Common use of Rent and Security Deposit Clause in Contracts

Rent and Security Deposit. Lessee covenants, stipulates and agrees to pay to Lessor as rent for the Leased Premises the following: 3.1 Lessee shall pay to Lessor monthly rental payments in the amount of $4,309.50 each. 3.2 At the conclusion of each Lease Year during the term of this Lease Agreement (the "Adjustment Date"), the monthly rent as specified herein shall be adjusted according to the following terms. The adjusted rent shall be based on the percent change in the CPI published by the Bureau of Labor Statistics of the United States Department of Labor for All Urban Consumers, U.S. City Average (All Cities) for All Items with the index base being the current official base of 1982 -1984 = 100 (hereafter the "CPI"). The monthly rent due following each Adjustment Date shall be increased by a percentage of the initial rent determined by comparison of the CPI on the Adjustment Date to the CPI of the Base Month. The "Base Month", for purposes of the rent adjustment provided herein shall be February, 2004. The adjusted rent shall be computed by creating a fraction, the denominator of which is the CPI for the Base Month. The numerator of which shall be the CPI on the Adjustment Date. This fraction shall be multiplied by the initial rent of $4,309.50 to determine the amount of the adjusted rent. The adjusted monthly rent shall be the rent due hereunder during the next ensuing Lease Year until the next Adjustment Date. In no event, however, shall the amount of adjusted rent due be reduced below the rent of $4,309.50 per month. 3.3 In the event that the CPI for the Adjustment Date is not published or not available on the Adjustment Date, Lessee shall continue paying rent at the last effective rate until the CPI for the Adjustment Date becomes available. At that time the rent shall be adjusted as provided herein and Lessee shall pay to Lessor the difference between the rent due under the proper adjustment from the Adjustment Date to the date the adjusted rent is calculated and the amount of rent actually paid during that period. 3.4 In the event the publication of the CPI identified above is discontinued, the parties hereto shall thereafter accept comparable statistics on the cost of living as they shall be computed and published by an official agency or department of the United States of America or by a responsible financial entity of recognized authority then to be selected by the parties hereto, making such revisions as the circumstances may require to carry out the intent of this paragraph. 3.5 All monthly rental payments shall be paid in advance with the first months lease payments to be paid on or before February 1,2004 and all subsequent lease payments to be paid on the 1st day of each month during the term of this Lease Agreement. 3.6 Lessee has on this date deposited with Lessor the sum of $3,000.00. Such deposit amount of $3,000.00 shall be deposited with Lessor as security for the faithful performance by Lessee of all terms, provisions, conditions and covenants hereof upon the Lessee's part to be kept, observed and performed, and said sum shall be returned to Lessee after the time fixed as the expiration of this Lease Agreement; provided, however, Lessee shall have faithfully kept, observed and performed all the terms, provisions, conditions and covenants on Lessee's part to be kept and performed; that in case of default on the part of Lessee to comply with the provisions hereof, said deposit shall be used first for the payment of delinquent rental, secondly for the payment of costs and expenses incurred by Lessor in repairing damage to the Leased Premises occasioned by the tenancy, and thirdly, for the repair and renovation of the grounds, occasioned by the default on the part of Lessee to comply with the terms hereof. Any surplus over the amount deposited hereof, in excess of the costs and expenses of Lessor in repairing damages due to the fault or neglect of Lessee shall be returned to Lessee. In the event the deposit herein made is not sufficient to cover costs of such repair, Lessee agrees to forthwith pay to Lessor, or Lessor's agents, the amount necessary over and above such deposit, to repair the Leased Premises. 3.7 In the event Lessee is delinquent in paying the rental payments or any other payments required of Lessee herein all such past due payments shall bear interest at eighteen percent (1 8%) per annum from the date of default until paid.

