Common use of PREPAID RENTAL AND SECURITY DEPOSIT Clause in Contracts

PREPAID RENTAL AND SECURITY DEPOSIT. Landlord hereby acknowledges receipt from Tenant of the sum stated in Paragraph 1.K. hereof to be applied to the first accruing monthly installments of rental. Landlord further acknowledges receipt from Tenant of a Security Deposit in the amount stated in Paragraph 1.L. hereof to be held by Landlord as security for the performance by Tenant of Tenant's covenants and obligations under this Lease, it being expressly understood that such deposit shall not be considered an advance payment of rental or a measure of Landlord's damages in case of default by Tenant. The Security Deposit shall be held by Landlord without liability to Tenant for interest, and Landlord may commingle such deposit with any other funds held by Landlord. If Tenant should be late in the making of any payment of rental or other sum due under this Lease, Tenant agrees that, upon request of Landlord, Tenant will increase forthwith the amount of the Security Deposit to a sum double the existing amount thereof. Upon the occurrence of any Event of Default, Landlord may, from time to time, without prejudice to any other remedy, use such fund to the extent necessary to make good any arrears of rental 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 the amount thereof immediately prior to such application. If Tenant is not then in default hereunder, any remaining balance of such deposit shall be returned by Landlord to Tenant upon termination of this Lease; provided, however, Landlord shall have the right to retain and expend such remaining balance for cleaning and repairing the Leased Premises if Tenant shall fail to deliver up the same at the expiration or earlier termination of this Lease in the condition required by the provisions of this Lease. If Landlord transfers Landlord's interest in the Leased Premises during the Term of this Lease (including any renewal thereof), Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit.

PREPAID RENTAL AND SECURITY DEPOSIT. Landlord hereby acknowledges receipt from Tenant of the sum stated in Paragraph 1.K. 1.M. hereof to be applied to the first accruing monthly installments of rental. Landlord further acknowledges receipt from Tenant of a Security Deposit in the amount stated in Paragraph 1.L. 1.N. hereof to be held by Landlord as security for the performance by Tenant of Tenant's covenants and obligations under this Lease, it being expressly understood that such deposit shall not be considered an advance payment of rental or a measure of Landlord's damages in case of default by Tenant. The Security Deposit shall be held by Landlord without liability to Tenant for interest, and Landlord may commingle such deposit with any other funds held by Landlord. If Tenant should be late in the making of any payment of rental or other sum due under this Lease, after any applicable notice and cure period, three (3) or more times in a twelve (12) month period, Tenant agrees that, upon request of Landlord, Tenant will increase forthwith the amount of the Security Deposit to a sum double the existing amount thereof. Upon the occurrence of any Event of Default, Landlord may, from time to time, without prejudice to any other remedy, use such fund to the extent necessary to make good any arrears of rental 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 the amount thereof immediately prior to such application. If Tenant is not then in default hereunder, any remaining balance of such deposit shall be returned by Landlord to Tenant upon termination of this Lease; provided, however, Landlord shall have the right to retain and expend such remaining balance for cleaning and repairing the Leased Premises if Tenant shall fail to deliver up the same at the expiration or earlier termination of this Lease in the condition required by the provisions of this Lease. If Landlord transfers Landlord's interest in the Leased Premises during the Term of this Lease (including any renewal thereof), Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit.

