Landlord’s Deposit Clause Samples
The Landlord’s Deposit clause outlines the requirement for the landlord to provide a deposit, typically as security for the performance of certain obligations under a lease or contract. In practice, this clause specifies the amount of the deposit, the conditions under which it is held, and the circumstances in which it may be returned or forfeited, such as upon satisfactory completion of obligations or in the event of a breach. Its core function is to protect the interests of the other party by ensuring that the landlord has a financial stake in fulfilling their contractual duties, thereby reducing the risk of non-performance or default.
Landlord’s Deposit. The escrow deposits made by Tenant pursuant to this Section 3.3 shall be deposited by Landlord in an account (the “Escrow Account”) of Landlord or with any Facility Mortgagee, in the sole discretion of Landlord, and may be commingled with other assets of Landlord or such Facility Mortgagee. Landlord shall not be liable to Tenant or any other Person for any consequent loss of principal or interest on funds held in the Escrow Account. Furthermore, neither Landlord nor any Facility Mortgagee shall bear responsibility for the financial condition of, nor any act or omission by, any Lending Institution at which the Escrow Account is located. The interest from deposits into the Escrow Account shall be retained in the Escrow Account to be applied in accordance with the terms of this Section 3.3.
Landlord’s Deposit. The escrow deposits made by Tenant pursuant to this SECTION 3.3 shall be deposited by Landlord in a segregated interest-bearing account (which account may include amounts held by Landlord pursuant to this Lease or Other Landlords pursuant to the Other Leases) (the "ESCROW ACCOUNT") of Landlord or with any Facility Mortgagee, in the sole discretion of Landlord. Landlord shall not be liable to Tenant or any other Person for any consequent loss of principal or interest on funds held in the Escrow Account other than as a result of a bankruptcy or the willful misconduct of Landlord or Other Landlords or other action by or on account of any creditor of Landlord or Other Landlords. Furthermore, neither Landlord or Other Landlords nor any Facility Mortgagee shall bear responsibility for the financial condition of, nor any act or omission by, any Lending Institution at which the Escrow Account is located. The interest from such deposits shall be retained in the Escrow Account to be applied in accordance with the terms of this SECTION 3.3.
Landlord’s Deposit. On the date hereof, Landlord shall deposit, in an account (the "Escrow Account") with Lending Institution satisfactory to Landlord or any Facility Mortgagee, in the sole discretion of Landlord or such Facility Mortgagee, an amount equal to the Tax Credit. The Tax Credit and escrow deposits made by Tenant pursuant to this Section 3.3 may be commingled with other assets of Landlord or such Facility Mortgagee. The Tax Credit shall be applied by Landlord or such Facility Mortgagee pursuant to the terms of this Section 3.3, in the same manner and fashion as an escrow deposit made by Tenant to Landlord pursuant to Section 3.3.3 for purposes of the payment of Impositions and insurance premiums.
Landlord’s Deposit. The escrow deposits made by Tenant pursuant to this Section 3.3 shall be paid, by wire transfer and pursuant to the wire instructions attached hereto as Schedule 3.3.2, or at such place, by such means or to such Persons, as Landlord from time to time may designated in writing, which funds shall be deposited by Landlord in an account (the “Escrow Account”) of Landlord or with any Facility Mortgagee, in the sole discretion of Landlord, and may be commingled with other assets of Landlord or such Facility Mortgagee. Landlord shall not be liable to Tenant or any other Person for any consequent loss of principal or interest on funds held in the Escrow Account. Furthermore, neither Landlord nor any Facility Mortgagee shall bear responsibility for the financial condition of, nor any act or omission by, any Lending Institution at which the Escrow Account may be located. The interest, if any, from deposits into the Escrow Account shall be retained in the Escrow Account to be applied in accordance with the terms of this Section 3.3. Any such interest (and any interest on any other escrow created under this Lease) reported as income of Tenant for tax purposes.