Initial Security Deposit. If so specified in the Basic Lease Information, Tenant shall deposit with Landlord, in cash, the Security Deposit on or before a date three (3) days after the full execution of this Lease by Landlord and Xxxxxx. At Tenant’s option, the Security Deposit may be in the form of an unconditional, clean, irrevocable, standby letter of credit (“L-C”). The Security Deposit shall be held by Landlord as security for the performance by Tenant of all its obligations under this Lease. If Tenant fails to pay any Rent due hereunder, or otherwise commits a default with respect to any provision of this Lease, Landlord may use, apply or retain all or any portion of the Security Deposit for the payment of any such Rent or for the payment of any other amounts expended or incurred by Landlord by reason of Tenant’s default, or to compensate Landlord for any loss or damage which Landlord may incur thereby (and in this regard Tenant hereby waives the provisions of California Civil Code Section 1950.7(c) and any similar or successor statute providing 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). Exercise by Landlord of its rights hereunder shall not constitute a waiver of, or relieve Tenant from any liability for, any default. If Landlord so uses or applies all or any portion of the Security Deposit, Tenant shall, within ten (10) days after demand by Landlord, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its then appropriate amount as set forth in this Article 26. If Xxxxxx performs all of Tenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Landlord, shall be returned, without interest, to Tenant (or, at Landlord’s option, to the last assignee, if any, of Xxxxxx’s interest under this Lease, or to such person as Landlord and Tenant otherwise agree) within thirty (30) days after the later of (i) the date of expiration or earlier termination of this Lease, or (ii) vacation of the Premises by Tenant if the Premises has been left in the condition specified by this Lease. Xxxxxxxx’s receipt and retention of the Security Deposit shall not create any trust or fiduciary relationship between Landlord and Tenant and Landlord need not keep the Security Deposit separate from its general accounts. Upon termination of the original Landlord’s (or any successor owner’s) interest in the Premises, the original Landlord (or such successor) shall be released from further liability with respect to the Security Deposit upon the original Landlord’s (or such successor’s) compliance with California Civil Code Section 1950.7(d), or successor statute.
Appears in 3 contracts
Samples: Office Lease (Salesforce Com Inc), Office Lease (Salesforce Com Inc), Office Lease (Salesforce Com Inc)
Initial Security Deposit. If so specified in the Basic Lease Information, Tenant shall deposit with Landlord, in cash, the Security Deposit on or before a the date three provided in the Basic Lease Information. Subject to the provisions of Section 26.3 below, the amount of the Security Deposit shall, at all times during the Term, be $2,750,000.00 (3) days after the full execution of this Lease by Landlord and Xxxxxx“Required Amount”). At Tenant’s option, the Security Deposit may be in the form of an unconditional, clean, irrevocable, standby letter of credit (“L-C”). The Security Deposit shall be held by Landlord as security for the performance by Tenant of all its obligations under this Lease. If Tenant fails to pay any Rent due hereunder, or otherwise commits a default with respect to any provision of this Lease, Landlord may use, apply or retain all or any portion of the Security Deposit for the payment of any such Rent or for the payment of any other amounts expended or incurred by Landlord by reason of Tenant’s default, or to compensate Landlord for any loss or damage which Landlord may incur thereby (and in this regard Tenant hereby waives the provisions of California Civil Code Section 1950.7(c) and any similar or successor statute providing 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). Exercise by Landlord of its rights hereunder shall not constitute a waiver of, or relieve Tenant from any liability for, any default. If Landlord so uses or applies all or any portion of the Security Deposit, Tenant shall, within ten (10) days after demand by Landlord, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its then appropriate amount as set forth in this Article 26full amount. If Xxxxxx Tenant performs all of Tenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Landlord, shall be returned, without interest, to Tenant (or, at Landlord’s option, to the last assignee, if any, of XxxxxxTenant’s interest under this Lease, or to such person as Landlord and Tenant otherwise agree) within thirty (30) days after the later of (i) the date of expiration or earlier termination of this Lease, or (ii) vacation of the Premises by Tenant if the Premises has been left in the condition specified by this Lease. XxxxxxxxLandlord’s receipt and retention of the Security Deposit shall not create any trust or fiduciary relationship between Landlord and Tenant and Landlord need not keep the Security Deposit separate from its general accounts. Upon termination of the original Landlord’s (or any successor owner’s) interest in the Premises, the original Landlord (or such successor) shall be released from further liability with respect to the Security Deposit upon the original Landlord’s (or such successor’s) compliance with California Civil Code Section 1950.7(d), or successor statute.
