Common use of Financial Security Clause in Contracts

Financial Security. In compliance with the requirements of state law, Xxxxxx agrees that it will secure the performance of the rental portion of this Lease by procuring and maintaining, during the term of this Lease, a corporate surety bond, a cash deposit, or by providing other financial security satisfactory to Lessor (herein referred to as the “Bond”), in an amount not less than two months (16.67%) of the sum of annual Rent, plus state leasehold excise tax. The Bond shall be in a form and issued by a surety company acceptable to Lessor and shall comply with the requirements of Washington law. Lessee shall obtain such Bond and forward evidence thereof to Lessor within fourteen (14) days of execution of this Lease, but in no event later than the Commencement Date of this Lease. Failure to comply with this requirement shall be grounds for termination of this Lease without notice by Xxxxxx. Such Bond shall be kept always in effect during the term of this Lease; failure to comply with this requirement shall render Lessee in default. The Bond shall be increased annually to reflect any adjustments in annual Rent. Upon any default by Lessee in its obligations under this Lease, Lessor may collect on the Bond to offset the liability of Lessee to Lessor. Collection on the Bond shall not relieve Lessee of liability, shall not limit any of Lessor’s other remedies, and shall not reinstate or cure the default or prevent termination of the Lease because of the default.

Financial Security. In compliance with the requirements of state law, Xxxxxx Lessee agrees that it will secure the performance of the rental portion of this Lease by procuring and maintaining, during the term Term of this Lease, a corporate surety bond, a cash deposit, or by providing other financial security satisfactory to Lessor (herein referred to as the “Bond”), ) in an amount not less than two months Thirty Three percent (16.6733%) of the sum of annual Rent, plus state leasehold excise tax. The Bond shall be in a form and issued by a surety company acceptable to Lessor and shall comply with the requirements of Washington law. Lessee shall obtain such Bond and forward evidence thereof to Lessor within fourteen (14) days of execution of this Lease, but in no event later than the Commencement Date of this Lease. Failure to comply with this requirement shall be grounds for termination of this Lease without notice by XxxxxxLessor. Such Bond shall be kept always in effect during the term Term of this Lease; failure to comply with this requirement shall render Lessee in default. The Bond shall be increased annually to reflect any adjustments in annual Rent. . 5.3.1 Upon any default by Lessee in its obligations under this Lease, Lessor may collect on the Bond to offset the liability of Lessee to Lessor. Collection on the Bond shall not relieve Lessee of liability, shall not limit any of Lessor’s other remedies, and shall not reinstate or cure the default or prevent termination of the Lease because of the default.

Financial Security. In compliance with the requirements of state law, Xxxxxx agrees that it will secure the performance of the rental portion of this Lease by procuring and maintaining, during the term of this Lease, a corporate surety bond, a cash deposit, or by providing other financial security satisfactory to Lessor (herein referred to as the “Bond”), in an amount not less than two months (rent ( 16.67%) of the sum of annual Rent, plus state leasehold excise tax. The Bond shall be in a form and issued by a surety company acceptable to Lessor and shall comply with the requirements of Washington law. Lessee shall obtain such Bond and forward evidence thereof to Lessor within fourteen (14) days of execution of this Lease, but in no event later than the Commencement Date of this Lease. Failure to comply with this requirement shall be grounds for termination of this Lease without notice by Xxxxxx. Such Bond shall be kept always in effect during the term of this Lease; failure to comply with this requirement shall render Lessee in default. The Bond shall be increased annually to reflect any adjustments in annual Rent. Upon any default by Lessee in its obligations under this Lease, Lessor may collect on the Bond to offset the liability of Lessee to Lessor. Collection on the Bond shall not relieve Lessee of liability, shall not limit any of Lessor’s other remedies, and shall not reinstate or cure the default or prevent termination of the Lease because of the default.

Financial Security. In compliance with the requirements of state law, Xxxxxx agrees that it will secure the performance of the rental portion of this Lease by procuring and maintaining, during the term of this Lease, a corporate surety bond, a cash deposit, or by providing other financial security satisfactory to Lessor (herein referred to as the “Bond”), in an amount not less than two three months (16.67%) of the sum of annual Base Rent, plus state leasehold excise tax. The Bond shall be in a form and issued by a surety company acceptable to Lessor Lessor, and shall comply with the requirements of Washington law. Lessee shall obtain such Bond and forward evidence thereof to Lessor within fourteen (14) days of execution of this Lease, but in no event later than the Commencement Date of this Lease. Failure ; failure to comply with this requirement shall be grounds for termination of this Lease without notice by XxxxxxLessor. Such Bond shall be kept always in effect during the term of this Lease; failure to comply with this requirement shall render Lessee in default. The Bond shall be increased annually to reflect any adjustments in annual Rent. Upon any default by Lessee in its obligations under this Lease, Lessor may collect on the Bond to offset the liability of Lessee to Lessor. Collection on the Bond shall not relieve Lessee of liability, shall not limit any of Lessor’s other remedies, and shall not reinstate or cure the default or prevent termination of the Lease because of the default.