SECURITY AND DAMAGE DEPOSIT. Tenant, on or before the date of possession of the Leased Premises, shall deposit with Landlord the sum of $7,000 to serve as a security and damage deposit. Said damage deposit is to be held by Landlord, without liability for interest, as a security and damage deposit for the faithful performance by Tenant of all the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the term hereof or any extension hereof. Prior to the time when Tenant shall be entitled to the return of this security deposit, Landlord shall be entitled to intermingle such deposit with Landlord’s own funds and to use such security deposit for such purposes as Landlord may determine. In the event of the failure of Tenant to keep and perform any of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the term hereof or any extension hereof, then Landlord, either with or without terminating this Lease, may (but shall not be required to) appropriate and apply all of such portion of said deposit as may be necessary to compensate or repay Landlord for all losses or damages sustained or to be sustained by Landlord due to such breach on the part of Tenant, including, but not limited to overdue and unpaid rent, any other sum payable by Tenant to Landlord pursuant to the provisions of this Lease, damages or deficiencies in the reletting of leased premises, and reasonable attorney’s fees incurred by Landlord. Should the entire deposit, or any portion thereof, be appropriated and applied by Landlord, in accordance with the provisions of this paragraph, Tenant shall, upon written demand by Landlord, remit forthwith to Landlord a sufficient amount of cash to restore said security deposit to the original sum so deposited, and Tenant’s failure to do so within five (5) days after receipt of such demand shall constitute a breach of this Lease. Said security deposit shall be returned to Tenant, less any depletion thereof as the result of the provisions of this paragraph, at the end of the term of this Lease or any renewal thereof, or upon the earlier termination of this Lease. Tenant shall have no right to anticipate return of said deposit by withholding any amount required to be paid pursuant to the provisions of this Lease or otherwise. In the event Landlord shall sell the Leased Premises, or shall otherwise convey or dispose of its interest in this Lease, Landlord shall assign said security deposit or any balance thereof to Landlord’s assignee, whereupon Landlord shall be released from all liability for the return or repayment of such security deposit and Tenant shall look solely to the new Landlord for the return and repayment of said security deposit. Said security deposit shall not be assigned or encumbered by Tenant without the written consent of Landlord, and any assignment or encumbrance without such consent shall not bind Landlord. In the event of any rightful and permitted assignment of this Lease by Tenant, said security deposit shall be deemed to be held by Landlord as a deposit made by the assignee, and Landlord shall have no further liability with respect to the return of said security deposit to the assignor.
Appears in 2 contracts
Samples: Lease Agreement (Nexxus Lighting, Inc.), Lease Extension Agreement (Nexxus Lighting, Inc.)
SECURITY AND DAMAGE DEPOSIT. Tenant, on or before The Tenant has agreed to pay to the date of possession of the Leased Premises, shall deposit with Landlord the sum of $7,000 $ (2 Months’ rent)(the "security deposit") pursuant to serve as a security and damage deposit. Said damage deposit is to be held by Landlord, without liability for interestAddendum A - Payment Schedule, as a security and damage deposit for to assure that the faithful performance by Tenant of fully performs all the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the term hereof or any extension hereof. Prior to the time when Tenant shall be entitled to the return of this security deposit, Landlord shall be entitled to intermingle such deposit with Landlord’s own funds and to use such security deposit for such purposes as Landlord may determine. In the event that is required of the failure of Tenant to keep and perform any of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the term hereof or any extension hereof, then Landlord, either with or without terminating this Lease, may (but shall not be required to) appropriate and apply all of such portion of said deposit as may be necessary to compensate or repay Landlord for all losses or damages sustained or to be sustained by Landlord due to such breach on the part of Tenant, including, but not limited to overdue and unpaid rent, any other sum payable by Tenant to Landlord pursuant to under the provisions of this Lease, damages or deficiencies in . If the reletting of leased premises, and reasonable attorney’s fees incurred by Landlord. Should Tenant does not pay the entire deposit, rent or any portion thereof, be appropriated and applied by Landlord, in accordance with installment of rent or if the provisions Tenant violates any other part of this paragraphLease, Tenant shall, upon written demand by Landlord, remit forthwith to then the Landlord a sufficient amount may use or apply part or all of cash to restore said this security deposit to the original sum so depositedunpaid rent or any part thereof or to any other costs or payments outstanding due to Tenant's violation. Upon notice of such use by the Landlord, and Tenant’s failure to do so the Tenant shall within five two (52) days after receipt of repay to the Landlord such demand shall constitute a breach of sums used by the Landlord from this Leasesecurity deposit. Said security deposit shall be returned to Tenant, less any depletion thereof as the result of the provisions of this paragraph, at At the end of the term term, the Landlord shall pay to the Tenant the deposit (less any sums properly retained according to this lease) after the Tenant has returned all keys or other entry devices and has vacated the premises and also after the Landlord has had a reasonable opportunity (at least ten (10)) business days after Tenant has vacated the premises) to inspect the premises for damage and process the deposit for return, which usually takes approximately 30 days after Lease expiration. If the Tenant shall fail to comply with all of the requirements for vacating and surrendering the premises in its original condition, less normal wear and tear, Tenant agrees that Landlord may deduct from this Lease or any renewal thereofsecurity deposit an amount for labor, or upon the earlier termination of this Leasematerials, supplies and a 20% administrative fee. Tenant shall have no right to anticipate return of said deposit by withholding any amount required to be paid pursuant to the provisions of this Lease or otherwise. In the event Landlord shall sell the Leased Premises, or shall otherwise convey or dispose of its interest in this Lease, Landlord shall assign said security deposit or any balance thereof to Landlord’s assignee, whereupon Landlord shall be released from all liability for the return or repayment of such security deposit and Tenant shall look solely to the new Landlord for the return and repayment of said security deposit. Said security deposit shall not be assigned or encumbered by Tenant without the written consent of Landlord, and any assignment or encumbrance without such consent shall not bind Landlord. In the event of any rightful and permitted assignment of this Lease by Tenant, said security deposit shall be deemed to be held by Landlord as a deposit made by the assignee, and agrees that Landlord shall have no the right to deduct the cost to hire a professional cleaning company to conduct a thorough cleaning if the Tenant has not already hired a professional cleaning company to conduct a cleaning of the demised premises. See Section 19 of this lease captioned "SURRENDER" for further liability with respect elaboration. Tenant specifically agrees not to the return of said apply this security deposit to the assignorpayment of any rent installment.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