Rent and Security Deposit. Lessee covenants, stipulates and agrees to pay to Lessor as rent for the Leased Premises the following: 3.1 Lessee shall pay to Lessor monthly rental payments in the amount of $4,309.50 7,252.00 each. 3.2 At the conclusion of each Lease Year during the term of this Lease Agreement (the "Adjustment Date"), the monthly rent as specified herein shall be adjusted according to the following terms. The adjusted rent shall be based on the percent change in the CPI published by the Bureau of Labor Statistics of the United States Department of Labor for All Urban Consumers, U.S. City Average (All Cities) for All Items with the index base being the current official base of 1982 -1984 - 1984 = 100 (hereafter the "CPI"). The monthly rent due following each Adjustment Date shall be increased by a percentage of the tile initial rent determined by comparison of the CPI on the Adjustment Date to the CPI of the Base Month. The "Base Month", for purposes of the rent adjustment provided herein shall be FebruaryAugust, 20042003. The adjusted rent shall be computed by creating a fraction, the denominator of which is the CPI for the Base Month. The numerator of which shall be the CPI on the Adjustment Date. This fraction shall be multiplied by the initial rent of $4,309.50 7,252.00 to determine the amount of the adjusted rent. The adjusted monthly rent shall be the rent due hereunder during the next ensuing Lease Year until the next Adjustment Date. In no event, however, shall the amount of adjusted rent due be reduced below the rent of $4,309.50 7,252.00 per month. 3.3 In the event that the CPI for the Adjustment Date is not published or not available on the Adjustment Date, Lessee shall continue paying rent at the last effective rate until the CPI for the Adjustment Date becomes available. At that time the rent shall be adjusted as provided herein and Lessee shall pay to Lessor the difference between the rent due under the proper adjustment from the Adjustment Date to the date the adjusted rent is calculated and the amount of rent actually paid during that period. 3.4 In the event the publication of the CPI identified above is discontinued, the parties hereto shall thereafter accept comparable statistics on the cost of living as they shall be computed and published by an official agency or department of the United States of America or by a responsible financial entity of recognized authority then to be selected by the parties hereto, making such revisions as the circumstances may require to carry out the intent of this paragraph. 3.5 All monthly rental payments shall be paid in advance with the first months lease payments to be paid on or before February 1,2004 August 1, 2003 and all subsequent lease payments to be paid on the 1st day of each month during the term of this Lease Agreement. 3.6 Lessee has on this date pursuant to the terms of the Prior Lease Agreement previously deposited with Lessor the sum of $3,000.00. On or before August 1, 2003, Lessee shall deposit with Lessor the additional amount of $4,252.00 for a total amount on deposit with Lessor of $7,252.00. Such deposit amount of $3,000.00 7,252.00 shall be deposited with Lessor as security for the faithful performance by Lessee of all terms, provisions, conditions and covenants hereof upon the Lessee's part to be kept, observed and performed, and said sum shall be returned to Lessee after the time fixed as the expiration of this Lease Agreement; provided, however, Lessee shall have faithfully kept, observed and performed all the terms, provisions, conditions and covenants on Lessee's part to be kept and performed; that in case of default on the part of Lessee to comply with the provisions hereof, said deposit shall be used first for the payment of delinquent rental, secondly for the payment of costs and expenses incurred by Lessor in repairing damage to the Leased Premises occasioned by the tenancy, and thirdly, for the repair and renovation of the grounds, occasioned by the default on the part of Lessee to comply with the terms hereof. Any surplus over the amount deposited hereof, in excess of the costs and expenses of Lessor in repairing damages due to the fault or neglect of Lessee shall be returned to Lessee. In the event the deposit herein made is not sufficient to cover costs of such repair, Lessee agrees to forthwith pay to Lessor, or Lessor's agents, the amount necessary over and above such deposit, to repair the Leased Premisespremises. 3.7 In the event Lessee is delinquent in paying the rental payments or any other payments required of Lessee herein all such past due payments shall bear interest at eighteen percent (1 818%) per annum from the date of default until paid.

