout the Term of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall this Agreement carry out or cause to be issued carried out all running repairs necessary. To pay and delivered indemnify the Landlord against Value Added Tax or any tax of a substitute letter similar nature, if applicable, which may be substituted for it or levied in addition to it chargeable in respect of credit any payment made by the Tenant under any of the terms of or in connection with this Agreement or in respect of any payment made by the Landlord where the Tenant agrees in this Agreement to reimburse the Landlord for such payment. To repair the Premises and keep them in repair excepting damage caused by an Insured Risk other than where the insurance money is irrecoverable in consequence of any act or default of the Tenant or anyone at the Premises expressly or by implication with the Tenant’s authority. At least fourteen (14) days prior to the termination of this Agreement due to breach of the Agreement for Sale terms by the Tenant (to varnish the floor, paint with two coats of the best vinyl paint ( and in case of wall and ceiling, at least two coats of plastic emulsion paint), as shall be deemed necessary after a joint inspection between the Tenant and the Landlord or its appointed agent, all parts of the interior and terrace of the Premises as are usually painted to such specification and colour as the Landlord shall in writing approve. To permit the Landlord and its agent or agents and all persons duly authorized by the Landlord with all necessary apparatus, appliances, machinery and materials to enter upon the Premises at all reasonable times upon giving reasonable notice in writing to the Tenant of not less than forty eight (48) hours for the purpose of examining the state and condition of the Premises or of taking inventories of the Landlord’s fixtures therein or of doing such work and things as may be properly required for any repair or renewal either of the Premises or of the electricity or water or drainage lines under any part of the Premises. To pay for the replacement of or make good repair or restore to the reasonable satisfaction of the Landlord, all such articles of fixtures, fittings, furniture and effects as shall be broken, lost, damaged or destroyed during the Tenancy. To execute any repairs lawfully required to be done by the Tenant before the expiration of one (1) calendar months’ notice given in writing by the Landlord or its authorized agent or agents and if the Tenant shall within such time fail to execute such work the Landlord may execute or cause such work to be executed and recover the cost thereof from the Tenant but without prejudice to the Landlord’s right of re-entry set out in this Agreement. To report immediately in writing to the Landlord or its authorized agent or agents any signs of infestation by white ants, bees or other destructive insects or any wet or dry rot in the amount Premises and should the Tenant fail to report as aforesaid then the Tenant shall be liable for the cost of rectifying the additional damage due to such failure. To permit no person other than a person in the domestic service of the required security depositsaid Tenant to occupy accommodation in the servant’s quarters (if any). If Tenant defaults Not without the previous written consent of the Landlord or its authorized agent or agents to make any alterations attach fixtures or erect additional structures in or upon the Premises or drive any nails screws or other fastenings into the floors, walls, ceiling or woodwork of the Premises. Not to transfer, assign, sub-let or part with respect to any provision of this Lease, including, without limitation, or share the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all Premises or any part of it without the Security Deposit prior written consent of the Landlord. In the event that the Landlord gives consent, to assign, sub-let or part with or share the Premises or any part of it, subsequent contracts executed to that effect shall be drawn between the Landlord, Tenant and Assignee and the Tenant shall remain liable for settlement of Rent due as per this Agreement. Not to paint or exhibit in any window or upon any external part of the Premises any trade, professional or business notice or advertisement whatsoever. Not to do or permit or suffer to be done anything in or upon the Premises or the garden or grounds surrounding the same which may at any time be or become a nuisance or annoyance to the tenants or occupiers of any adjacent premises. Not to do or permit to be done anything whereby the Landlord’s policy or policies of insurance of the said Premises against the Insured Risks may become void or voidable or whereby the rate of premium for any insurance may be increased and to repay to the Landlord all sums paid by the Landlord by way of increased premium and all expenses incurred by it in or about any renewal of any such policy or policies where the payment of rentalsuch sums or any of them shall have been rendered necessary by a breach or non-observance of this covenant and all such payments shall be added to the rent reserved and be recoverable as Rents. To pay the nominal fees and disbursements of the Landlord’s advocates and all other costs and expenses incurred by the Landlord in relation to the preparation, unreimbursed Operating Expenses execution and stamping of this Agreement as set out in the schedule hereto. To be responsible for and to keep the Landlord fully indemnified against all damages, losses, cost, expenses, actions, demands, proceedings, claims and liabilities made against or suffered or incurred by the Landlord arising directly or indirectly out of any act, omission or negligence of the Tenant or any person at the Premises expressly or impliedly with the Tenant’s authority or out of any breach or non-observance by the Tenant of the covenants, conditions or other provisions of this Agreement. That at all times if the Tenant is not the one living in the premises, he/she shall provide the Landlord or the body charged with management of the common property, with full details of the person living in the Premises and provide him or her with the conduct rules of the housing estate. The Landlord's Covenant The Landlord covenants with the Tenant: - To pay the land rent or any rate or tax which may be levied on the said Property by the Government of Kenya or any other amount which Landlord may spend statutory authority subject to the Landlord’s right of recovery. To keep the external walls, roof, main drains, common parts and structure of the Premises in a proper state of repair and maintenance. Within thirty (30) days of the expiry or become obligated to spend by reason determination of the Term and after delivery up of the Premises in accordance with the Tenant’s default covenants herein the Landlord will refund to the Tenant the Deposit without any interest, whatsoever, and upon deducting any charges authorised in this Agreement. That the Tenant paying the Rent and performing and observing in the several covenants on its part and the conditions contained in this Agreement shall peaceably hold and enjoy the Premises during the Term without any interruption by the Landlord or any person or agents rightfully claiming under or in trust for the Landlord. To carry out any repairs to compensate Landlord for any other loss or damage which Landlord may suffer by reason the interior of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean the Landlord’s fixtures fittings and bring fastenings therein which may become necessary at any time during the Term by reason of structural repairs to or defects in the building or by reason of any breach or non-performance of the obligations of the Landlord under this clause. Rights of Re-entry and Termination If there is a breach by the Tenant of any covenant or other term of this Agreement, the Landlord may subject to the provisions of section 75 of the Land Act re-enter the Premises or any part of them at any time and even if any previous right of re-entry has been waived and then the Term will absolutely cease but without prejudice to good order, condition and repair during its Lease Term and upon expiration any rights or sooner termination remedies which may have accrued to the Landlord against the Tenant in respect of any breach of covenant or other term of this LeaseAgreement including the breach in respect of which the re-entry is made. If any portion The Tenant may terminate the Tenancy hereby created by giving the Landlord or its duly appointed agent one (1) month’s written notice of the Security Deposit is so used such wish to terminate or applied, Tenant shall, within five make a payment of One (51) days after written demand therefor, deposit cash with Landlord month’s Rent in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so lieu of such notice. This Tenancy shall be a material breach of this Lease. Landlord shall be required deemed to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenantbe, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration automatically terminated on determination of the Term of this Lease and after if the Tenant has vacated shall not have expressed interest to renew the Premises. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofTerm.
Appears in 2 contracts
Samples: Tenancy Agreement, Tenancy Agreement
Deposit. Upon execution of the original Lease, The Tenant deposited with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the shall upon execution of this Lease, agreement pay to the amount landlord a Deposit as specified in Section 6 of such the Schedule hereto by way of deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord as security for the faithful due observance and performance of all by the Tenant of the terms, covenants, terms and conditions of this Lease agreement. The Deposit shall be maintained at the sum as specified in Section 6 of the Schedule hereto during this tenancy and shall not without the previous consent of the Landlord be deemed to or treated as payment of the rent or other payments and on the determination of this tenancy shall be kept returned without obligation to invest and performed by free of interest to the Tenant during less such sum as may be due to the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to TenantLandlord. Upon the On execution of this Lease, the Agreement to pay to the Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted sum described in Section 18.2 below which exceed the amounts indicated above 6 ii) hereto as utilities deposit for all charges for water sewerage and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit electricity in the amount respect of the required security demised Premises. Such utilities deposit. If Tenant defaults with , less such charges for water and electricity in respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for Demised Premises as may remain unpaid by the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to the Tenant or, at Landlord’s option, to the last assignee of Tenant’s without interest hereunder, at thereon on the expiration of the Term term of this Lease Tenancy or earlier determination thereof. Provided always upon the expiry of the tenancy the Tenant shall undertake to repair, replace, refurbish and after reinstate the demised premises to its original state of condition. Failure on part of the Tenant has vacated to do so, the PremisesLandlord shall at its discretion make deductible such sums from the deposits for such works undertaken and refund if any balance of the deposits free of interest less the rentals owing up to the handover of the space herein stated. In the event of termination of Landlord’s interest in this Leasethe deposit be insufficient to offset the said restoration works, then under such circumstances the tenant shall be bound to compensate the Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return additional sums required apart from the deposits to satisfactorily carry out restoration works and settlement of such deposit or the accounting thereofother obligations.
Appears in 2 contracts
Samples: Tenancy Agreement, Rental Agreement
Deposit. Upon execution Within two (2) business days of the execution by Buyer and Seller of an original Leaseor an originally executed counterpart of this Agreement, Tenant deposited Buyer shall deposit with Landlord Escrow Holder, in cash, by certified or bank cashier’s check made payable to Escrow Holder, or by a confirmed wire transfer of funds (hereinafter referred to as “Immediately Available Funds”), the sum of Eight Hundred and no/100 Dollars ($5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit 800,000.00) (individually and collectively, the “Security Initial Deposit”). Within two (2) shall be held by Landlord as security for the faithful performance of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) business days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term Contingency Period (as defined in Paragraph 6 below), Buyer shall deposit with Escrow Holder, in cash, by certified or bank cashier’s check made payable to Escrow Holder, or by Immediately Available Funds, the additional sum of One Million Two Hundred Thousand and no/100 Dollars ($1,200,000.00) (the “Additional Deposit”). The Initial Deposit and the Additional Deposit are collectively referred to herein as the “Deposit”. Escrow Holder shall place the Deposit in an interest-bearing account with a financial institution acceptable to Seller and Buyer, and all interest shall accrue to Buyer’s account. The Deposit and the interest accrued thereon shall be applicable to the Purchase Price from and after the expiration of the “Contingency Period” (as defined in Paragraph 6(a) below) unless (a) the Escrow fails to close as a result of Seller’s failure to convey the Property pursuant to the terms of this Lease and after Tenant has vacated Agreement or (b) this Agreement otherwise expressly provides for the Premisesreturn of the Deposit to Buyer. In the event of termination of LandlordBuyer’s interest in this Lease, Landlord shall transfer all deposits then held failure to close the Escrow due to a default by Landlord Buyer under this Section Agreement, unless such failure is caused by Seller’s failure to Landlord’s successor convey the Property pursuant to the terms of this Agreement, the Deposit shall constitute “Liquidated Damages” as provided in interest, whereupon Tenant agrees and subject to release Landlord from all liability for the return provisions of such deposit or the accounting thereofParagraph 15 below.
Appears in 2 contracts
Samples: Agreement of Purchase and Sale and Joint Escrow Instructions, Agreement of Purchase and Sale (Industrial Income Trust Inc.)
Deposit. Upon execution From and after the Effective Date, Seller shall hold the Deposit OP Units as an xxxxxxx money deposit under (and as collateral for the performance of the original Lease, Tenant deposited with Landlord the sum of $5,500,000Buyer's obligations under) this Agreement. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, the amount of such deposit The Deposit OP Units shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may also continue to provide one or more irrevocable letters of credit in amounts described above, payable serve as collateral under and pursuant to Landlord, the Buyer Leases and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit related pledge agreements (individually and collectively, the “Security Deposit”"PLEDGE AGREEMENTS") for the Parcels, as described in such Pledge Agreements. If the Closing occurs as contemplated hereunder, then on the Closing Date the Deposit OP Units shall be held automatically transferred to Seller pursuant to the terms and provisions of SUBSECTION (b) hereof and Buyer (on behalf of itself and its Affiliates, as applicable) hereby covenants and agrees to execute, acknowledge and deliver to Seller, on the Closing Date, any and all instruments and documents reasonably requested by Landlord as security Seller in order to legally transfer such Deposit OP Units to Seller and/or to evidence such transfer of Deposit OP Units to Seller, and the value of such Deposit OP Units shall be credited against the Purchase Price in accordance with SUBSECTION (b) hereof. If the Closing hereunder is not consummated for any reason other than the faithful performance of all breach or default of the termsBuyer under this Agreement, covenants, and conditions of this Lease to be kept and performed by Tenant during then the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but OP Units shall not be requiredtransferred to Seller; PROVIDED, HOWEVER, that the Seller shall continue to use, apply or retain all or any part and hold the Deposit OP Units as collateral pursuant and subject to the terms and provisions of the Security Buyer Leases and Pledge Agreements, as described in such Pledge Agreements (it being acknowledged and agreed by the parties hereto that such Deposit OP Units also serve as collateral for the payment performance of rentalthe Buyer's (or its Affiliates', unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply as applicable) obligations under the Security Deposit toward costs incurred to repair damages Buyer Leases to the Premises or to clean and bring extent provided under the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this LeasePledge Agreements). If any portion the Closing hereunder is not consummated as a result of or due to the breach or default of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit Buyer under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at Agreement after the expiration of any applicable notice and cure periods, then unless the Term Seller elects to exercise the remedy of specific performance provided in this Agreement, the Deposit OP Units shall be automatically transferred to Seller as liquidated damages hereunder, and Buyer (on behalf of itself and its Affiliates, as applicable) hereby covenants and agrees to execute, acknowledge and deliver to Seller any and all instruments and documents reasonably requested by Seller in order to legally transfer such Deposit OP Units to Seller and/or evidence such transfer. Each Affiliate of Buyer who is a "tenant" under a Buyer Lease for which the Deposit OP Units serve as collateral has executed the Acknowledgment, Consent and Agreement Page attached hereto for the purpose of evidencing its acknowledgment of and consent to the terms and provisions of this Lease SECTION 2.1(a) and after Tenant has vacated its agreement to be bound by the Premises. In the event terms and provisions of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofSECTION 2.1(a).
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Golf Trust of America Inc), Purchase and Sale Agreement (Golf Trust of America Inc)
Deposit. Upon execution of To pay to the original Lease, Tenant deposited with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the landlord upon execution of this Leaselease, as partial consideration for execution of this lease, a deposit in the amount of such set out in section 1.1(g), which deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord the landlord on a non-interest bearing basis and, except to the extent applied in section 1.1(g) of this lease, as security for the faithful performance by the tenant of all of the terms, covenants, covenants and conditions of this Lease to be kept lease, and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB during the term, rent is overdue and unpaid or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release tenant is in breach of any Letters covenant, condition or proviso contained in this lease, then the landlord may, at its option, apply all or a portion of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to deposit toward the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all such overdue rent or any part of the Security Deposit for the payment of rentalany cost or expense to which the landlord may be put as a result of any such breach, unreimbursed Operating Expenses without thereby limiting or excluding any other amount rights which Landlord the landlord may spend have hereunder or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premiseslaw. In the event that such entire deposit or portion thereof is applied by the landlord toward the payment of termination overdue rent or any cost or expense to which the landlord is put out as a result of Landlordbreach of this lease by the tenant, then the tenant shall, upon demand by the landlord, remit to the landlord such amount as is required to restore such deposit to the amount held by the landlord prior to such application. If the tenant promptly (within 48 hours) pays all rent as it fails due and performs all of its obligations under this lease, the landlord will repay an amount equal to the portion of such deposit then remaining to the tenant within 30 days after expiry of the lease. The landlord may deliver and assign such deposit to any purchaser of the landlord’s interest in this the land and thereupon the landlord will be discharged from any further liability with respect to such Security Deposit or Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereof.
Appears in 2 contracts
Samples: Lease Agreement, Bi-Optic Ventures Inc
Deposit. Upon Concurrently with Tenant’s execution of the original this Lease, Tenant deposited shall deposit with Landlord the sum of One Hundred Ninety-Eight Thousand Two Hundred Eighty-Eight and No/100 Dollars ($5,500,000. In lieu of a cash security deposit198,288.00), Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit which sum (individually and collectively, the “Security Deposit”) shall be held by Landlord as security for the faithful performance of all of the terms, covenants, covenants and conditions of this Lease to be kept and performed by Tenant during the Term term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults (beyond any applicable cure period) with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses rental or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five ten (510) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall not be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenantfunds, and Tenant shall not be entitled to the interest thereon, to be paid to . Provided that no uncured event of default by Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of then exists under this Lease to be performed by itLease, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunderhereunder (unless different instructions have been presented to Landlord in a writing signed by both Tenant and such assignee), at in no event more than thirty (30) days after (i) the expiration of the Term term of this Lease and after has expired or terminated, (ii) Tenant has vacated the PremisesProperty and surrendered possession of the Premises to Landlord, and (iii) Tenant has fully performed its obligations under or arising out of this Lease, including, without limitation, (A) obtaining any signoffs, releases and other required actions or documents from any applicable governmental authorities and completing any other applicable decommissioning, site closure or other procedures required by any applicable governmental authorities as a result of or in connection with Tenant’s use and occupancy of the Premises (including, but not limited to, as a result of any use or storage of radioactive or other hazardous materials on or about the Premises by Tenant) and delivering written evidence of such compliance to Landlord, and (B) in the case of a termination of this Lease following a default by Tenant, paying future rent damages recoverable under applicable law as a result of such default. Tenant expressly and voluntarily waives any and all provisions of and benefits under California Civil Code Section 1950.7 to the extent such provisions could otherwise be interpreted or applied to require a repayment of any portion of Tenant’s Security Deposit prior to the time specified in the immediately preceding sentence. In the event of termination of Landlord’s interest in this LeaseLease by assignment or otherwise, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereof.
Appears in 2 contracts
Samples: Lease Agreement, Lease (Complete Genomics Inc)
Deposit. Upon execution A returnable deposit will be payable before signing this Tenancy Agreement. Deductions will be made for breach of terms of agreement such as: - Rent due. Damage to the property, fixtures and fittings. Any reasonable cost incurred to the landlord directly arising from breach of a contract term. The Landlord/s will protect the deposit through the following scheme The Landlord(s) will protect the deposit within the next 30 days, after which the scheme will be able to confirm with the tenant/s that the deposit has been protected. At the end of the original Leasetenancy the deposit (or part of the deposit) will be returned to the tenant/s after: In the case of the custodial scheme being used, Tenant deposited with Landlord within 10 days of the sum custodial scheme being notified of $5,500,000the agreement between the landlord and tenant or the ADR/ court decision. In lieu the case either of the insurance based schemes being used, within 10 days of the tenant requesting that the landlord return their deposit. Or in the case of a cash security deposit, Tenant elected to provide one or more irrevocable letters dispute 10 days after being notified of credit, payable to Landlord, as a security deposit. Upon decision by the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000scheme’s ADR. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord as security for the faithful performance of all end of the terms, covenants, tenancy if there is a dispute between the Landlord(s) and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or Tenant(s) about any part of the Security Deposit for deposit being retained due to breach of tenancy terms, the payment Alternative Dispute Resolution (ADR) service of rentalthe scheme used will be contacted to help reach a resolution. End of the tenancy At the end of the fixed term the tenant can leave the tenancy. It is recommended that the tenant provides one months’ notice of their intention to leave the property at the end of the fixed term. If this tenancy becomes periodic the tenant will give the landlord one months’ notice of their intention to leave the property. The Tenant(s) agree to permit the Landlord(s) or their agent upon giving reasonable notice to enter the property at reasonable times by prior appointment to show the property to prospective tenants and/ or buyers. The Tenant(s) must clear out all your belongings, unreimbursed Operating Expenses leaving the furniture and fittings in the same state as they were at the start of the tenancy subject to reasonable wear and tear. The Tenant(s) must return the keys to the landlord on the last day of the tenancy. The Tenant(s) must ensure that you have made arrangements to clear out any household waste or rubbish via correct means prior to final inspection of the property. The landlord retains the right to withhold the deposit until satisfied that any items of rubbish or waste have been removed and disposed of in the correct fashion. The Tenant(s) must provide the Landlord(s) with a forwarding address at the end of the Tenancy. Obligations of the landlord Give the tenant possession at the start of the tenancy The Landlord(s) must give the Tenant(s) possession of the Property at the start of the Tenancy. The Landlord(s) hereby warrants that they are legally entitled to grant the tenancy and has obtained any consent required from a mortgagee or superior landlord or any other interested party. Protect the deposit The Landlord(s) agrees that they will protect any deposit paid by the tenant/s through one of the three authorised schemes within 30 days of receiving the deposit and provide the tenant with the prescribed information. Where either of the insurance-based schemes is used, if there is a dispute about part of the deposit the landlord will return any part of the deposit not in dispute to the tenant within 10 days and forward the disputed amount to the ADR of the scheme used to protect the deposit. Quiet and peaceful enjoyment The Landlord(s) will not interfere with the tenants peaceful and quiet enjoyment of the property. Repairs and maintenance This agreement takes effect subject to the provisions of Section 11 of the Landlord & Xxxxxx Xxx 0000 where it sets out which repairs the Landlord(s) is responsible for. The Landlord(s) will: keep in repair the structure and exterior of the Property (including drains, external pipes, gutters and external windows); keep in repair and proper working order the installations in the Property for the supply of water, gas and electricity and for sanitation (including basins, sinks, baths and sanitary conveniences, but not other fixtures, fittings and appliances for making use of the supply of water, gas or electricity); and keep in repair and proper working order the installations in the Property for space heating and heating water. In accordance with section 11 of the Landlord may spend or become obligated and Xxxxxx Xxx 0000, the Landlord is not required: to spend repair anything which the Tenant(s) is liable to repair by reason virtue of the Tenant’s default duty to take reasonable care of the Property; to rebuild or reinstate the Property in the case of destruction or damage by fire, storm or flood; or to compensate Landlord keep in repair or maintain anything which the Tenant is entitled to remove from the Property. The Landlord(s) will return any rent paid for any other loss or damage which Landlord may suffer a period that the property is uninhabitable by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Leasefire. If any portion of the Security Deposit there is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall a dispute about this then it will be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed settled by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofarbitration.
Appears in 1 contract
Samples: Assured Shorthold
Deposit. Upon execution of the original Lease2.1 Within one (1) business day after acceptance hereof by Seller and Purchaser, Tenant deposited with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, Purchaser shall deposit the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or 150,000.00 (the Letter of Credit (individually and collectively"Deposit") with Seller's attorney, the “Security Deposit”) shall firm of D'Ancona & Pflaum ("Escrow Holder"), as earnest money to secuxx Xxxxhasxx'x performance hereunder. Xxx Xxposit may be held by Landlord as security for invested at the faithful performance direction of all Purchaser with the approval of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to TenantSeller. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults All interest payable with respect to the Deposit, less investment fees, if any, shall be added to and become a part of the Deposit and shall be applied toward the Purchase Price if closing is completed in accordance with this Agreement; otherwise all interest shall be paid to the party entitled to the Deposit. The escrow instructions to Escrow Holder shall be in the form of Schedule 2.1 attached hereto. Purchaser acknowledges that Escrow Holder is Seller's attorney, and that Purchaser, having been advised by counsel, has consented to Escrow Holder acting as escrow holder despite also being Seller's attorney. Escrow Holder shall not be liable for any provision action with respect to the Deposit taken in good faith, without gross negligence and not in wilful disregard of this LeaseAgreement, includingany such liability hereby being waived by Purchaser and Seller. Without limiting the generality of the foregoing, Purchaser and Seller authorize and direct Escrow Holder to accept, comply with, and obey any and all writs, orders, judgments or decrees entered or issued by any court with or without limitationjurisdiction; and in the case Escrow Holder obeys or complies with any such writ, order, judgment or decree of any court, it shall not be liable to any of the provisions relating parties hereto or any other person by reason of such compliance. In case Escrow Holder is made a party defendant to any suit or proceedings regarding the payment of rental Deposit, Purchaser and other sums due hereunderSeller, Landlord jointly and severally, agree to pay to Escrow Holder, upon demand, all costs, reasonable attorney's fees, and expenses incurred with respect thereto. If said costs, fees and expenses are not paid, then Escrow Holder shall have the right, but right to reimburse itself out of the Deposit. Purchaser agrees and consents that the firm of D'Ancona & Pflaum shall not be requireddisqualified from representxxx Xxxler xx xxy litigation or other proceeding arising out of this Agreement, to use, apply whether or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages not related to the Premises or Deposit, merely due to clean and bring its acting as Escrow Holder hereunder; provided, however, that prior to undertaking any such representation, D'Ancona & Pflaum shall cause the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be deposited xxxx xxx coxxx xx a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably new third party escrow holder acceptable to Tenant, Purchaser and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofSeller.
Appears in 1 contract
Samples: Agreement of Purchase and Sale (Vicon Industries Inc /Ny/)
Deposit. Upon (a) Concurrently with Tenant’s execution of the original this Lease, Tenant deposited shall deposit with Landlord the sum of Two Million Two Hundred Seventy Thousand Four Hundred Thirty and No/100 Dollars ($5,500,000. In lieu of a cash security deposit2,270,430.00), Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit which sum (individually and collectively, the “Security Deposit”) shall be held by Landlord as security for the faithful performance of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses rental or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five ten (510) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall not be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenantfunds, and Tenant shall not be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term term of this Lease and after Tenant has vacated the PremisesProperty. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereof.
Appears in 1 contract
Deposit. Upon Sublessee shall deposit with Sublessor upon execution of the original Lease, Tenant deposited with Landlord this Sublease the sum of Five Thousand Three Hundred Fifty-Five Dollars ($5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”5,355.00) shall be held by Landlord as security for the Sublessee's faithful performance of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Sublessee's obligations hereunder ("Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security depositDeposit"). If Tenant defaults with respect Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and its other sums due obligations hereunder, Landlord shall have the right, but shall not be required, to use, Sublessor may use or apply or retain all or any part portion of the Security Deposit for the payment of rentalany rent or other amount then due hereunder and unpaid, unreimbursed Operating Expenses or for the payment of any other amount sum for which Landlord Sublessor may spend or become obligated to spend by reason of Tenant’s Sublessee's default or to compensate Landlord breach, or for any other loss or damage which Landlord may suffer sustained by reason Sublessor as a result of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises Sublessee's default or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Leasebreach. If Sublessor so uses any portion of the Security Deposit is so used or appliedDeposit, Tenant Sublessee shall, within five ten (510) days after written demand thereforby Sublessor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original the full amount originally deposited, and Tenant’s Sublessee's failure to do so shall be constitute a material breach of default under this LeaseSublease. Landlord Sublessor shall not be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is refundable then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Tenant. If Tenant fully Subsection 6.2 hereof has been made, whichever shall last occur, and faithfully performs every provision provided Sublessee is not then in default of this Lease to be performed by itany of its obligations hereunder, the Security Deposit, or any balance thereof, together with all accrued interestso much thereof as had not theretofore been applied by Sublessor, shall be returned to Tenant or, at Landlord’s option, Sublessee or to the last assignee assignee, if any, of Tenant’s Sublessee's interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereof.