SECURITY AND DAMAGE DEPOSIT. TenantTenant contemporaneously with the execution of this Lease, on or before the date of possession of the Leased Premises, shall deposit has deposited with Landlord the sum of One Thousand Three Hundred Fifty and no/100 Dollars ($7,000 to serve as a security and damage deposit. Said damage 1,350.00), receipt of which is acknowledged hereby by Landlord, which deposit is to be held by Landlord, without liability for interest, as a security and damage deposit for the faithful payment and performance by Tenant of all the termsof its obligations hereunder, covenants and conditions of this Lease to be kept and performed by Tenant during the term hereof or and any extension hereof. Prior to the time when Tenant shall be entitled to the return of this security deposit, Landlord shall be entitled to intermingle may co-mingle such deposit with Landlord’s own funds and to use such security deposit for such purposes purpose as Landlord may determine. In the event of the failure of Tenant to keep and perform any of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the term hereof or and any extension hereof, then and without limiting any other remedy available to Landlord, then Landlord either with or without terminating this Lease, may (but shall not be required to) appropriate and apply all of such portion of said deposit as may be necessary to compensate or repay Landlord for all losses or damages sustained or to be sustained by Landlord due to such breach on the part of Tenant, including, but not limited to overdue and unpaid rent, any other sum payable by Tenant to Landlord pursuant to the provisions of this Lease, damages or deficiencies in the any reletting of leased premisesthe Demised Premises, and reasonable attorney’s fees incurred by Landlord. Should the entire deposit, deposit or any portion thereof, be appropriated and applied by Landlord, in accordance with the provisions of this paragraph, Tenant shall, upon written demand by Landlord, shall remit forthwith to Landlord a sufficient amount of cash to restore said security deposit to the original sum so deposited, and Tenant’s failure to do so within five (5) days after receipt of such demand shall constitute a breach of this Lease. Said security deposit shall be returned to Tenant, less any depletion thereof as the result of amounts retained by Landlord pursuant to the provisions of this paragraph, at the end of the term of this Lease or any renewal thereof, or upon the earlier termination of this Lease. Tenant shall have no right to anticipate return of said deposit by withholding any amount required to be paid pursuant to the provisions of this Lease or otherwise. In the event Landlord shall sell the Leased PremisesProperty, or shall otherwise convey or dispose of its interest in this Lease, Landlord shall may assign said security deposit or any balance thereof to Landlord’s assignee, whereupon Landlord shall be released from all liability for the return or repayment of such security deposit and Tenant shall look solely to the new Landlord said assignee for the return and repayment of said security deposit. Said security deposit shall not be assigned or encumbered by Tenant without the written consent of Landlord, and any assignment or encumbrance without such consent shall not bind Landlord. In the event of any rightful and permitted assignment of this Lease by Tenant, said security deposit shall be deemed to be held by Landlord as a deposit made by the assignee, and Landlord shall have no further liability with respect to the return of said security deposit to the assignorTenant.
Appears in 2 contracts
Samples: Lease Agreement (Wireless Ronin Technologies Inc), Lease (Wireless Ronin Technologies Inc)
SECURITY AND DAMAGE DEPOSIT. Tenant, on or before contemporaneously with the date execution of possession of the Leased Premisesthis Lease Agreement, shall deposit has deposited with Landlord the sum of Five Thousand Seven Hundred Seventeen and /36100 Dollars ($7,000 to serve as a security and damage deposit. Said damage 5,717.36), receipt of which is acknowledged hereby by Landlord, which deposit is to be held by Landlord, without liability for interest, as a security and damage deposit for the faithful performance by Tenant of all the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the term Term hereof or any extension hereof. Prior to the time when Tenant shall be entitled to the return of this security deposit, Landlord shall be entitled to intermingle may commingle such deposit with Landlord’s own funds and to use such security deposit for such purposes purpose as Landlord may determine. In the event of the failure of Tenant to keep and perform any of the terms, covenants and conditions of this Lease Agreement to be kept and performed by Tenant during the term Term hereof or any extension hereof, then Landlord, either with or without terminating this Lease, Lease Agreement may (but shall not be required to) appropriate and apply all of such portion of said deposit as may be necessary to compensate or repay Landlord for all losses or damages sustained or to be sustained by Landlord due to such breach on the part of Tenant, including, but not limited to overdue and unpaid rent, any other sum payable by Tenant to Landlord pursuant to the provisions of this LeaseLease Agreement, damages or deficiencies in the reletting of leased premisesPremises, and reasonable attorney’s fees incurred by Landlord. Should the entire deposit, deposit or any portion thereof, be appropriated and applied by Landlord, in accordance with the provisions of this paragraph, Tenant shall, upon written demand by Landlord, shall remit forthwith to Landlord a sufficient amount of cash to restore said security deposit to the original sum so deposited, and Tenant’s failure to do so within five (5) business days after receipt of such demand shall constitute a breach of this LeaseLease Agreement. Said security deposit shall be returned to Tenant, less any depletion thereof as the result of the provisions of this paragraph, at the end of the term Term of this Lease Agreement or any renewal thereof, or upon the earlier termination of this LeaseLease Agreement. Tenant shall have no right to anticipate return of said deposit by withholding any amount required to be paid pursuant to the provisions of this Lease Agreement or otherwise. Tenant understands that its potential liability under this Lease Agreement is not limited to the amount of the security deposit. Use of such security deposit by Landlord shall not constitute a waiver, but is in addition to any other remedies available to Landlord under this Lease Agreement and under law. In the event Landlord shall sell the Leased PremisesProperty, or shall otherwise convey or dispose of its interest in this LeaseLease Agreement, Landlord shall may assign said the security deposit or any balance thereof to Landlord’s assignee, whereupon Landlord shall be released from all liability for the return or repayment of such security deposit and Tenant shall look solely to the new Landlord said assignee for the return and repayment of said security deposit. Said security deposit shall not be assigned or encumbered by Tenant without the written such consent of Landlord, and any assignment or encumbrance without such consent shall not bind Landlord. In the event of any rightful and permitted assignment of this Lease Agreement by Tenant, said security deposit shall be deemed to be held by Landlord as a deposit made by the assignee, and Landlord shall have no further liability with respect to the return of said security deposit to the assignorTenant.
