Common use of Rent and Deposit Clause in Contracts

Rent and Deposit. (a) The total rent due for this lease shall be $767,842.00 based on a charge of $9.61 per square foot. The rent shall be payable in forty-eight (48) consecutive monthly installments. The monthly payments shall be $15,996.71. The first payment of $15,996.71 shall be due and payable on the Commencement date of this Lease as defined in paragraph 2 above. Each subsequent payment shall be due on the fifteenth day of the month. Lessor is currently holding deposits for $25,205.28, $8,597.34 and $7,564.77 from previous leases which shall be continued for this Lease. All amounts held by Lessor on deposit shall be refunded after the termination of this lease provided that the Lessee fulfills all of the covenants and requirements of the Lease. If Lessee fails to fulfill any covenants or requirements of this Lease, or damages the premises in any fashion (excluding normal wear and tear), the damage caused by Lessee shall be deducted from this deposit. If the damages exceed the amount of the deposit, Lessor retains the right to avail itself of any other legal remedies to recover its damages. The deposit shall be refunded within thirty (30) days of termination of the Lease. The Lessor shall hold the deposit in trust in a separate federally insured interest bearing account over which the Lessor alone shall have the power of withdrawal and will not commingle the deposit with any funds or other property of the Lessor. So long as the Lessee is not in default under the Lease, the Lessor agrees to pay the Lessee on a quarterly basis all interest earned on the deposit.

Rent and Deposit. (a) The total rent due for this lease shall be $767,842.00 299,421.00 based on a charge of $9.61 9.50 per square foot. The rent shall be payable in fortytwenty-eight four (4824) consecutive monthly installments. The monthly payments shall be $15,996.7112,465.88. The first payment of $15,996.71 12,475.88 shall be due and payable on the Commencement date of this Lease as defined in paragraph 2 above. Each subsequent payment shall be due on the fifteenth fifth day of the month. Lessor is currently holding deposits for $25,205.28, $8,597.34 and $7,564.77 from previous leases which shall be continued for this Lease. All amounts held by Lessor on deposit shall be refunded after the termination of this lease provided that the Lessee fulfills all of the covenants and requirements of the Lease. If Lessee fails to fulfill any covenants or requirements of this Lease, or damages the premises in any fashion (excluding normal wear and tear), the damage caused by Lessee shall be deducted from this deposit. If the damages exceed the amount of the deposit, Lessor retains the right to avail itself of any other legal remedies to recover its damages. The deposit shall be refunded within thirty (30) days of termination of the Lease. The Lessor shall hold the deposit in trust in a separate federally insured interest bearing account over which the Lessor alone shall have the power of withdrawal and will not commingle the deposit with any funds or other property of the Lessor. So long as the Lessee is not in default under the Lease, the Lessor agrees to pay the Lessee on a quarterly basis all interest earned on the deposit.