Appears in 1 contract
Samples: Corgentech Inc
Deposit. Upon execution The Tenant shall on or within 10 Business Days of the original Lease, Tenant deposited with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Agreement deposit with the Landlord the sum set out in Item 4(a)(i) of the Third Schedule of the Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) The Deposit shall be held by the Landlord as security for the faithful due performance and observance by the Tenant of all and singular the several stipulations covenants and conditions on the part of the terms, covenants, Tenant herein contained and contained in the Lease (as may be applicable). If the Tenant shall fail to perform and observe the said stipulations covenants and conditions and has not commenced the remedy of this Lease such breach within 14 Days after receipt of the Landlord’s written notice in that effect (or such shorter period as may be reasonably determined by the Landlord having regard to be kept the extent and performed by Tenant during nature of the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month periodbreach), the Landlord shall return be entitled (but not obliged) to apply the Security Deposit or any part thereof towards payment of moneys outstanding or making good any breach by the Tenant or to Tenant. Upon deduct from the execution of this Lease, Deposit any loss or expense to the Landlord shall promptly obtain occasioned by such breach but without prejudice to any other right or remedy which the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to Landlord may be issued and delivered a substitute letter of credit in the amount of the required security depositentitled to. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit shall be applied or deducted as aforesaid, the Tenant shall within 14 Days of demand by the Landlord furnish to the Landlord in cash (or by way of a fresh bank guarantee in accordance with Clauses 16.4 to 16.6) an amount equivalent to the sum so applied and/or deducted from the Deposit (“Replacement Amount”). Provided Always that the Tenant is to deposit with the Landlord the Replacement Amount in cash if no bank guarantee is issued for the payment Replacement Amount within 14 Days of rentaldemand by the Landlord. For the avoidance of doubt, unreimbursed Operating Expenses or any other amount which the Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to apply or deduct the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, part thereof for any breach under this Agreement up to three (3) months after the Lease Commencement Date and the Tenant shall be returned remain obliged to Tenant or, at Landlord’s option, to furnish the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premises. In Replacement Amount in the event of termination of the Deposit being so applied or deducted by the Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereof.
Appears in 1 contract
Samples: Develop and Lease (Equinix Inc)
Deposit. Upon execution (1) The Tenant shall on or before the signing of this Agreement pay to the Landlord a deposit as set out in Part VI of the original LeaseFirst Schedule hereto to secure the due observance and performance by the Tenant of the agreements, Tenant deposited with Landlord stipulations and conditions herein contained and on the sum Tenant's part (including the due payment of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this LeaseRent, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectivelyRates, the “Security Deposit”) shall be held by Landlord as security for the faithful performance of all of the terms, covenants, Government Rent and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the PremisesService Charges). In the event of termination any breach or non-observance or non- performance by the tenant of Landlord’s interest any of the said agreements, stipulations or conditions which are irremediable or, if remediable by the Tenant but the Tenant shall fail to remedy and rectify before the expiration of the period as shall be specified in this Leasethe written notice given by the Landlord to the Tenant, then the Landlord shall transfer have the right to, from time to time and at its absolute discretion and without notice to the Tenant, (i) forfeit the said deposit (including any further deposit(s) paid by the Tenant pursuant to Clause 3 of this Section ("further deposits")) absolutely as and for liquidated damages; and/or (ii) deduct from the said deposit and further deposits such amount of Rent in arrears as debt and/or all monetary losses and damages incurred by the Landlord in consequence of the said breach, non-observance or non- performance by the Tenant. In any event the exercise of the aforesaid right of forfeiture and deduction by the Landlord shall be without prejudice to its right to claim damages over and above the said deposit or further deposits or further damages sustained by the Landlord and to all other rights and remedies available to the Landlord hereunder or at law. The Landlord's right to forfeit the said deposit and further deposits or to make deductions from the said deposit and further deposits once exercised shall be final and binding on the Tenant conclusively. In the event that the Landlord exercising its right of forfeiture or deduction during the currency of this Agreement in accordance with this provision, the Tenant shall forthwith upon demand by the Landlord pay to the Landlord a further deposit or deposits equal to the amount(s) so forfeited or deducted and, if the Tenant shall fail so to do, the Landlord shall be entitled to re-enter on the said premises and to determine this Agreement in which event all deposits then held and further deposits paid by the Tenant pursuant hereto may be forfeited to the Landlord as hereinbefore provided. For the avoidance of doubt, there shall be no limit on the number of times which the Landlord may exercise its right of forfeiture or deduction in respect of the said deposit and further deposits under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofprovision.
Appears in 1 contract
Samples: Office Lease (Titanium Group LTD)
Deposit. Upon execution It is hereby agreed that thirty (30) days prior to the date that (i) the amount of the original LeaseLetter of Credit (defined in Article 39) is reduced to $0 or (ii) Tenant's obligation to maintain the Letter of Credit terminates pursuant to the terms of Article 39, Tenant deposited shall deposit with Landlord and will keep on deposit at all times thereafter during the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution term of this Lease, the amount sum of such deposit shall be reduced to Forty-One Thousand Seven Hundred Eighty-Eight and 41/100 Dollars ($1,375,000. At Tenant’s election41,803.73), in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord as security for the payment by Tenant of all rent and other amounts herein agreed to be paid and for the faithful performance of all of the terms, covenantsconditions, and conditions covenants of this Lease to be kept and performed by Tenant during the Term hereof; provided that if Lease. If, at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return during the Security Deposit to Tenant. Upon the execution term of this Lease, Landlord an Event of Default shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above have occurred and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereundercontinuing, Landlord shall have the rightright to use said deposit, but shall not be requiredor so much thereof as necessary, to use, apply or retain all or any part of the Security Deposit for the in payment of rental, unreimbursed Operating Expenses any rent or any other amount which in default as aforesaid, in reimbursement of any expense incurred by Landlord, and in payment of any damages incurred by Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason such Event of Tenant’s defaultDefault. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or appliedIn such event, Tenant shall, within five (5) days after on written demand thereforof Landlord, deposit forthwith remit to Landlord a sufficient amount in cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any said deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premisesamount set forth above. In the event said deposit has not been utilized as aforesaid, said deposit, or as much thereof as has not been utilized for such purposes, shall be refunded to Tenant or to whomever is then the holder of termination of Landlord’s Tenant's interest in this Lease, without interest, upon full performance of this Lease by Tenant. Landlord shall transfer all deposits then held have the right to co-mingle said deposit (and any interest earned thereon) with other funds of Landlord. Landlord may deliver the funds deposited herein by Tenant to the purchaser of Landlord's interest in the Premises in the event such interest be sold and, thereupon, Landlord under this Section shall be discharged from further liability with respect to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofdeposit.
Appears in 1 contract
Samples: Lease Agreement (Infocrossing Inc)
Deposit. Upon (a) Concurrently with Tenant's execution of the original this Lease, Tenant deposited shall deposit with Landlord the sum of Two Million Two Hundred Seventy Thousand Four Hundred Thirty and No/100 Dollars ($5,500,000. In lieu of a cash security deposit2,270,430.00), Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon which sum (the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “"Security Deposit”") shall be held by Landlord as security for the faithful performance of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses rental or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s 's default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s 's default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five ten (510) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s 's failure to do so shall be a material breach of this Lease. Landlord shall not be required to keep any deposit under this Section separate from Landlord’s 's general funds in an interest bearing account reasonably acceptable to Tenantfunds, and Tenant shall not be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s 's option, to the last assignee of Tenant’s 's interest hereunder, at the expiration of the Term term of this Lease and after Tenant has vacated the PremisesProperty. In the event of termination of Landlord’s 's interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s 's successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereof.
Appears in 1 contract
Samples: Tularik Inc
Deposit. Upon execution Purchaser has deposited as a good faith deposit $5 million (the "Deposit") with CoreStates Bank, N.A. (the "Deposit Escrow Agent"), to be held, invested and disbursed pursuant to the terms of the original LeaseDeposit Escrow Agreement substantially in the form of EXHIBIT C attached hereto (the "Deposit Escrow Agreement"). If the Closing occurs, Tenant deposited with Landlord then the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon Deposit and all earnings on the execution of this Lease, the amount of such deposit shall be reduced paid to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue Sellers pursuant to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, the Deposit Escrow Agreement and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord as security for the faithful performance of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the full amount of the required security depositDeposit and the earnings thereon shall be credited against and deducted from the Purchase Price to be paid at the closing by Purchaser for the Assets. If Tenant defaults Sellers terminate this Agreement in accordance with respect to any provision of this Lease, including, without limitation, the provisions relating of Section 15.02(d), and provided at the time of such termination Sellers are not then in breach of any of their representations, warranties, covenants or agrements to such an extent the payment Sellers' breaches, in the aggregate, would reasonably be expected to have a Material Adverse Effect and the conditions set forth in Sections 10.04 (only FCC and Xxxx-Xxxxx-Xxxxxx Act consents), 10.06 (provided that the applicable period shall be from August 31, 1996 through the date of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or appliedAgreement), Tenant shall10.09 and 10.10 shall have been satisfied, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant then Sellers shall be entitled to the interest thereonDeposit as liquidated damages (the "Liquidated Damages Amount") without the necessity for proof by Sellers of actual damages, which damages that Sellers would sustain as a result of such termination. Notwithstanding anything else set forth in this Section 5.02, Sellers' sole and exclusive recourse for Purchaser's or Xxxxxx'x breach of their representations or obligations under this Agreement prior to Closing shall only be to receive an amount of $5 million. In any other case if the Closing does not occur, then, pursuant to the Deposit Escrow Agreement, the Deposit and all earnings thereon shall be paid to Tenant when Purchaser. All determinations of breach and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision satisfaction of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, conditions shall be returned to Tenant ormade, at Landlord’s optionand all payments by the Deposit Escrow Agent shall be made, to in accordance with the last assignee of Tenant’s interest hereunder, at procedures and other provisions set forth in the expiration of the Term of this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofDeposit Escrow Agreement."
Appears in 1 contract
Samples: Asset Purchase Agreement (Dobson Communications Corp)
Deposit. Upon execution of the original LeaseBuyer shall deposit with Seller, Tenant deposited concurrent with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this LeaseAddendum, a Deposit in the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit 1,000.00 (individually and collectively, the “Security Deposit”) ). The Deposit shall be held by Landlord Seller as security for the faithful performance by Xxxxx of all of the terms, covenants, and conditions provisions of this Lease Addendum to be kept and performed or observed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security depositXxxxx. If Tenant Buyer fails to pay any amounts or other charges hereunder, or otherwise defaults with respect to any provision of this LeaseAddendum, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to Seller may use, apply or retain all or any part portion of the Security Deposit for the payment of rentalany such amounts or other charge in default, unreimbursed Operating Expenses or for the payment of any other amount sum to which Landlord the Seller may spend or become obligated to spend by reason of TenantBuyer’s default default, or to compensate Landlord Seller for any other loss or damage which Landlord Seller may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Leasethereby. If Seller so uses or applies all or any portion of the Security Deposit is so used or appliedDeposit, Tenant Buyer shall, within five ten (510) days after written demand thereforSeller’s demand, deposit cash a cashier’s or certified check with Landlord Seller in an the amount sufficient to restore the Security Deposit to its original the full amount and Tenantthereof. Buyer’s failure to do so shall be a material breach of this Leasethe Addendum. Landlord Seller shall not be required to keep any deposit under this Section the Deposit separate from Landlord’s its general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenantaccounts. If Tenant fully and faithfully Xxxxx performs every provision all of this Lease to be performed by itXxxxx’s obligations hereunder, the Security Deposit, or any balance thereof, together with all accrued interestso much thereof as has not theretofore been applied to Seller, shall be returned to Tenant orreturned, at Landlord’s optionwithout payment of interest or other increment for its use, to Buyer upon completion of Buyer’s obligations hereunder to Seller’s reasonable satisfaction. No trust relationship is created herein between Seller and Buyer with respect to the last assignee of Tenant’s interest hereunder, at the expiration Deposit. The Deposit is not part of the Term Xxxxxxx Money and no provisions of this Lease and after Tenant has vacated the PremisesPurchase Agreement or Addendum relating to the Xxxxxxx Money shall be applicable to the Deposit unless expressly stated otherwise. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereof.#2514191 v.3 _____
Appears in 1 contract
Samples: Purchase Agreement
Deposit. Upon Within 5 business days following the mutual execution of the original Leasethis Agreement by Buyer and Seller, Tenant deposited with Landlord Buyer shall deliver to Title Company, for deposit into such escrow, the sum of $5,500,00050,000.00 (the “Initial Deposit”). On or before the expiration of the Inspection Period, Buyer shall deliver to Title Company the additional sum of $150,000.00 (the “Additional Deposit”), which, together with the Initial Deposit, shall be referred to in this Agreement as the “Deposit”. In lieu of a cash security depositthe event that this transaction is consummated as contemplated by this Agreement, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon then the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord as security for the faithful performance of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the entire amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all any interest accrued interestthereon, shall be credited against the Purchase Price. The entire amount of the Deposit, together with any interest accrued thereon, shall be returned immediately to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premises. In Buyer in the event of termination the failure of Landlord’s interest any of the conditions precedent set forth in this LeaseSection 3.1(a) above or in the event that (a) the conditions precedent set forth in Section 2.4 or 3.1(b) shall have been satisfied or waived, Landlord (b) Buyer shall transfer all deposits then held by Landlord have performed fully or tendered performance of its obligations hereunder and (c) Seller shall be unable or fail to perform its obligations, under this Section to Landlord’s successor in interestAgreement. IN ALL OTHER EVENTS, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereof.THE ENTIRE AMOUNT OF THE DEPOSIT, PLUS ACCRUED INTEREST, SHALL BE RETAINED BY SELLER AS LIQUIDATED DAMAGES. BUYER AND SELLER HEREBY ACKNOWLEDGE AND AGREE THAT SELLER’S DAMAGES IN THE EVENT OF SUCH A BREACH OF THIS AGREEMENT BY BUYER WOULD BE DIFFICULT OR IMPOSSIBLE TO DETERMINE, THAT THE AMOUNT OF THE DEPOSIT PLUS ACCRUED INTEREST IS THE PARTIES’ BEST AND MOST ACCURATE ESTIMATE OF THE DAMAGES SELLER WOULD SUFFER IN THE EVENT THE TRANSACTION PROVIDED FOR IN THIS AGREEMENT FAILS TO CLOSE, AND THAT SUCH ESTIMATE IS REASONABLE UNDER THE CIRCUMSTANCES EXISTING ON THE DATE OF THIS AGREEMENT. BUYER AND SELLER AGREE THAT SELLER’S RIGHT TO RETAIN THE DEPOSIT PLUS ACCRUED INTEREST SHALL BE THE SOLE REMEDY OF SELLER AT LAW IN THE EVENT OF SUCH A BREACH OF THIS AGREEMENT BY BUYER. THE FOREGOING, HOWEVER, IS A LIQUIDATED MEASURE OF DAMAGES FOR THE SPECIFIED BREACH ONLY, AND SHALL NOT LIMIT BUYER’S LIABILITY UNDER SECTIONS 2.3, 4.5 OR 7.9 OF THIS AGREEMENT. ACCEPTED AND AGREED TO: Seller Buyer
Appears in 1 contract
Samples: Agreement for Purchase and Sale (Isis Pharmaceuticals Inc)
Deposit. Upon execution of the original Lease, Tenant deposited with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this LeaseLease by Lessee, the Lessee shall deposit with the Lessor the amount of such Ten Thousand Five Hundred ($10,500.00) Dollars. This deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord Lessor as security for payment of all rent and other sums of money payable for the term and for the faithful performance by Lessee of all other covenants and agreements; provided, however, that the Lessee shall have no right to require Lessor to indemnify itself from this deposit for any particular violation or default of Lessee, the terms, covenants, and conditions use of this Lease deposit to be kept indemnify Lessor being within Lessor's sole discretion and performed Lessor hereby reserves the right to proceed against the Lessee directly for any amounts owed by Tenant during Lessee for any violation or default of Lessee pursuant to the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution terms of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment deposit is applied to an obligation of rentalLessee hereunder, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend Lessee shall immediately upon request by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, Lessor restore said deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so amount. No interest shall be a material breach payable to Lessee on account of this Leasedeposit and Lessor may commingle the funds from this deposit with other of its funds. Landlord shall be required to keep Upon any deposit conveyance by Lessor of its interest under this Section separate from Landlord’s general funds in lease, the deposit may be delivered by Lessor to Lessor's grantee or transferee (or accounted for by means of an interest bearing account reasonably acceptable adjustment between seller and buyer). Upon any such delivery or accounting, Lessee hereby releases Lessor of any and all liability with respect to Tenantthe deposit, its application and return, and Tenant shall be entitled Lessee agrees to the interest thereon, look solely to be paid to Tenant when and if the Security Deposit is refundable to Tenantsuch grantee or transferee. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security DepositThis deposit, or any balance part thereof, together with all accrued interestnot previously applied by Lessor, shall be returned to Tenant orLessee only after the Expiration Date or the date on which any renewal term expires, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and only after Tenant Lessee has fully vacated the Premises. In , notwithstanding that this lease has been terminated by Lessor, it being the' intention of the event parties that this deposit shall secure Lessor not only as to default by Lessee before such termination, but also to secure Lessor from any deficiency of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held rent or other charges payable to Lessor by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofLessee.
Appears in 1 contract
Deposit. Upon execution Within three (3) days of the execution by Buyer and Seller of an original Leaseor an originally executed counterpart of this Agreement, Tenant deposited and as a condition to the effectiveness of this Agreement, Buyer shall deposit with Landlord Escrow Holder, in cash, by certified or bank cashier’s check made payable to Escrow Holder, or by a confirmed wire transfer of funds (hereinafter referred to as “Immediately Available Funds”), the sum Deposit. Except in the event or Seller’s default caused by its failure to convey the Property in accordance with this Agreement, or damage to the Property due to casualty sufficient to entitle Buyer to terminate n accordance with Paragraph 17, below, the Deposit shall be deemed earned by Seller upon such deposit, as compensation for its time and expenses in preparing for and negotiating this transaction. and providing Buyer with a limited period of $5,500,000exclusive negotiation and time to complete the purchase of the Property. Accordingly, Escrow Holder shall immediately distribute the Deposit to Seller, without need for further instructions. Following such distribution, Escrow Holder shall not be concerned with the Deposit except to debit and credit the parties appropriately at the time of the Closing. When it is earned, the Deposit, shall be nonrefundable to Buyer at all times. In lieu of a cash security deposit, Tenant the event that Buyer has elected to provide one proceed with this transaction, the Deposit shall be applicable to the Purchase Price upon the Close of Escrow. In the event Buyer elects, or more irrevocable letters is deemed to have elected, to proceed with the Escrow, but then fails to Close the Escrow for any reason other than Seller’s default, the Deposit shall constitute “Liquidated Damages” as provided in and subject to the provisions of creditsubparagraph 24.2, payable to Landlord, as below. At any time following the third (3rd) day after Seller has deposited a security deposit. Upon the execution signed counterpart of this LeaseAgreement into Escrow, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of if Buyer has likewise not deposited a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord as security for the faithful performance of all of the terms, covenants, and conditions signed counterpart of this Lease to be kept Agreement and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month periodDeposit into Escrow, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord Seller shall have the right, but shall not be requiredin its sale and absolute discretion, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenantwithdraw its documents from Escrow and no contract shall have been formed. Neither Seller’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination execution of this Lease. If any portion Agreement, nor its delivery of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient same to restore the Security Deposit to its original amount and Tenant’s failure to do so Escrow Holder shall be a material breach deemed to be an offer to Buyer to deal on the terms set forth herein, and no contract shall be formed unless and until both parties have deposit duly executed and unconditionally delivered originals or original counterparts of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the PremisesAgreement into Escrow. In the event that Buyer has not made the Deposit in a timely manner, Seller shall have the right to terminate this Agreement by given written notice of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section its election to Landlord’s successor in interest, whereupon Tenant agrees do so to release Landlord from all liability for the return of such deposit or the accounting thereofBuyer and Escrow Holder.
Appears in 1 contract
Samples: Agreement of Purchase and Sale and Joint Escrow Instructions (TNP Strategic Retail Trust, Inc.)
Deposit. Upon execution (1) The Tenant shall on or before the signing of this Agreement pay to the Landlord a deposit as set out in Part VI of the original LeaseFirst Schedule hereto to secure the due observance and performance by the Tenant of the agreements, Tenant deposited with Landlord stipulations and conditions herein contained and on the sum Tenant’s part (including the due payment of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this LeaseRent, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, Rates and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord as security for the faithful performance of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the PremisesService Charges). In the event of termination any breach or non-observance or non-performance by the Tenant of any of the said agreements, stipulations or conditions which are irremediable or, if remediable by the Tenant but the Tenant shall fail to remedy and rectify before the expiration of the period as shall be specified in the written notice given by the Landlord to the Tenant, then the Landlord shall have the right to, from time to time and at its absolute discretion and without notice to the Tenant, (i) forfeit the said deposit (including any further deposit(s) paid by the Tenant pursuant to Clause 3 of this Section (“further deposits”)) absolutely as and for liquidated damages; and/or (ii) deduct from the said deposit and further deposits such amount of Rent in arrears as debt and/or all monetary losses and damages incurred by the Landlord in consequence of the said breach, non-observance or non-performance by the Tenant. In any event the exercise of the aforesaid right of forfeiture and deduction by the Landlord shall be without prejudice to its right to claim damages over and above the said deposit or further deposits or further damages sustained by the Landlord and to all other rights and remedies available to the Landlord hereunder or at law. The Landlord’s interest right to forfeit the said deposit and further deposits or to make deductions from the said deposit and further deposits once exercised shall be final and binding on the Tenant conclusively. In the event that the Landlord exercising its right of forfeiture or deduction during the currency of this Agreement in accordance with this Leaseprovision, the Tenant shall forthwith upon demand by the Landlord pay to the Landlord a further deposit or deposits equal to the amount(s) so forfeited or deducted and, if the Tenant shall fail so to do, the Landlord shall transfer be entitled to re-enter on the said premises and to determine this Agreement in which event all deposits then held and further deposits paid by the Tenant pursuant hereto may be forfeited to the Landlord as hereinbefore provided. For the avoidance of doubt, there shall be no limit on the number of times which the Landlord may exercise its right of forfeiture or deduction in respect of the said deposit and further deposits under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofprovision.
Appears in 1 contract
Samples: Tenancy Agreement (Garden Stage LTD)
Deposit. Upon execution of the original Leasethis Sublease, Tenant deposited Subtenant shall deposit with Landlord the sum of $5,500,00031,907 (the "Deposit"). In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) The Deposit shall be held by Landlord Sublandlord as security for the faithful performance by Subtenant of all of the terms, covenants, and conditions provisions of this Lease Sublease to be kept and performed or observed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security depositSubtenant. If Tenant Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to any provision provisions of this LeaseSublease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to Sublandlord may use, apply or retain all or any part portion of the Security Deposit for the payment of rental, unreimbursed Operating Expenses any rent or other sum in default or for the payment of any other amount sum to which Landlord Sublandlord may spend or become obligated to spend by reason of Tenant’s default Subtenant's default, or to compensate Landlord Sublandlord for any other loss or damage which Landlord Sublandlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Leasethereby. If Sublandlord so uses or applies all or any portion of the Security Deposit is so used or appliedDeposit, Tenant shall, Subtenant shall within five ten (510) days after written demand therefor, therefor deposit cash with Landlord Sublandlord in an amount sufficient to restore the Security Deposit to its original the full amount thereof and Tenant’s Subtenant's failure to do so shall be a material breach of this Lease. Landlord Sublandlord shall not be required to keep any deposit under this Section the Deposit separate from Landlord’s its general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenantaccounts. If Tenant fully and faithfully Subtenant performs every provision all of this Lease to be performed by itSubtenant's obligations hereunder, the Security Deposit, or any balance thereof, together with all accrued interestso much thereof as has not theretofore been applied by Sublandlord, shall be returned to Tenant orreturned, at Landlord’s optionwithout interest, to the last assignee of Tenant’s interest hereunder, at Subtenant following the expiration of the Term of this Lease term hereof, and after Tenant Subtenant has vacated the Premises. In No trust relationship is created herein between Sublandlord and Subtenant with respect to the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofDeposit.
Appears in 1 contract
Deposit. Upon execution Landlord hereby acknowledges the receipt of the original Lease, Tenant deposited with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, ($ ) as a damage/security depositdeposit to secure the performance of Tenants obligations under this lease. Upon surrender of the execution premises by Xxxxxx to Landlord at the expiration of the term of this Leaselease, Landlord shall refund to Tenants the amount held hereunder as a damage/security deposit less such amount as shall be equal to the fair value of Landlord's damages sustained or incurred by Landlord by reason of Tenants failure to perform his/her/their obligations hereunder. Tenant further expressly agrees to compensate or reimburse Landlord for any damages sustained or incurred by Landlord in excess of the amount of such the damage/security deposit shall be reduced held hereunder as a consequence of Tenants failure to $1,375,000perform his/her/their obligations hereunder. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall The deposit will be held by Landlord as security for the faithful performance of all payment of the termsrent reserved herein, covenantsthe costs of repairing any damages to the premises and the furnishings therein which may have occurred during the term of this lease, the charges for cleaning the premises to occupancy, the liquidated damages provided for herein, and conditions the reasonable costs, attorney's fees and expenses made and incurred by Landlord in enforcing the agreements of this Lease to be kept lease. It is expressly agreed that the deposit is neither an advance payment of rent, nor any part of rent installment, and performed by Tenant during is not a measure of Landlord's damage in the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating event of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution breach of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenantlease. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but Tenants shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages entitled to the Premises return or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination application of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore until the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach end of the term of this Leaselease and a reasonable time thereafter. At Landlord's election, however, any portion of deposit not otherwise applied towards such damages may be applied by Landlord shall be required to keep towards delinquent or future rent. The refund of any unused portion of said deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, Tenants at the expiration of property address, or such other address as Tenants may direct the Term of this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord’s interest Landlord in this Leasewriting, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereoffirst class mail.