PREPAID RENTAL AND SECURITY DEPOSIT. Landlord hereby acknowledges receipt from Tenant of the sum stated in Paragraph 1.K. Section 1.O hereof to be applied to the first accruing monthly installments installment of rentalBase Rental (e.g., Base Rental for month seven (7) of the Term. Landlord further acknowledges receipt from Tenant of a Security Deposit in the amount stated in Paragraph 1.L. Section 1.P hereof to be held by Landlord Landlord, without obligation for interest, as security for the Tenant’s performance by Tenant of Tenant's covenants and obligations under this Leasehereunder, it being expressly understood that such deposit shall the Security Deposit is not be considered an advance payment of rental deposit or a measure of Landlord's ’s damages in case of default by Tenant. The Security Deposit shall be held by Landlord without liability to Tenant for interest, and Landlord may commingle such deposit with any other funds held by Landlord. If Tenant should be late in the making of any payment of rental or other sum due under this Lease, Tenant agrees that, upon request of Landlord, Tenant will increase forthwith the amount of the Security Deposit to a sum double the existing amount thereof’s default. Upon the occurrence of any Event of DefaultDefault by Tenant, Landlord may, from time to time, without prejudice to any other remedyremedy provided herein or by law, use such fund the Security Deposit to the extent necessary to make good pay any arrears of rental in Rent and any other damage, injury, expense (including legal expenses) or liability caused to Landlord by such Event of Default. Following If any or all of such application of the Security DepositDeposit is so used, Tenant shall pay to Landlord on demand the amount so applied in order agrees to restore the such Security Deposit to the amount thereof immediately prior to such applicationwithin 30 days of Tenant’s receipt of written demand from Landlord therefor. The Security Deposit shall be Landlord’s property. If no Event of Default by Tenant is not then in default hereunderexists under this Lease, Landlord shall return any remaining balance of such deposit shall be returned by Landlord Security Deposit to Tenant upon termination of this Lease; provided, however, (less the cost that Landlord shall have incurs in restoring the right Premises to retain and expend such remaining balance for cleaning and repairing the Leased Premises if Tenant shall fail to deliver up the same at the expiration or earlier termination of this Lease in the condition required by the provisions of this Lease) within the time required by applicable Law, provided that Tenant has delivered a notice to Landlord of Tenant’s address for the purpose of refunding the Security Deposit. If Landlord sells or transfers Landlord's interest in the Leased Premises during the Term of this Lease (including any renewal Premises, or a substantial part thereof), Landlord may assign the shall transfer such Security Deposit to the transferee (which transfer may be accomplished by a credit to the transferee upon such a transfer), and thereafter shall have no further the transferor will be thereupon released from all liability for return of such Security Deposit provided that the transferee has agreed to assume all of Landlord’s obligations under this Lease. If the transferee has agreed to assume all of Landlord’s obligations under this Lease, then Tenant will look solely to such transferee for the return of the Security Deposit.

PREPAID RENTAL AND SECURITY DEPOSIT. Landlord hereby acknowledges receipt from Tenant of the sum stated in Paragraph 1.K. 1.N hereof to be applied to the first accruing monthly installments of rental. , Landlord further acknowledges receipt from Tenant of a Security Deposit in the amount stated in Paragraph 1.L. 1.O hereof to be held by Landlord Landlord, without obligation for interest, as security for the performance by Tenant of Tenant's covenants and obligations under this Leaseperformance hereunder, it being expressly understood that such deposit shall the Security Deposit is not be considered an advance payment of rental deposit or a measure of Landlord's damages in case of default by Tenant. The Security Deposit shall be held by Landlord without liability to Tenant for interest, and Landlord may commingle such deposit with any other funds held by Landlord. If Tenant should be late in the making of any payment of rental or other sum due under this Lease, Tenant agrees that, upon request of Landlord, Tenant will increase forthwith the amount of the Security Deposit to a sum double the existing amount thereof's default. Upon the occurrence of any Event of Defaultdefault hereunder by Tenant, Landlord may, from time to time, without prejudice to any other remedyremedy provided herein or by law, use such fund the Security Deposit to the extent necessary to make good pay any arrears of rental in rent and any other damage, injury, expense (including legal expenses) or liability caused to Landlord by such Event default. If any or all of Default. Following any such application of the Security Deposit is so used, Tenant agrees promptly following demand by Landlord to restore such Security Deposit, Tenant shall pay to Landlord on demand the amount so applied in order to restore the Security Deposit to the amount thereof immediately prior to such application. If Tenant is not then in default hereunder, any remaining balance of such deposit Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease; providedLease less the cost of restoring the Premises to its original condition, howevernormal wear and tear excluded. If Landlord sells or transfers the Premises, or a substantial part thereof, Landlord shall have the right to retain and expend transfer such remaining balance for cleaning and repairing the Leased Premises if Tenant shall fail to deliver up the same at the expiration or earlier termination of this Lease in the condition required by the provisions of this Lease. If Landlord transfers Landlord's interest in the Leased Premises during the Term of this Lease (including any renewal thereof), Landlord may assign the Security Deposit to the transferee, and Landlord shall be thereupon released from all liability for return of such Security Deposit, and Tenant shall look solely to such transferee and thereafter shall have no further liability for the return of the Security Depositand thereof.