Prepaid Rent and Security Deposit. On execution of this Lease, Tenant shall deposit with Landlord the Prepaid Rent, as monthly rent for the first full month of the Term for which Rent is payable, and the Security Deposit, as a Security Deposit for the performance by Tenant of the provisions of this Lease. If Tenant is in default, Landlord may use the Security Deposit, or any portion of it, to cure the default, including, without limitation, paying for the cost of any work necessary to restore the Premises, the Tenant Improvements and any alterations to good condition or to compensate Landlord for all damage sustained by Landlord resulting from Tenant's default. Tenant shall within five (5) days of demand pay to Landlord a sum equal to the portion of the Security Deposit expended or applied by Landlord as provided in this Section so as to maintain the Security Deposit in the sum initially deposited with Landlord. If Tenant is not in default as of the expiration or termination of the Term, including, without limitation, in default in payment of the Rent for the last month of the Term, then Landlord shall return the Security Deposit, without interest, to Tenant within thirty (30) days after the expiration or termination of the Term. Landlord's obligations with respect to the Security Deposit are those of a debtor and not a trustee. Landlord may commingle the Security Deposit with Landlord's general and other funds.
Prepaid Rent and Security Deposit. A. The parties acknowledge that Landlord now holds the Security Deposit as security, to be applied pursuant to the provisions of the Lease Transaction Documents. Assignor releases all claims to that sum, and such sum shall be held by Landlord for the benefit of Assignee, subject to provisions of the Lease Transaction Documents. Assignor agrees to execute such documents as are reasonably requested by Assignee to implement the provisions of this Section 10A. Notwithstanding anything contained herein, if Landlord exercises its right to terminate the Lease as a result of this Assignment pursuant to Section 19 of the Lease, then to the extent the Landlord is obligated to return any part of the Security Deposit to the Tenant under the Lease, Assignor shall be entitled thereto.
B. The parties acknowledge that Landlord now holds the sum of $363,387.50 as prepaid rent, for application against the Basic Rent for the first lease month of the term, as provided in Section 4(d) entitled "First Month's Rent" of the Lease. Assignor releases all claims to such prepaid rent, and such sum shall be held by Landlord for the benefit of Assignee, subject to the provisions of the Lease Transaction Documents. The release of such amount by Assignor for the benefit of Assignee is in consideration of the agreement of Assignee to enter into this Assignment, particularly with regard to the agreement of Assignee to assume all issues related to the status of the development of plans for the Shell Improvements and the Tenant Improvements and the consequences of all existing Tenant Caused Delay resulting from the actions of Assignor.
C. At such time as the Security Deposit is fully disbursed to pay for Tenant Improvement Costs or to satisfy obligations of the Tenant under the Lease or is returned to Assignee pursuant to the provisions of the Lease, Assignee shall pay to Assignor an amount equal to the product of (i) $25 per square foot, times (ii) the area that the Premises is reduced by the exercise of Landlord's restaurant option pursuant to Section 58 of the Lease (expressed in square feet).
Prepaid Rent and Security Deposit. Upon the signing of this lease, Tenant shall pay to Landlord One Hundred Thousand Dollars ($100,000.00), representing a security deposit as security for Tenant’s full performance of all terms and conditions under this Lease. Upon the Substantial Completion Date, the Tenant shall pay to Landlord an additional One Hundred Thousand Dollars ($100,000.00), representing additional security for Tenant’s full performance of all terms and conditions under this Lease (collectively, the “Security Deposit”). Upon the exercise of the outstanding warrants that will raise approximately $90,000,000 or achievement of $4,000,000 in sales revenue, whichever event comes first, the Security Deposit shall be reduced to One Hundred Thousand Dollars ($100,000). Upon default by Tenant hereunder, the Landlord shall have the right, without the giving of any notice, to apply all or any portion of the Security Deposit to cure such default which right shall be in addition to all other rights and remedies. Within thirty (30) days of the later to occur of the last day of the Lease Term or the date that Tenant yields up the Leased Premises pursuant to the terms of this Lease, Landlord shall return to Tenant the Security Deposit less any amounts which Landlord may have deducted pursuant to the terms of this Lease.
Prepaid Rent and Security Deposit. 6.1 Upon execution of this Lease, Tenant shall pay to landlord the First Months Rent. The Security Deposit set forth in Section 1 shall not be due until the first day of year five (5) of this Lease (the Prepaid Rent and the Security Deposit being collectively referred to as the "Deposit").