Appears in 1 contract
Samples: Apartment Lease Agreement
Deposit. Upon execution The Tenant shall within seven (7) days after the issuance of the original Lease, Tenant deposited Possession Notice deposit with the Landlord the sum set out in Item 5 of $5,500,000the Third Schedule. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) The Deposit shall be held by the Landlord as security for the faithful due performance and observance by the Tenant of all and singular the several stipulations covenants and conditions on the part of the terms, covenants, Tenant herein contained and if the Tenant shall fail to perform and observe the said stipulations covenants and conditions and has not commenced the remedy of this Lease such breach within fourteen (14) days after receipt of the Landlord’s written notice in that effect (or such shorter period as may be reasonably determined by the Landlord having regard to be kept the extent and performed by Tenant during nature of the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month periodbreach), the Landlord shall return be entitled (but not obliged) to apply the Security Deposit or any part thereof towards payment of moneys outstanding or making good any breach by the Tenant or to Tenant. Upon deduct from the execution of this Lease, Deposit the loss or expense to the Landlord shall promptly obtain occasioned by such breach but without prejudice to any other right or remedy which the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to Landlord may be issued and delivered a substitute letter of credit in the amount of the required security depositentitled to. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit shall be applied or deducted as aforesaid, the Tenant shall within fourteen (14) days of demand by the Landlord furnish to the Landlord in cash or by way of a fresh bank guarantee an amount equivalent to the sum so applied and/or deducted from the Deposit ("Replacement Amount") Provided Always that the Tenant is to deposit with the Landlord the Replacement Amount in cash if no bank guarantee is issued for the payment of rental, unreimbursed Operating Expenses or any other amount which Replacement Amount in fourteen (14) days. The Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, shall within five thirty (530) days after written demand therefor, deposit cash with the Premises have been yielded up to the Landlord in an amount sufficient to restore accordance with the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision provisions of this Lease to be performed by it(or if the restoration works have not been completed in accordance with the provisions of this Agreement, completion of the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, restoration works) repay the Deposit to the last assignee of Tenant’s Tenant without interest hereunder, at the expiration and subject to any proper deductions made pursuant to this Agreement. No part of the Term Deposit shall, without the written consent of this Lease and after the Landlord, be set-off by the Tenant has vacated against any Rent, Service Charge or other sums owing to the Premises. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereof.
Appears in 1 contract
Deposit. Upon Contemporaneously with Tenant’s execution of the original Lease, Tenant deposited with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution and delivery of this Lease, Tenant shall deposit with Landlord the amount of specified in the Basic Lease Terms preceding this Lease, such deposit shall be reduced amount to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord during the Lease Term as security for the faithful Tenant’s performance of all its obligations hereunder. If an Event of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant Default shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month periodoccur, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to may use, apply or retain all or any part portion of the Security Deposit for the payment of rentalsuch obligation or default, unreimbursed Operating Expenses or for the payment of any other amount sum to which Landlord may spend or become obligated to spend by reason of Tenant’s default default, or to compensate Landlord for any other loss or damage which that Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Leasethereby. If Landlord so uses or applies all or any portion of the Security Deposit is so used or appliedDeposit, Tenant shall, within five ten (510) days after written demand therefortherefor from Landlord, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original the full amount stated in this Section 21.2, and Tenant’s failure to do so shall be a material breach constitute an Event of Default under this Lease. If Tenant performs all of Tenant’s obligations hereunder, Landlord shall be required to keep any deposit return the Security Deposit (or so much thereof as has not theretofore been applied by Landlord as permitted under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to 21.2) within sixty (60) days following the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision date of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Lease Term of this Lease and after or the date on which Tenant has vacated the Premises. In Landlord shall not be required to keep the event of termination Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on the Security Deposit. Landlord shall be entitled to deliver the funds constituting the Security Deposit hereunder to any purchaser of Landlord’s interest in this Leasethe Premises, whether by sale, foreclosure, deed in lieu of foreclosure, or otherwise, and upon such delivery, Landlord shall transfer all deposits then held be discharged from any further liability with respect to the Security Deposit. Tenant hereby waives the provisions of any law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord under may, in addition, claim those sums specified in this Section 21.2 above and/or those sums reasonably necessary to Landlord’s successor in interestcompensate Landlord for any other loss or damage, whereupon foreseeable or unforeseeable, caused by the acts or omissions of Tenant agrees to release or any officer, employee, agent, contractor or invitee of Tenant. If Landlord from transfers this Lease (as part of a transfer of the Project or otherwise), then Landlord shall be relieved of all liability for to Tenant arising or accruing after the date of such transfer, including, without limitation, the return of such deposit or the accounting thereofSecurity Deposit, provided the Security Deposit is transferred to said transferee. Tenant shall look solely to the transferee for return of any Security Deposit. Tenant hereby grants Landlord a security interest in the Security Deposit.
Appears in 1 contract
Deposit. Upon execution of Within three (3) days after the original Leasedate this Agreement has been executed by Scout and Fitzgeralds and Fitzgeralds has received a signed copy thereof, Tenant deposited Fitzgeralds shall deposit with Landlord the Title Company the sum of One Hundred Thousand Dollars ($5,500,000100,000.00) in immediately available funds as an earnxxx xxxey deposit (the "Deposit"). In lieu The Deposit shall be deposited in an interest-bearing account mutually acceptable to Fitzgeralds and the Title Company with interest accruing for the benefit of a cash security depositFitzgeralds until disbursal to Scout; provided, Tenant elected however, in the event that Fitzgeralds does not notify Scout in writing on or before 5:00 p.m. (Central Time), December 27, 1999 (the "Outside Date") of its election to provide one or more irrevocable letters of creditproceed to Closing in accordance with this Agreement, payable to Landlord, as a security deposit. Upon then the execution of this Lease, Title Company shall release the Deposit less the amount paid Scout, if any, to Fitzgeralds and, with the exception of such deposit any terms that expressly survive termination, this Agreement shall terminate and neither party shall have any further liability to the other hereunder. Notwithstanding anything contained in this Section 4 to the contrary, upon receipt of Ground Lessor's approval of the Assignment and Assumption of Ground Lease Agreement as required by Section 12.01. of the Ground Lease ("Ground Lessor's Approval"), Fitzgeralds shall cause the Title Company to deliver to Scout $50,000.00 in immediately available funds in consideration of the rights granted to Fitzgeralds in this Agreement (the "Independent Consideration"). The Independent Consideration is in addition to and independent of any other consideration of payment provided in this Agreement, is non-refundable and shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued retained by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord as security for the faithful performance of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at Scout notwithstanding any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any other provision of this Lease, including, without limitation, Agreement. The Independent Consideration shall be credited against the provisions relating Purchase Price (as defined below) at Closing. This Agreement shall be of no force and effect until such time as (i) Fitzgeralds has delivered the Deposit to the payment of rental and other sums due hereunder, Landlord shall have Title Company in accordance with the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination terms of this Lease. If any portion of the Security Deposit is so used or appliedSection 4., Tenant shall, within five (5ii) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount Scout and Tenant’s failure to do so shall be a material breach of Fitzgeralds have executed this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to TenantAgreement, and Tenant shall be entitled to (iii) the interest thereon, to be paid to Tenant when and if Deposit has been receipted by the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the PremisesTitle Company. In the event the Independent Consideration is not delivered to Scout within three (3) days after the date of termination Fitzgeralds receipt of Landlord’s interest in the Ground Lessor's Approval, this Lease, Landlord Agreement shall transfer all deposits then held by Landlord under this Section terminate and neither party shall have any further liability to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofother hereunder.
Appears in 1 contract
Deposit. Upon execution of the original LeaseIt is agreed that, Tenant deposited concurrently with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, Tenant has deposited with Landlord and will keep on deposit at all times during the amount term of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectivelythis Lease, the “Security Deposit”) shall be held by Landlord , the receipt of which is hereby acknowledged, as security for the payment by Tenant of all rent and other amounts herein agreed to be paid and for the faithful performance of all of the terms, covenantsconditions, and conditions covenants of this Lease to be kept and performed by Tenant during the Term hereof; provided that if Lease. If, at any time during the term of this Lease, Tenant shall have maintained an investment grade credit rating be in default in the performance of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution any provision of this Lease, Landlord shall promptly obtain have the release right to use said deposit, or so much thereof as necessary, in payment of any Letters rent or other amount in default as aforesaid, in reimbursement of Credit pledged as permitted any expense incurred by Landlord, and in Section 18.2 below which exceed the amounts indicated above and shall return payment of any damages incurred by Landlord by reason of Tenant's default. In such Letters of Credit to Tenant. Upon such release and returnevent, Tenant shall cause shall, on written demand of Landlord, forthwith remit to be issued and delivered Landlord a substitute letter of credit sufficient amount in cash to restore said deposit to an amount equal to: (i) the Base Rent if Tenant's default occurs thereafter, plus the monthly amount of Tenant's Pro Rata Share of increases in Operating Expenses then payable by Tenant pursuant to Paragraph 5.B hereof, times (ii) the required security number of months' worth of Base Rent represented by the initial deposit. If In the event said deposit has not been utilized as aforesaid, said deposit, or as much thereof as has not been utilized for such purposes, shall be refunded to Tenant defaults with respect or to any provision whomever is then the holder of Tenant's interest in this Lease, includingwithout interest, without limitation, the provisions relating to the payment sixty (60) days after full performance of rental and other sums due hereunder, this Lease by Tenant. Landlord shall have the rightright to commingle said deposit with other funds of Landlord. At Landlord's election, but shall not Landlord may elect to have the Security Deposit held by Landlord's manager in a separate security deposit trust, trustee or escrow account established and maintained by such manager with respect to certain security deposits of tenants within the Building. Unless Tenant is so notified, (i) Landlord will hold the Security Deposit and be required, to use, apply or retain all or any part responsible for its return; (ii) Tenant may request return of the Security Deposit for by giving Landlord written notice in accordance with the payment provisions of rentalthe Lease, unreimbursed Operating Expenses or any other amount which addressed to Landlord as provided in this Lease; and (iii) Landlord's manager, if there is one, agrees that in the event of a dispute over the ownership of the Security Deposit, the manager will not wrongfully withhold Landlord's true name and current mailing address from Tenant. Landlord may spend or become obligated deliver the funds deposited herein by Tenant to spend the purchaser of Landlord's interest in the Premises in the event such interest be sold and, thereupon, Landlord shall be discharged from further liability with respect to such deposit. Tenant agrees that if a Mortgagee (as defined in Paragraph 21) succeeds to Landlord's interest in the Premises by reason of Tenant’s default foreclosure or to compensate Landlord for any other loss or damage which Landlord may suffer by reason deed in lieu of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or appliedforeclosure, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, have no claim against said Mortgagee for the Security Deposit, or any balance portion thereof, together with all accrued interestunless such Mortgagee has actually received the same from Landlord. If claims of Landlord exceed said deposit, Tenant shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability remain liable for the return balance of such deposit or the accounting thereofclaims.
Appears in 1 contract
Samples: Front Range Capital Corp
Deposit. Upon execution Landlord hereby acknowledges receipt from Tenant of the original Lease, Tenant deposited with Landlord the sum of $5,500,000Deposit. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, no instance shall the amount of such deposit shall Deposit be reduced to $1,375,000considered a measure of liquidated damages. At Tenant’s election, in lieu All or any part of a cash security deposit, Tenant the Deposit may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held applied by Landlord as security for the faithful performance in total or partial satisfaction of all of the terms, covenants, and conditions of this Lease to be kept and performed any default by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution The application of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment to any obligation or default of rental, unreimbursed Operating Expenses Tenant under this Lease shall not deprive Landlord of any other rights or remedies Landlord may have nor shall such application by Landlord constitute a waiver by Landlord. If all or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion part of the Security Deposit is so used or applied, applied to an obligation of Tenant shall, within five (5) days after written demand therefor, deposit cash with under this Agreement then Landlord in an amount sufficient shall have the right to call upon Tenant to restore the Security Deposit to its original amount by giving notice to Tenant and Tenant’s failure Tenant shall immediately restore the Deposit by payment thereof to do so Landlord. The Deposit shall be a material breach of this Lease. held by Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant without liability for interest; Landlord shall be entitled to the full use of the Deposit and shall not be required to keep it in a segregated account or escrow. It is understood and agreed that should Landlord convey its interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of under this Lease to be performed by itLease, the Security Deposit may be turned over by Landlord to Landlord's grantee or transferee, and upon any such delivery of the Deposit, or Tenant hereby releases Landlord herein named of any balance thereof, together and all liability with all accrued interest, shall be returned to Tenant or, at Landlord’s option, respect to the last assignee Deposit, its application and return, and Tenant agrees to look solely to such grantee or transferee, and it is further understood that this provision shall also apply to subsequent grantees and transferees. Landlord will return the balance of Tenant’s interest hereunderthe Deposit not previously applied as provided herein, at the within thirty (30) days after expiration of the Term of this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord’s Term, plus any interest accrued if monies were held in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofan interest bearing account.
Appears in 1 contract
Samples: White Marsh Business Center Agreement of Lease (Imtek Office Solutions Inc)
Deposit. Upon execution of Buyer has previously deposited in the original Lease, Tenant deposited escrow (the "Deposit") established with Landlord the sum of $5,500,000. In lieu of a Title Company for this transaction cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord as security for the faithful performance of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of $10,000.00. On or before the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part last day of the Security Deposit for Inspection Period, Buyer shall deposit in escrow the payment additional sum of rental, unreimbursed Operating Expenses $40,000.00 in cash or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s defaultcertified funds. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is Title Company shall invest all funds so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord deposited in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest interest-bearing cash-management account reasonably acceptable to TenantBuyer and Seller. The funds so deposited and all interest thereon are referred to collectively as the "Deposit." In the event that (a) the conditions precedent set forth in Section 3.1 above shall have been satisfied or waived, (b) Seller shall have performed fully or tendered performance of its obligations hereunder and Tenant (c) Buyer shall be entitled unable or fail to perform its obligations hereunder, then the interest thereon, to entire amount of the Deposit shall be paid to Tenant when and if retained by Seller. Buyer hereby certifies to the Security Title Company that Buyer's FEIN number is 00-0000000. BUYER AND SELLER HEREBY ACKNOWLEDGE AND AGREE THAT SELLER'S DAMAGES IN THE EVENT OF SUCH A BREACH OF THIS AGREEMENT BY BUYER WOULD BE DIFFICULT OR IMPOSSIBLE TO ESTIMATE OR DETERMINE, THAT THE AMOUNT OF THE DEPOSIT IS THE PARTIES' BEST AND MOST ACCURATE ESTIMATE OF THE DAMAGES SELLER WOULD SUFFER IN THE EVENT THE TRANSACTION PROVIDED FOR IN THIS AGREEMENT FAILS TO CLOSE, AND THAT SUCH ESTIMATE IS REASONABLE UNDER THE CIRCUMSTANCES EXISTING ON THE DATE OF THIS AGREEMENT. BUYER AND SELLER AGREE THAT SELLER'S RIGHT TO RETAIN THE DEPOSIT SHALL BE THE SOLE AND EXCLUSIVE REMEDY OF SELLER IN THE EVENT OF A BREACH OF THIS AGREEMENT BY BUYER. ACCEPTED AND AGREED TO: /s/ /s/ --- --- Seller Buyer In the event that this transaction is consummated as contemplated by this Agreement, then the entire amount of the Deposit is refundable to Tenantshall be credited against the Purchase Price. If Tenant fully and faithfully performs every provision The entire amount of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, Deposit shall be returned immediately to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premises. In Buyer in the event that (a) the conditions precedent set forth in Section 3.1 above shall have been satisfied or waived, (b) Buyer shall have performed fully or tendered performance of termination of Landlord’s interest in this Lease, Landlord its obligations hereunder and (c) Seller shall transfer all deposits then held by Landlord be unable or fail to perform its obligations under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofAgreement.
Appears in 1 contract
Samples: Agreement for Purchase and Sale (Metric Income Trust Series Inc)
Deposit. Upon execution of the original Lease, Tenant deposited with Landlord the sum of shall deposit an amount equal to Thirteen Thousand Two Hundred Sixty-Eight and 33/100 Dollars ($5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit 13,268.33) (individually and collectively, the “Security Deposit”) with Landlord upon the execution of this Lease. Said sum shall be held by Landlord Xxxxxxxx as security for the faithful performance by Tenant of all of the terms, covenants, covenants and conditions of this Lease to be kept and performed by Xxxxxx and not as an advance rental deposit or as a measure of Landlord’s damage in case of Xxxxxx’s Default. If an Event of Default by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month periodoccurs, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or may use any part of the Security Deposit for the payment of rentalany rent, unreimbursed Operating Expenses damage, injury, expense, liability, or any other amount which Landlord may spend or become obligated to spend caused by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason such Event of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this LeaseDefault. If any portion of the Security Deposit is so used or appliedused, Tenant shall, shall within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Except to such extent, if any, as shall be required by law, Landlord shall not be required to keep any deposit under this Section the Security Deposit separate from Landlord’s its general funds in an interest bearing account reasonably acceptable to Tenantfunds, and Tenant shall not be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenanton such deposit. If Tenant shall fully and faithfully performs perform every provision of this Lease to be performed by it, the Security Deposit, Deposit or any balance thereof, together with all accrued interest, thereof shall be returned to Tenant orafter termination of this Lease, at Landlord’s option, to the last assignee within sixty (60) days after such time as Landlord shall have determined that all of Tenant’s interest hereunder, at the expiration of the Term of obligations under this Lease and after Tenant has vacated the Premiseshave been fulfilled. In the event of termination a sale of the Premises, Landlord shall have the right to transfer the Security Deposit to the purchaser of Landlord’s interest in this Lease, and Landlord thereupon shall transfer all deposits then held be released by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or Security Deposit. Thereafter, Tenant shall look solely to the accounting thereofnew landlord for the return of said Security Deposit. The Security Deposit shall be promptly refunded to Tenant, in full, if Tenant timely exercises its right to terminate this Lease during the Study Period pursuant to Section 1 of this Lease.
Appears in 1 contract
Samples: Lease Agreement
Deposit. Upon execution of the original Lease, Tenant deposited Renter shall keep in deposit with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected Operator an amount equal to provide one or more irrevocable letters of credit, payable to Landlord, (1) months rent as a security deposit. Upon the execution of this Lease, the amount of such security/damage deposit shall be reduced to $1,375,000. At Tenantfor Xxxxxx’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord as security for the faithful performance of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security depositobligations hereunder. If Tenant Renter fails to pay rent or other charges due hereunder, or otherwise defaults with respect to any provision provisions of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to Operator may use, apply or retain all or any part portion of the Security Deposit said deposit for the payment of rental, unreimbursed Operating Expenses any rent or other charges in default or for the payment of any other amount sum to which Landlord Renter may spend or become obligated to spend by reason of TenantXxxxxx’s default default, or to compensate Landlord Operator for any other loss or damage to premises which Landlord Operator may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Leasesuffer. If Operator so uses or applies all or any portion of the Security Deposit is so used or appliedsaid deposit, Tenant Renter shall, within five ten (510) days after written demand therefortherefore, deposit cash with Landlord Operator in an amount sufficient to restore said deposit to the Security Deposit to its original full amount herein stated; and TenantXxxxxx’s failure to do so shall be a material breach breech of this Lease. Landlord Operator shall not be required to keep any said deposit under this Section separate from Landlordits general accounts. If Xxxxxx performs all of Xxxxxx’s general obligations hereunder, said deposit or so much thereof as has not theretofore been applied by Operator, shall be repaid to Renter without interest within 30 days after the vacation of the Premises by Xxxxxx. SERVICE CHARGES/INTEREST: Renter shall pay Operator a late fee equal to five-percent (5%) of the amount late with a minimum of ten dollars $10.00 on every monthly rental payment received after the fifteenth (15th) day of the month and Fifty Dollars ($50.00) for every check returned by Xxxxxx's Bank for insufficient funds in an interest bearing account reasonably acceptable to Tenant, and Tenant or for any other reason. Operator also shall be entitled to interest at the interest thereonrate of 1.5-percent (1.5%) per month on any payment amount more than thirty (30) days past due. RULES AND REGULATIONS: Renter shall comply in all respects with the Rules and Regulations adopted by Operator for the operation and use of the Space and Facility; said Rules and Regulations are subject to change at anytime without notice. In utilizing the Space, Xxxxxx agrees to be paid and shall comply with all present and future applicable ordinances, resolutions, rules and regulations, health, safety, environmental, and sanitary regulations of all applicable laws, regulatory bodies, those established by any federal or local government agency, and, if applicable, by State or by the U.S. Army Corps of Engineers. Renter shall also comply with all rules and regulations relating to Tenant when the Boat Launch or any other part of the facility. TRANSFERS AND ASSIGNMENTS: This License and if Xxxxxx’s rights hereunder are not assignable without written approval from Operator. Renter may not sublet or assign the Security Deposit is refundable right to Tenantuse the Space without Operator’s written consent. If Tenant fully and faithfully performs every provision Operator reserves the right to change Space assignments as necessary for the efficient operation of the Marina, or for other reasonable causes. Operator may transfer or assign the Marina property without the prior written consent of Renter and, upon Transferee’s assumption of this Lease to Lease; Operator shall automatically be performed by itrelieved of future liabilities or obligations. INSURANCE: Operator and Operator's Agents and Representatives shall not be responsible for Renter's vehicles, the Security Deposittrailers, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated vessels and/or personal property on the Premises. In Renter, at Renter's sole cost and expense, is required to obtain a policy of property damage insurance covering, at least 100-percent (100%) of the event actual cash value of termination all vehicles, trailers, vessels and/or personal property located on the Premises, damage by fire, extended coverage, perils, vandalism, and burglary.* *Operator requires that 1) Renter include Narrows Marina LLC as additional interest on the mandated insurance policy and 2) Renter maintain protection and Indemnity Liability Coverage with a minimum coverage amount of Landlord’s interest in this Lease$100,000. RECEIVED BY: Initials NMLLC REGISTRATION: Renter, Landlord shall transfer at Renter's sole cost and expense, is required to obtain a current State Registration for all deposits then held by Landlord under this Section to Landlord’s successor in interestvehicles, whereupon Tenant agrees to release Landlord from all liability for trailers, and vessels, and a copy is required upon execution of rental agreement. Registered owner and Renter must be the return of such deposit or the accounting thereof.same. RECEIVED BY: Initials NMLLC
Appears in 1 contract
Samples: Rental Agreement
Deposit. Upon execution of the original Lease, Tenant deposited Concurrently with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to has deposited with Landlord, and issued by an institution and will keep on deposit at all times during the Term, a Security Deposit as specified in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectivelyBasic Lease Information, the “Security Deposit”) shall be held by Landlord receipt of which is hereby acknowledged, as security for the payment by Tenant of the Rent herein agreed to be paid and for the faithful performance of all of the terms, covenantsconditions and covenants thereof. If, and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time during the Term, Tenant shall have maintained an investment grade credit rating be in default in the performance of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution any provision of this Lease, Landlord shall promptly obtain have the release right to use said deposit, or so much thereof as necessary, in payment of any Letters Rent in default as aforesaid, in reimbursement of Credit pledged any expenses incurred by Landlord in payment of any damages incurred by Landlord by reason of Tenant's default, or at the option of Landlord, the same may be retained by Landlord. In such event, Tenant shall, on written demand of Landlord, forthwith remit to Landlord a sufficient amount of cash to restore said deposit to its original amount. In the event said deposit has not been utilized as permitted in Section 18.2 below which exceed the amounts indicated above and aforesaid, said deposit, or as much thereof as has not been utilized for said purposes, shall return such Letters of Credit be refunded to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision without interest, upon full performance of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Lease by Tenant. Landlord shall have the rightright to commingle said deposit with other funds of Landlord. Landlord may deliver the funds deposited herein by Tenant to the purchaser of Landlord's interest in the Leased Premises in the event such interest is sold and, but thereupon, Landlord shall be discharged from further liability with respect to such deposit. Said deposit shall not be requiredconsidered as liquidated damages, to useand, apply or retain all or any part if claims of the Security Deposit Landlord exceed said deposit, Tenant shall remain liable for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofclaims.
Appears in 1 contract
Samples: Lease (Cyberopticlabs Inc)
Deposit. Upon execution of the original Lease, Tenant deposited with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution and delivery of this LeaseContract, Buyer shall make a deposit (the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security "Contract Deposit”") shall be held by Landlord as security for the faithful performance of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of One Hundred Thousand and % ($100,000.00) Dollars with Lawyers Title Insurance Corporation, located at Xxx Xxxx Xxxxxx, Xxxxx 0000, Xxxxx Xxxxxx, Xxx Xxxx 00000 (hereinafter referred to as "Escrow Agent"). The Contract Deposit shall be made by check made payable to Lawyers Title Insurance Corporation, as Escrow Agent and shall be held in escrow by Escrow Agent in a Federally insured, interest bearing account, with interest payable to the required security deposit. If Tenant defaults with respect party entitled to any provision receive the Contract Deposit pursuant to the terms of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s defaultContract. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security The Contract Deposit, or any balance thereof, together with all accrued interestinterest thereon, shall be returned to Tenant or, at Landlord’s option, applied to the last assignee of Tenant’s interest hereunder, Purchase Price at "Closing" (as hereinafter defined) or if the expiration Closing does not occur shall be paid to Seller unless this Contract expressly provides that it shall be paid to Buyer. If for any reason the Closing does not occur and either party makes a written demand upon the Escrow Agent for payment of the Term Contract Deposit, the Escrow Agent shall give written notice to the other party of such demand. If the Escrow Agent does not receive a written objection from the other party to the proposed payment within ten (l0) days after the giving of such notice, the Escrow Agent is hereby authorized to make such payment. If the Escrow Agent does receive such written objection within such ten (l0) day period or if for any other reason the Escrow Agent in good faith shall elect not to make such payment, the Escrow Agent shall continue to hold such amount until otherwise directed by written instructions from the parties to this Contract or disposition of the same has been directed by a final, nonappealable court order or Escrow Agent may pay the Contract Deposit into court in accordance with proper court procedure. The parties acknowledge that the Escrow Agent is acting solely as a stakeholder at their request and for their convenience, that the Escrow Agent shall not be deemed to be the agent of either of the parties, except as expressly set forth herein, and that the Escrow Agent shall not be liable to either of the parties for any act or omission on its part unless taken or suffered in bad faith, in willful disregard of this Lease Contract or of any escrow agreement or involving gross negligence. Both parties shall jointly and after Tenant has vacated severally reimburse and indemnify Escrow Agent harmless from and against any and all loss, liability, costs and expenses, including without limitation, reasonable attorneys' fees and expenses as a result of its performance of its duties and obligations under this Contract. Upon making the Premises. In delivery of the event of termination of Landlord’s Contract Deposit and interest earned thereon in the manner provided in this LeaseContract, Landlord Escrow Agent shall transfer all deposits then held by Landlord under have no further liability hereunder. The Escrow Agent joins in the execution of this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability Contract solely for the return purpose of such deposit acknowledging receipt of the Contract Deposit and its agreement to hold the same pursuant to the terms hereof. Anything contained herein to the contrary notwithstanding, Escrow Agent shall be free to represent Seller in any and all manner regarding this Contract and/or any dispute or the accounting thereoflitigation arising hereunder.