Appears in 2 contracts
Samples: Commercial Lease (Celcuity LLC), Commercial Lease (Celcuity LLC)
SECURITY AND DAMAGE DEPOSIT. Tenant, on or before contemporaneously with the date execution of possession of the Leased Premisesthis Lease, shall deposit has deposited with Landlord the sum of SEVEN THOUSAND EIGHT HUNDRED NINETY--SEVEN AND 86/100 DOLLARS ($7,000 to serve as a security and damage deposit. Said damage 7,897.86), receipt of which is acknowledged hereby by Landlord, which deposit is to be held by Landlord, without liability for interest, as a security and damage deposit for the faithful performance by Tenant of all the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the term hereof or any extension hereof. Prior to the time when Tenant shall be entitled to the return of this security deposit, Landlord shall be entitled to intermingle may co-mingle such deposit with Landlord’s 's own funds and to use such security deposit for such purposes purpose as Landlord may determine. In the event of the failure of Tenant to keep and perform any of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the term hereof or any extension hereof, then Landlord, either with or without terminating this Lease, may (but shall not be required to) appropriate and apply all of such portion of said deposit as may be necessary to compensate or repay Landlord for all losses or damages sustained or to be sustained by Landlord due to such breach on the part of Tenant, including, but not limited to overdue and unpaid rentRent, any other sum payable by Tenant to Landlord pursuant to the provisions of this Lease, damages or deficiencies in the reletting of leased premisesthe Demised Premises, and reasonable attorney’s attorneys' fees incurred by Landlord. Should the entire deposit, deposit or any portion thereof, thereof be appropriated and applied by Landlord, Landlord in accordance with the provisions of this paragraph, Tenant shallTenant, upon written demand by Landlord, shall remit forthwith to Landlord a sufficient amount of cash to restore said security deposit to the original sum so deposited, deposited and Tenant’s 's failure to do so within five ten (510) business days after receipt of such demand shall constitute a breach of this Lease. Said security deposit shall be returned to Tenant, less any depletion thereof as the result of the provisions of this paragraph, at within 30 days after the end of the term of this Lease or any renewal thereof, or upon the earlier termination of this Lease. Tenant shall have no right to anticipate return of said deposit by withholding any amount required to be paid pursuant to the provisions provision of this Lease or otherwise. In the event Landlord shall sell the Leased Premises, or shall otherwise convey or dispose of its interest in this Lease, Landlord shall may assign said security deposit or any balance thereof to Landlord’s 's assignee, whereupon Landlord shall be released from all liability for the return or repayment of such security deposit and Tenant shall look solely to the new Landlord said assignee for the return and repayment of said security deposit. Said security deposit shall not be assigned or encumbered by Tenant without the written consent of Landlord, Landlord and any assignment or encumbrance without such consent shall not bind Landlord. In the event of any rightful and permitted assignment of this Lease by Tenant, said security deposit shall be deemed to be held by Landlord as a deposit made by the assignee, assignee and Landlord shall have no further liability with respect to the return of said security deposit to the assignorTenant.
Appears in 1 contract
SECURITY AND DAMAGE DEPOSIT. Tenant4.01 Lessee, on or before contemporaneously with the date execution of possession of the Leased Premisesthis Lease, shall deposit has deposited with Landlord Lessor the sum of *Four Thousand Five Hundred and 00/100 Dollars ($7,000 to serve as a security and damage deposit. Said damage 4,500 ), receipt of which is acknowledged hereby by Lessor, which deposit is to be held by LandlordLessor, without liability for interest, as a security and damage deposit for the faithful performance by Tenant of all the terms, covenants and conditions of this Lease to be kept and performed by Tenant Lessee during the term hereof or any extension hereof. Prior to the time when Tenant Lessee shall be entitled to the return of this security deposit, Landlord shall be entitled to intermingle Lessor may co-mingle such deposit with Landlord’s Lessor's own funds and to use such security deposit for such purposes purpose as Landlord Lessor may determine. In the event of the failure of Tenant Lessee to keep and perform any of the terms, covenants and conditions of this Lease to be kept and performed by Tenant Lessee during the term hereof or any extension hereof, then Landlordthe Lessor, either with or without terminating this Lease, may (but shall not be required to) appropriate and apply all of such portion of said deposit as may be necessary to compensate or repay Landlord Lessor for all losses or damages sustained or to be sustained by Landlord Lessor due to such breach on the part of TenantLessee, including, but not limited to overdue and unpaid rent, any other sum payable by Tenant Lessee to Landlord Lessor pursuant to the provisions of this Lease, damages or deficiencies in the reletting of leased demised premises, and reasonable attorney’s 's fees incurred by LandlordLessor. Should the entire deposit, deposit or any portion thereof, be appropriated and applied by LandlordLessor, in accordance with the provisions of this paragraph, Tenant shall, Lessee upon written demand by LandlordLessor, shall remit forthwith to Landlord Lessor a sufficient amount of cash to restore said security deposit to the original sum so deposited, and Tenant’s Lessee's failure to do so within five (5) days after receipt of such demand shall constitute a breach of this Lease. Said security deposit shall be returned to TenantLessee, less any depletion thereof as the result of the provisions of this paragraph, at the end of the term of this Lease or any renewal thereof, or upon the earlier termination of this Lease. Tenant Lessee shall have no right to anticipate return of said deposit by withholding any amount required to be paid pursuant to the provisions provision of this Lease or otherwise. *Security Deposit of $4,500.00 is transferred from Lease dated 3/7/96.