6.2 Landlord shall have the right to all or any of the Deposit to cure any Default by Tenant under this Lease or to compensate Landlord for any damage sustained by it resulting from such Default. In the event of any such application of the Deposit, Tenant shall, on demand, immediately pay to Landlord the amount necessary to replenish the Deposit to the amount set forth in Section 1. The Security Deposit will not be used to remove the approved Tenant Improvements.
6.3 If Tenant is not in Default at the expiration or termination of this Lease, Landlord shall return the remaining Security Deposit to Tenant, less any amounts necessary to return the Premises and the approved Tenant Improvements to their original condition, reasonable wear and tear excepted. Approved Tenant Improvements will not need to be removed from the Premises pursuant to Section 1A.1.2 above).
6.4 In the event this Lease is terminated before the end of the Term for any reason, any Rent paid for any period after the date of such termination shall be treated as an addition to the Security Deposit.
6.5 Landlord's obligations with respect to the Security Deposit are those of a debtor and not a trustee. Landlord may maintain the security deposit separate from Landlord's general funds or may commingle the Security Deposit with other funds of Landlord. No interest shall accrue for Tenant on the Deposit.
Prepaid Rent and Security Deposit. Prior to execution of this Lease, Tenant has deposited with Landlord the prepaid Base Monthly Rent, the prepaid Additional Rent, and the security deposit included in the total deposit identified in Section 1.o. This money represents the following:
Prepaid Rent and Security Deposit. Upon execution of this Lease, Tenant shall deposit with Landlord the sum of $29,000.00 (the "Deposit") as prepaid rent and a security deposit. The Deposit shall be allocated as follows:
Prepaid Rent and Security Deposit. Tenant shall deposit with Landlord on the date Tenant executes and delivers this Lease the cash sums set forth in the Schedule for both Prepaid Rent and Security Deposit (collectively, the “Lease Deposit”). The Prepaid Rent shall be applied by Landlord against the first full monthly installment of Base Rent payable hereunder. The Security Deposit shall be held by Landlord as security for the faithful performance by Tenant of all its obligations under this Lease.
Prepaid Rent and Security Deposit. Landlord hereby acknowledges receipt from Tenant of the Prepaid Rent, which shall be applied to the first occurring installments of Rent, and Landlord acknowledges the receipt of the Security Deposit, which shall be held by Landlord without interest as security for the performance by Tenant of Tenant's covenants and obligations under this Lease, it being expressly understood that the Security Deposit is not an advance payment of rental or a measure of Landlord's damages in case of default by Tenant. Upon the occurrence of any default, Landlord may, from time to time, without prejudice to any other remedy provided herein or provided by law, use such funds to the extent necessary to make good any arrearages of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following any such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied in order to restore the Security Deposit to its original amount. If Tenant is not then in default hereunder, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease.
Prepaid Rent and Security Deposit. 5.1 Upon execution of this Lease Agreement, Lessee shall pay Lessor the sum of
a. Dollars of the payment shall constitute payment of the base monthly rent due for the first and last months of the term of this lease;
b. Dollars of the payment shall constitute a security deposit to insure Lessees’ faithful performance of Xxxxxx’s obligations hereunder. If Lessee shall fully and faithfully perform all of its obligations under this Lease and delivers the premises in a state of good repair upon expiration of the term of the this agreement, normal wear and tear accepted, then, in that event Lessor shall refund such security deposit, less any deductions for repairs or other costs as provided in this lease agreement. Lessee shall not be entitled to payment of interest on said security deposit.
Prepaid Rent and Security Deposit. Upon execution of this Lease, Tenant shall pay to Landlord the Prepaid Rent set forth in Section 1 which shall be applied to the first full month's Base Monthly Rent falling due hereunder. Within two (2) business days after Tenant's execution of this Lease, Tenant shall provide an irrevocable, fully assignable, and unconditional standby letter of credit, issued by Imperial Bank (including any successor by merger or consolidation that acquires substantially all of Imperial Bank's assets) or another financial institution reasonably acceptable to Landlord (and otherwise meeting the criteria set forth herein) and with a term of at least one (1) year with automatic renewal provisions, drawable by Landlord upon demand, and substantially in the form attached hereto as Exhibit B (the "Letter of Credit") in an amount equal to One Million Two Hundred Fifty Thousand Dollars ($1,250,000), as security for the full and faithful performance of Tenant's obligations under this Lease (the "Security Deposit"). Landlord may draw upon the Letter of Credit in whole or in part under the same terms and conditions as Landlord may apply a cash security deposit as provided in Section 6.3