Appears in 1 contract
Deposit. Upon execution of the original Lease, Tenant deposited Simultaneously with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, Lessee shall deposit with Lessor the amount sum of such Four Thousand Three Hundred Thirty-Five and fifty/one hundredths Dollars ($4,335.50), as a security deposit for the performance by Lessee of the provisions of this Lease. Such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord considered as security for the faithful payment and performance by Lessee of all of the termsLessee's obligations, covenants, conditions and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of agreements under this Lease, Landlord shall promptly obtain . In the release event of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due default by Lessee hereunder, Landlord Lessor shall have the right, but shall not be requiredobligated, to use, apply or retain all or any part portion of the deposit to cure such default, in which event Lessee shall be obligated to promptly deposit with Lessor the amount necessary to restore the deposit to its original amount provided, however, such defaults and Lessee's liability under this Lease shall thereby be discharged only pro tanto and Lessee shall remain liable for any amounts that said Security Deposit shall be insufficient to pay. Lessor shall return the security deposit to Lessee within thirty (30) days after (i) the Lease has expired, (ii) the Lessee has surrendered possession of the Demised Premises in accordance with the terms hereof, and (iii) the Lessee has performed all obligations imposed on the Lessee hereunder. Lessor shall not be required to pay Lessee interest en the security deposit. Notwithstanding the foregoing, in the event of the sale or transfer of Lessor's interest in the Demised Premises or this Lease, Lessor shall have the right to transfer the Security Deposit to the purchaser or transferee, in which event Lessee shall look only to the new landlord for the return of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so Lessor shall thereupon be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord released from all liability to Lessee for the return of such deposit or the accounting thereofSecurity Deposit.
Appears in 1 contract
Deposit. Upon execution of the original LeaseBuyer shall deposit with Seller, Tenant deposited concurrent with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this LeaseAddendum, a Deposit in the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit 1,000.00 (individually and collectively, the “Security Deposit”) ). The Deposit shall be held by Landlord Seller as security for the faithful performance by Xxxxx of all of the terms, covenants, and conditions provisions of this Lease Addendum to be kept and performed or observed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security depositXxxxx. If Tenant Buyer fails to pay any amounts or other charges hereunder, or otherwise defaults with respect to any provision of this LeaseAddendum, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to Seller may use, apply or retain all or any part portion of the Security Deposit for the payment of rentalany such amounts or other charge in default, unreimbursed Operating Expenses or for the payment of any other amount sum to which Landlord the Seller may spend or become obligated to spend by reason of TenantBuyer’s default default, or to compensate Landlord Seller for any other loss or damage which Landlord Seller may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Leasethereby. If Seller so uses or applies all or any portion of the Security Deposit is so used or appliedDeposit, Tenant Buyer shall, within five ten (510) days after written demand thereforSeller’s demand, deposit cash a cashier’s or certified check with Landlord Seller in an the amount sufficient to restore the Security Deposit to its original the full amount and Tenantthereof. Buyer’s failure to do so shall be a material breach of this Leasethe Addendum. Landlord Seller shall not be required to keep any deposit under this Section the Deposit separate from Landlord’s its general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenantaccounts. If Tenant fully and faithfully Xxxxx performs every provision all of this Lease to be performed by itXxxxx’s obligations hereunder, the Security Deposit, or any balance thereof, together with all accrued interestso much thereof as has not theretofore been applied to Seller, shall be returned to Tenant orreturned, at Landlord’s optionwithout payment of interest or other increment for its use, to Buyer upon completion of Buyer’s obligations hereunder to Seller’s reasonable satisfaction. No trust relationship is created herein between Seller and Buyer with respect to the last assignee of Tenant’s interest hereunder, at the expiration Deposit. The Deposit is not part of the Term Xxxxxxx Money and no provisions of this Lease and after Tenant has vacated the PremisesPurchase Agreement or Addendum relating to the Xxxxxxx Money shall be applicable to the Deposit unless expressly stated otherwise. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereof.#2514191 v.3
Appears in 1 contract
Samples: Purchase Agreement
Deposit. Upon execution of Within three (3) business days following the original Lease, Tenant deposited with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the ------- execution of this LeaseAgreement by both Buyer and Seller, Buyer shall deliver to Title Company, for deposit into the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts escrow described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord as security for the faithful performance of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below 6.1 below, cash in an amount equal to Two Hundred Thousand Dollars ($200,000), which exceed shall serve as the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return"Deposit." In the event that this transaction is consummated as contemplated by this Agreement, Tenant shall cause to be issued and delivered a substitute letter of credit in then the entire amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all any interest accrued interestthereon, shall be credited against the Purchase Price. The entire amount of the Deposit, together with interest accrued thereon, shall be returned immediately to Tenant or, at Landlord’s option, Buyer in the event that Buyer is entitled to terminate this Agreement due to the last assignee failure of Tenant’s interest hereunder, at the expiration any of the Term conditions precedent set forth in Section 3.1(a), or in the event that (a) the conditions precedent set forth in Section 3.1(b) shall have been satisfied or waived, (b) Buyer shall have performed fully or tendered performance of its obligations hereunder and (c) Seller shall fail to perform its material closing obligations under this Agreement. IN ALL OTHER EVENTS, THE ENTIRE AMOUNT OF THE DEPOSIT, TOGETHER WITH ACCRUED INTEREST, SHALL BE RETAINED BY SELLER AS LIQUIDATED DAMAGES. BUYER AND SELLER HEREBY ACKNOWLEDGE AND AGREE THAT SELLER'S DAMAGES IN THE EVENT OF SUCH A BREACH OF THIS AGREEMENT BY BUYER WOULD BE DIFFICULT OR IMPOSSIBLE TO DETERMINE, THAT THE AMOUNT OF THE DEPOSIT TOGETHER WITH ACCRUED INTEREST IS THE PARTIES' BEST AND MOST ACCURATE ESTIMATE OF THE DAMAGES SELLER WOULD SUFFER IN THE EVENT THE TRANSACTION PROVIDED FOR IN THIS AGREEMENT FAILS TO CLOSE, AND THAT SUCH ESTIMATE IS REASONABLE UNDER THE CIRCUMSTANCES EXISTING ON THE DATE OF THIS AGREEMENT. BUYER AND SELLER AGREE THAT SELLER'S RIGHT TO RETAIN THE DEPOSIT TOGETHER WITH ACCRUED INTEREST SHALL BE THE SOLE REMEDY AT LAW OF SELLER IN THE EVENT OF A BREACH OF THIS AGREEMENT BY BUYER. ACCEPTED AND AGREED TO: /s/ Xxxxxxx XxXxxxxxx /s/ Xxx X. Xxxxx --------------------- ---------------- Sellers Buyer This Section 5.1 is intended only to liquidate and limit Seller's rights to damages arising due to Buyer's failure to purchase the Property and shall not limit the indemnification obligations of Buyer pursuant to (A) any documents delivered pursuant to this Agreement or (B) Sections 2.4(c), 7.2, 7.8 and 7.11 of this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofAgreement.
Appears in 1 contract
Samples: Agreement for Purchase and Sale (Wells Real Estate Fund Xii Lp)
Deposit. Upon execution Landlord hereby acknowledges receipt from Tenant of the original Lease, Tenant deposited with Landlord the sum of $5,500,000Deposit. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, no instance shall the amount of such deposit Deposit be considered a measure of liquidated damages. Until the first day of the first full month of the Occupancy Term, all or any part of the Deposit may be applied by Landlord in total or partial satisfaction of any default by Tenant. After the first day of the first full month of the Occupancy Term, all or any part of the Deposit remaining after application of the Prepaid First Month's Rent, may be applied by Landlord in total or partial satisfaction of any default by Tenant. The application of all or any part of the Deposit to any obligation or default of Tenant under this Lease shall be reduced to $1,375,000. At Tenant’s election, in lieu not deprive Landlord of any other rights or remedies Landlord may have nor shall such application by Landlord constitute a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued waiver by an institution and in form reasonably satisfactory to Landlord. Such sums If all or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord as security for the faithful performance of all any part of the terms, covenants, and conditions Deposit is applied to an obligation of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, right to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and call upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount by giving notice to Tenant and Tenant’s failure Tenant shall immediately restore the Deposit by payment thereof to do so shall be a material breach of Landlord. It is understood and agreed that should Landlord convey its interest under this Lease. , the Deposit may be turned over by Landlord shall be required to keep Landlord's grantee or transferee, and upon any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable such delivery of the Deposit, Tenant hereby releases the party named herein as Landlord of any and all liability with respect to Tenantthe Deposit, its application and return, and Tenant agrees to look solely to such grantee or transferee, and it is further understood that this provision shall be entitled also apply to subsequent grantees and transferees. Landlord will return the balance of the Deposit not previously applied as provided herein (and exclusive of the Prepaid First Month's Rent), within thirty (30) days after expiration of the Term. No interest thereon, to will be paid to Tenant when and if on the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this throughout the Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofTerm.
Appears in 1 contract
Samples: Universal Security Instruments Inc
Deposit. Upon execution Landlord hereby acknowledges the receipt of the original Lease, Tenant deposited with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, ($ ) as a damage/security depositdeposit to secure the performance of Tenants obligations under this lease. Upon surrender of the execution premises by Tenant to Landlord at the expiration of the term of this Leaselease, Landlord shall refund to Tenants the amount held hereunder as a damage/security deposit less such amount as shall be equal to the fair value of Landlord's damages sustained or incurred by Landlord by reason of Tenants failure to perform his/her/their obligations hereunder. Tenant further expressly agrees to compensate or reimburse Landlord for any damages sustained or incurred by Landlord in excess of the amount of such the damage/security deposit shall be reduced held hereunder as a consequence of Tenants failure to $1,375,000perform his/her/their obligations hereunder. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall The deposit will be held by Landlord as security for the faithful performance of all payment of the termsrent reserved herein, covenantsthe costs of repairing any damages to the premises and the furnishings therein which may have occurred during the term of this lease, the charges for cleaning the premises to occupancy, the liquidated damages provided for herein, and conditions the reasonable costs, attorney's fees and expenses made and incurred by Landlord in enforcing the agreements of this Lease to be kept lease. It is expressly agreed that the deposit is neither an advance payment of rent, nor any part of rent installment, and performed by Tenant during is not a measure of Landlord's damage in the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating event of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution breach of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenantlease. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but Tenants shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages entitled to the Premises return or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination application of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore until the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach end of the term of this Leaselease and a reasonable time thereafter. At Landlord's election, however, any portion of deposit not otherwise applied towards such damages may be applied by Landlord shall be required to keep towards delinquent or future rent. The refund of any unused portion of said deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, Tenants at the expiration of property address, or such other address as Tenants may direct the Term of this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord’s interest Landlord in this Leasewriting, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereoffirst class mail.
Appears in 1 contract
Samples: Apartment Lease Agreement
Deposit. Upon (a) Concurrently with Tenant's execution of the original this Lease, Tenant deposited shall deposit with Landlord the sum of Two Million Two Hundred Seventy Thousand Four Hundred Thirty and No/100 Dollars ($5,500,000. In lieu of a cash security deposit2,270,430.00), Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon which sum (the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “"Security Deposit”" ) shall be held by Landlord as security for the faithful performance of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses rental or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s 's default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s 's default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five ten (510) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s 's failure to do so shall be a material breach of this Lease. Landlord shall not be required to keep any deposit under this Section separate from Landlord’s 's general funds in an interest bearing account reasonably acceptable to Tenantfunds, and Tenant shall not be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s 's option, to the last assignee of Tenant’s 's interest hereunder, at the expiration of the Term term of this Lease and after Tenant has vacated the PremisesProperty. In the event of termination of Landlord’s 's interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s 's successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereof.
Appears in 1 contract
Samples: Sublease (Prothena Corp PLC)
Deposit. Upon execution of the original LeaseBuyer shall deposit with Seller, Tenant deposited concurrent with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this LeaseAddendum, a Deposit in the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit 1,000.00 (individually and collectively, the “Security Deposit”) ). The Deposit shall be held by Landlord Seller as security for the faithful performance by Buyer of all of the terms, covenants, and conditions provisions of this Lease Addendum to be kept and performed or observed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security depositBuyer. If Tenant Buyer fails to pay any amounts or other charges hereunder, or otherwise defaults with respect to any provision of this LeaseAddendum, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to Seller may use, apply or retain all or any part portion of the Security Deposit for the payment of rentalany such amounts or other charge in default, unreimbursed Operating Expenses or for the payment of any other amount sum to which Landlord the Seller may spend or become obligated to spend by reason of TenantBuyer’s default default, or to compensate Landlord Seller for any other loss or damage which Landlord Seller may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Leasethereby. If Seller so uses or applies all or any portion of the Security Deposit is so used or appliedDeposit, Tenant Buyer shall, within five ten (510) days after written demand thereforSeller’s demand, deposit cash a cashier’s or certified check with Landlord Seller in an the amount sufficient to restore the Security Deposit to its original the full amount and Tenantthereof. Buyer’s failure to do so shall be a material breach of this Leasethe Addendum. Landlord Seller shall not be required to keep any deposit under this Section the Deposit separate from Landlord’s its general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenantaccounts. If Tenant fully and faithfully Buyer performs every provision all of this Lease to be performed by itBuyer’s obligations hereunder, the Security Deposit, or any balance thereof, together with all accrued interestso much thereof as has not theretofore been applied to Seller, shall be returned to Tenant orreturned, at Landlord’s optionwithout payment of interest or other increment for its use, to Buyer upon completion of Buyer’s obligations hereunder to Seller’s reasonable satisfaction. No trust relationship is created herein between Seller and Buyer with respect to the last assignee of Tenant’s interest hereunder, at the expiration Deposit. The Deposit is not part of the Term Xxxxxxx Money and no provisions of this Lease and after Tenant has vacated the PremisesPurchase Agreement or Addendum relating to the Xxxxxxx Money shall be applicable to the Deposit unless expressly stated otherwise. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereof.#2514191 v.3
Appears in 1 contract
Samples: Purchase Agreement
Deposit. Upon execution Landlord hereby acknowledges receipt from Tenant of the original Lease, Tenant deposited with Landlord the sum of $5,500,000Deposit. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, no instance shall the amount of such deposit shall Deposit be reduced to $1,375,000considered a measure of liquidated damages. At Tenant’s election, in lieu of a cash security deposit, Tenant Landlord may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord as security for the faithful performance of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment in total or partial satisfaction of rental, unreimbursed Operating Expenses any Event of Default by Tenant. The application of all or any part of the Deposit to any Event of Default of Tenant under this Lease shall not deprive Landlord of any other amount which rights or remedies Landlord may spend or become obligated to spend have nor shall such application by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer constitute a waiver by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this LeaseLandlord. If all or any portion part of the Security Deposit is so used or applied, applied to an obligation of Tenant shall, within five (5) days after written demand therefor, deposit cash with under this Agreement due to an Event of Default then Landlord in an amount sufficient shall have the right to call upon Tenant to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable cash by giving written notice to Tenant, and in which case Tenant shall immediately restore the Deposit. The Deposit does not have to be held by Landlord in an interest-bearing or segregated account. Landlord shall be entitled to the interest thereon, to be paid to Tenant when and if full use of the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all plus accrued interest, shall if any, upon an Event of Default by Tenant. It is understood and agreed that should Landlord convey its interest under this Lease, the Deposit may be returned turned over by Landlord to Tenant or, at Landlord’s optiongrantee or transferee, and upon any such delivery of the Deposit, Tenant hereby releases Landlord herein named of any and all liability with respect to the last assignee Deposit, its application and return, and Tenant agrees to look solely to such grantee or transferee, provided that such transferee assumes the obligations of Tenant’s interest hereunder, at Landlord under this Lease. This provision shall also apply to subsequent grantees and transferees. Within thirty (30) days after the expiration of the Term of this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord’s interest in this LeaseTerm, Landlord shall transfer all deposits then held by Landlord under this Section will return to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return balance of such deposit or the accounting thereofDeposit not previously applied as provided herein.
Appears in 1 contract
Deposit. Upon execution The Buyer has made a deposit of 10% of the original LeasePurchase Price, Tenant deposited with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit which is Dollars (individually and collectively, the $ ) (“Security Deposit”) by check in hand paid on the signing of this Agreement, paid by Xxxxx to Agent; receipt of which is hereby acknowledged. The Deposit shall be held placed in Agent’s escrow account until final settlement and may be placed in an interest-bearing account. The Buyer and Seller waive any claim to interest resulting from such Deposit. THIS IS A CASH AGREEMENT. THERE IS NO CONTINGENCY FOR BUYER TO OBTAIN FINANCING NOR ARE THERE ANY OTHER CONTINGENCIES. The residue of the purchase price shall be payable as follows: Cash at Settlement on or before October 6, 2017. If closing does not occur on or before October 6, 2017, Buyer shall be in default, and Seller may take whatever action necessary to enforce the contract, including specific performance and/or payment of damages. Seller may, in its sole discretion, permit closing after this date, and, in such case, shall charge the Buyer interest at the rate of 12% per annum of the total purchase price which shall be due and payable at closing. The Seller agrees to convey the said Property with a Special Warranty Deed, same to be prepared at the expense of the Seller and the cost of Maryland Grantor’s tax shall be borne by Landlord as security the Seller. It is agreed that the Property is being conveyed with marketable title free and clear of all liens and indebtedness. It is agreed that the Property is to be conveyed subject to existing leases and any recorded conditions, easements and restrictions or that otherwise affect the property. LEAD PAINT- AUCTION TRACT 3 ONLY: All parties to this Agreement acknowledge that the dwelling was built (X) before January 1, 1978 or ( ) after January 1, 1978. For all homes built prior to January 1, 1978, a Lead Based Paint Disclosure is hereby attached and made a part of this Agreement. Buyer waives the opportunity to conduct a risk assessment or inspection for the faithful performance presence of all of lead-based paint and/or lead- based paint hazards. MARYLAND RESIDENTIAL PROPERTY DISCLOSURE AND DISCLAIMER STATEMENT- AUCTION TRACT 3: The Buyer has (X)/ has not ( ) been furnished a Disclaimer Statement form prior to signing this Agreement. Buyer acknowledges that it has inspected the terms, covenantsabove-described Property to its satisfaction, and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for accept the return of such deposit or the accounting thereofProperty in its present condition, unless otherwise specified herein.
Appears in 1 contract
Deposit. Upon execution of the original LeaseLessee, Tenant deposited concurrently with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, has deposited with Lessor and shall keep on deposit in an interest-bearing account at all times during the term of this Lease, the sum of Thirty-Seven Thousand Five Hundred and no/100 Dollars ($37,500.00) for the purpose hereinafter set forth, to be held by Lessor. If at any time during the term of this Lease, Lessee shall be in default in the performance of any of the terms, provisions, covenants or conditions of this Lease, Lessor shall have the right to apply said deposit, or so much thereof as may be necessary, toward damage to the Leased Premises, the costs or expenses associated with such default, and for any attorney's fees and legal costs incurred by Lessor by reason of such default; and in the event such deposit shall be diminished by any such payment from or application of the same, Lessee shall and will forthwith pay to Lessor, or its agent, as Lessor may request, such sum as shall be necessary to restore said deposit to the original amount mentioned above. Provided that Lessee is not then in default under this Lease, on each anniversary date of this Lease all interest that has accrued on the security deposit shall be paid by Lessor to Lessee. If the amount of said deposit shall be insufficient to pay, reimburse and fully discharge such expenses and damages, Lessee shall be and remain liable for the balance thereof remaining unpaid, and shall pay the amount of such deposit deficiency to Lessor. Within thirty (30) days after the termination of the Lessee's tenancy, Lessor shall be reduced return to $1,375,000. At Tenant’s election, in lieu Lessee such part or portion of a cash security said deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described aboveplus accrued interest, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord as security for the faithful performance of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be requiredrequired to pay, to use, apply or retain all or any part of the Security Deposit discharge and reimburse Lessor for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean said expenses and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premisesdamages. In the event the property in which the Leased Premises is located is sold or otherwise conveyed, or a new management agent is named by Lessor, said security deposit shall be transferred by Lessor to the new owner of termination of Landlord’s interest in this Leasethe property or new management agent, Landlord and notice thereof acknowledged by the new owners shall transfer all deposits then held by Landlord under this Section be given to Landlord’s successor in interestLessee, whereupon Tenant agrees to release Landlord and upon such transfer, Lessor shall be released from any and all liability for the return of such deposit or the accounting thereofassociated therewith.
Appears in 1 contract
Deposit. Upon Within one (1) business day following the mutual execution of the original Lease, Tenant deposited with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution and exchange of this LeaseAgreement, Buyer shall deposit into Escrow (as defined below) the amount of such deposit shall be reduced to Seven Thousand One Hundred Forty Three and No/100 Dollars ($1,375,000. At Tenant’s election7,143.00) (the “Initial Deposit”), in lieu the form of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, wire transfer payable to LandlordChicago Title Insurance Company (“Escrow Holder”). Unless this Agreement shall have been terminated pursuant to the provisions hereof prior thereto, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or no later than three (3) business days after the Letter expiration of Credit (individually and collectively, the “Security Deposit”) Due Diligence Period” (as hereinafter defined), Buyer shall be held by Landlord as security for the faithful performance of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB deposit with Escrow Holder additional cash or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit other immediately available funds in the amount of One Hundred Thousand and No/100 Dollars ($100,000) (the required security deposit. If Tenant defaults “Additional Deposit”, and together with respect to any provision of this Lease, including, without limitationthe Initial Deposit and all interest accrued thereon, the provisions relating “Deposit”). Escrow Holder shall deposit the Deposit in a non-commingled trust account and shall invest the Deposit in an insured, interest bearing money market accounts, certificates of deposit, United States Treasury Bills or such other instruments as directed by Buyer and reasonably acceptable to the payment of rental Seller and other sums due hereunder, Landlord interest thereon shall have the right, but shall not be required, credited to use, apply or retain all or any Buyer’s account and deemed to be part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premises. In the event of the consummation of the purchase and sale of the Property as contemplated hereunder, the Deposit shall be paid to Seller and credited against the Purchase Price on the Closing Date. In the event the sale of the Property is not consummated because of (a) a Seller default, (b) the termination of Landlordthis Agreement by Buyer in accordance with any right to so terminate provided herein, (c) the failure of any of Buyer’s interest Closing Conditions (as defined below) to occur or (d) any other reason other than a default by Buyer, then the Deposit shall be immediately and automatically paid over to Buyer without the need for any further action by either Party hereto. The sole remedy for a failure by Buyer to make the Initial Deposit or the Additional Deposit as and when required hereunder shall be for Seller to terminate this Agreement. All references in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section Agreement to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the a “return of such deposit or the accounting thereofDeposit” shall also be deemed to include a return of the “Deposit” under the “Other Property Purchase Agreements” (as defined herein).
Appears in 1 contract
Deposit. Upon execution of (a) No later than the original LeaseCommencement Date, Tenant deposited shall deposit with Landlord the sum of Three Hundred Seventy-Five Thousand and No/100 Dollars ($5,500,000. In lieu of a cash security deposit375,000.00), Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit which sum (individually and collectively, the “Security Deposit”) shall be held by Landlord as security for the faithful performance of all of the terms, covenants, covenants and conditions of this Lease to be kept and performed by Tenant during the Term term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults (beyond any applicable cure period) with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses rental or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five ten (510) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall not be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenantfunds, and Tenant shall not be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term term of this Lease and after Tenant has vacated the PremisesProperty. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereof.
Appears in 1 contract
Samples: Lease (Macrogenics Inc)
Deposit. Upon execution of the original Lease, Tenant deposited with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide The Lessor (or one or more irrevocable letters of creditLessor Lenders) shall retain the Deposit during the Term as additional security for Lessee's obligations under this Agreement. On the Delivery Date, payable to Landlordthe Deposit, as together with any interest earned thereon shall constitute a security deposit. Upon deposit under this Lease, shall be non-refundable during the execution Term of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord Lessor (or one or more Lessor Lenders) in an interest bearing account (which may be a general account and need not be segregated) as security for the timely and faithful performance by Lessee of all of Lessee's obligations under this Lease. If Lessee fails to pay Rent hereunder or to pay any other sums due or to or to perform any of the terms, covenants, other terms and conditions provisions of this Lease to be kept or an Event of Default has otherwise occurred and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due is continuing hereunder, Landlord shall have the right, but shall not be required, to Lessor may use, apply apply, draw upon or retain all or any part portion of the Security Deposit in partial payment for the payment sums due to Lessor by Lessee, to compensate Lessor for any sums it may in its discretion advance as a result of rentalan Event of Default, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss apply toward losses or damage which Landlord expenses Lessor may suffer by reason or incur as a result of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination occurrence of this Leasean Event of Default hereunder. If Lessor uses, draws upon or applies all or any portion of the Security Deposit is so used Deposit, such application shall not be deemed a cure of any Default or appliedEvent of Default, Tenant shall, and Lessee shall within five (5) days Business Days after written demand therefor, therefor deposit with Lessor cash with Landlord or other collateral acceptable to Lessor in an amount sufficient to restore the Security Deposit to its original amount level as set forth in Schedule 9 hereto, and Tenant’s the failure of Lessee to do so shall be a material breach of this LeaseLease by Lessee. Landlord shall be required to keep any deposit Provided no Default has occurred and is continuing under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by itLease, the Security Deposit, or any balance thereof, together with all accrued interest, Deposit shall be returned to Tenant Lessee, together with interest (net of any reasonable fees, commissions and other expenses incurred in connection with investment of the Deposit), if any, earned thereon, within five (5) Business Days following the Expiry Date, or, at Landlord’s optionif later, the date Lessee's obligations relating to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofAircraft have been fully performed.
Appears in 1 contract
Samples: Lease Agreement (Airfund International Limited Partnership)
Deposit. Upon execution of the original Lease, Tenant deposited Concurrently with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this LeaseLease (or within ten [10] business days of the full execution of this Lease in the case of a letter of credit), Tenant shall deposit with Landlord the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, specified in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit Section 1.6 (individually and collectively, the “Security Deposit”) ). Upon Landlord’s receipt of the Deposit, Landlord shall be held by Landlord hold it as security for the full and faithful performance of all of the terms, covenants, Tenant’s covenants and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of obligations under this Lease. The Deposit is not an advance Minimum Monthly Rent deposit, Landlord shall promptly obtain the release an advance payment of any Letters other kind, or a measure of Credit pledged as permitted Landlord’s damages in Section 18.2 below which exceed the amounts indicated above and shall return such Letters case of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security depositXxxxxx’s default. If Tenant defaults fails to comply with respect to the full and timely performance of any provision or all of Tenant’s covenants and obligations set forth in this LeaseLease (after the expiration of applicable notice and cure periods), including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, then Landlord shall have the right, may (but shall not be requiredrequired to), from time to time, without waiving any other remedy available to Landlord, use the Deposit, or any portion of it, to use, apply the extent necessary to cure or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default remedy such failure or to compensate Landlord for all damages sustained by Landlord resulting from Xxxxxx’s failure to comply fully and timely with its obligations pursuant to this Lease. No acceptance of such payment shall be construed as an admission that Tenant has performed all of its obligations hereunder. If Landlord elects to make such application of all or any other loss or damage which portion of the Deposit, Landlord may suffer by reason shall notify Tenant of Tenant’s default. the amount thereof and Tenant shall within ten (10) days thereafter deposit with Landlord may also apply an amount sufficient to increase the Security Deposit toward costs incurred to repair damages an amount equal to one hundred percent (100%) of the Premises or amount thereof set forth in Section 1.6 and any Tenant failure to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination immediately do so shall constitute an Event of Default under this Lease. If any portion Tenant is in compliance with this Lease’s covenants and obligations as of the Security Deposit is so used or applied, Tenant shall, within five sixtieth (560th) days day after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term or earlier termination of this Lease and after Tenant has vacated Xxxxxx’s vacating of the Premises, Landlord shall thereupon return to Tenant the unused portion of the Deposit. In Landlord’s obligations with respect to the event Deposit are those of termination a debtor and not a trustee. Landlord shall not be required to maintain the Deposit separate and apart from Xxxxxxxx’s general or other funds, and Landlord may commingle the Deposit with any of Landlord’s general or other funds. Tenant shall not at any time be entitled to interest on the Deposit. Tenant hereby waives and releases all rights with regard to the Deposit set forth in this LeaseCalifornia Civil Code Section 1950.7(except subsection (b)) or under any similar law, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor statute or ordinance now or hereafter in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofeffect.