Rent and Security Deposit. Lessee covenantsIn consideration of this Lease, stipulates Tenant promises and agrees to pay Landlord the Adjusted Rental, which is the sum of the monthly Basic Rental and monthly estimated Component Charges (subject to Lessor adjustment as hereinafter provided) without deduction or setoff, for each month of the entire Lease Term, subject to the free rent period during the first 3 months following the Commencement Date. Adjusted Rental shall be payable as follows: (a) one such monthly installment (which installment shall be credited as payment for the Leased Premises first (1st) full calendar month of the following: 3.1 Lessee Lease term following the Rent Commencement Date) shall be payable by Tenant to Landlord contemporaneously with the execution of this Lease; (b) on the Commencement Date and on the thirtieth (30th) and sixtieth (60th) day following the Commencement Date, Tenant shall pay the portion of the estimated Component Charges payment applicable to Lessor monthly rental payments in the amount of $4,309.50 each. 3.2 At the conclusion of each Lease Year during the term of this Lease Agreement electricity and CUP utilities (as defined below) for a thirty (30) day period (the "Adjustment “Estimated Utilities Payment”) to Landlord; and (c) on the first business day after the ninetieth (90th) day following the Commencement Date (the “Rent Commencement Date"”), the a partial monthly rent as specified herein shall be adjusted according to the following terms. The adjusted rent shall be installment of Adjusted Rental (based on the percent change number of days remaining in such month) shall be due and payable without demand, and on the CPI published by the Bureau of Labor Statistics first day of the United States Department second (2nd) full calendar month following the Rent Commencement Date, Tenant shall pay a monthly installment of Labor for All Urban ConsumersAdjusted Rental to Landlord and continuing thereafter on or before the first day of each succeeding calendar month during the Lease Term hereof [or, U.S. City Average (All Cities) for All Items with if the index base being Rent Commencement Date is on the current official base first day of 1982 -1984 = 100 (hereafter the "CPI"). The a calendar month, then no monthly rent due following each Adjustment Date installment of Adjusted Rental shall be increased by a percentage due and payable on the Rent Commencement Date, and on the first day of the initial rent determined by comparison next full calendar month following the Rent Commencement Date, Tenant shall pay a monthly installment of Adjusted Rental to Landlord and continuing thereafter on or before the CPI on the Adjustment Date to the CPI first day of the Base Month. The "Base Month", for purposes of the rent adjustment provided herein shall be February, 2004. The adjusted rent shall be computed by creating a fraction, the denominator of which is the CPI for the Base Month. The numerator of which shall be the CPI on the Adjustment Date. This fraction shall be multiplied by the initial rent of $4,309.50 to determine the amount of the adjusted rent. The adjusted monthly rent shall be the rent due hereunder each succeeding calendar month during the next ensuing Lease Year until the next Adjustment DateTerm hereof]. In no event, however, shall the amount of adjusted rent due be reduced below the rent of $4,309.50 per month. 3.3 In the event any installment of the Adjusted Rental, or any portion thereof, is not received within five (5) days after written notice therefor from Landlord (excluding any notice sent prior to the due date of such Adjusted Rental), then (without in any way implying Landlord’s consent to such late payment) Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Adjusted Rental, a late payment charge equal to five percent (5%) of the installment of the Adjusted Rental, or portion thereof, which is overdue, it being understood that the CPI said late payment charge shall be for the Adjustment Date is not published or not available on the Adjustment Date, Lessee shall continue paying rent at the last effective rate until the CPI purpose of reimbursing Landlord for the Adjustment Date additional costs and expenses which Landlord presently expects to incur in connection with the handling and processing of late installment payments of the Adjusted Rental which become owing by Tenant to Landlord hereunder and provided that Landlord shall only be obligated to give Tenant written notice of any such late payment once in any twelve (12) month period, and thereafter Tenant shall pay such late payment charge immediately alter failure to timely make such payment without requirement of notice from Landlord. In addition, if Tenant fails to pay any installment of Adjusted Rental, or any portion thereof, within thirty (30) days after the due date thereof, or fails to pay any other sum (other than Adjusted Rental) within 30 days after such payment is due which at any time becomes availabledue to Landlord under any provision of this Lease, then, in either such event, Tenant shall pay Landlord interest on such overdue amounts from the due date thereof until paid at an annual rate (the “Past Due Rate”) which equals the lesser of (i) eighteen percent (18%) or (ii) the highest rate then permitted by law. At that time the rent The Security Deposit shall be adjusted as provided herein and Lessee shall pay payable by Tenant to Lessor Landlord contemporaneously with the difference between the rent due under the proper adjustment from the Adjustment Date to the date the adjusted rent is calculated and the amount execution of rent actually paid during that period. 