4.02 In the event Landlord Lessor shall sell the Leased Premises, or shall otherwise convey or dispose of its interest in this Lease, Landlord shall Lessor may assign said security deposit or any balance thereof to Landlord’s Lessor's assignee, whereupon Landlord Lessor shall be released from all liability for the return or repayment of such security deposit and Tenant Lessee shall look solely to the new Landlord said assignee for the return and repayment of said security deposit. Said security deposit shall not be assigned or encumbered by Tenant Lessee without the written consent of LandlordLessor, and any assignment or of encumbrance without such consent shall not bind Landlord. In the event of any rightful and permitted assignment of this Lease by Tenant, said security deposit shall be deemed to be held by Landlord as a deposit made by the assignee, and Landlord shall have no further liability with respect to the return of said security deposit to the assignorLessor.
Appears in 1 contract
SECURITY AND DAMAGE DEPOSIT. Tenant, on or before the date of possession of the Leased Premises, shall deposit Tenant has deposited with Landlord the sum of three thousand and 00/100 dollars ($7,000 to serve as a security and damage deposit. Said damage deposit 3,000.00), receipt of which is to be held acknowledged hereby by Landlord. Landlord shall hold deposit, without liability for interest, as a security and damage deposit for the faithful performance by Tenant of all the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the term hereof Term of Lease or any extension hereofextension. Prior to the time when Tenant shall be entitled to the return of this security deposit, Landlord shall be entitled to intermingle may co-mingle such deposit with Landlord’s own funds and to use such security deposit for such purposes purpose as Landlord may determine. In the event of the failure of Tenant to keep and perform any of the terms, covenants and conditions of this the Term of Lease to be kept and performed by Tenant during the term hereof or any extension hereofof this Lease, then Landlord, either with or without terminating this Lease, may (but shall not be required to) appropriate and apply all of such portion of said deposit as may be necessary to compensate or repay Landlord for all losses or damages sustained or to be sustained by Landlord due to such breach on the part of Tenant, including, but not limited . Landlord may apply said deposit without limitation to overdue and unpaid rent, any other sum payable by Tenant to Landlord pursuant to the provisions of this Lease, damages or deficiencies in the reletting of leased premisesDemised Premises, and reasonable attorney’s 's fees incurred by Landlord. Should the entire deposit, deposit or any portion thereof, be appropriated and applied by Landlord, in accordance with the provisions of this paragraph, Tenant shall, upon written demand by Landlord, shall remit forthwith to Landlord a sufficient amount of cash to restore said security deposit to the original sum so deposited, and . Tenant’s failure to do so remit such security deposit within five ten (510) days after receipt of such demand shall constitute a breach of this Lease. Said security deposit shall be returned to Tenant, less any depletion thereof as Upon the result of the provisions of this paragraph, at the end of the term of this Lease or any renewal thereof, or upon the earlier termination of this Leaseor any extension, Landlord shall return to Tenant the deposit or any remaining balance. Tenant shall have no right to anticipate return of said deposit by withholding any amount required to be paid pursuant to the provisions provision of this Lease or otherwiseLease. In the event Landlord shall sell the Leased PremisesBuilding, or shall otherwise convey or dispose of its interest in this Lease, Landlord shall may assign said security deposit or any balance thereof to Landlord’s assignee, whereupon Landlord shall be released from all liability for the return or repayment of such security deposit and Tenant shall look solely to the new Landlord assignee for the return and repayment of said security deposit. Said security deposit shall not be assigned or encumbered by Tenant without the written consent of Landlord, and any assignment or encumbrance without such consent shall not bind Landlord. In the event of any rightful and permitted assignment of this Lease by Tenant, said security deposit shall be deemed to be held by Landlord as a deposit made by the assignee, and Landlord shall have no further liability with respect to the return of said security deposit to the assignor.
Appears in 1 contract
SECURITY AND DAMAGE DEPOSIT. TenantLessee contemporaneously with the execution of this Lease, on or before the date of possession of the Leased Premises, shall deposit deposited with Landlord Lessor the sum of Zero Dollars ($7,000 to serve as a security and damage deposit. Said damage ---0---), receipt of which is hereby acknowledged by Lessor, which deposit is to be held by LandlordLessor, without liability for interest, interest as a security and damage deposit for the faithful performance by Tenant of all the terms, covenants and conditions of this Lease to be kept and performed by Tenant Lessee during the term hereof or any extension hereof. Prior to the time of when Tenant Lessee shall be entitled to the return of this security deposit, Landlord shall be entitled to intermingle Lessor may commingle such deposit with Landlord’s Lessor's own funds and to use such security deposit for such purposes as Landlord Lessor may determine. In the event of the failure of Tenant Lessee to keep and perform any of the terms, covenants and conditions of this Lease to be kept and performed by Tenant Lessee during the term hereof or any extension hereof, then LandlordLessor, either with or without terminating this Lease, Lease may (but shall not be required to) appropriate and apply all of such portion of said deposit as may be necessary to compensate or repay Landlord Lessor for all losses or damages sustained or to be sustained by Landlord Lessor due to such breach on the part of TenantLessee, including, but not limited to to, overdue and unpaid rent, any other sum amounts payable by Tenant Lessee to Landlord Lessor pursuant to the provisions of this Lease, damages or deficiencies in the reletting of leased premisesDemised Premises, and reasonable attorney’s 's fees incurred by LandlordLessor. Should the entire deposit, deposit or any portion thereof, be 140 appropriated and applied by LandlordLessor, in accordance with the provisions of this paragraph, Tenant shall, Lessee upon written demand by Landlord, Lessor shall remit forthwith to Landlord Lessor a sufficient amount of cash to restore said security deposit to the original sum so deposited, and Tenant’s Lessee's failure to do so within five (5) days after receipt of such demand shall constitute a breach of this Lease. Said security deposit shall be returned to TenantLessee, less any depletion deposit thereof as the result of the provisions of this paragraph, at the end of the term of this Lease Lease, or any renewal thereof, thereof or upon the earlier termination of this Lease. Tenant Lessee shall have no right to anticipate return of said deposit by withholding any amount required to be paid pursuant to the provisions provision of this Lease or otherwise. In the event Landlord Lessor shall sell the Leased Premises, or shall otherwise convey or dispose of its interest in this Lease, Landlord shall Lessor may assign said security deposit or any balance thereof to Landlord’s Lessor's assignee, whereupon Landlord Lessor shall be released from all liability for the return or repayment of such security deposit and Tenant Lessee shall look solely to the new Landlord said assignee for the return and repayment reimbursement of said security deposit. Said security deposit shall not be assigned or encumbered by Tenant Lessee without the written consent of LandlordLessor, and any assignment or encumbrance without such consent shall not bind LandlordLessor. In the event of any rightful and permitted assignment of this Lease by Tenant, Lessor said security deposit shall be deemed to be held by Landlord Lessor as a deposit made by the assignee, and Landlord Lessor shall have no further liability with respect to the return of said security deposit to the assignorLessee.