Appears in 2 contracts
Samples: Sublease Agreement (Salesforce Com Inc), Sublease Agreement (Salesforce Com Inc)
Initial Security Deposit. If so specified in Concurrently with the Basic Lease Informationexecution of this Sublease, Tenant Subtenant shall deposit with Landlord, in cash, Sublandlord the Security Deposit on or before a date three sum of One Hundred and Sixty Three Thousand Three Hundred Eighty Three Dollars and Fifty Two Cents (3) days after the full execution of this Lease by Landlord and Xxxxxx. At Tenant’s option, the Security Deposit may be in the form of an unconditional, clean, irrevocable, standby letter of credit ($163,383.52)(the “L-CDeposit”). The Security Deposit , which shall be held by Landlord Sublandlord as security for the full and faithful performance by Tenant Subtenant of all its covenants and obligations under this LeaseSublease. Except as expressly provide in this paragraph to the contrary, the Deposit is not an advance Rent deposit, an advance payment of any other kind, or a measure of Sublandlord’s damage in case of Subtenant’s default. If Tenant fails Subtenant defaults in the full and timely performance of any or all of Subtenant’s covenants and obligations set forth in this Sublease, then Sublandlord may, from time to pay time, without waiving any Rent due hereunderother remedy available to Sublandlord, use the Deposit, or otherwise commits any portion of it, to the extent necessary to cure or remedy the default or to compensate Sublandlord for all or a part of the damages sustained by Sublandlord resulting from Subtenant’s default. Subtenant shall immediately pay to Sublandlord within five (5) days following demand, the amount so applied in order to restore the Deposit to its original amount, and Subtenant’s failure to immediately do so shall constitute a default under this Sublease. If Subtenant is not in default with respect to any provision of the covenants and obligations set forth in this Lease, Landlord may use, apply Sublease at the expiration or retain all or any portion earlier termination of the Security Sublease, Sublandlord shall return the Deposit for the payment of any such Rent (or for the payment of any other amounts expended or incurred by Landlord by reason of Tenant’s default, or so much as then remains) to compensate Landlord for any loss or damage which Landlord may incur thereby (and in this regard Tenant hereby waives the provisions of California Civil Code Section 1950.7(c) and any similar or successor statute providing 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). Exercise by Landlord of its rights hereunder shall not constitute a waiver of, or relieve Tenant from any liability for, any default. If Landlord so uses or applies all or any portion of the Security Deposit, Tenant shall, Subtenant [within ten (10) days after demand by Landlord, deposit cash with Landlord in an amount sufficient to restore days] following the Security Deposit to its then appropriate amount as set forth in this Article 26. If Xxxxxx performs all of Tenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Landlord, shall be returned, without interest, to Tenant (or, at Landlord’s option, to the last assignee, if any, of Xxxxxx’s interest under this Lease, or to such person as Landlord and Tenant otherwise agree) within thirty (30) days after the later of (i) the date of expiration or earlier termination of this Lease, or (ii) vacation of the Premises by Tenant if the Premises has been left in the condition specified by this LeaseSublease. XxxxxxxxSublandlord’s receipt and retention of the Security Deposit shall not create any trust or fiduciary relationship between Landlord and Tenant and Landlord need not keep the Security Deposit separate from its general accounts. Upon termination of the original Landlord’s (or any successor owner’s) interest in the Premises, the original Landlord (or such successor) shall be released from further liability obligations with respect to the Security Deposit upon are those of a debtor and not a trustee. Sublandlord shall not be required to maintain the original LandlordDeposit separate and apart from Sublandlord’s (general or such successor’s) compliance other funds and Sublandlord may commingle the Deposit with California Civil Code Section 1950.7(d), any of Sublandlord’s general or successor statuteother funds. Subtenant shall not at any time be entitled to interest on the Deposit.