Appears in 1 contract
Samples: Office Lease (Fitbit Inc)
Deposit. Upon Within thirty (30) days after mutual execution of the original this Lease, Tenant deposited shall deposit with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon [...*...] which sum (the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “"Security Deposit”") shall be held by Landlord as security for the faithful performance of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses rental or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s 's default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s 's default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five ten (510) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and --------------------------- *CONFIDENTIAL TREATMENT REQUESTED 51 Tenant’s 's failure to do so shall be a material breach of this Lease. Landlord shall not be required to keep any deposit under this Section separate from Landlord’s 's general funds in an interest bearing account reasonably acceptable to Tenantfunds, and Tenant shall not be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s 's option, to the last assignee of Tenant’s 's interest hereunder, at the expiration of the Term term of this Lease and after Tenant Xxxxxx has vacated the PremisesProperty. In the event of termination of Landlord’s Xxxxxxxx's interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s 's successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereof.
Appears in 1 contract
Samples: Sugen Inc
Deposit. It shall be a condition precedent to the effectiveness of this Agreement that Guarantor execute and deliver to Wyndham and the Owners the Guaranty pursuant to which Guarantor guarantees W2005’s obligations pursuant to this Section 2.3. No later than ten (10) days following the Effective Date, time being of the essence, Purchaser shall deliver to Escrow Agent a wire transfer or cashier’s or certified check in the sum of TWENTY-FIVE MILLION SIX HUNDRED TWENTY THOUSAND and NO/100ths Dollars ($25,620,000.00) or 7.0% of the Purchase Price. Upon execution such delivery the Guaranty shall terminate and be of no further force or effect. The Deposit shall be invested by Escrow Agent in a commercial bank or banks acceptable to Wyndham and W2005 at money market rates, or in such other investments as shall be approved in writing by Wyndham and W2005. The Deposit shall be held and disbursed by Escrow Agent in strict accordance with the terms and provisions of this Agreement. All accrued interest or other earnings on the Deposit shall become part of the Deposit. The Deposit shall be either (a) applied at Closing against the Purchase Price, (b) returned to W2005 pursuant hereto, or (c) paid to Wyndham pursuant hereto; provided however, that if prior to Closing the Purchase Price shall be reduced as the result of any Property being excluded from this Agreement as expressly provided herein, the Escrow Agent shall promptly return to W2005 a portion of the original Leaseamount of the Deposit in the same proportion as the original Purchase Price was so reduced. Notwithstanding anything herein to the contrary, Tenant deposited with Landlord if W2005 fails to timely deliver the sum Deposit to Escrow Agent under this Agreement, Purchaser shall be in immediate default hereunder (without the benefit of $5,500,000any additional notice or cure period) and Wyndham may terminate this Agreement by written notice to Purchaser whereupon the Deposit shall be payable directly to Wyndham. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to LandlordWyndham shall be entitled following such termination, as a security deposit. Upon its sole remedies, to (a) xxx W2005 and/or Guarantor to obtain the execution Deposit, which shall be retained by Wyndham and the Owners as liquidated damages, and to recover all costs and expenses, including attorneys’ fees, incurred by Wyndham and/or the Owners to obtain the Deposit from W2005 and/or Guarantor and (b) enforce the indemnities and other provisions of this LeaseAgreement which expressly survive a termination of this Agreement. At W2005’s option, the amount Deposit initially may be (or the cash Deposit may be replaced at any time with) an unconditional, irrevocable letter of such deposit shall be reduced to $1,375,000. At Tenant’s electioncredit (the “Letter of Credit”), in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or which case the “Deposit” shall mean the Letter of Credit and/or any proceeds thereof. The Letter of Credit shall be (individually a) in an amount equal to TWENTY-FIVE MILLION SIX HUNDRED TWENTY THOUSAND and collectivelyNO/100ths Dollars ($25,620,000.00) or 7.0% of the Purchase Price, (b) issued by a bank reasonably acceptable to Wyndham, (c) presentable at a bank or branch located in New York, New York, (d) presentable in multiple drafts, (e) for an initial term expiring no earlier than June 15, 2005, and (f) in substantially the form reasonably approved by Wyndham. Upon delivery of such Letter of Credit the Guaranty shall terminate and be of no further force or effect. If the Closing shall occur while the Escrow Agent holds the Letter of Credit, the “Security Deposit”) Letter of Credit shall be held returned to W2005 at the Closing. If Wyndham in good faith believes that a default hereunder on the part of Purchaser has occurred, or if the Letter of Credit will expire sooner than thirty (30) days after the Closing Date (as the Closing Date may be extended by Landlord any provision hereof or by written agreement of Wyndham and Purchaser) and the Letter of Credit has not been extended to a date at least thirty (30) days after the Closing Date, Wyndham may send a notice to Escrow Agent (with a copy thereof to Purchaser) (the “Demand Notice”), which Demand Notice shall set forth with reasonable specificity the basis for Wyndham’s belief that Purchaser is in default hereunder or that the Letter of Credit will expire sooner than thirty (30) days after the Closing Date. Upon receipt of such Demand Notice, Escrow Agent shall immediately demand full payment of the Letter of Credit, and the proceeds thereof shall become a part of the Deposit. Escrow Agent shall not make any inquiry whatsoever as security to the validity of Purchaser’s default hereunder or whether the Letter of Credit has been extended or of Wyndham’s right to send the Demand Notice in connection with demanding full payment of the Letter of Credit; nor shall Purchaser endeavor or have the right to prevent, interfere with or delay (by an action or proceeding or otherwise) the Escrow Agent’s demanding or the issuer paying to the Escrow Agent the full amount of the Letter of Credit. The Letter of Credit shall provide that the only condition to Escrow Agent’s demand for the faithful performance of all full amount of the termsLetter of Credit shall be that Escrow Agent sends a sight draft to the bank issuing the Letter of Credit. The parties acknowledge and agree that Escrow Agent’s obligation to demand and collect full payment of the Letter of Credit following its receipt of a Demand Notice shall be absolute and unconditional and shall remain unaffected by any written notice, covenantscontrary instruction or other protest by Purchaser. The parties also acknowledge and agree that if there is any dispute as to the payment or disposition of the Deposit (following Escrow Agent’s demand and collection of the proceeds of the Letter of Credit) or any other monies held in escrow, the payment and disposition of such monies shall be subject to Section 10.10 hereof. Accordingly, Purchaser expressly agrees that Escrow Agent shall be entitled to rely on any Demand Notice received by it from Wyndham, and conditions that Escrow Agent shall not be liable to Purchaser for Escrow Agent’s compliance with any Demand Notice. Any proceeds of this Lease the Letter of Credit shall be invested by Escrow Agent in a commercial bank or banks acceptable to Wyndham and W2005 at money market rates, or in such other investments as shall be approved in writing by Wyndham and W2005. In the event the Escrow Agent shall hold the Letter of Credit at the time any provision hereof requires the Deposit to be kept and performed by Tenant during returned to W2005, such provision shall be deemed to require the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating return of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters Letter of Credit to Tenant. Upon W2005; provided, however, that if such release and return, Tenant shall cause provision requires only part (but not all) of the Deposit to be issued and delivered returned to W2005, such provision shall be deemed to require Escrow Agent to give irrevocable written notice to the bank issuing the Letter of Credit of a substitute letter of credit reduction in the amount of the required security deposit. If Tenant defaults with respect to any provision Letter of this Lease, including, without limitation, the provisions relating Credit equal to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for so required to be returned to W2005. Upon Escrow Agent’s receipt of any notice from Wyndham or Purchaser directing the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion disposition of the Security Deposit, Escrow Agent shall only deliver the Deposit is pursuant to such notice after Escrow Agent first sends written notice to both Wyndham and Purchaser stating that Escrow Agent intends to deliver the Deposit as so used or applieddirected, Tenant shall, and neither Wyndham nor Purchaser provides a written notice to Escrow Agent objecting to such proposed delivery within five (5) business days after thereafter. If neither Wyndham nor Purchaser provides such written demand thereforobjection to Escrow Agent within such five (5) business day period, deposit cash with Landlord in an amount sufficient Escrow Agent shall deliver the Deposit as so directed. If either Wyndham or Purchaser provides such written objection to restore Escrow Agent within such five (5) business day period, Escrow Agent shall (i) hold the Security Deposit to its original amount until it is instructed by a joint written statement of Wyndham and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled Purchaser as to the interest thereon, to be paid to Tenant when and if disposition of the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to (ii) pay the last assignee of Tenant’s interest hereunder, at Deposit into the expiration registry of the Term court in connection with an interpleader filed pursuant to Section 10.10 hereof, or (iii) pay the Deposit in accordance with a final non-appealable judgment of this Lease and after Tenant has vacated a court ordering the Premises. In disposition of the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofDeposit.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Wyndham International Inc)
Deposit. Upon (a) Concurrently with Tenant’s execution of the original this Lease, Tenant deposited shall deposit with Landlord the sum of Two Hundred Fifty-Seven Thousand Seven Hundred Fifty-One and 90/100 Dollars ($5,500,000. In lieu of a cash security deposit257,751.90), Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit which sum (individually and collectively, the “Security Deposit”) shall be held by Landlord as security for the faithful performance of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults beyond applicable notice and cure periods with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses rental or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five ten (510) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall not be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenantfunds, and Tenant shall not be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the The Security Deposit, or any balance thereof, together with all accrued interestthereof not applied or retained under this Section 16.1, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term term of this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereof.
Appears in 1 contract
Samples: Lease (Acologix, Inc.)
Deposit. Upon execution of Buyer has previously deposited in the original Lease, Tenant deposited escrow established with Landlord the sum of $5,500,000. In lieu of a Title Company for this transaction cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord as security for the faithful performance of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit$50,000. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part Within two (2) working days following expiration of the Security Deposit for Inspection Period, Buyer shall deposit in escrow the payment additional sum of rental, unreimbursed Operating Expenses $50,000 in cash or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s defaultcertified funds. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is Title Company shall invest all funds so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord deposited in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest interest-bearing cash-management account reasonably acceptable to Tenant, Buyer and Tenant shall be entitled Seller. The funds so deposited and all interest thereon are referred to collectively as the interest thereon, to be paid to Tenant when and if "Deposit." In the Security Deposit event the sale of the Property is refundable to Tenant. If Tenant fully and faithfully performs every provision not consummated because of the failure of any condition or any other reason except a default under this Lease to be performed by itAgreement on the part of Buyer, the Security Deposit, or any balance thereof, together with all Deposit plus interest accrued interest, thereon shall immediately be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the PremisesBuyer. In the event that (a) the conditions precedent set forth in Section 3.1 above shall have been satisfied or waived, (b) Seller shall have performed fully or tendered performance of termination its obligations hereunder and (c) Buyer shall be unable or fail to perform its obligations hereunder, then the entire amount of Landlord’s interest the Deposit shall be retained by Seller. BUYER AND SELLER HEREBY ACKNOWLEDGE AND AGREE THAT SELLER'S DAMAGES IN THE EVENT OF SUCH A BREACH OF THIS AGREEMENT BY BUYER WOULD BE DIFFICULT OR IMPOSSIBLE TO DETERMINE, THAT THE AMOUNT OF THE DEPOSIT IS THE PARTIES' BEST AND MOST ACCURATE ESTIMATE OF THE DAMAGES SELLER WOULD SUFFER IN THE EVENT THE TRANSACTION PROVIDED FOR IN THIS AGREEMENT FAILS TO CLOSE, AND THAT SUCH ESTIMATE IS REASONABLE UNDER THE CIRCUMSTANCES EXISTING ON THE DATE OF THIS AGREEMENT. BUYER AND SELLER AGREE THAT SELLER'S RIGHT TO RETAIN THE DEPOSIT SHALL BE THE SOLE REMEDY OF SELLER AT LAW IN THE EVENT OF A BREACH OF THIS AGREEMENT BY BUYER. SUCH RETENTION OF THE DEPOSIT IS NOT INTENDED AS A FORFEITURE OR PENALTY, BUT INSTEAD, IS INTENDED TO CONSTITUTE LIQUIDATED DAMAGES TO SELLER. ACCEPTED AND AGREED TO: /s/ Xxxxx X. Xxxxxx /s/ Xxxxx Xxxxxxx -------------------- ----------------- Seller Buyer In the event that this transaction is consummated as contemplated by this Agreement, then the entire amount of the Deposit shall be credited against the Purchase Price. The entire amount of the Deposit shall be returned immediately to Buyer in this Leasethe event that (a) the conditions precedent set forth in Section 3.1 above shall have been satisfied or waived, Landlord (b) Buyer shall transfer all deposits then held by Landlord have performed fully or tendered performance of its obligations hereunder and (c) Seller shall be unable or fail to perform its obligations under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofAgreement.
Appears in 1 contract
Samples: Purchase Agreement (Metric Income Trust Series Inc)
Deposit. Upon execution of The Tenant shall on the original Lease, Tenant deposited signing hereof deposit and maintain with the Landlord the sum or sums specified in Part V of $5,500,000. In lieu the Third Schedule hereto to secure the due observance and performance by the Tenant of a cash security depositthe agreements, stipulations, terms and conditions herein contained and on the part of the Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, the amount of such be observed and performed which said deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by the Landlord as security for throughout the faithful currency of this Agreement free of any interest to the Tenant and in the event of any breach or non-observance or non-performance by the Tenant of all any of the terms, covenants, and agreements stipulations or conditions of this Lease to be kept and performed by Tenant during aforesaid the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to deduct therefrom the interest thereonamount of any rent, to be paid to rates and other charges payable hereunder which is in arrears and any costs, expenses, loss or damage sustained by the Landlord as the result of any non-observance or non-performance by the Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premisessaid agreements, stipulations, obligations or conditions. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held any deduction being made by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release the Landlord from all liability for the return said deposit in accordance herewith during the currency of such this Agreement the Tenant shall as a condition precedent to the continuation of the tenancy hereby created within 15 days on demand by the Landlord make a further deposit equal to the amount so deducted and failure by the Tenant so to do shall entitle the Landlord to re-enter upon the Premises and to determine this Agreement as hereinbefore provided without prejudice to any other right or remedy of the accounting thereofLandlord hereunder provided that in no event shall the Tenant be entitled to treat payment of the deposit as payment of the rent hereby reserved.
Appears in 1 contract
Samples: Ziasun Technologies Inc
Deposit. Upon execution Deposit 9.1 The Tenant shall on the signing hereof and before it shall be entitled to possession of the original Lease, Tenant deposited said premises at the commencement of the said term and at such other times (if any) during the said term deposit and maintain with the Landlord the sum or sums specified in Part VII of $5,500,000the First Schedule hereto (hereinafter referred to as “the said deposit”) to secure the due observance and performance by the Tenant of the agreements, stipulations, terms and conditions herein contained and on the Tenant’s part to be observed and performed. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon The said deposit shall be retained by the execution Landlord throughout the said term and the currency of this Lease, Agreement free of any interest to the Tenant with the right for the Landlord (without prejudice to any other rights or remedy hereunder) to deduct therefrom the amount of any rent and other charges payable hereunder and any costs expenses loss or damage sustained by the Landlord as a result of any non-observance or non-performance by the Tenant of any of the said agreement, stipulations obligations or conditions, in which event the Tenant shall as a condition precedent to the continuation of the said term hereby created forthwith on demand by the Landlord deposit with the Landlord the amount so deducted and if the Tenant shall fail so to do the Landlord shall forthwith be entitled to re-enter on the said premises or any part thereof in the name of the whole and to determine this Agreement but without prejudice to any right of action by the Landlord in respect of any aforementioned outstanding breach or non-observance or non-performance by the Tenant. Increase of Deposit 9.2 Should increase in rent during the said term be provided for herein or should the Tenant’s share of the Air-Conditioning and Management Charges payable by the Tenant hereunder be increased, the Tenant shall upon such increase becoming applicable pay to the Landlord by way of an increase in the said deposit a sum proportional to the said increase in rent and/or Air-Conditioning and Management Charges in order to restore the ratio of the said deposit to the rent plus the Tenant’s share of the Air-Conditioning and Management Charges to that previously subsisting and the payment of such increase shall be reduced a condition precedent to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord as security for the faithful performance of all of the terms, covenants, and conditions continuation of this Lease Agreement. Repayment of Deposit 9.3 Subject as aforesaid a sum equivalent to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If said deposit shall be refunded to the Tenant defaults with respect to any provision by the Landlord without interest within forty five (45) days after the expiration of this Lease, including, without limitation, Agreement and the provisions relating delivery of vacant possession of the said premises to the payment Landlord and after the settlement of rental the last outstanding claim by the Landlord against the Tenant in respect of any arrears of rent and other sums due hereundercharges payable by the Tenant hereunder and any breach, Landlord shall have non-observance or non-performance of any of the rightagreements, but shall not be requiredstipulations, to use, apply or retain all or any terms and conditions herein contained and on the part of the Security Deposit for Tenant to be observed and performed whichever shall be the payment later. For the avoidance of rentaldoubt, unreimbursed Operating Expenses the parties hereto declare and acknowledge that the said deposit is not paid over and held hereunder as a trust property and/or upon any trust, express or any implied, that the said deposit needs not be segregated from other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion monies of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereof.
Appears in 1 contract
Deposit. Upon execution of On the original Leasedate that this Agreement is executed, Tenant deposited with Landlord the sum of $5,500,000. In lieu of Buyer shall make a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord as security for the faithful performance of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of $500,000 into an escrow account for the required security depositbenefit of Seller (the “Deposit”). The Deposit shall be held in an account at Xxxxxx, Neal, Bender, Xxxxxx & Xxxxx L.L.P. (the “Escrow Agent”); provided, however, that Buyer, at its option, may initially wire the Deposit to Paul, Hastings, Xxxxxxxx & Xxxxxx LLP on the date hereof and such firm shall forward the Deposit by wire transfer to the Escrow Agent at the earliest available opportunity after execution of this Agreement, but in no event later than December 16, 2003. The Deposit will be applied toward the Purchase Price upon the Closing, provided, however, that the Deposit will be released to Seller only in the event Buyer fails to meet the closing conditions set forth in Sections 8.1 or 8.3 hereof. If Tenant defaults with respect the Closing does not occur for any reason other than (or in addition to) Buyer’s failure to any provision meet such closing conditions, Seller agrees that, promptly upon the termination of this Lease, including, without limitationAgreement, the provisions relating Deposit shall be refunded to Buyer. Buyer and Seller each agree that Escrow Agent shall only release the payment Deposit to Buyer or Seller, as the case may be, upon written instructions executed by both Buyer and Seller or by order of rental the Bankruptcy Court. Buyer and other sums due Seller shall each indemnify Escrow Agent and hold Escrow Agent harmless from and against, and in respect of, any and all costs, losses, claims, damages, liabilities, fines, penalties (including any interest which may be imposed thereon), including without limitation attorneys’ fees and court costs, arising from or related to Escrow Agent’s performance of its functions as Escrow Agent hereunder; provided, Landlord shall have the righthowever, but that Buyer shall not be required, to use, apply responsible for any fees or retain all expenses of Escrow Agent in connection with its performance as Escrow Agent hereunder or any part its services on behalf of Seller. Any fees incurred by the Escrow Agent in connection with the maintenance of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so escrow account shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, borne equally by Seller and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofBuyer.
Appears in 1 contract
Samples: Asset Purchase Agreement (Children S Books & Toys Inc)
Deposit. Upon execution of the original LeaseIt is agreed that, Tenant deposited with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon concurrentlywith the execution of this Lease, Tenant has deposited with Landlord and will keep on deposit at all times during the amount term of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectivelythis Lease, the “Security Deposit”) shall be held by Landlord , the receipt of which is hereby acknowledged, as security for the payment by Tenant of all Rent and other amounts herein agreed to be paid and for the faithful performance of all of the terms, covenantsconditions, and conditions covenants of this Lease to be kept and performed by Tenant during the Term hereof; provided that if Lease. If, at any time during the term of this Lease, Tenant shall have maintained an investment grade credit rating be in default in the performance of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution any provision of this Lease, Landlord shall promptly obtain have the release right to use said deposit, or so much thereof as necessary, in payment of any Letters Rent or other amount in default as aforesaid, in reimbursement of Credit pledged as permitted any expense incurred by Landlord, and in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, any damages incurred by Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. In such event, Tenant shall, on written demand of Landlord, forthwith remit to Landlord a sufficient amount in cash to restore said deposit to an amount equal to: (i) the Base Rent if Tenant’s default occurs thereafter, plus the monthly amount of Tenant’s Pro Rata Share of Operating Expenses then payable by Tenant pursuant to Paragraph 5.B. hereof, times (ii) the number of months’ worth of Base Rent represented by the initial deposit. In the event said deposit has not been utilized as aforesaid, said deposit, or as much thereof as has not been utilized for such purposes, shall be refunded to Tenant or to whomever is then the holder of Tenant’s interest in this Lease, without interest, sixty (60) days after full performance of this Lease by Tenant. Landlord shall have the right to commingle said deposit with other funds of Landlord. At Landlord’s election, Landlord may also apply elect to have the Security Deposit toward costs incurred held by Landlord’s manager in a separate security deposit trust, trustee or escrow account established and maintained by such manager with respect to repair damages to certain security deposits of tenants withm the Premises or to clean Building. Unless Tenant is so notified, (i) Landlord will hold the Security Deposit and bring the Premises to good order, condition and repair during be responsible for its Lease Term and upon expiration or sooner termination of this Lease. If any portion return; (ii) Tenant may request return of the Security Deposit by giving Landlord written notice in accordance with the provisions of the Lease, addressed to Landlord as provided in this Lease; and (iii) Landlord’s manager, if there is so used or appliedone, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord agrees that in an amount sufficient to restore the event of a dispute over the ownership of the Security Deposit Deposit, the manager will not wrongfUlly withhold Landlord’s true name and current mailing address from Tenant. Landlord may deliver the funds deposited herein by Tenant to its original amount and Tenantthe purchaser of Landlord’s failure to do so shall interest in the Premises in the event such interest be a material breach of this Lease. sold and, thereupon, Landlord shall be required discharged from further liability with respect to keep any deposit under this Section separate from such deposit. Tenant agrees that if a Mortgagee (as defined in Paragraph 2 1) succeeds to Landlord’s general funds interest in an interest bearing account reasonably acceptable to Tenantthe Premises by reason of foreclosure or deed in lieu of foreclosure, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, have no claim against said Mortgagee for the Security Deposit, or any balance portion thereof, together with all accrued interestunless such Mortgagee has actually received the same from Landlord. If claims of Landlord exceed said deposit, Tenant shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability remain liable for the return balance of such deposit or the accounting thereofclaims.
Appears in 1 contract
Deposit. Upon execution of On the original LeaseCommencement Date, Tenant deposited shall deposit with Landlord the sum amount specified in the summary of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of Basic Lease Terms preceding this Lease, the such amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord during the Lease Term as security for the faithful Tenant’s performance of all of the termsits obligations hereunder; provided, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return review annually, in connection with Tenant’s delivery of annual financial statements pursuant to Section 21.1, the continued necessity of retaining a Security Deposit hereunder and may elect, in its sole discretion, to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return refund such Letters of Credit to Tenant. Upon Security Deposit based on such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security depositreview. If Tenant fails to make any payment when due finder this Lease beyond applicable notice and cure periods, or otherwise defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental Lease beyond applicable notice and other sums due hereundercure periods, Landlord shall have the right, but shall not be required, to may use, apply or retain all or any part portion of the Security Deposit said deposit for the payment of rentalsuch obligation or default, unreimbursed Operating Expenses or for the payment of any other amount sum to which Landlord may spend or be become obligated to spend by reason of Tenant’s default default, or to compensate Landlord for any other loss or damage which that Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Leasethereby. If Landlord so uses or applies all or any portion of the Security Deposit is so used or appliedsaid deposit, Tenant shall, within five ten (510) days after written demand therefortherefor from Landlord, deposit cash with Landlord in an amount sufficient to restore said deposit to the Security Deposit to its original full amount stated in this Section 21.2, and Tenant’s failure to do so shall be a material breach constitute an Event of Default under this Lease. Landlord shall be required to keep any return said deposit (or so much thereof as has not theretofore been applied by Landlord as permitted under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to 21.2) within sixty (60) days following the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision date of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Lease Term of this Lease and after or the date on which Tenant has vacated the Premises. In Landlord shall not be required to keep said security deposit separate from its general funds, and Tenant shall not be entitled to interest on said deposit. Landlord shall be entitled to deliver the event of termination funds constituting the deposit hereunder to any purchaser of Landlord’s interest in this Leasethe Premises, whether by sale, foreclosure, deed in lieu of foreclosure, or otherwise, and upon such delivery, Landlord shall transfer all deposits then held by Landlord under this Section be discharged from any further liability with respect to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofsaid deposit.
Appears in 1 contract
Deposit. SEE ADDENDUM Upon execution of the original this Lease, Tenant deposited will deposit No. 16.(A.) with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord __________________ Dollars as security for the full and faithful performance of all of the terms, covenants, and conditions every provision of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, including but not limited to the provisions relating to the payment of rental and other sums due hereunderrent, Landlord shall have the right, but shall not be required, to may use, apply or retain all or any part of the Security Deposit this security deposit for the payment of rentalany rent and any other sum in default, unreimbursed Operating Expenses or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s 's default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s 's default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit said deposit is so to be used or applied, Tenant shall, shall within five ten (510) days after written demand therefor, therefor deposit cash with Landlord in an amount sufficient to restore the Security Deposit security deposit to its original amount and Tenant’s 's failure to do so shall be a SEE ADDENDUM material breach of this Lease. Landlord shall shall* be required to No. 16.(B.) keep any the security deposit under this Section separate from Landlord’s its general funds in an interest bearing account reasonably acceptable to Tenant, and the Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. on such deposit.* If Tenant shall fully and faithfully performs perform every provision of this Lease to be performed by it, the Security Deposit, security deposit or any balance thereof, together with all accrued interest, thereof shall be returned to Tenant or, (or at Landlord’s option, 's option to the last assignee of Tenant’s 's interest hereunder, ) at the expiration of the Term and upon Tenant's vacating of this Lease and after Tenant has vacated the Premises. In After the event Tenant improvements have been completed and the free rental period expired, the sum of termination the $24,115.00 of Landlord’s interest the security deposit will be applied to the first month's rent leaving the sum of __________ as the security deposit to be SEE ADDENDUM deposited in accordance with the terms and conditions of this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofNo. 16.(A.) provision.