3.4 In the event the publication of the CPI identified above is discontinued, the parties hereto shall thereafter accept comparable statistics on the cost of living as they this Lease. The Security Deposit shall be computed held by Landlord without liability for interest and published by an official agency or department of the United States of America or by a responsible financial entity of recognized authority then to be selected by the parties hereto, making such revisions as the circumstances may require to carry out the intent of this paragraph. 3.5 All monthly rental payments shall be paid in advance with the first months lease payments to be paid on or before February 1,2004 and all subsequent lease payments to be paid on the 1st day of each month during the term of this Lease Agreement. 3.6 Lessee has on this date deposited with Lessor the sum of $3,000.00. Such deposit amount of $3,000.00 shall be deposited with Lessor as security for the faithful performance by Lessee Tenant of all termsTenant’s covenants and obligations under this Lease, provisionsit 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; Landlord may, conditions from time to time, without prejudice to any other remedy, use such deposit to the extent necessary to make good any arrearages of Rent or other amounts due hereunder and covenants hereof upon any other damage, injury, expense or liability caused to Landlord by such event of default after Tenant’s receipt of written notice of such a default by Tenant and the Lessee's part expiration of the applicable cure period. Following any such application of the Security Deposit, Tenant shall pay to be keptLandlord within 10 days after demand the amount so applied in order to restore the Security Deposit to its original amount. If Tenant is not then in default hereunder, observed and performed, and said sum any remaining balance of such deposit shall be returned by Landlord to Lessee Tenant within a reasonable period of time after the time fixed as the expiration of this Lease, not to exceed 30 days. If Landlord transfers its interest in the Premises during the Lease Agreement; providedTerm, howeverLandlord will assign the Security Deposit to the transferee and, Lessee thereafter, shall have faithfully kept, observed and performed all the terms, provisions, conditions and covenants on Lessee's part to be kept and performed; that in case of default on the part of Lessee to comply with the provisions hereof, said deposit shall be used first no further liability for the payment of delinquent rental, secondly for the payment of costs and expenses incurred by Lessor in repairing damage to the Leased Premises occasioned by the tenancy, and thirdly, for the repair and renovation of the grounds, occasioned by the default on the part of Lessee to comply with the terms hereof. Any surplus over the amount deposited hereof, in excess of the costs and expenses of Lessor in repairing damages due to the fault or neglect of Lessee shall be returned to Lessee. In the event the deposit herein made is not sufficient to cover costs return of such repair, Lessee agrees to forthwith pay to Lessor, or Lessor's agents, the amount necessary over and above such deposit, to repair the Leased PremisesSecurity Deposit. 3.7 In the event Lessee is delinquent in paying the rental payments or any other payments required of Lessee herein all such past due payments shall bear interest at eighteen percent (1 8%) per annum from the date of default until paid.

Rent and Security Deposit. Lessee covenants, stipulates and 3.1 Tenant agrees to pay to Lessor Landlord in monthly installments the “Adjusted Rent”, which is the sum of the monthly Base Rent and the monthly Tax Escrow Payment (as rent each may vary from time to time), without deduction or setoff, for each month of the Leased Premises Lease Term. The Adjusted Rent shall be due and payable without demand beginning on the following: 3.1 Lessee shall pay to Lessor monthly rental payments in Commencement Date and continuing thereafter on or before the amount first day of $4,309.50 eacheach succeeding month during the Lease Term. 3.2 At the conclusion of each Lease Year during the term of this Lease Agreement (the "Adjustment Date"), the monthly rent as specified herein Base Rent shall be adjusted according to the following terms. The adjusted rent shall be based on the percent change first day of the third (3rd) Lease Year and on the first day of each second Lease Year thereafter (i.e., the fifth (5th), seventh (7th), and ninth (9th) Lease Year; each such day an “Adjustment Date”), in accordance with the provisions of this Section 3.2 to reflect increases in the CPI published cost of living, as measured by the Bureau of Labor Statistics of the United States Department of Labor’s Bureau of Labor for Statistics, Consumer Price Index, Unadjusted, All Urban Consumers, All Items, U.S. City Average (All Cities) for All Items with 1982-84 = 100), or the successor of that index base being (the current official base of 1982 -1984 = 100 (hereafter the "“CPI"”). The monthly rent due following each Adjustment Date shall be increased by a percentage of the initial rent determined by comparison of If the CPI on the Adjustment Date ceases to be published, Landlord shall select a substitute index which Landlord reasonably anticipates will yield a result substantially similar to the result produced by the CPI of the Base Month. The "Base Month", for purposes of the rent adjustment provided herein to be made pursuant to this Section. On each Adjustment Date, Landlord shall compare the CPI figure published just prior to the applicable Adjustment Date (the “Current CPI”) to the CPI figure published just prior to the Commencement Date (the “Comparative CPI”). If on any Adjustment Date, the Current CPI exceeds the Comparative CPI, then beginning on the applicable Adjustment Date, the monthly Base Rent shall be February, 2004. The adjusted rent shall be computed increased to equal an amount determined by creating multiplying the initial Base Rent by a fraction, the numerator of which is the Current CPI and the denominator of which is the CPI for the Base Month. The numerator of which shall be the CPI on the Adjustment Date. This fraction shall be multiplied by the initial rent of $4,309.50 to determine the amount of the adjusted rent. The adjusted monthly rent shall be the rent due hereunder during the next ensuing Lease Year until the next Adjustment DateComparative CPI. In no event, however, shall the amount Base Rent payable for any month of adjusted rent the Lease Term be less than the Base Rent payable for the immediately preceding calendar month. Landlord shall notify Tenant of any adjustment to the Base Rent made by reason of this Section by the applicable Adjustment Date (or as soon thereafter as is reasonably practical), and thereafter Tenant shall pay the Base Rent, as so adjusted, until the next Adjustment Date. If Landlord notifies Tenant of a change in the Base Rent after an Adjustment Date, Tenant shall pay the difference between the Base Rent actually paid prior to such notice and the Base Rent actually due be reduced below the rent on or after such Adjustment Date, together with Tenant’s next payment of $4,309.50 per monthAdjusted Rent. 3.3 In addition to the event that the CPI for the Adjustment Date is not published or not available on the Adjustment DateAdjusted Rent, Lessee shall continue paying rent at the last effective rate until the CPI for the Adjustment Date becomes available. At that time the rent shall be adjusted as provided herein and Lessee Tenant shall pay to Lessor the difference between the rent due under the proper adjustment from the Adjustment Date Landlord Percentage Rent to the date extent that the adjusted rent product of Tenant’s Gross Sales for any calendar year or partial calendar year during the Lease Term, multiplied by the Rate, exceeds the Base Rent payable by Tenant during such calendar year or partial calendar year. The amount at which Tenant’s total Gross Sales for any calendar year, when multiplied by the Rate, equals the Base Rent payable by Tenant during the applicable calendar year is calculated and referred to herein as the amount of rent actually paid during that period. 3.4 In “Breakpoint”. The Percentage Rent shall be payable on a monthly basis in arrears beginning on the event the publication tenth (10th) day of the CPI identified above is discontinued, first month in any calendar year which follows the parties hereto shall thereafter accept comparable statistics on month during which the cost of living as they Breakpoint occurs. Each monthly payment shall be computed and published by an official agency or department equal to the product of the United States of America or by a responsible financial entity of recognized authority then to be selected Rate multiplied by the parties hereto, making such revisions as the circumstances may require to carry out the intent of this paragraph. 3.5 All monthly rental payments shall be paid in advance with the first months lease payments to be paid on or before February 1,2004 and all subsequent lease payments to be paid on the 1st day of each month Gross Sales made during the term of this Lease Agreement. 3.6 Lessee has on this date deposited with Lessor the sum of $3,000.00. Such deposit amount of $3,000.00 shall be deposited with Lessor as security for the faithful performance by Lessee of all terms, provisions, conditions and covenants hereof upon the Lessee's part to be kept, observed and performed, and said sum shall be returned to Lessee after the time fixed as the expiration of this Lease Agreementimmediately preceding month; provided, however, Lessee that with respect to the month during which the Breakpoint occurs, the Percentage Rent payment shall have faithfully keptequal the Rate multiplied by the amount of Gross Sales made in such month after the Breakpoint was met. A final payment of Percentage Rent shall be made within sixty (60) days after the termination of this Lease, observed and performed all based on the terms, provisions, conditions and covenants on Lessee's part final statement of Gross Sales to be kept and performed; that in case of default on the part of Lessee provided to comply with the provisions hereof, said deposit shall be used first for the payment of delinquent rental, secondly for the payment of costs and expenses incurred by Lessor in repairing damage Landlord pursuant to the Leased Premises occasioned by the tenancy, and thirdly, for the repair and renovation of the grounds, occasioned by the default on the part of Lessee to comply with the terms hereof. Any surplus over the amount deposited hereof, in excess of the costs and expenses of Lessor in repairing damages due to the fault or neglect of Lessee shall be returned to Lessee. In the event the deposit herein made is not sufficient to cover costs of such repair, Lessee agrees to forthwith pay to Lessor, or Lessor's agents, the amount necessary over and above such deposit, to repair the Leased PremisesSection 4.1 below. 3.7 In the event Lessee is delinquent in paying the rental payments or any other payments required of Lessee herein all such past due payments shall bear interest at eighteen percent (1 8%) per annum from the date of default until paid.