Appears in 1 contract
Samples: Sublease Agreement (Film Department Holdings, Inc.)
Initial Security Deposit. If so specified in the Basic Lease Information, Tenant shall deposit Concurrently with Landlord, in cash, the Security Deposit on or before a date three (3) days after the full Tenant's execution of this Lease by Landlord and Xxxxxx. At Tenant’s optionTenant shall wire transfer to Landlord, in accordance with the wiring instructions set forth in Exhibit K attached hereto, funds in the amount of the Security Deposit may be Amount set forth in the form of an unconditional, clean, irrevocable, standby letter of credit (“L-C”). The Security Deposit shall be held by Landlord Section 1.1 as security for the full and punctual performance by Tenant of all its obligations under of the terms of this Lease. If Landlord shall deposit such funds in an interest bearing money market account in a financial institution selected by Landlord, with interest to be added to such account (the funds and interest in such account being referred to as the "Security Deposit"). In the event Tenant fails to pay defaults in the performance of any Rent due hereunder, or otherwise commits a default with respect to any provision of the terms of this LeaseLease beyond any applicable cure period, including the payment of rent, Landlord may use, apply or retain all the whole or any portion part of the Security Deposit to the extent required for the payment of any such Rent rent or for the payment of any other amounts expended sum which Landlord may expend or incurred by Landlord may be required to expend by reason of Tenant’s default's default of any of the terms of this Lease, including any damages or to compensate Landlord for any loss or damage which Landlord may incur thereby (and in this regard Tenant hereby waives the provisions of California Civil Code Section 1950.7(c) and any similar or successor statute providing that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults deficiency in the payment re-letting of Rent, to repair damage caused by Tenant, or to clean the Premises), whether accruing before or after summary proceedings or other re-entry by Landlord. Exercise by Landlord In the case of its rights hereunder shall not constitute a waiver ofevery such use, application or relieve Tenant from any liability for, any default. If Landlord so uses or applies all or any portion of the Security Depositretention, Tenant shall, within ten (10) days after demand by Landlordon demand, deposit cash with pay to Landlord in an amount sufficient the sum which when added to restore the Security Deposit then held by Landlord (if any) will cause the Security Deposit held by Landlord to its then appropriate amount as set forth in this Article 26equal the applicable Security Deposit Amount. If Xxxxxx performs Tenant shall fully and punctually comply with all of Tenant’s obligations hereunderthe terms of this Lease, the Security Deposit, or so much thereof as has not theretofore been applied by Landlordtogether with any accrued interest thereon, shall be returned, without interest, returned to Tenant (or, at Landlord’s option, to the last assignee, if any, of Xxxxxx’s interest under this Lease, or to such person as Landlord and Tenant otherwise agree) within thirty (30) days after the later of (i) the date of expiration or earlier termination of this Lease, or (ii) vacation Lease and delivery of exclusive possession of the Premises to Landlord. In the event of a sale or lease of the building, Landlord shall have the right to transfer the security to the buyer or lessee and Landlord shall ipso facto be released by Tenant if from all liability for the Premises has been left in return of such security; and Tenant agrees to look solely to the condition specified by this Lease. Xxxxxxxx’s receipt new landlord for the return of the Security Deposit; and retention it is agreed that the provisions hereof shall apply to every transfer or assignment made of the Security Deposit to a new landlord. Tenant shall not create any trust assign or fiduciary relationship between encumber or attempt to assign or encumber the monies deposited herein as security and neither Landlord and Tenant and Landlord need not keep the Security Deposit separate from nor its general accounts. Upon termination of the original Landlord’s (successors or any successor owner’s) interest in the Premises, the original Landlord (or such successor) assigns shall be released from further liability with respect to the Security Deposit upon the original Landlord’s (bound by any such assignment, encumbrance or such successor’s) compliance with California Civil Code Section 1950.7(d), attempted assignment or successor statuteencumbrance.