Appears in 1 contract
Samples: United Natural Foods Inc
Deposit. Upon execution of The Tenant shall on the original Lease, Tenant deposited signing hereof deposit with the Landlord the sum specified as the deposit in the Schedule to secure the due observance and performance by the Tenant of $5,500,000the agreements stipulations and conditions herein contained and on the Tenant's part to be observed and performed. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, the amount of such The said deposit shall be reduced retained by the Landlord throughout the said term free of any interest to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, the Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums the event of any breach or non- observance or non-performance by the Letter Tenant of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord as security for the faithful performance of all any of the terms, covenants, and agreements stipulations or conditions of this Lease to be kept and performed by Tenant during aforesaid the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to terminate this Agreement in which event the interest thereon, said deposit may be forfeited to be paid the Landlord by way of liquidated damages. Notwithstanding the foregoing the Landlord may at its option elect not to terminate this Agreement but to deduct from the deposit the amount of any monetary loss incurred by the Landlord in consequence of the breach non-observance or non-performance by the Tenant when in which event the Tenant shall as a condition precedent to the continuation of the tenancy deposit with the Landlord the amount so deducted and if the Security Deposit is refundable Tenant shall fail so to Tenant. If Tenant fully and faithfully performs every provision of this Lease do the Landlord shall forthwith be entitled to be performed by it, re-enter on the Security Deposit, said premises or any balance thereof, together with all accrued interest, part thereof in the name of the whole and to determine this Agreement in which event the deposit may be forfeited to the Landlord as hereinbefore provided. 2 Increase in deposit If there shall for whatever reason be any increase or increases in the rent and/or rates and/or air-conditioning charge and/or service charge during the said term the Tenant shall upon such increase becoming applicable pay to the Landlord by way of an increase in the said deposit a sum proportional to the said increase in rent rates air-conditioning charge and/or service charge and the payment of such amount shall be returned to Tenant or, at Landlord’s option, a condition precedent to the last assignee of Tenant’s interest hereunder, at the expiration continuation of the Term of this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereoftenancy.
Appears in 1 contract
Samples: Office Exhibit (Tyco Toys Inc)
Deposit. Upon execution of the original Lease, Tenant deposited with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one At or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the before Tenant's execution of this Lease, Tenant shall deposit with Landlord the amount sum set forth in the Data Sheet as a security deposit and payment and performance guaranty. Landlord shall retain said sum throughout the Term of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord this Lease as security for the faithful performance by Tenant of all of the terms, covenants, covenants and conditions of this Lease Lease. (Such sum is occasionally referred to be kept and performed by Tenant during herein as the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security "deposit. ".) If Tenant defaults with respect to any provision of this Lease, including, without limitation, including but not limited to the provisions relating to the payment of rental and other sums due hereunderRental, Landlord shall have the right, but shall not be required, to may use, apply or retain all or any part of the Security Deposit deposit for the payment of rentalany Rental or any' other sum in default, unreimbursed Operating Expenses or for the payment of any loss or damage which Landlord may suffer by reason of Tenant's default, or to compensate Landlord for any other amount which Landlord may spend or become obligated to spend by reason reason' of Tenant’s default 's default. In no event, except as specifically hereinafter provided, shall Landlord be obliged to apply the same to Rental or other charges in arrears or to compensate damages for Tenant's failure to perform said covenants, conditions and agreements; however, Landlord may so apply the deposit, at its option. Landlord's right to bring a special proceeding to recover or otherwise to obtain possession of the Premises before or after Landlord's declaration of the termination of this Lease for non-payment of Rental or for any other loss reason shall not in any event be affected by reason of the fact that Landlord holds the deposit. In the event that Landlord regains possession of the Premises, whether by special proceeding, reentry or damage which otherwise, because of Tenant's default or failure to carry out the covenants, conditions and agreements of this Lease; Landlord may suffer apply such deposit to all damages suffered through the date of said repossession and may retain the deposit to apply to such damages as may be suffered or shall accrue thereafter by reason of Tenant’s default's default or breach. In the event any bankruptcy, insolvency, reorganization or other creditor-debtor proceedings shall be instituted by or' against Tenant, or its successors or assigns, or any guarantor of Tenant hereunder, such deposit shall be deemed to be applied first to the payment of any Rental and/or other charges due Landlord for all periods prior to the institution of such proceedings, and the balance, if any, of such deposit may be retained by Landlord in partial liquidation of Landlord's damages. The deposit shall not constitute a trust fund. Landlord shall not be obligated to keep such deposit as a separate fund but may also apply commingle the Security Deposit toward costs incurred deposit with its own funds. Tenant shall not be entitled to repair damages to interest on the Premises deposit. In the event Landlord applies the deposit in whole or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or appliedin part, Tenant shall, within five (5) days after written demand thereforby Landlord, deposit cash with sufficient funds to maintain the deposit in the initial amount. Failure of Tenant to deposit such additional funds shall entitle Landlord to avail itself of the remedies provided in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach this Lease for non-payment of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Rental by Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, security deposit or any balance thereof, together with all accrued interestless any sums then due Landlord from Tenant under this Lease, shall be returned to Tenant (or, at Landlord’s option, 's option to the last assignee of Tenant’s 's interest hereunder, at thereunder) within thirty (30) days following the later of the expiration of the Term of this Lease and after Tenant has vacated or Tenant's vacating the Premises. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereof.ARTICLE XXVII
Appears in 1 contract
Samples: Lease (Melt Inc)
Deposit. Upon execution The Tenant shall within seven (7) days after the issuance of the original Lease, Tenant deposited Possession Notice deposit with the Landlord the sum set out in Item 5 of $5,500,000the Third Schedule. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) The Deposit shall be held by the Landlord as security for the faithful due performance and observance by the Tenant of all and singular the several stipulations covenants and conditions on the part of the terms, covenants, Tenant herein contained and if the Tenant shall fail to perform and observe the said stipulations covenants and conditions and has not commenced the remedy of this Lease such breach within fourteen (14) days after receipt of the Landlord’s written notice in that effect (or such shorter period as may be reasonably determined by the Landlord having regard to be kept the extent and performed by Tenant during nature of the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month periodbreach), the Landlord shall return be entitled (but not obliged) to apply the Security Deposit or any part thereof towards payment of moneys outstanding or making good any breach by the Tenant or to Tenant. Upon deduct from the execution of this Lease, Deposit the loss or expense to the Landlord shall promptly obtain occasioned by such breach but without prejudice to any other right or remedy which the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to Landlord may be issued and delivered a substitute letter of credit in the amount of the required security depositentitled to. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit shall be applied or deducted as aforesaid, the Tenant shall within fourteen (14) days of demand by the Landlord furnish to the Landlord in cash or by way of a fresh bank guarantee an amount Exhibit 10.1 equivalent to the sum so applied and/or deducted from the Deposit ("Replacement Amount") Provided Always that the Tenant is to deposit with the Landlord the Replacement Amount in cash if no bank guarantee is issued for the payment of rental, unreimbursed Operating Expenses or any other amount which Replacement Amount in fourteen (14) days. The Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, shall within five thirty (530) days after written demand therefor, deposit cash with the Premises have been yielded up to the Landlord in an amount sufficient to restore accordance with the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision provisions of this Lease to be performed by it(or if the restoration works have not been completed in accordance with the provisions of this Agreement, completion of the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, restoration works) repay the Deposit to the last assignee of Tenant’s Tenant without interest hereunder, at the expiration and subject to any proper deductions made pursuant to this Agreement. No part of the Term Deposit shall, without the written consent of this Lease and after the Landlord, be set-off by the Tenant has vacated against any Rent, Service Charge or other sums owing to the Premises. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereof.
Appears in 1 contract
Deposit. Upon execution of the original Lease, Tenant deposited Contemporaneously with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this LeaseAgreement, Buyer shall deliver to Petrohawk via wire transfer of immediately available funds to an account number to be designated by Petrohawk the amount of $5,000,000 (such deposit shall be reduced to $1,375,000amount being herein called the “Deposit”). At Tenant’s electionIn addition, in lieu the event the Closing Date is extended beyond February 15, 2005 as provided in Section 1.4, Buyer shall deliver to Petrohawk in immediately available funds to an account number to be designated by Petrohawk an additional amount of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit $55,000,000 (the “Additional Deposit”). In the event the transaction contemplated hereby is consummated in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or accordance with the Letter of Credit (individually and collectivelyterms hereof, the “Security Deposit”Deposit and the Additional Deposit (if the Closing Date is extended) shall be held by Landlord as security for applied to the faithful performance of all of the terms, covenants, and conditions of this Lease Purchase Price to be kept and performed paid by Tenant during the Term hereof; provided that if Buyer at any time Tenant shall have maintained an investment grade credit rating the Closing. In the event the transaction contemplated hereby fails to close on the Closing Date or Extended Closing Date as a result of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, Agreement by Sellers the Deposit and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Additional Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant orBuyer. If the transaction contemplated hereby otherwise fails to close on the Closing Date and Buyer has not timely exercised its right to extend the Closing Date pursuant to Section 1.4 below, at Landlord’s optionPetrohawk shall distribute the Deposit to Sellers not as a penalty but as liquidated damages. If Buyer timely exercises its rights to extend the Closing Date pursuant to Section 1.4 below and the transaction contemplated hereby otherwise fails to close on the Extended Closing Date, Petrohawk (i) shall distribute the Deposit and Fifteen Million Dollars ($15,000,000) of the Additional Deposit to Sellers not as a penalty but as liquidated damages; and (ii) return the balance of the Additional Deposit, without interest, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the PremisesBuyer. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofTHE PARTIES HEREBY ACKNOWLEDGE THAT THE EXTENT OF DAMAGES TO SELLERS OCCASIONED BY THE FAILURE OF THIS TRANSACTION TO BE CONSUMMATED WOULD BE IMPOSSIBLE OR EXTREMELY DIFFICULT TO ASCERTAIN AND THAT THE AMOUNT OF THE DEPOSIT (AND THAT PORTION OF THE ADDITIONAL DEPOSIT THAT IS DESIGNATED AS LIQUIDATED DAMAGES) IS A FAIR AND REASONABLE ESTIMATE OF SUCH DAMAGES UNDER THE CIRCUMSTANCES AND DOES NOT CONSTITUTE A PENALTY AND SHALL BE SELLERS’ SOLE AND EXCLUSVIE REMEDY.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Petrohawk Energy Corp)
Deposit. Upon execution Subject to the provisions of Section 3 of the original LeaseAddendum, Tenant deposited shall deposit with Landlord the sum total Deposit of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon #### in two (2) installments: the execution of this Lease, first installment in the amount of such deposit $#### shall be reduced deposited not later than thirty (30) days following the Effective Date; the second installment in the amount of $#### shall be deposited not later than the Delayed Premises Lease Commencement Date. Subject to $1,375,000. At Tenant’s election, in lieu the provisions of a cash security depositSection 3 of the Addendum, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or will keep on deposit at all times during the Letter of Credit (individually and collectively, Term with Landlord the “Security Deposit”) shall be held by Landlord Deposit as security for the faithful payment and performance of Tenant’s obligations under this Lease. If, at any time, Tenant is in default beyond any and all applicable notice and cure periods, Landlord has the right to use the Deposit, or so much thereof as necessary, in payment of the termsRent, covenantsin reimbursement of any expense incurred by Landlord, and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release in payment of any Letters damages incurred by Landlord by reason of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above such default beyond any and shall return all applicable notice and cure periods. In such Letters of Credit to Tenant. Upon such release and returnevent, Tenant shall cause on demand of Landlord forthwith remit to be issued and delivered Landlord a substitute letter of credit sufficient amount in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its the original amount. If the entire Deposit has not been utilized, the remaining amount and Tenant’s failure to do so shall will be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid refunded to Tenant when and if or to whoever is then the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee holder of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord’s interest in this Lease, without interest, within sixty (60) days after full performance of this Lease by Tenant. Landlord may commingle the Deposit with other funds of Landlord. Landlord shall transfer all deposits then held by Landlord under this Section deliver the Deposit to any purchaser of Landlord’s successor interest in interestthe Premises and Landlord shall be discharged from further liability therefor, whereupon provided Landlord has delivered the Deposit to such Purchaser. Notwithstanding anything contained herein to the contrary, provided that (a) Tenant agrees to release Landlord from all liability is not in default beyond any applicable notice and cure period, and (b) Tenant is operating in the Premises for the return Permitted Use in accordance with the Lease, the Deposit shall be reduced as follows: (i) by $#### on the first day of the 13th calendar month following the Delayed Premises Lease Commencement Date; (ii) by $#### on the first day of the 25th calendar month following the Delayed Premises Lease Commencement Date; (iii) by $#### on the first day of the 37th calendar month following the Delayed Premises Lease Commencement Date; and (iv) by $#### on the first day of the 49th calendar month following the Delayed Premises Lease Commencement Date, to $0.00 (each, a “Reduction”). In the event that Tenant is in default beyond any applicable notice and cure period or is not operating the Premises for the Permitted Use in accordance with the Lease at the time of any Reduction, or at any time prior to the applicable Reduction, Tenant will not be entitled to such deposit Reduction. In addition and notwithstanding anything contained herein to the contrary, in the event that Tenant is in monetary default beyond any applicable notice and cure period on two (2) or more occasions in any twelve (12) consecutive calendar month period following any Reduction hereunder, then Tenant shall, with ten (10) Business Days after demand by Landlord, reinstate the accounting thereoffull amount of the Security Deposit to the amount existing prior to any Reductions(s).
Appears in 1 contract
Samples: Lease Agreement (Tw Telecom Inc.)
Deposit. Upon Contemporaneously with Tenant’s execution of the original Lease, Tenant deposited with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution and delivery of this Lease, Tenant shall deposit with Landlord the amount of specified in the Basic Lease Terms preceding this Lease, such deposit shall be reduced amount to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord during the Lease Term as security for the faithful Tenant’s performance of all its obligations hereunder. In the alternative, Tenant may deliver a Letter of Credit in such amount and in compliance with the termsprovisions of Exhibit G. The following provisions apply to any cash Security Deposit and any proceeds of a Letter of Credit, covenants, and conditions which shall be deemed the Security Deposit. If an Event of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month periodDefault occurs, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to may use, apply or retain all or any part portion of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount sum to which Landlord may spend or become obligated to spend by reason of Tenant’s default default, or to compensate Landlord for any other loss or damage which that Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Leasethereby. If Landlord so uses or applies all or any portion of the Security Deposit is so used or appliedDeposit, Tenant shall, within five ten (510) days after written demand therefortherefor from Landlord, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original the full amount stated in the Basic Lease Terms, and Tenant’s failure to do so shall be a material breach constitute an Event of Default under this Lease. If, but only if, no Event of Default shall have occurred hereunder (after giving effect to any applicable cure period) and Tenant is not a debtor in a bankruptcy proceeding, then following written request by Tenant for each reduction, Landlord will reduce the amount of the Security Deposit by 10% of its original amount on the date that is the 95th day following the final day of the 24th full calendar month following the Commencement Date of the Lease, and by the same amount on the same date of each calendar year thereafter until the amount declines to 50% of its original amount; the amount of the Security Deposit shall not be further reduced. If Tenant performs all of Tenant’s obligations hereunder, Landlord shall be required to keep any deposit return the Security Deposit (or so much thereof as has not theretofore been applied by Landlord as permitted under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to 21.2) within sixty (60) days following the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision date of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Lease Term of this Lease and after or the date on which Tenant has vacated the Premises. In Landlord shall not be required to keep the event of termination Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on the Security Deposit. Landlord shall deliver the funds constituting the Security Deposit hereunder to any purchaser of Landlord’s interest in this Leasethe Premises, whether by sale, foreclosure, deed in lieu of foreclosure, or otherwise, and upon such delivery, Landlord shall transfer all deposits then held be discharged from any further liability with respect to the Security Deposit. Tenant hereby waives the provisions of any law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord under may, in addition, claim those sums specified in this Section 21.2 above and/or those sums reasonably necessary to Landlord’s successor in interestcompensate Landlord for any other loss or damage, whereupon foreseeable or unforeseeable, caused by the acts or omissions of Tenant agrees to release or any officer, employee, agent, contractor or invitee of Tenant. If Landlord from transfers this Lease (as part of a transfer of the Project or otherwise), then Landlord shall be relieved of all liability to Tenant arising or accruing after the date of such transfer, provided the Security Deposit is transferred to said transferee. Tenant shall look solely to the transferee for the return of such deposit or any Security Deposit. Tenant hereby grants Landlord a security interest in the accounting thereofSecurity Deposit.
Appears in 1 contract
Deposit. Upon execution of the original Lease, The Tenant deposited with Landlord the sum of $5,500,000. In lieu of is obliged to consign a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, the amount of such monetary deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”caution) shall be held by Landlord as security for the faithful performance of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of 5.000 CZK within 5 workdays after the required security handover of the Subject of the lease in cash to the Landlord or via bank transfer to a bank account no. 450159000/2700. The Parties have agreed that the Tenant is not entitled to any interest of the consigned deposit and that all interests of the consigned deposit belong to the Landlord. The Landlord is entitled to set-off any claim pertinent to this Agreement or any claim against the Tenant against the deposit. If In case of a set-off of the Landlord’s claim, the Tenant is obliged to replenish the deposit to the original amount without undue delay on Landlord’s request. Handover of the Subject of the lease and Movables Unless the Parties agree otherwise, they undertake to handover the Subject of the lease and the Movables within 5 workdays from the beginning of the duration of the lease. The Parties shall agree on specific date and time of the handover. Should the Parties not agree, the Landlord shall unliterary set the date and time of the handover. Should the Tenant be absent at the handover, the Subject of the lease and Movables are considered to be handed over to the Tenant at the moment the handover was to be carried out in accordance with this Agreement. On the handover, the Parties shall draw up a handover protocol that shall list (in particular) the Movables, eventual defaults of the Subject of the lease or of the Movables, and readings on the measuring instruments in the Subject of the lease. Should the Tenant be absent at the handover duly conducted in accordance with respect this Agreement, the Landlord is entitled to any provision draw up the handover protocol by itself. Other rights and obligations of the Parties The Tenant hereby undertakes: to use the Subject of the lease in accordance with the Agreement and the applicable law; to comply with the Operational Rules of the Property (attachment no. 2 of this LeaseAgreement), including, without limitationand the Rules of Use of Computer Network and Internet Connection in JIC Incubators (attachment no. 4 of this Agreement); to carry out regular maintenance and diminutive repairs of the Subject of the lease at his own expenses; for the purpose of specification of the regular maintenance and diminutive repairs, the provisions relating to Government Regulation No. 308/2015 Coll., on the payment specification of rental regular maintenance and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part diminutive repairs connected with use of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interestapartments, shall be returned used in similar (excluding § 6 of this regulation) with the exception that the diminutive repairs are considered to Tenant or, at Landlord’s option, be repairs where the cost of a single repair does not exceed 2.000 CZK; to carry out regular maintenance and diminutive repairs of the Movables; the diminutive repairs are considered to be repairs where the cost of a single repair does not exceed 2.000 CZK; to allow the Landlord an access to the last assignee Subject of the lease with the Tenant’s interest hereunder, participation in the extent necessary for the purpose of control of the state of the Subject of the lease and the use of the Subject of the lease in accordance with this Agreement; to inform the Landlord of any defects of the Property or of the Subject of the lease which is to be repaired by the Landlord; to present the Landlord with a duly filled-out de minimis aid statement which is an attachment no. 3 of this Agreement at the expiration of the Term conclusion of this Lease Agreement; the Tenant declares and after Tenant has vacated the Premises. In the event of termination of Landlord’s interest undertakes to ensure that information in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofstatement is complete and true.
Appears in 1 contract
Samples: Business Premises Lease Agreement
Deposit. Upon execution of the original Lease, Tenant Sublessee has deposited with Landlord Sublessor the sum of $5,500,00047,682.42 (the "Deposit"). In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) The Deposit shall be held by Landlord Sublessor as security for the faithful performance by Sublessee of all of the terms, covenants, and conditions provisions of this Lease Sublease to be kept and performed or observed by Tenant during the Term hereof; provided that if at Sublessee. If Sublessee fails to pay rent or other charges due hereunder after giving effect to any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month applicable cure period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant or otherwise defaults with respect to any provision of this LeaseSublease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to Sublessor may use, apply or retain all or any part portion of the Security Deposit for the payment of rental, unreimbursed Operating Expenses any rent or other charge in default or the payment of any other amount sum to which Landlord may spend or Sublessor has become obligated to spend by reason of Tenant’s default Sublessee's default, or to compensate Landlord Sublessor for any other actual loss or damage which Landlord Sublessor may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Leasethereby. If Sublessor so uses or applies all or any portion of the Security Deposit is so used or appliedDeposit, Tenant shall, then within five ten (510) business days after written demand therefor, thereof or Sublessee shall deposit cash with Landlord Sublessor in an amount sufficient to restore the Security Deposit to its original the full amount thereof, and Tenant’s Sublessee's failure to do so shall be a material breach of this LeaseSublease. Landlord Sublessor shall not be required to keep any deposit under this Section the Deposit separate from Landlord’s its general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenantaccounts. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security The Deposit, or any balance thereof, together with all accrued interestso much thereof as has not theretofore been applied by Sublessor, shall be returned returned, without payment of interest or other increment for its use, to Tenant Sublessee (or, at Landlord’s at, Sublessor's option, to the last assignee assignee, if any, of Tenant’s Sublessee s interest hereunder, ) at the expiration of the Term of this Lease term hereof, and after Tenant Sublessee has vacated the PremisesSubleased Space. In No trust relationship is created herein between Sublessor and Sublessee with respect to the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofDeposit.
Appears in 1 contract
Samples: Sub Sublease Agreement (Digitas Inc)
Deposit. Upon Concurrently with Tenant's execution of the original this Lease, Tenant deposited shall deposit with Landlord the sum of Eighty-Seven Thousand Five Hundred Dollars ($5,500,000. In lieu of a cash security deposit87,500.00), Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon which sum (the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “"Security Deposit”") shall be held by Landlord as security for the faithful performance of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses rental or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s 's default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s 's default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five ten (510) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s 's failure to do so shall be a material breach of this Lease. Landlord shall not be required to keep any deposit under this Section separate from Landlord’s 's general funds in an interest bearing account reasonably acceptable to Tenantfunds, and Tenant shall not be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s 's option, to the last assignee of Tenant’s 's interest hereunder, at the expiration of the Term term of this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord’s 's interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s 's successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereof.
Appears in 1 contract
Samples: Probusiness Services Inc
Deposit. Upon execution Lease section 5 is modified to provide that: So long as the Lessee installs the wood floor pursuant to section 5 of this Addendum, the original LeaseLessee shall not be required to deposit with Lessor any additional deposit in connection with this Addendum. However, Tenant deposited should the Lessee not install the wood floor pursuant to section 5 of this Addendum, the Lessee shall, no later than ten (10) days after the date of Lessor's notice to Lessee, establish and fund with Landlord Lessor one (1) additional deposit, of the sum of five thousand and 00/100 dollars ($5,500,0005,000.00). In lieu of a cash security deposit, Tenant elected All such sums shall be hereinafter referred to provide one or more irrevocable letters of credit, payable to Landlord, as the "Security Deposit" as a deposit to be used as security deposit. Upon for payment of Rent and for the execution performance by Lessee of this Leaseall of Lessee's obligations hereunder, the amount of such deposit shall be reduced said Security Deposit to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord as security Lessor for the faithful performance of all of the terms, covenants, and conditions entire term of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB extensions or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenantrenewals thereof. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord Lessor shall have the right, but shall not be requiredobligated, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used toward the losses or applieddamages resulting from any default by Lessee, Tenant shall, within five (5) days after written demand therefor, in which event Lessee shall be obligated to promptly deposit cash with Landlord in an Lessor such amount sufficient to restore as will replenish the Security Deposit to its original the full amount and Tenant’s failure to do so shall be a material breach of required under this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premises. In the event Lessee fails to perform its obligations to commence payment of termination Rent or to take possession of Landlord’s interest in this LeaseSuite 250 on the Suite 250 Commencement Date, Landlord said Security Deposit shall transfer not be deemed liquidated damages and Lessor may apply the deposit to reduce Lessor's damages, and such application of the Security Deposit shall not preclude Lessor from recovering from Lessee all deposits then held additional damages incurred by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofLessor.
Appears in 1 contract
Samples: Lease Agreement (Inphonic Inc)
Deposit. Upon execution All cash funds held in escrow shall be placed in an interest-bearing account at Bank of America, N.A., in Tampa, Florida, and all interest earned thereon shall be deemed to be a part of the original LeaseDeposit. At Closing, Tenant the Deposit shall be paid to Seller and shall be applied to the Purchase Price. The Deposit shall constitute the xxxxxxx money securing Buyer's performance of this Agreement and shall be non-refundable upon expiration of the Inspection Period, unless Buyer earlier terminates this Agreement during the Inspection Period or is otherwise entitled to a return of the Deposit pursuant to the terms of this Agreement. Seller and Buyer acknowledge and are aware that the Federal Deposit Insurance Corporation ("FDIC") insurance coverage for deposited with Landlord funds applies only to a maximum amount for each individual depositor. Seller and Buyer further acknowledge and agree that Escrow Agent assumes no responsibility or liability whatsoever for, nor will they hold Escrow Agent responsible or liable for, any loss which arises from the sum fact that the amount of the Deposit Funds in the special-interest bearing escrow account established by Escrow Agent will exceed $5,500,000100,000.00 and that such excess amount in the account will not be insured by the FDIC. In lieu of a cash security depositthe Deposit being paid in cash, Tenant elected Buyer may deliver to provide one or more irrevocable letters of creditEscrow Agent an irrevocable, payable to Landlord, as a security deposit. Upon the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters unconditional letter of credit in amounts described above, payable order to Landlord, and secure Buyer's performance under this Agreement (the "LETTER OF CREDIT"). The Letter of Credit shall: (i) be issued by a financial institution acceptable to Seller, (ii) include an institution and automatic pay provision in form reasonably satisfactory to Landlord. Such sums or favor of Escrow Agent upon presentation of the Letter of Credit (individually which presentation need not be in person but may be delivered to the issuer by mail or other means of non-personal delivery from Escrow Agent), (iii) be for an initial term extending at least through January 31, 2005, and collectively(iv) be in a form and substance acceptable to Seller. In the event Buyer fails to extend and/or replace the Letter of Credit at least thirty (30) days prior to the expiration thereof, Buyer shall be deemed in default of this Agreement and shall not have the benefit of any grace or curative periods that may otherwise be afforded hereunder. At the end of the Inspection Period, provided that Buyer has not otherwise terminated this Agreement within the Inspection Period pursuant to the provisions of paragraph 8, the “Security Deposit”) Deposit shall be non-refundable to Buyer except as may be otherwise expressly provided to the contrary by the terms of this Agreement, and Escrow Agent shall continue to hold the Deposit until Closing, at which time the Deposit shall be applied to the Purchase Price. In the event the Closing does not occur, the Deposit shall be held by Landlord as security for and distributed in accordance with the faithful performance of all of the terms, covenants, and conditions terms of this Lease to be kept Agreement. In the event Buyer and performed by Tenant during the Term hereof; provided Seller are in agreement that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating Seller is entitled to the payment Deposit, Buyer shall first have a period of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient which to restore deliver the Security Deposit cash-equivalent to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to TenantSeller, and Tenant Escrow Agent, upon being notified by Seller that it has received the cash-equivalent Deposit, shall be return the Letter of Credit to Buyer. Otherwise, in the event there is a dispute as to who is entitled to the interest thereonDeposit and/or in the event the Letter of Credit has not been renewed or replaced at least thirty (30) days prior to its expiration with a renewal replacement Letter of Credit (or appropriate endorsement acceptable to Seller), Escrow Agent, upon written demand by Seller and with simultaneous written notice to Buyer, shall present the Letter of Credit for payment in which event the Deposit shall revert to a cash Deposit and the same shall be paid held by Escrow Agent pursuant to Tenant when me terms and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision conditions of this Lease Agreement Furthermore, in the event Escrow Agent places the Deposit with the appropriate court pursuant to be performed by itthe provisions to Section 35 hereof, the Security Deposit, or any balance thereof, together with all accrued interest, Letter of Credit shall be returned presented for payment without the need for direction or approval of either Seller or Buyer in which event the Deposit shall revert to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofa cash Deposit.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Ashton Houston Residential L.L.C.)
