Common use of Modification to Security Deposit Clause in Contracts

Modification to Security Deposit. Landlord acknowledges that it currently holds the sum of $[***] as a Security Deposit under the Lease, which amount Landlord shall continue to hold throughout the Term, in accordance with the terms and conditions of the Lease, unless otherwise applied pursuant to the provisions of the Lease. Concurrent with Tenant’s execution and tendering to Landlord of this First Amendment, and subject to adjustment under Section 4, above, but only in the event the demising wall is erected in a location different from that as indicated on Exhibit A attached hereto or the Expansion Space plan as depicted on Exhibit A is otherwise modified after this First Amendment is executed and as a result the Rentable Area of the Expansion Space is increased or decreased (in which case the additional amount of the Security Deposit shall equal the last month’s Fixed Monthly Rent for the Expansion Space), Tenant shall tender the sum of $[***], which amount Landlord shall add to the Security Deposit already held by Landlord, so that thereafter, throughout the Term, provided the same is not otherwise applied, Landlord shall hold a total of $[***] as a Security Deposit on behalf of Tenant. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code, and all other laws, statutes, ordinances or other governmental rules, regulations or requirements now in force or which may hereafter be enacted or promulgated, which (i) establish the time frame by which Landlord must refund a security deposit under a lease, and/or (ii) provide that Landlord may claim from the 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 may, in addition, claim those sums specified in Lease Article 18 and/or those sums reasonably necessary to compensate Landlord for any loss or damage caused by Tenant’s breach of the Lease or the acts or omission of Tenant or any Tenant Party. As used in the Lease a “Tenant Party” shall mean Tenant, any employee of Tenant, or any agent, authorized representative, design consultant or construction manager engaged by or under the control of Tenant. [***] = CONFIDENTIAL INFORMATION HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THIS OMITTED INFORMATION.

Modification to Security Deposit. Landlord acknowledges that it currently holds the sum of $[***] ]as a Security Deposit under the Lease, which amount Landlord shall continue to hold throughout through the New Expansion Premises Term, in accordance with the terms and conditions of the Lease, unless otherwise applied pursuant to the provisions of the Lease. Concurrent with Tenant’s execution and tendering to Landlord of this First Third Amendment, and subject to adjustment under Section 4, above, but only in the event the demising wall is erected in a location different from that as indicated on Exhibit A attached hereto or the Expansion Space plan as depicted on Exhibit A is otherwise modified after this First Amendment is executed and as a result the Rentable Area of the Expansion Space is increased or decreased (in which case the additional amount of the Security Deposit shall equal the last month’s Fixed Monthly Rent for the Expansion Space), Tenant shall tender to Landlord the sum of $[***], which amount Landlord shall add to the Security Deposit already held by Landlord, so that thereafter, throughout through the New Expansion Term, provided the same is not otherwise applied, Landlord shall hold a total of $[***] ]as a Security Deposit on behalf of Tenant. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code, and all other laws, statutes, ordinances or other governmental rules, regulations or requirements now in force or which may hereafter be enacted or promulgated, which (i) establish the time frame by which Landlord must refund a security deposit under a lease, and/or (ii) provide that Landlord may claim from the 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 may, in addition, claim those sums specified in Lease Article 18 and/or those sums reasonably necessary to compensate Landlord for any loss or damage caused by Tenant’s breach of the Lease or the acts or omission of Tenant or any Tenant Party. As used Party (as defined in the Lease a “Tenant Party” shall mean Tenant, any employee of Tenant, or any agent, authorized representative, design consultant or construction manager engaged by or under the control of TenantLease). [***] = CONFIDENTIAL INFORMATION HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THIS OMITTED INFORMATION.

Modification to Security Deposit. Landlord acknowledges that it currently holds the sum of $[***] 136,102.11 ($73,949.11 of which was deposited by Tenant in accordance with the Original Lease, and $62,153.00 of which was deposited by Tenant in accordance with the First Amendment) as a Security Deposit under the Lease. Provided that Tenant timely delivers the Letter of Credit (as defined in Section 18 of this Second Amendment) to Landlord, which amount Landlord shall continue to hold throughout the Term, in accordance with the terms and conditions of the Lease, unless otherwise applied pursuant to the provisions of the Lease. Concurrent with Tenant’s execution and tendering to Landlord of this First Amendment, and subject to adjustment under Section 4, above, but only in the event the demising wall is erected in a location different from that as indicated on Exhibit A attached hereto or the Expansion Space plan as depicted on Exhibit A is otherwise modified after this First Amendment is executed and as a result the Rentable Area of the Expansion Space is increased or decreased apply (in which case the additional amount 1) $117,245.00 of the Security Deposit shall equal against the last month’s Fixed Monthly Rent due for the Expansion Spacemonth of August 2018 (which is equal to $117,245.00), Tenant shall tender the sum of $[***], which amount Landlord shall add to so that the Security Deposit already held by Landlordshall then equal $18,857.11 (the “Remaining Security Deposit”), so that thereafter, throughout and (2) the Term, provided the same is not otherwise applied, Landlord shall hold a total of $[***] as a entire Remaining Security Deposit on behalf against the Fixed Monthly Rent due for the month of TenantSeptember 2018, and Tenant shall thereafter have no obligation to maintain a security deposit under the Lease. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code, and all other laws, statutes, ordinances or other governmental rules, regulations or requirements now in force or which may hereafter be enacted or promulgated, which (i) establish the time frame by which Landlord must refund a security deposit under a lease, and/or (ii) provide that Landlord may claim from the 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 may, in addition, claim those sums specified in Lease Article 18 of the Original Lease, and/or those sums reasonably necessary to compensate Landlord for any loss or damage caused by Tenant’s 's breach of the Lease or the acts or omission of Tenant or any Tenant Party. As used in the Lease a “Tenant Party” shall mean Tenant, any employee of Tenant, or any agent, authorized representative, design consultant or construction manager engaged by or under the control of Tenant. [***] = CONFIDENTIAL INFORMATION HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THIS OMITTED INFORMATIONNotwithstanding Tenant’s waiver set forth in clause (i) above, Landlord and Tenant agree that at the expiration or earlier termination of the Lease, Landlord may deduct from the Security Deposit being held on behalf of Tenant only those unpaid sums, expenses or damages payable by Tenant pursuant to the express provisions of the Lease (including, without limitation, any default in the payment of Rent) and shall, within thirty (30) days after the expiration or earlier termination of the Lease, deliver to Tenant a detailed written accounting of the amount so deducted (including reasonably detailed supporting documentation therefor) and shall return to Tenant, without interest, all or such part of the Security Deposit which has not been properly deducted and accounted for as provided above, unless the Lease is terminated prior to the expiration of the Second Extended Term due to a material default by Tenant, in which event Landlord may retain the Security Deposit (or any portion thereof) to apply to future rent delinquencies.