Appears in 1 contract
Samples: Lease (Breakaway Solutions Inc)
Initial Security Deposit. If so specified in the Basic Lease InformationOn execution of this Lease, Tenant shall deposit with LandlordLandlord a clean, in cash, the Security Deposit on or before a date three (3) days after the full execution of this Lease by Landlord and Xxxxxx. At Tenant’s option, the Security Deposit may be in the form of an unconditional, clean, irrevocable, standby irrevocable letter of credit (“L-/C”). The ) issued by a major money-center bank or other bank reasonably acceptable to Landlord, in substantially the form attached hereto as Exhibit E in the amount specified in the Basic Lease Information as the Security Deposit shall be held by Landlord (the “Security Deposit”), as security for the performance of Tenant’s obligations under this Lease. Landlord approves Silicon Valley Bank as an issuer of the L/C. Tenant shall maintain the L/C from the date of Tenant’s execution of this Lease through the sixtieth (60th) day following the later of: (i) the Expiration Date of this Lease (as such date may be extended pursuant to Section 39), and (ii) the surrender of the Premises by Tenant of all its obligations under in accordance with this Lease. If Tenant fails to pay any Rent or other charges when due hereunder, or otherwise commits a default with respect an Event of Default or fails to perform any provision of this Lease, Landlord may use, apply or retain all or any portion of the Security Deposit for the payment of any such Rent or for the payment of any other amounts expended or incurred by Landlord by reason of Tenant’s default, obligations hereunder Landlord may draw upon the L/C (in whole or in part) and use the funds drawn down toward such payment or to cure such Event of Default or to compensate Landlord for any loss or damage which Landlord may incur thereby (incurs as a result of Tenant’s failure to perform any of Tenant’s obligations hereunder. In such event, Tenant shall provide Landlord with a new L/C in an amount sufficient to replenish the Security Deposit. Tenant’s failure to provide and keep the L/C in full force and effect and otherwise in accordance with the terms of this regard Section 4 shall constitute a material breach of this Lease. Tenant hereby waives any and all rights of Tenant under the provisions of California Civil Code Section 1950.7(c) section 1950.7 with respect to the L/C, any amounts drawn thereupon, and any similar or successor statute providing that Landlord may claim from a other security deposit only those sums reasonably necessary to remedy defaults deposits made by Tenant in the payment accordance with other provisions of Rent, to repair damage caused by Tenant, or to clean the Premises). Exercise by Landlord of its rights hereunder shall not constitute a waiver of, or relieve Tenant from any liability for, any defaultthis Lease. If Landlord so uses or applies all or any portion of Tenant is not in default at the Security Deposit, Tenant shall, within ten (10) days after demand by Landlord, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its then appropriate amount as set forth in this Article 26. If Xxxxxx performs all of Tenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Landlord, shall be returned, without interest, to Tenant (or, at Landlord’s option, to the last assignee, if any, of Xxxxxx’s interest under this Lease, or to such person as Landlord and Tenant otherwise agree) within thirty (30) days after the later of (i) the date of expiration or earlier termination of this Lease, or (ii) vacation of the Premises by Landlord shall return to Tenant if the Premises has been left in the condition specified by this Lease. Xxxxxxxx’s receipt and retention of the Security Deposit shall not create any trust or fiduciary relationship between the balance thereof then held by Landlord and Tenant and not applied as provided above. Landlord need not keep may commingle the Security Deposit separate from its general accounts. Upon termination of the original with Landlord’s (or any successor owner’s) general and other funds. Landlord shall not be required to pay interest in the Premises, the original Landlord (or such successor) shall be released from further liability with respect to on the Security Deposit upon the original Landlord’s (or such successor’s) compliance with California Civil Code Section 1950.7(d), or successor statuteto Tenant.
Appears in 1 contract
Samples: Lease Agreement (Infinera Corp)