Deposit. Upon execution A. Within five (5) business days after the Effective Date hereof, Purchaser shall deposit with the Orlando, Florida office of the original LeaseXxxxxx & Xxxxx, Tenant deposited with Landlord LLP (“Escrow Agent”), the sum of One Hundred Thousand and No/100 Dollars ($5,500,000100,000.00) (the “Initial Deposit”), to be held in escrow to secure the performance by Purchaser of its obligations under this Agreement. In lieu of a cash security deposit, Tenant the event that the Purchaser has elected to provide one proceed under this Agreement at or more irrevocable letters prior to the end of creditthe Inspection Period, payable then no later than the earlier of three (3) business days after the conclusion of the Inspection Period or Purchaser’s election to Landlordproceed to Closing, as a security depositPurchaser shall pay to Escrow Agent the additional deposit of One Million Nine Hundred Thousand and No/100 Dollars ($1,900,000.00) (the “Additional Deposit”), such that Purchaser shall have thereupon deposited with Escrow Agent the total deposit of Two Million and No/100 Dollars ($2,000,000.00) (the “Deposit”). Upon the execution of this Lease, the amount of All such deposit shall be reduced installments made to $1,375,000. At Tenant’s electionEscrow Agent hereunder, in lieu of a cash security depositwhatever form, Tenant may continue are collectively referred to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, herein as the “Security Deposit”) . The Deposit shall be held by Landlord as security for the faithful performance of Escrow Agent pursuant to a mutually acceptable escrow agreement among Purchaser, Seller and Escrow Agent, which shall, among other things, provide that all cash installments of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand thereforupon clearance, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds deposited by Escrow Agent in an interest bearing account acceptable to the Purchaser. Purchaser may, at its election, make the Additional Deposit in the form of letters of credit, provided that the issuer, the terms and the form of such letter of credit are reasonably acceptable to TenantSeller. If Purchaser discharges any of its obligation to make the Deposit by delivering one or more letters of credit (any such letter of credit is an “LC”) as part of the Deposit, the LC shall meet all of the following requirements: (i) the LC shall be a clean irrevocable LC with a term at least one month beyond the end of the Closing Date; and (ii) the LC shall be issued by a national banking institution acceptable to Seller; and (iii) the Seller shall be named the beneficiary of the LC; and (iv) any documents required to draw on the LC must be presentable at a location within the State of Florida; and (v) the only documents that may be required to make a draw on the LC shall be a copy of the LC and a statement by Seller that the Seller is then entitled to draw the full amount of the LC. Any LC may be held by the Escrow Agent, but the Escrow Agent hereby agrees to deliver the original LC to Seller within twenty-four (24) hours of receiving from Seller a written notice demanding the immediate delivery of the LC to Seller; the Escrow Agent, by its joinder hereto, agrees to immediately deliver the original LC to Seller upon Seller’s demand, either by hand delivery or by depositing the original LC with an overnight delivery service under terms where the overnight delivery service agrees to deliver the LC package to Seller no later than noon EST the day immediately following the deposit of the LC by Escrow Agent with such overnight delivery service. The Deposit shall be credited to Purchaser against the Purchase Price due at the Closing. All interest earned on the Deposit shall be for the benefit of Purchaser, and Tenant at Purchaser’s option, shall be entitled to the interest thereon, to be paid to Tenant when and if Purchaser at the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision Closing or upon the earlier termination of this Lease to be performed by it, the Security DepositAgreement, or any balance thereofapplied as a credit against the Purchase Price at the Closing, together with all accrued interest, unless Purchaser defaults under this Agreement and then in such event the interest shall be returned payable to Tenant or, at Landlord’s option, Seller. Purchaser shall promptly deliver a W-9 to the last assignee of Tenant’s interest hereunder, Escrow Agent and Seller and Purchaser agree to execute any standard escrow agreement required by Escrow Agent. Seller shall also deliver to Purchaser a W-9 at the expiration or prior to Closing. The form of the Term letter of this Lease credit is attached hereto as Exhibit “N” and after Tenant has vacated the Premises. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofmade a part hereof.
Appears in 1 contract
Deposit. Upon execution of Deposit 1. The Tenant shall deposit and at all times hereafter during the original Lease, Tenant deposited said term maintain with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord as security for the faithful performance of all due payment of the rent and the due performance and observance of the agreements, terms, covenants, stipulations and conditions of this Lease to be kept and performed by Tenant during on the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for Tenant herein contained such sum as shall be equivalent to six months’ rent and service charges payable hereunder from time to time. The said deposit shall be retained by the payment Landlord throughout the said term free of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages interest to the Premises Tenant and in the event of any breach or to clean and bring non-observance or non-performance by the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination Tenant of this Lease. If any portion of the Security Deposit is so used said agreements, stipulations or appliedconditions aforesaid, Tenant shall, within five (5) days after written demand therefor, deposit cash with the Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to terminate this Agreement in which event the interest thereonsaid deposit shall be absolutely forfeited to the Landlord or, to be paid to Tenant when and if at the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision option of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interestLandlord, shall be returned used to set off all loss and damage sustained by the Landlord. Notwithstanding the foregoing, the Landlord may in any such event at its option elect not to terminate this Agreement but to deduct from the said deposit the amount of any monetary loss incurred by the Landlord in consequence of the breach, non-observance or non-performance by the Tenant orin which event the Tenant shall, at Landlord’s option, as a condition precedent to the last assignee of Tenant’s interest hereunder, at the expiration continuation of the Term tenancy, deposit with the Landlord the amount so deducted and, if the Tenant shall fail so to do, the Landlord shall forthwith be entitled to re-enter on the Premises and to determine this Agreement, in which event the whole of the said deposit shall be forfeited to the Landlord as hereinbefore provided. Increase of Deposit 2. It is hereby expressly agreed and declared by the parties hereto that at any time during the said term if the rent and/or service charges shall be increased pursuant to the terms and provisions herein contained the Tenant shall forthwith deposit and maintain with the Landlord in accordance with Clause 1 of this Lease and after Tenant has vacated Section such sum as shall together with the Premises. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits security deposit then held by the Landlord under make up six months’ rent and service charges. Repayment of Deposit 3. Subject as aforesaid the said deposit shall be refunded to the Tenant by the Landlord without interest within 30 days after the expiration or sooner determination of this Section Agreement and the delivery of vacant possession of the Premises to Landlordthe Landlord provided that all the Tenant’s successor agreements, terms and conditions shall have been duly performed and observed or within 30 days of the settlement of the last outstanding claim by the Landlord against the Tenant in interestrespect of any breach, whereupon non- observance or non-performance of any of the agreements, stipulations or conditions herein contained and on the part of the Tenant agrees to release Landlord from all liability for be observed and performed, whichever is the return of such deposit or the accounting thereoflater.
Appears in 1 contract
Deposit. Upon execution of the original LeaseBuyer shall deposit with Seller, Tenant deposited concurrent with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this LeaseAddendum, a Deposit in the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit 1,000.00 (individually and collectively, the “Security Deposit”) ). The Deposit shall be held by Landlord Seller as security for the faithful performance by Buyer of all of the terms, covenants, and conditions provisions of this Lease Addendum to be kept and performed or observed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security depositBuyer. If Tenant Buyer fails to pay any amounts or other charges hereunder, or otherwise defaults with respect to any provision of this LeaseAddendum, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to Seller may use, apply or retain all or any part portion of the Security Deposit for the payment of rentalany such amounts or other charge in default, unreimbursed Operating Expenses or for the payment of any other amount sum to which Landlord the Seller may spend or become obligated to spend by reason of TenantBuyer’s default default, or to compensate Landlord Seller for any other loss or damage which Landlord Seller may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Leasethereby. If Seller so uses or applies all or any portion of the Security Deposit is so used or appliedDeposit, Tenant Buyer shall, within five ten (510) days after written demand thereforSeller’s demand, deposit cash a cashier’s or certified check with Landlord Seller in an the amount sufficient to restore the Security Deposit to its original the full amount and Tenantthereof. Buyer’s failure to do so shall be a material breach of this Leasethe Addendum. Landlord Seller shall not be required to keep any deposit under this Section the Deposit separate from Landlord’s its general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenantaccounts. If Tenant fully and faithfully Buyer performs every provision all of this Lease to be performed by itBuyer’s obligations hereunder, the Security Deposit, or any balance thereof, together with all accrued interestso much thereof as has not theretofore been applied to Seller, shall be returned to Tenant orreturned, at Landlord’s optionwithout payment of interest or other increment for its use, to Buyer upon completion of Buyer’s obligations hereunder to Seller’s reasonable satisfaction. No trust relationship is created herein between Seller and Buyer with respect to the last assignee of Tenant’s interest hereunder, at the expiration Deposit. The Deposit is not part of the Term Xxxxxxx Money and no provisions of this Lease and after Tenant has vacated the PremisesPurchase Agreement or Addendum relating to the Xxxxxxx Money shall be applicable to the Deposit unless expressly stated otherwise. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereof.#2514191 v.3 _____
Appears in 1 contract
Samples: Purchase Agreement
Deposit. Upon execution Buyer shall pay to Settlers Title Agency, Inc. (the "Title Company") a deposit either in the form of cash or letter of credit substantially in the original Lease, Tenant deposited with Landlord form attached hereto and made a part hereof as Exhibit H in the sum of One Hundred Twenty-Seven Thousand Six Hundred Fifty Dollars ($5,500,000. In lieu 127,650.00) ((the "Deposit") within three (3) business days of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the complete execution of this LeaseAgreement. The Deposit, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s electionif in cash, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord in escrow in an interest bearing money market account in a federally–insured banking institution in the State of New Jersey and any interest accruing thereon shall be part of the Deposit. If the performance and maintenance bonds (“Bonds”) listed on Exhibit I attached hereto and made a part hereof have been returned to Seller or are being returned to Seller at Closing, the Deposit shall be credited against the cash portion of the Purchase Price due at Closing (as security for defined below). Otherwise, the faithful performance of Deposit shall remain in escrow until all of the termsBonds have been returned to Seller, covenantsat which time the Deposit shall be released to Buyer. If Buyer terminates this Agreement pursuant to Paragraphs 5, 6, 10, 11, 26 or 27, the Deposit plus the accrued interest thereon, shall be immediately returned to Buyer. Seller and conditions Buyer acknowledge that the Title Company is acting solely as an escrow holder at their request and for their convenience and that the Title Company shall not be liable to either of the parties for any act or omission on its part unless taken or suffered in willful disregard of this Lease Agreement or involving its gross negligence. Seller and Buyer shall jointly and severally indemnify and hold Title Company harmless from and against any loss or liability arising from the performance of its duties as Title Company hereunder, unless Title Company has wilfully disregarded the terms of this Agreement or committed gross negligence. The Title Company shall not be entitled to be kept any fees for the performance of its services as escrow holder hereunder. In the event there is any dispute between Seller and performed by Tenant during Buyer with respect to the Term hereof; provided that if performance of obligations hereunder or the disposition of the Deposit or in the event the Title Company shall otherwise believe in good faith at any time Tenant shall have maintained an investment grade credit rating of BBB that a disagreement or better by Standard and Poors for a consecutive twelve month period, Landlord shall return dispute has arisen between the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults parties with respect to any provision release of this Leasethe Deposit (whether or not litigation has been instituted), including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord Title Company shall have the right, but shall not be requiredat any time upon written notice to both Seller and Buyer (“Title Company Elections”), to use, apply or (a) retain all or any part the Deposit in escrow pending resolution of the Security dispute or (b) place the Deposit for with the payment Clerk of rentalthe Court in which any litigation is pending. Prior to releasing the Deposit from escrow, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages Title Company shall give notice to the Premises or parties hereto of its disbursement intentions. The parties shall be given ten (10) days from receipt of said notice to clean and bring advise Title Company of a dispute with respect to the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion disposition of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premises. In the event Title Company receives notice of termination any dispute from Seller or Buyer within said ten (10) days with respect to the performance of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in the parties’ obligations hereunder or the disposition of the Deposit and/or interest, whereupon Tenant agrees Title Company shall select an alternative within the Title Company Elections. If no notice of a dispute is received within said ten (10) days, Title Company shall be entitled and hereby directed to release Landlord from all liability for the return Deposit (to the extent the parties are entitled to same) in accordance with its disbursement notice and this Agreement of such deposit or the accounting thereofSale.
Appears in 1 contract
Samples: Agreement of Sale (Rottlund Co Inc)
Deposit. Upon execution The RENTER further agrees to make a deposit of £300 with the original LeaseOWNER, Tenant deposited with Landlord said deposit to be used, in the sum event of $5,500,000loss of or damage to the vehicle or equipment during the TERM of this AGREEMENT, to defray fully or partially the cost of necessary repairs and/or replacement parts. In lieu the absence of a cash security depositdamage or loss, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, the amount of such said deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord as security for the faithful performance of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant orthe RENTER. RELEASE AND WAIVER UNDERSTAND THIS PARAGRAPH TO BE A RELEASE AND WAIVER and Intending to bind his or her heirs, at Landlord’s optionexecutors, administrators and assigns, the Renter agrees that he or she shall be responsible and liable for any claims, actions, judgments and damages whatsoever for injuries, death or damages to property as a result of any act or omission arising from his or her racing activities, participation in the stated event(s) or from any from any use of RACE HOVERCRAFT, whether the result is of negligence or otherwise and whether suffered by RENTER of by any other persons; and shall indemnify and Hold OWNER, and its officers, employees, agents, heirs successors, beneficiaries, assigns and attorneys harmless from and against all such claims including reasonable attorney fees, notwithstanding any claim that OWNER contributed to; and shall promptly pay any judgment or settlement resulting therefrom. THIS IS A LEGAL CONTRACT, OWNER AND RENTER HAVE HAD THE OPPORTUNITY TO CONSULT WITH AN ATTORNEY PRIOR TO SIGNING AND ENTERING INTO THIS AGREEMENT. IN WITNESS, WHEREOF, OWNER and RENTER have caused this RACE HOVERCRAFT RENTAL AGREEMENT to be executed as a sealed instrument as of the day and year first above written. OWNER: RENTER: RLG-Innovations Xxxxx Xxxxxx Payment for rental to be made to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of following bank details; Xx X X Xxxxxx Account Number: 0000000 Once payment is made this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability secure rental agreement for the agree period above Deposit of £300 to be made in cash only to ease return (Received) Sign for acknowledgement Xxxxx Xxxxxx Return Deposit of such £_ _ Following reasons for deduction of deposit or the accounting thereof.(only subjectable if damage occurs as agreed above):
Appears in 1 contract
Samples: Hovercraft Rental Agreement
Deposit. Upon execution of this Agreement, Buyer shall deliver to Escrow Company, for deposit into the original Leaseescrow described in Section 6.1 below, Tenant deposited with Landlord an amount equal to $100,000 (the "Initial Deposit"). At the close of the Inspection Period, if Buyer has not then elected to terminate this Agreement as provided herein, Buyer shall deliver to Title Company, for deposit into the escrow described in Section 6.1 below, the additional sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit 100,000 (individually and collectively, the “Security Deposit”) shall be held by Landlord as security for the faithful performance of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereofamount, together with all accrued interestthe Initial Deposit and any interest that may accrue thereon in escrow, shall be returned referred to Tenant or, at Landlord’s option, to herein as the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premises"Deposit"). In the event that this transaction is consummated as contemplated by this Agreement, then the entire amount of termination the Deposit shall be credited against the Purchase Price. The entire amount of Landlord’s interest the Deposit shall be returned immediately to Buyer in this Leasethe event of the failure of any of the conditions precedent set forth in Section 3.l(a) above or in the event that (a) the conditions precedent set forth in Section 3.l(b) shall have been satisfied or waived, Landlord (b) Buyer shall transfer all deposits then held by Landlord have performed fully or tendered performance of its obligations hereunder and (c) Seller shall be unable or fail to perform its obligations under this Section to Landlord’s successor in interestAgreement. IN ALL OTHER EVENTS, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereof.THE ENTIRE AMOUNT OF THE DEPOSIT SHALL BE RETAINED BY SELLER AS LIQUIDATED DAMAGES. BUYER AND SELLER HEREBY ACKNOWLEDGE AND AGREE THAT SELLER'S DAMAGES IN THE EVENT OF SUCH A BREACH OF THIS AGREEMENT BY BUYER WOULD BE DIFFICULT OR IMPOSSIBLE TO DETERMINE, THAT THE AMOUNT OF THE DEPOSIT IS THE PARTIES' BEST AND MOST ACCURATE ESTIMATE OF THE DAMAGES SELLER WOULD SUFFER IN THE EVENT THE TRANSACTION PROVIDED FOR IN THIS AGREEMENT FAILS TO CLOSE, AND THAT SUCH ESTIMATE IS REASONABLE UNDER THE CIRCUMSTANCES EXISTING ON THE DATE OF THIS AGREEMENT. BUYER AND SELLER AGREE THAT SELLER'S RIGHT TO RETAIN THE DEPOSIT SHALL BE THE SOLE REMEDY OF SELLER AT LAW IN THE EVENT OF A BREACH OF THIS AGREEMENT BY BUYER. THE FOREGOING SHALL NOT BE UNDERSTOOD TO LIMIT BUYER'S OBLIGATIONS TO SELLER UNDER THE PROVISIONS OF SECTION 2.3(c)(v) OF THIS AGREEMENT OR BUYER'S OBLIGATION TO REIMBURSE SELLER FOR ATTORNEYS' FEES UNDER THE PROVISIONS OF SECTION 7.9 OF THIS AGREEMENT TO THE EXTENT INCURRED TO SECURE THE RELEASE OF THE DEPOSIT TO SELLER. ACCEPTED AND AGREED TO: ---------------------------------- --------------------------------- Seller Buyer
Appears in 1 contract
Samples: Agreement for Purchase and Sale (Pacific Gulf Properties Inc)
Deposit. Upon The Tenant shall on or before the execution of this Agreement pay to the original Lease, Tenant deposited with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, 68,111.33 representing three (3) months' Rents together with GST thereon as a security deposit. Upon the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, mentioned in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) Clause 3.1 which shall be held by the Landlord as security a deposit for the faithful due observance and performance of all by the Tenant of the terms, covenants, Tenant's covenants and conditions herein contained and the Landlord shall at the end or sooner determination of this Lease the term hereby created refund to the Tenant the said deposit free of interest less all costs and expenses payable by the Tenant hereunder PROVIDED ALWAYS that if the Tenant fails to observe and perform any of the agreements and stipulations herein contained and on the Tenant's part to be kept observed and performed and shall not have remedied the same within seven (7) days from the date of the Landlord's notice specifying the breach complained of and requiring remedy of the same it shall be lawful for the Landlord to deduct from the said deposit such sum or sums as may be necessary and reasonable to make good and satisfy such damages and losses arising from the Tenant's failure but without prejudice to the right of action of the Landlord against the Tenant in respect of any antecedent breach of any of the agreements or stipulations herein contained on the part of the Tenant to be observed and performed or any claim arising from the Tenant's failure as aforesaid in excess of the said deposit. Upon adjustment or revision of the Rents for the time being payable by the Tenant during to the Term hereof; provided that if at any time Landlord hereunder the said deposit shall likewise be adjusted or revised and the Tenant shall have maintained an investment grade credit rating of BBB or better pay on demand to the Landlord the difference thereof Provided Always that the sum held by Standard and Poors for a consecutive twelve month period, the Landlord shall return the Security Deposit be maintained so as to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged represent at all times three (3) months' Rents together with GST thereon as permitted in Section 18.2 below which exceed the amounts indicated above aforesaid and shall return such Letters not without the prior written consent of Credit to Tenant. Upon such release and return, Tenant shall cause the Landlord be deemed to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the or treated as payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all Rents or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses thereof or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages sums owing to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereof.
Appears in 1 contract
Deposit. Upon execution ACKNOWLEDGMENT The undersigned hereby acknowledges receipt of the original Lease, Tenant deposited with Landlord Deposit and agrees to hold the sum same pursuant to terms of $5,500,000the Agreement. In lieu The liability of a cash security deposit, Tenant elected to provide one or more irrevocable letters the undersigned is limited by the terms and conditions expressly set forth herein and by the laws of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, state in which the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution Real Property is located and in form reasonably satisfactory to Landlord. Such sums or no event shall the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord as security for the faithful performance of all liability of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which undersigned exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security depositDeposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord The undersigned shall have no liability whatsoever on account of or occasioned by any failure or negligence on the right, but shall not be required, to use, apply or retain all or any part of any bank, savings and loan or other savings institution wherein the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applieddeposited, Tenant shallprovided, within five (5) days after written demand thereforhowever, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunderthat such institution is, at the expiration time of deposit of the Term of this Lease and after Tenant has vacated the PremisesDeposit, federally insured. In the event of termination litigation affecting the duties of Landlord’s interest the undersigned as Title Company relating to this Agreement and the Deposit, Seller and Purchaser, jointly and severally, shall reimburse the undersigned for all expenses incurred by the undersigned, including reasonable attorneys’ fees, unless such litigation results from or is caused by the gross negligence or misfeasance of the undersigned. In the event of any dispute between Seller and Purchaser pertaining to the Deposit, the undersigned may commence an interpleader action and deposit the Deposit with a court of competent jurisdiction and in this Leasesuch event, Landlord the undersigned shall transfer be relieved of all deposits then held by Landlord under this Section to Landlord’s successor in interestfurther obligation and liability. CHICAGO TITLE INSURANCE COMPANY By: Name: Its: Address: Two Gateway Center 000 Xxxxxxx, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereof.Xxxxx 00xx Xxxxx Xxxxxxxxxx, Xxxxxxxxxxxx 00000-0000 Phone: (000) 000-0000 Fax: (000) 000-0000 E-mail: xxxxxxx.xxxxxxxxxx@xxx.xxx Dated: , 2011
Appears in 1 contract
Samples: Shopping Center Purchase and Sale Agreement (Phillips Edison - ARC Shopping Center REIT Inc.)
Deposit. Upon execution of the original Lease, Tenant deposited with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected Lessee shall pay to provide one or more irrevocable letters of credit, payable to Landlord, Lessor [***] as a security deposit. Upon Deposit for the execution Aircraft on or prior to January 5, 1996 in the manner specified in Paragraph 4 of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) Appendix D. The Deposit shall be held by Landlord Lessor during the Term as security for the faithful full and punctual performance of all of Lessee's obligations to Lessor under this Agreement. Lessor may, but shall not be obliged to, apply the termsDeposit in whole or in part for the payment of any rent, covenantsmaintenance accruals, indemnities, attorneys fees and other expenses, insurance and other casualty payments and any other amount owing from time to time by Lessee hereunder or any other Operative Document, between Beneficiary or its affiliate companies, and conditions of this Lease to be kept and performed by Tenant during Lessee, or for the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release payment of any Letters loss or damage suffered by Lessor as a result of Credit pledged as permitted any Event of Default or utilize the Deposit in Section 18.2 below which exceed the amounts indicated above and shall return such Letters whole or in part to perform any of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter Lessee's obligations under this Agreement or otherwise remedy any other Event of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this LeaseDefault, including, without limitation, in the provisions relating redelivery condition for the Aircraft without prejudice to any other remedy of Lessor. In any such event Lessee shall on demand restore the Deposit to the full amount provided for herein by payment to Lessor of rental an amount in cash equal to the amount applied or utilized. Lessee shall not attempt to subject the Deposit to any other lien, security interest, charge or other encumbrance or assign any interest therein to any other person and, to the extent of its interest therein, if any, Lessee hereby grants to Lessor a security interest in the Deposit and other sums due hereunder, Landlord shall have the assigns and transfers to Lessor any and all of Lessee's right, but shall not be requiredtitle and interest therein, to useif any, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenantas security as provided above, and Tenant Lessor shall be entitled to the interest thereonremedy of offset against and application of the Deposit, without any notice to be paid to Tenant when and if or demand against Lessee, all of which are hereby waived. Lessee further agrees that the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision may be, without derogating from the terms of this Lease Agreement, assigned as security to be performed by itthe Bank or transferred to any other transferee of Lessor. Should any Event of Default hereunder occur, the Security DepositDeposit shall automatically be applied to any sum due to Lessor or as a prepayment of any sum to become payable to Lessor, or any balance thereof, together with all accrued interest, unless Lessor thereafter elects otherwise by notice to Lessee. Any remaining Deposit shall be returned repaid by Lessor to Tenant or, at Landlord’s option, to Lessee ten (10) days following the last assignee of Tenant’s interest hereunder, at the expiration Expiry Date or other date after redelivery of the Term of Aircraft in accordance with this Lease and after Tenant has vacated the PremisesAgreement. In the event there is a dispute as to whether Lessee is entitled to a return of termination any portion of Landlord’s the Deposit, Lessor shall so return the undisputed amount of the Deposit. Upon a repayment of such Deposit or portion thereof, Lessor's security interest in this Lease, Landlord and assignment of such Deposit or portion thereof being repaid shall transfer all deposits then held by Landlord under this Section to Landlord’s successor be deemed released. Lessor's obligations in interest, whereupon Tenant agrees to release Landlord from all liability for respect of the return of such deposit the Deposit shall be those of debtor of Lessee, not of a trustee or other fiduciary. The Deposit shall bear interest on the accounting thereofamounts then held at a rate of interest per annum yielding $10,500 (Dollars Ten Thousand Five Hundred) per year payable annually commencing on the first anniversary of the Delivery Date, and on each anniversary thereafter unless the Deposit and interest thereon shall have been applied pursuant to this Agreement. Any reference to the Deposit in this Agreement shall include the interest accumulated thereon and not paid to Lessee.