Appears in 1 contract
Samples: Office/Warehouse Lease (Childrens Broadcasting Corp)
SECURITY AND DAMAGE DEPOSIT. Tenant, on or before the date of possession of the Leased Premises, shall deposit Tenant has deposited with Landlord the sum of Four Thousand Six Hundred Forty and 60/100 Dollars ($7,000 to serve as a security and damage deposit. Said damage deposit 4,640.60), receipt of which is to be held acknowledged hereby by Landlord. Landlord shall hold deposit, without liability for interest, as a security and damage deposit for the faithful performance by Tenant of all the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the term hereof Term of Lease or any extension hereofextension. Prior to the time when Tenant shall be entitled to the return of this security deposit, Landlord shall be entitled to intermingle may co-mingle such deposit with Landlord’s own funds and to use such security deposit for such purposes purpose as Landlord may determine. In the event of the failure of Tenant to keep and perform any of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the term hereof of lease or any extension hereofof this lease, then Landlord, either with or without terminating this Lease, may (but shall not be required to) appropriate and apply all of such portion of said deposit as may be necessary to compensate or repay Landlord for all losses or damages sustained or to be sustained by Landlord due to such breach on the part of Tenant, including, but not limited . Landlord may apply said deposit without limitation to overdue and unpaid rent, any other sum payable by Tenant to Landlord pursuant to the provisions of this Lease, damages or deficiencies in the reletting of leased premisesDemised Premises, and reasonable attorney’s fees incurred by Landlord. Should the entire deposit, deposit or any portion thereof, be appropriated and applied by Landlord, in accordance with the provisions of this paragraph, Tenant shall, upon written demand by Landlord, shall remit forthwith to Landlord a sufficient amount of cash to restore said security deposit to the original sum so deposited, and . Tenant’s failure to do so remit such security deposit within five (5) days after receipt of such demand shall constitute a breach of this Lease. Said security deposit shall be returned to Tenant, less any depletion thereof as Upon the result of the provisions of this paragraph, at the end of the term of this Lease or any renewal thereof, or upon the earlier termination of this Leaseor any extension, Landlord shall return to Tenant the deposit or any remaining balance. Tenant shall have no right to anticipate return of said deposit by withholding any amount required to be paid pursuant to the provisions of this Lease or otherwiseLease. In the event Landlord shall sell the Leased PremisesBuilding, or shall otherwise convey or dispose of its interest in this Lease, Landlord shall may assign said security deposit or any balance thereof to Landlord’s assignee, whereupon Landlord shall be released from all liability for the return or repayment of such security deposit and Tenant shall look solely to the new Landlord assignee for the return and repayment of said security deposit. Said security deposit shall not be assigned or encumbered by Tenant without the written consent of Landlord, and any assignment or encumbrance without such consent shall not bind Landlord. In the event of any rightful and permitted assignment of this Lease by TenantLandlord, said security deposit shall be deemed to be held by Landlord as a deposit made by the assignee, and Landlord shall have no further liability with respect to the return of said security deposit to the assignorTenant.
Appears in 1 contract
SECURITY AND DAMAGE DEPOSIT. Tenant, on or before The Tenant has agreed to give the date of possession of the Leased Premises, shall deposit with Landlord the sum of $7,000 .00 pursuant to serve as Addendum A – Payment Schedule, for a security and damage deposit. Said damage deposit to assure that the Tenant fully performs all that is to be held by Landlord, without liability for interest, as a security and damage deposit for the faithful performance by Tenant of all the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the term hereof or any extension hereof. Prior to the time when Tenant shall be entitled to the return of this security deposit, Landlord shall be entitled to intermingle such deposit with Landlord’s own funds and to use such security deposit for such purposes as Landlord may determine. In the event required of the failure of Tenant to keep and perform any of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the term hereof or any extension hereof, then Landlord, either with or without terminating this Lease, may (but shall not be required to) appropriate and apply all of such portion of said deposit as may be necessary to compensate or repay Landlord for all losses or damages sustained or to be sustained by Landlord due to such breach on the part of Tenant, including, but not limited to overdue and unpaid rent, any other sum payable by Tenant to Landlord pursuant to under the provisions of this Lease, damages or deficiencies in agreement. If the reletting of leased premises, and reasonable attorney’s fees incurred by Landlord. Should Tenant does not pay the entire deposit, rent or any portion thereof, be appropriated and applied by Landlord, in accordance with installment of the provisions rent or if the Tenant violates any other part of this paragraphagreement, Tenant shall, upon written demand by Landlord, remit forthwith to the Landlord a sufficient amount may use or apply part or all of cash to restore said security this deposit to the original sum so deposited, and unpaid rent or any part thereof or to any other costs or payments outstanding due to Tenant’s failure to do so within five (5) days after receipt violation. Upon notice of such demand use by the Landlord, the Tenant shall constitute a breach of within two days repay to the Landlord such sums used by the Landlord from this Leasedeposit. Said security deposit shall be returned to Tenant, less any depletion thereof as the result of the provisions of this paragraph, at At the end of the term term, the Landlord shall pay to the Tenant the deposit (less any sums properly retained according to this agreement) after the Tenant has returned all keys and has vacated the premises and also after the Landlord has had a reasonable opportunity (at least five business days after Tenant has vacated the premises) to inspect the premises for damage and process the deposit for return. If the Tenant shall fail to comply with all of the requirements for vacating and surrendering the premises in original condition, less normal wear and tear, Tenant agrees that Landlord may deduct from this deposit an amount for labor, materials, and supplies. See 19. SURRENDER/TURNOVER COSTS & PRACTICES of this Lease or any renewal thereof, or upon the earlier termination of this Leaselease document for further elaboration. Tenant shall have no right specifically agrees not to anticipate return of said deposit by withholding any amount required to be paid pursuant to the provisions of apply this Lease or otherwise. In the event Landlord shall sell the Leased Premises, or shall otherwise convey or dispose of its interest in this Lease, Landlord shall assign said security deposit or any balance thereof to Landlord’s assignee, whereupon Landlord shall be released from all liability for the return or repayment of such security deposit and Tenant shall look solely to the new Landlord for the return and repayment of said security deposit. Said security deposit shall not be assigned or encumbered by Tenant without the written consent of Landlord, and any assignment or encumbrance without such consent shall not bind Landlord. In the event of any rightful and permitted assignment of this Lease by Tenant, said security deposit shall be deemed to be held by Landlord as a deposit made by the assignee, and Landlord shall have no further liability with respect to the return of said security deposit to the assignorpayment of any rent installment.
Appears in 1 contract
Samples: Lease Agreement
SECURITY AND DAMAGE DEPOSIT. TenantTenant contemporaneously with the execution of this Lease, on or before the date of possession of the Leased Premises, shall deposit has deposited with Landlord Lessor the sum of Seventy-Four Thousand Eight Hundred Eighteen and 04/100 Dollars ($7,000 to serve as a security and damage deposit. Said damage 74,818.04), receipt of which is acknowledged hereby by Lessor, which deposit is to be held by LandlordLessor, without liability for interest, as a security and damage deposit for the faithful performance by Tenant of all the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the term hereof or any extension hereof. Prior to the time when Tenant shall be entitled to the return of this security deposit, Landlord shall be entitled to intermingle Lessor may co-mingle such deposit with Landlord’s Lessor's own funds and to use such security deposit for such purposes purpose as Landlord Lessor may determine. Notwithstanding the foregoing to the contrary, in the event Lessor transfers title to the Property to a party with a tangible net worth of less than Five Million and 00/100 Dollars ($5,000,000.00), Lessor shall require such transferee to segregate the security deposit in a separate account and agree in writing not to co-mingle said security deposit with such transferee's own funds. In the event Lessor transfers title to the Property to a party with a tangible net worth of Five Million and 00/100 Dollars ($5,000,000.00) and such transferee wishes to co-mingle such deposit with its own funds, such transferee shall, as a condition thereto, provide to Tenant such transferee's most recent financial statement, which shall have at least been reviewed by independent certified public accountants, in order to substantiate such transferee's then current tangible net worth. Any such writing shall name Tenant and its assigns as third party beneficiaries. Lessor shall provide to Tenant an executed original of any such writing. In the event of the failure of Tenant to keep and perform any of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the term hereof or any extension hereof, then Landlord, Lessor either with or without terminating this Lease, may (but shall not be required to) appropriate and apply all of such portion of said deposit as may be necessary to compensate or repay Landlord Lessor for all losses or damages sustained or to be sustained by Landlord Lessor due to such breach on the part of Tenant, including, but not limited to overdue and unpaid rent, any other sum payable by Tenant to Landlord Lessor pursuant to the provisions of this Lease, damages or deficiencies in the reletting of leased premisesPremises, and reasonable attorney’s 's fees incurred by LandlordLessor. Should the entire deposit, deposit or any portion thereof, be appropriated and applied by LandlordLessor, in accordance with the provisions of this paragraph, Tenant shall, upon written demand by LandlordLessor, shall remit forthwith to Landlord Lessor a sufficient amount of cash to restore said security deposit to the original sum so deposited, and Tenant’s 's failure to do so within five (5) days after receipt of such demand shall constitute a breach of this Lease. Said security deposit shall be returned to Tenant, less any depletion thereof as the result of the provisions of this paragraph, at the end of the term of this Lease or any renewal thereof, or upon the earlier termination of this Lease. Tenant shall have no right to anticipate return of said deposit by withholding any amount required to be paid pursuant to the provisions provision of this Lease or otherwise. In the event Landlord Lessor shall sell the Leased PremisesProperty, or shall otherwise convey or dispose of its interest in this Lease, Landlord shall Lessor may assign said security deposit or any balance thereof to Landlord’s Lessor's assignee, whereupon Landlord Lessor shall be released from all liability for the return or repayment of such security deposit and Tenant shall look solely to the new Landlord said assignee for the return and repayment of said security deposit. Said security deposit shall not be collaterally assigned or encumbered by Tenant without the written consent of LandlordLessor, and any assignment or encumbrance without such consent shall not bind LandlordLessor. In the event of any rightful and permitted assignment of this Lease by Tenant, said security deposit shall be deemed to be held by Landlord Lessor as a deposit made by the assignee, and Landlord Lessor shall have no further liability with respect to the return of said security deposit to the assignorTenant.