Appears in 1 contract
Samples: Aircraft Operating Lease Agreement (Midway Airlines Corp)
Deposit. Upon Tenant shall deposit with Landlord upon execution of the original Lease, Tenant deposited with Landlord this lease the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord 8,600.00 as security for the Tenant's faithful performance of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit's obligations hereunder. If Tenant fails to pay rent or other charges due hereunder, or otherwise defaults with respect to any provision provisions of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunderlease, Landlord shall have the right, but shall not be required, may without notice to Tenant use, apply or retain all or any part portion of the Security Deposit said deposit for the payment of rental, unreimbursed Operating Expenses any rent or other charges in default or for the payment of any other amount sum to which Landlord may spend or become obligated to spend by reason of Tenant’s 's default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason thereby, including costs of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and storing tenant's personal property upon expiration or sooner execution of termination of this Leaselease. If Landlord so uses or applies all or any portion of the Security Deposit is so used or appliedsaid deposit, Tenant shall, shall within five (5) days after written demand therefor, therefore deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any said deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the full amount hereinabove stated. The deposit referenced herein shall not be maintained in a segregated account and will not accrue interest thereon, to be paid to Tenant when and if for the Security Deposit is refundable to benefit of the Tenant. If Tenant fully and faithfully performs every provision all of this Lease to be performed Tenant's obligations hereunder, said deposit or so much thereof as has not theretofore been applied by it, the Security Deposit, or any balance thereof, together with all accrued interest, Landlord shall be returned returned, without payment of interest or other increment for its use, to Tenant or, (or at Landlord’s 's option, to the last assignee assignee, if any, of Tenant’s 's interest hereunder, at ) within sixty (60) days of either the expiration of the Term of this Lease and term hereof or after Tenant has vacated the Premisespremises, whichever is later. In Landlord shall deliver the funds deposited herein to the purchaser of the building, in the event the building is sold (or give such purchaser a credit against the purchase price in the amount of termination of Landlord’s interest in this Lease, such deposit) and thereupon Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord be discharged from all further liability for the return of with respect to such deposit or the accounting thereofdeposit.
Appears in 1 contract
Samples: Lease (Eacceleration Corp)
Deposit. Upon execution If this Agreement is terminated by any Party for any reason other than by the Sellers pursuant to Section 12.2(a), Purchaser shall retain the Deposit. If this 52 Agreement is terminated by the Sellers in accordance with Section 12.2(a), the Sellers shall retain the Deposit, and the Deposit will be the sole and exclusive remedy for any breach of this Agreement by Purchaser. The Sellers, on the one hand, and Purchaser, on the other hand, hereby agree that the remedy for any damages that any Seller or all of the original Lease, Tenant deposited with Landlord Sellers or any Person claiming through or under any Seller may at any time allege to have been suffered by any Seller or any such Person arising out of or related to the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution termination of this LeaseAgreement for Purchaser's breach are not easily measured and that the Deposit represents a reasonable estimate of the Damages to be suffered by any Seller and not a penalty. Accordingly, Purchaser, on the amount one hand, and the Sellers, on the other hand, hereby agree that the payment of such deposit the Deposit shall be reduced to $1,375,000. At Tenant’s election, a liquidated sum in full satisfaction and complete payment of all such Damages and in lieu of a cash security depositany and all other damages, Tenant may continue including without limitation all consequential, incidental and punitive damages, arising out of or related to provide one or more irrevocable letters the termination of credit in amounts described above, this Agreement for any breach of this Agreement by Purchaser and that no additional damages shall be payable to Landlordany of the Sellers or any Person claiming through any such Seller arising out of or related to such termination. Notwithstanding the immediately preceding sentence, and issued by an institution and disbursement of the Deposit or any portion thereof in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”accordance with this Section 12.3(b) shall be held by Landlord as security for not relieve Purchaser of its indemnification liability under Section 3.4. Each Party's right of termination under this Agreement or otherwise and the faithful performance exercise of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but right shall not be required, an election of remedies. The Sellers will have the sole responsibility for allocating the Deposit retained pursuant to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereof12.3(b) between themselves.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Sba Communications Corp)
Deposit. Upon execution A returnable deposit will be payable before signing this Tenancy Agreement. Deductions will be made for breach of terms of agreement such as: - Rent due. Damage to the property, fixtures and fittings. Any reasonable cost incurred to the landlord directly arising from breach of a contract term. The Landlord/s will protect the deposit through the following scheme Choose an item. The Landlord(s) will protect the deposit within the next 30 days, after which the scheme will be able to confirm with the tenant/s that the deposit has been protected. At the end of the original Leasetenancy the deposit (or part of the deposit) will be returned to the tenant/s after: In the case of the custodial scheme being used, Tenant deposited with Landlord within 10 days of the sum custodial scheme being notified of $5,500,000the agreement between the landlord and tenant or the ADR/ court decision. In lieu the case either of the insurance based schemes being used, within 10 days of the tenant requesting that the landlord return their deposit. Or in the case of a cash security deposit, Tenant elected to provide one or more irrevocable letters dispute 10 days after being notified of credit, payable to Landlord, as a security deposit. Upon decision by the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000scheme’s ADR. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord as security for the faithful performance of all end of the terms, covenants, tenancy if there is a dispute between the Landlord(s) and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or Tenant(s) about any part of the Security Deposit for deposit being retained due to breach of tenancy terms, the payment Alternative Dispute Resolution (ADR) service of rentalthe scheme used will be contacted to help reach a resolution. End of the tenancy At the end of the fixed term the tenant can leave the tenancy. It is recommended that the tenant provides one months’ notice of their intention to leave the property at the end of the fixed term. If this tenancy becomes periodic the tenant will give the landlord one months’ notice of their intention to leave the property. The Tenant(s) agree to permit the Landlord(s) or their agent upon giving reasonable notice to enter the property at reasonable times by prior appointment to show the property to prospective tenants and/ or buyers. The Tenant(s) must clear out all your belongings, unreimbursed Operating Expenses leaving the furniture and fittings in the same state as they were at the start of the tenancy subject to reasonable wear and tear. The Tenant(s) must return the keys to the landlord on the last day of the tenancy. The Tenant(s) must ensure that you have made arrangements to clear out any household waste or rubbish via correct means prior to final inspection of the property. The landlord retains the right to withhold the deposit until satisfied that any items of rubbish or waste have been removed and disposed of in the correct fashion. The Tenant(s) must provide the Landlord(s) with a forwarding address at the end of the Tenancy. Obligations of the landlord Give the tenant possession at the start of the tenancy The Landlord(s) must give the Tenant(s) possession of the Property at the start of the Tenancy. The Landlord(s) hereby warrants that they are legally entitled to grant the tenancy and has obtained any consent required from a mortgagee or superior landlord or any other interested party. Protect the deposit The Landlord(s) agrees that they will protect any deposit paid by the tenant/s through one of the three authorised schemes within 30 days of receiving the deposit and provide the tenant with the prescribed information. Where either of the insurance-based schemes is used, if there is a dispute about part of the deposit the landlord will return any part of the deposit not in dispute to the tenant within 10 days and forward the disputed amount to the ADR of the scheme used to protect the deposit. Quiet and peaceful enjoyment The Landlord(s) will not interfere with the tenants peaceful and quiet enjoyment of the property. Repairs and maintenance This agreement takes effect subject to the provisions of Section 11 of the Landlord & Xxxxxx Xxx 0000 where it sets out which repairs the Landlord(s) is responsible for. The Landlord(s) will: keep in repair the structure and exterior of the Property (including drains, external pipes, gutters and external windows); keep in repair and proper working order the installations in the Property for the supply of water, gas and electricity and for sanitation (including basins, sinks, baths and sanitary conveniences, but not other fixtures, fittings and appliances for making use of the supply of water, gas or electricity); and keep in repair and proper working order the installations in the Property for space heating and heating water. In accordance with section 11 of the Landlord may spend or become obligated and Xxxxxx Xxx 0000, the Landlord is not required: to spend repair anything which the Tenant(s) is liable to repair by reason virtue of the Tenant’s default duty to take reasonable care of the Property; to rebuild or reinstate the Property in the case of destruction or damage by fire, storm or flood; or to compensate Landlord keep in repair or maintain anything which the Tenant is entitled to remove from the Property. The Landlord(s) will return any rent paid for any other loss or damage which Landlord may suffer a period that the property is uninhabitable by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Leasefire. If any portion of the Security Deposit there is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall a dispute about this then it will be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed settled by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofarbitration.
Appears in 1 contract
Samples: Assured Shorthold
Deposit. Upon execution of the original Lease, Tenant shall deposited with Landlord and will keep on deposit at all times during the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution Term of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s electionSecurity Deposit as a reduction from the Tenant Improvements Allowance provided for in Exhibit C, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord as security for the payment by Tenant of all rent and other amounts herein agreed to be paid and for the faithful performance of all of the terms, covenantsconditions, and conditions covenants of this Lease to be kept and performed by Tenant Lease. If, at any time during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in default in the amount performance of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be requiredrequired to use said deposit, to useor so much thereof as necessary, apply or retain all or any part of the Security Deposit for the in payment of rental, unreimbursed Operating Expenses any rent or any other amount which in default, in reimbursement of any expense incurred by Landlord, and in payment of any damages incurred by Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or appliedIn such event, Tenant shall, on written demand of Landlord, forthwith remit to Landlord a sufficient amount to restore said deposit to an amount equal to the final month’s Base Rent for the Term plus the monthly amount of Tenant’s Pro Rata Share of increases in Operating Expenses then payable by Tenant pursuant to subparagraph 5.A(3). In the event Landlord has not used the remaining balance of the Security Deposit, or has used only a portion of the deposit as of the Expiration Date, Landlord shall return to Tenant or Tenant’s successor in interest the deposit, the deposit or so much of the deposit that remains, without interest, within five sixty (560) days after written demand thereforthe termination of the Lease or surrender and Landlord’s acceptance of the Premises, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Leasewhichever occurs last. Landlord shall be required have the right to keep any commingle the deposit under this Section separate from with other funds of Landlord. Landlord may deliver the deposit to the purchaser of Landlord’s general funds interest in an the Premises in the event such interest bearing account reasonably acceptable is sold and, thereupon, Landlord shall be discharged from further liability with respect to Tenantsuch deposit. Tenant agrees that if a Mortgagee (as defined herein) succeeds to Landlord’s interest in the Premises by reason of foreclosure or deed in lieu of foreclosure, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, have no claim against said Mortgagee for the Security Deposit, or any balance portion thereof, together with all accrued interest, shall be returned to Tenant or, at unless such Mortgagee has actually received the same from Landlord. If the Landlord’s optionclaims against Tenant exceed the amount of the deposit, Tenant shall remain liable for the balance of such claims. Tenant shall not assign or encumber or attempt to assign or encumber the last assignee Security Deposit, except that Tenant may assign such deposit in the event of a permitted assignment of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord’s entire interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereof.
Appears in 1 contract
Samples: Premises Lease (Zynex Inc)
Deposit. Upon execution Buyer shall pay to Settlers Title Agency, Inc. (the "Title Company") a deposit either in the form of cash or letter of credit substantially in the original Lease, Tenant deposited with Landlord form attached hereto and made a part hereof as Exhibit H in the sum of Two Hundred and Twelve Thousand Eight Hundred Dollars ($5,500,000. In lieu 212,800.00) ((the "Deposit") within three (3) business days of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the complete execution of this LeaseAgreement. The Deposit, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s electionif in cash, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord in escrow in an interest bearing money market account in a federally–insured banking institution in the State of New Jersey and any interest accruing thereon shall be part of the Deposit. If the performance and maintenance bonds (“Bonds”) listed on Exhibit I attached hereto and made a part hereof have been returned to Seller or are being returned to Seller at Closing, the Deposit shall be credited against the cash portion of the Purchase Price due at Closing (as security for defined below). Otherwise, the faithful performance of Deposit shall remain in escrow until all of the termsBonds have been returned to Seller. If Buyer terminates this Agreement pursuant to Paragraphs 5, covenants6, 10, 11, 26 or 27, the Deposit plus the accrued interest thereon, shall be immediately returned to Buyer. Seller and conditions Buyer acknowledge that the Title Company is acting solely as an escrow holder at their request and for their convenience and that the Title Company shall not be liable to either of the parties for any act or omission on its part unless taken or suffered in willful disregard of this Lease Agreement or involving its gross negligence. Seller and Buyer shall jointly and severally indemnify and hold Title Company harmless from and against any loss or liability arising from the performance of its duties as Title Company hereunder, unless Title Company has wilfully disregarded the terms of this Agreement or committed gross negligence. The Title Company shall not be entitled to be kept any fees for the performance of its services as escrow holder hereunder. In the event there is any dispute between Seller and performed by Tenant during Buyer with respect to the Term hereof; provided that if performance of obligations hereunder or the disposition of the Deposit or in the event the Title Company shall otherwise believe in good faith at any time Tenant shall have maintained an investment grade credit rating of BBB that a disagreement or better by Standard and Poors for a consecutive twelve month period, Landlord shall return dispute has arisen between the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults parties with respect to any provision release of this Leasethe Deposit (whether or not litigation has been instituted), including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord Title Company shall have the right, but shall not be requiredat any time upon written notice to both Seller and Buyer (“Title Company Elections”), to use, apply or (a) retain all or any part the Deposit in escrow pending resolution of the Security dispute or (b) place the Deposit for with the payment Clerk of rentalthe Court in which any litigation is pending. Prior to releasing the Deposit from escrow, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages Title Company shall give notice to the Premises or parties hereto of its disbursement intentions. The parties shall be given ten (10) days from receipt of said notice to clean and bring advise Title Company of a dispute with respect to the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion disposition of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premises. In the event Title Company receives notice of termination any dispute from Seller or Buyer within said ten (10) days with respect to the performance of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in the parties’ obligations hereunder or the disposition of the Deposit and/or interest, whereupon Tenant agrees Title Company shall select an alternative within the Title Company Elections. If no notice of a dispute is received within said ten (10) days, Title Company shall be entitled and hereby directed to release Landlord from all liability for the return Deposit (to the extent the parties are entitled to same) in accordance with its disbursement notice and this Agreement of such deposit or the accounting thereofSale.
Appears in 1 contract
Samples: Agreement of Sale (Rottlund Co Inc)
Deposit. Upon The Tenant shall on or before the execution of this Agreement deposit with the original Lease, Tenant deposited with Landlord the sum of $5,500,000. In lieu of a cash security deposit55,613.26 in cash, Tenant elected to provide one or more irrevocable letters of creditrepresenting six (6) months’ Rents together with GST thereon, payable to Landlord, as a security deposit. Upon the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) which shall be held by the Landlord as a deposit (the “said deposit”) as security for the faithful due observance and performance of all by the Tenant of the termsTenant’s covenants and conditions herein contained. The Landlord shall as soon as reasonably possible after the end or sooner determination of the term hereby created refund to the Tenant the said deposit free of interest but subject to the Landlord’s right of deduction for all costs, covenantsexpenses and other amounts payable by the Tenant hereunder. IF the Tenant fails to pay any costs and expenses as provided in this Agreement or to observe and perform any of the agreements and stipulations herein contained and on the Tenant’s part to be observed and performed it shall be lawful but not obligatory for the Landlord to apply or deduct from the said deposit such sum or sums as may be necessary to make good and satisfy such costs and expenses, and conditions damages and losses arising from the Tenant’s failure but without prejudice to the right of this Lease action of the Landlord against the Tenant in respect of any antecedent breach of any of the agreements or stipulations herein contained on the part of the Tenant to be kept observed and performed by Tenant during or any claim arising from the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged ’s failure as permitted aforesaid in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount excess of the required security said deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or IF any part of the Security Deposit said deposit shall be applied or deducted by the Landlord as aforesaid, the Tenant shall upon demand deposit with the Landlord a cash amount so applied or deducted, AND upon adjustment or revision of the Rents for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend time being payable by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages Tenant to the Premises Landlord hereunder the said deposit shall likewise be adjusted or revised and the Tenant shall pay on demand to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this LeaseLandlord the difference thereof if there is any increase in the Rents. If any portion Any cash payment by the Tenant as a deposit shall be held by the Landlord as part of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore said deposit. PROVIDED ALWAYS that the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. sum held by the Landlord shall be required maintained so as to keep represent at all times three (3) months’ Rents together with GST thereon as aforesaid and shall not without the prior written consent of the Landlord be deemed to be or treated as payment of Rents or any deposit under this Section separate from part thereof or any sums owing to the Landlord. AND FURTHER PROVIDED that if during the term hereby created, the Landlord shall transfer, assign, dispose of or part with all its estate, title or interest in the Demised Premises or a part thereof to the Landlord’s general funds in an interest bearing account reasonably acceptable successor-in-title subject to Tenantthe term hereby created, the Tenant hereby agrees that the Landlord may assign and transfer the Landlord’s rights to, and obligations in respect of, the said deposit to the Landlord’s successor-in-title and thereupon the Tenant shall be entitled cease to have any right, claim or demand whatsoever against the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration Landlord in respect of the Term of this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofsaid deposit.
Appears in 1 contract
Deposit. Upon execution of the original Lease, Tenant deposited Simultaneously with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of this Lease, Lessee shall deposit with Lessor the amount sum of such Nine Thousand Seven Hundred Sixty-Eight and 18/100 Dollars ($9,768.18), as a security deposit for the performance by Lessee of the provisions of this Lease. Such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord considered as security for the faithful payment and performance by Lessee of all of the termsLessee's obligations, covenants, conditions and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of agreements under this Lease, Landlord shall promptly obtain . In the release event of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due default by Lessee hereunder, Landlord Lessor shall have the right, but shall not be requiredobligated, to use, apply or retain all or any part portion of the deposit to cure such default, in which event Lessee shall be obligated to promptly deposit with Lessor the amount necessary to restore the deposit to its original amount provided, however, such defaults and Lessee's liability under this Lease shall thereby be discharged only pro tanto and Lessee shall remain liable for any amounts that said Security Deposit shall be insufficient to pay. If Lessee is not in default at the expiration or termination of this Lease, Lessor shall return the security deposit to Lessee. Lessor shall not be required to pay Lessee interest on the security deposit. Notwithstanding the foregoing, in the event of the sale or transfer of Lessor's interest in the Demised Premises or this Lease, Lessor shall have the right to transfer the Security Deposit to the purchaser or transferee provided that the purchaser or transferee shall agree to hold the same in accordance with the terms hereof, in which event Lessee shall look only to the new landlord for the return of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so Lessor shall thereupon be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at the expiration of the Term of this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord released from all liability to Lessee for the return of such deposit or the accounting thereofSecurity Deposit.
Appears in 1 contract
Samples: Abovenet Communications Inc
Deposit. Upon execution of 4.1 Within three (3) business days after the original LeaseEffective Date, Tenant deposited with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected Purchaser agrees to provide one or more irrevocable letters of credit, payable deliver to Landlord, Escrow Agent (as a security deposit. Upon the execution of this Lease, the amount of such hereinafter defined) an escrow deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord as security for the faithful performance of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults Two Hundred Thousand and No/100 Dollars ($200,000.00) (such amount, together with respect to any provision of this Lease, including, without limitationinterest earned thereon, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall be required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security “Initial Escrow Deposit, or any balance thereof”, together with all supplements thereto, including but not limited to the Additional Deposit, and all accrued interest, as hereinafter defined, the “Escrow Deposit”) in immediately available funds to Escrow Agent, which Escrow Deposit shall be returned to Tenant orheld in a segregated escrow account. In the event that the Escrow Agent does not receive the Initial Escrow Deposit from Purchaser as aforesaid, this Agreement shall be null and void and neither party shall have any rights or obligations hereunder. Unless otherwise instructed by Seller and Purchaser, Escrow Agent is authorized and shall place the Escrow Deposit in a segregated account at Landlord’s option, a financial institution whose account are insured by an agency of the federal government and the interest earned on such funds shall be paid or credited to the last assignee of Tenant’s interest hereunder, at party entitled to receive the expiration Escrow Deposit under the terms of the Term of this Lease and after Tenant has vacated the PremisesContract. In the event of termination any dispute between Seller and Purchaser concerning disbursement of Landlord’s interest the Escrow Deposit, the Escrow Agent shall be authorized to file an interpleader proceeding in this LeaseXxxx County, Landlord shall transfer Illinois state courts of jurisdiction or such other venue as may be approved by all deposits then held by Landlord under this Section to Landlord’s successor in interestclaimants, whereupon Tenant agrees to release Landlord from all liability for and the return disposition of such deposit funds shall be determined in accordance with such proceeding, and the Escrow Agent shall be released of all further liability with respect to such Escrow Deposit. The Escrow Deposit shall be applied to the Purchase Price if the Closing occurs. All investment decisions to invest the Deposit in another manner shall be made jointly by Purchaser and Seller. If no Closing occurs, all interest or dividends earned (if any) shall be paid to the accounting thereofparty entitled to the escrowed proceeds, which party shall pay any income taxes thereon. The parties shall furnish the Escrow Agent with their respective tax identification numbers. At the Closing all interest or dividends earned on the Deposit shall be credited to Purchaser. All escrow fees, if any, charged by Escrow Agent shall be equally shared by Seller and Purchaser.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Inland Real Estate Income Trust, Inc.)
Deposit. Upon execution of the original this Lease, Tenant deposited shall deposit with Landlord the sum of Thirteen Thousand, Five Hundred and Three and 75/100 Dollars ($5,500,000. In lieu of a cash security deposit13,503.75), Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon which sum (the execution of this Lease, the amount of such deposit shall be reduced to $1,375,000. At Tenant’s election, in lieu of a cash security deposit, Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”"SECURITY DEPOSIT") shall be held by Landlord as security for the faithful performance of all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term term hereof; provided . The Security Deposit shall be increased by Tenant at the time of each increase (if any) in minimum rental under this Lease, so that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Security Deposit to Tenant. Upon the execution of this Lease, Landlord shall promptly obtain the release of any Letters of Credit pledged as permitted in Section 18.2 below which will always equal or exceed the amounts indicated above and shall return such Letters of Credit monthly minimum rental as in effect from time to Tenant. Upon such release and return, Tenant shall cause to be issued and delivered a substitute letter of credit in the amount of the required security deposittime. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, . Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses rental or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s 's default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s 's default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five ten (510) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s tenant's failure to do so shall be a material breach of this Lease. Landlord shall be not he required to keep any deposit under this Section separate from Landlord’s 's general funds in an interest bearing account reasonably acceptable to Tenantfunds, and Tenant shall not be entitled to the interest thereon, to be paid to Tenant when and if the Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, together with all accrued interest, shall be returned to Tenant or, at Landlord’s 's option, to the last assignee of Tenant’s 's interest hereunder, at the expiration of the Term term of this Lease and after Tenant has vacated the Premises. In the event of termination of Landlord’s 's interest in this Lease, Landlord shall transfer all deposits then held by Landlord under this Section to Landlord’s 's successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the he accounting thereof.
Appears in 1 contract
Samples: Lease (Consumer Net Marketplace Inc)
Deposit. Upon execution If Landlord has received Tenant Security from Tenant, Landlord shall hold the Tenant Security as security for the performance by Tenant of the original Lease, Tenant deposited with Landlord the sum of $5,500,000. In lieu of a cash security deposit, Tenant elected to provide one or more irrevocable letters of credit, payable to Landlord, as a security deposit. Upon the execution of Tenant’s covenants and obligations under this Lease, it being expressly understood and agreed that the amount Tenant Security shall not be considered an advance payment of such deposit shall be reduced to $1,375,000Rent or a measure of Landlord’s damages in case of default by Tenant. At Tenant’s election, in lieu of a cash security deposit, The Tenant may continue to provide one or more irrevocable letters of credit in amounts described above, payable to Landlord, and issued by an institution and in form reasonably satisfactory to Landlord. Such sums or the Letter of Credit (individually and collectively, the “Security Deposit”) shall be held by Landlord as security without liability to Tenant for the faithful performance of all of the terms, covenantsinterest, and conditions of this Lease Landlord may commingle such deposit with any other funds held by Landlord (subject to be kept and performed by Tenant during the Term hereof; provided that if at any time Tenant shall have maintained an investment grade credit rating of BBB or better by Standard and Poors for a consecutive twelve month period, Landlord shall return the Applicable Security Deposit to TenantLaws). Upon the execution occurrence of this Leaseany Event of Default by Tenant, Landlord shall promptly obtain may, from time to time, without prejudice to any other remedy, apply the release Tenant Security to the extent necessary to make good any arrears of Base Rent, Add-ons, Additional Rent, and any Letters other payment, damage, injury, expense or liability caused to Landlord by such Event of Credit pledged as permitted in Section 18.2 below which exceed the amounts indicated above and shall return such Letters of Credit to Default by Tenant. Upon such release and returnFollowing any application of the Tenant Security, Tenant shall cause pay to be issued and delivered a substitute letter of credit in the amount of the required security deposit. If Tenant defaults with respect to any provision of this Lease, including, without limitation, the provisions relating to the payment of rental and other sums due hereunder, Landlord shall have the right, but shall not be required, to use, apply or retain all or any part of the Security Deposit for the payment of rental, unreimbursed Operating Expenses or any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. Landlord may also apply the Security Deposit toward costs incurred to repair damages to the Premises or to clean and bring the Premises to good order, condition and repair during its Lease Term and upon expiration or sooner termination of this Lease. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written of demand therefor, deposit cash with Landlord the amount so applied in an amount sufficient order to restore the Tenant Security to the amount thereof immediately prior to such application. Subject to the requirements of, and conditions imposed by Applicable Security Deposit to its original amount and Tenant’s failure to do so shall be a material breach of this Lease. Laws, Landlord shall be shall, within the time required to keep any deposit under this Section separate from Landlord’s general funds in an interest bearing account reasonably acceptable to Tenant, and Tenant shall be entitled to the interest thereon, to be paid to Tenant when and if the by Applicable Security Deposit is refundable to Tenant. If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security DepositLaws, or any balance thereofif no such requirement exists, together with all accrued interest, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, at within twenty-five (25) business days after the expiration of the Term of this Lease and after Tenant has vacated (or the Premises. In the event of earlier termination of Landlord’s interest in this Lease), return to Tenant the portion (if any) of the Tenant Security remaining after deducting all damages and losses that Landlord shall transfer all deposits then held has suffered as a result of any Event of Default by Landlord Tenant under this Section to Landlord’s successor in interest, whereupon Tenant agrees to release Landlord from all liability for the return of such deposit or the accounting thereofLease.
Appears in 1 contract