Appears in 1 contract
Samples: Office/Warehouse Lease (Manufacturers Services LTD)
SECURITY AND DAMAGE DEPOSIT. TenantTenant contemporaneously with the execution of this Lease, on or before the date of possession of the Leased Premises, shall deposit has deposited with Landlord the sum of $7,000 to serve as a security and damage deposit. Said damage deposit 18,000.00 (the "Deposit"), receipt of which is acknowledged hereby by Landlord, to be held by Landlord, without liability for interest, as a security and damage deposit for the faithful performance by Tenant of all the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the term hereof or any extension hereof. Prior to the time when Tenant shall be entitled to the return of this security depositthe Deposit, Landlord shall be entitled to intermingle such deposit may commingle the Deposit with Landlord’s 's own funds and to use such security deposit the Deposit for such purposes as Landlord may determine. In the event of the failure of If Tenant fails to keep and perform any of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the term hereof or any extension hereofLease, then Landlord, either with or without terminating this Lease, may (but shall not be required to) appropriate and apply all of such portion of said deposit the Deposit as may be necessary to compensate or repay Landlord for all losses or damages sustained or to be sustained by Landlord due to such breach on the part of Tenant, including, but not limited to overdue and unpaid rent, any other sum payable by Tenant to Landlord pursuant to the provisions of this Lease, damages or deficiencies in the reletting of leased premisesLeased Property, and reasonable attorney’s attorneys' fees incurred by Landlord. Should the entire deposit, Deposit or any portion thereof, be appropriated and applied by Landlord, in accordance with the provisions of this paragraph, Tenant shall, upon written demand by Landlord, shall remit forthwith to Landlord a sufficient amount of cash to restore said security deposit the Deposit to the original sum so deposited, and Tenant’s 's failure to do so within five (5) days after receipt of such demand shall constitute a breach of this Lease. Said security deposit The Deposit shall be returned to Tenant, less any depletion thereof as the result of the provisions of this paragraph, at the end of the term of this Lease or any renewal thereof, or upon the earlier termination of this Lease. Tenant shall have no right to anticipate return of said deposit the Deposit by withholding any amount required to be paid pursuant to the provisions provision of this Lease or otherwise. In the event If Landlord shall sell the Leased PremisesProperty, or shall otherwise convey or dispose of its interest in this Lease, Landlord shall may assign said security deposit the Deposit or any balance thereof to Landlord’s ' assignee, whereupon Landlord shall be released from all liability for the return or repayment of such security deposit the Deposit and Tenant shall look solely to the new Landlord said assignee for the return and an repayment of said security depositthe Deposit. Said security deposit The Deposit shall not be assigned or encumbered by Tenant without the written consent of Landlord, and any assignment or encumbrance without such consent shall not bind Landlord. In the event of any rightful and permitted assignment of this Lease by Tenant, said security deposit the Deposit shall be deemed to be held by Landlord as a deposit made by the assignee, and Landlord shall have no further liability with respect to the return of said security deposit the Deposit to the assignorTenant.
Appears in 1 contract
Samples: Lease Agreement (Biosensor Corp)
SECURITY AND DAMAGE DEPOSIT. Tenant, on or before contemporaneously with the date execution of possession of the Leased Premisesthis Lease, shall deposit has deposited with Landlord the sum of Twenty-Two Thousand Eight and 96/100 Dollars ($7,000 to serve as a security and damage deposit. Said damage 22,008.96), receipt of which is acknowledged hereby by Landlord, which deposit is to be held by Landlord, without liability for interest, as a security and damage deposit for the faithful performance by Tenant of all the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the term hereof Term hereof, or any renewal or extension hereofthereof (the “Security Deposit”). Prior to the time when Tenant shall be entitled to the return of this security depositthe Security Deposit, Landlord shall be entitled to intermingle such deposit may commingle the Security Deposit with Landlord’s 's own funds and to use such security deposit the Security Deposit for such purposes purpose as Landlord may determine. In the event of the failure of Tenant fails to keep and perform any of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the term hereof or any extension hereofTenant, then Landlord, either with or without terminating this Lease, Lease may (but shall not be required to) appropriate and apply all of such portion of said deposit the Security Deposit as may be necessary to compensate or repay Landlord for all losses or damages sustained or to be sustained by Landlord due to such breach on the part of Tenant, including, but not limited to overdue and unpaid rentRent, any other sum payable by Tenant to Landlord pursuant to the provisions of this Lease, damages or deficiencies in the reletting of leased premisesPremises, and reasonable attorney’s 's fees incurred by Landlord. Should the entire deposit, Security Deposit or any portion thereof, be appropriated and applied by Landlord, in accordance with the provisions of this paragraph, Tenant shall, upon written demand by Landlord, shall remit forthwith to Landlord a sufficient amount of cash to restore said security deposit the Security Deposit to the original sum so deposited, and Tenant’s 's failure to do so within five (5) days after receipt of such demand shall constitute a breach of this Lease. Said security deposit The Security Deposit shall be returned to Tenant, less any depletion thereof as the result of the provisions of this paragraph, at the end of the term Term of this Lease or any renewal or extension thereof, or upon the earlier termination of this Lease. Tenant shall have no right to anticipate return of said deposit the Security Deposit by withholding any amount required to be paid pursuant to the provisions of this Lease or otherwise. Tenant understands that its potential liability under this Lease is not limited to the amount of the Security Deposit. Use of the Security Deposit by Landlord shall not constitute a waiver, but is in addition to any other remedies available to Landlord under this Lease and under law. In the event Landlord shall sell the Leased PremisesProperty, or shall otherwise convey or dispose of its interest in this Lease, Landlord shall may assign said security deposit the Security Deposit or any balance thereof to Landlord’s 's assignee, whereupon Landlord shall be released from all liability for the return or repayment of such security deposit the Security Deposit and Tenant shall look solely to the new Landlord said assignee for the return and repayment of said security depositthe Security Deposit. Said security deposit The Security Deposit shall not be assigned or encumbered by Tenant without the written such consent of Landlord, and any assignment or encumbrance without such consent shall not bind Landlord. In the event of any rightful and permitted assignment of this Lease by Tenant, said security deposit the Security Deposit shall be deemed to be held by Landlord as a deposit made by the assignee, and Landlord shall have no further liability with respect to the return of said security deposit the Security Deposit to the assignorTenant.
Appears in 1 contract
Samples: Commercial Lease (Celcuity Inc.)
SECURITY AND DAMAGE DEPOSIT. Tenant, on or before The Tenant has agreed to give the date of possession of the Leased Premises, shall deposit with Landlord the sum of $7,000 $ pursuant to serve as Addendum A – Payment Schedule, for a security and damage deposit. Said damage deposit to assure that the Tenant fully performs all that is to be held by Landlord, without liability for interest, as a security and damage deposit for the faithful performance by Tenant of all the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the term hereof or any extension hereof. Prior to the time when Tenant shall be entitled to the return of this security deposit, Landlord shall be entitled to intermingle such deposit with Landlord’s own funds and to use such security deposit for such purposes as Landlord may determine. In the event required of the failure of Tenant to keep and perform any of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the term hereof or any extension hereof, then Landlord, either with or without terminating this Lease, may (but shall not be required to) appropriate and apply all of such portion of said deposit as may be necessary to compensate or repay Landlord for all losses or damages sustained or to be sustained by Landlord due to such breach on the part of Tenant, including, but not limited to overdue and unpaid rent, any other sum payable by Tenant to Landlord pursuant to under the provisions of this Lease, damages or deficiencies in agreement. If the reletting of leased premises, and reasonable attorney’s fees incurred by Landlord. Should Tenant does not pay the entire deposit, rent or any portion thereof, be appropriated and applied by Landlord, in accordance with installment of the provisions rent or if the Tenant violates any other part of this paragraphagreement, Tenant shall, upon written demand by Landlord, remit forthwith to the Landlord a sufficient amount may use or apply part or all of cash to restore said security this deposit to the original sum so depositedunpaid rent or O Xxx 0000, and Xxxxxx, XX 00000 any part thereof or to any other costs or payments outstanding due to Tenant’s failure to do so within five (5) days after receipt violation. Upon notice of such demand use by the Landlord, the Tenant shall constitute a breach of within two days repay to the Landlord such sums used by the Landlord from this Leasedeposit. Said security deposit shall be returned to Tenant, less any depletion thereof as the result of the provisions of this paragraph, at At the end of the term term, the Landlord shall pay to the Tenant the deposit (less any sums properly retained according to this agreement) after the Tenant has returned all keys and has vacated the premises and also after the Landlord has had a reasonable opportunity (at least Iive business days after Tenant has vacated the premises) to inspect the premises for damage and process the deposit for return, which usually takes approximately one month after the end of the lease term. If the Tenant shall fail to comply with all of the requirements for vacating and surrendering the premises in original condition, less normal wear and tear, Tenant agrees that Landlord may deduct from this deposit an amount for labor, materials, and supplies. See 19. SURRENDER/TURNOVER COSTS & PRACTICES of this Lease or any renewal thereof, or upon the earlier termination of this Leaselease document for further elaboration. Tenant shall have no right speciKically agrees not to anticipate return of said deposit by withholding any amount required to be paid pursuant to the provisions of apply this Lease or otherwise. In the event Landlord shall sell the Leased Premises, or shall otherwise convey or dispose of its interest in this Lease, Landlord shall assign said security deposit or any balance thereof to Landlord’s assignee, whereupon Landlord shall be released from all liability for the return or repayment of such security deposit and Tenant shall look solely to the new Landlord for the return and repayment of said security deposit. Said security deposit shall not be assigned or encumbered by Tenant without the written consent of Landlord, and any assignment or encumbrance without such consent shall not bind Landlord. In the event of any rightful and permitted assignment of this Lease by Tenant, said security deposit shall be deemed to be held by Landlord as a deposit made by the assignee, and Landlord shall have no further liability with respect to the return of said security deposit to the assignorpayment of any rent installment.
Appears in 1 contract
Samples: Lease Agreement
SECURITY AND DAMAGE DEPOSIT. Tenant, on or before the date contemporaneously with execution of possession of the Leased Premisesthis Lease, shall deposit has deposited with Landlord the sum of three thousand four hundred eighty-seven and 33/100 Dollars ($7,000 to serve as a security and damage deposit. Said damage 3,487.33), receipt of which is acknowledged by Landlord, which deposit is to be held by Landlord, Landlord without liability for interest, interest as a security and damage deposit for the faithful performance by Tenant of all the terms, covenants and conditions of this Lease to be kept and performed by Tenant Tenant's obligations during the term hereof Lease Term or any extension hereofor renewal thereof. Prior to the time when Tenant shall be entitled to the return of this security deposit, Landlord shall be entitled to intermingle may commingle such deposit with Landlord’s 's own funds and to use such security deposit for such purposes as Landlord may determinefunds. In the event of any default by Tenant in the failure timely performance of Tenant to keep and perform any of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the term hereof or any extension hereofLease, then Landlord, either with whether or without terminating not Landlord has terminated or thereafter terminates this Lease, Landlord at its option may (but shall not be required to) appropriate and apply all of such portion of said deposit as may be necessary to compensate or repay Landlord for all losses or damages sustained or to be sustained by Landlord due to on account of such breach on the part of by Tenant, including, including but not limited to overdue base and unpaid additional rent, any other sum sums payable by Tenant to Landlord pursuant to under the provisions of this Lease, damages or deficiencies incurred by Landlord in reletting the reletting of leased premisesDemised Premises, and Landlord's reasonable attorney’s fees incurred by Landlordattorney fees. Should If the entire deposit, deposit or any portion thereof, be appropriated and thereof is applied by Landlord, Landlord in accordance with the provisions of this paragraph, then Tenant shall, upon Landlord's written demand by Landlord, request shall remit forthwith to Landlord a sufficient amount of cash to restore said security deposit to the original sum so deposited, and Tenant’s 's failure to do so within five fifteen (515) days after receipt of such demand request shall constitute a breach of this Lease. Said security deposit shall be returned to Tenant, less any depletion portion thereof as the result of applied by Landlord in accordance with the provisions of this paragraph, at the end of the term of this Lease or any renewal or extension thereof, or upon the earlier termination of this Lease. Tenant shall have no right to direct that the deposit be applied to rent owing for the last month of the Lease Term, nor any other right to anticipate the return of said deposit by withholding any other amount required to be paid pursuant to the provisions of this Lease or otherwisehereunder. In the event Landlord shall sell sells the Leased Premises, Property or shall otherwise convey conveys or dispose disposes of its interest in this Lease, Landlord shall will assign said security deposit or any balance thereof to Landlord’s 's assignee, whereupon Landlord shall be released from all liability for the return or repayment of such security deposit and Tenant shall look solely to the new Landlord Landlord's said assignee for the return and repayment of thereof. Tenant may not assign or encumber any rights in said security deposit. Said security deposit shall not be assigned or encumbered by Tenant without the Landlord's prior written consent of Landlordconsent, and any no assignment or encumbrance by Tenant without such consent shall not bind Landlord. In the event of any rightful and permitted assignment of this Lease by Tenant, said security deposit shall be deemed to be held by Landlord as a deposit made by the Tenant's permitted assignee, and Landlord shall have no further liability to Tenant with respect to the return of said security deposit to the assignordeposit.
Appears in 1 contract
SECURITY AND DAMAGE DEPOSIT. Tenant, on Tenant has deposited with Landlord or before the date of possession of the Leased Premises, shall deposit with Landlord not later than the Commencement Date the sum of One Hundred Nine Thousand Four Hundred Nineteen Dollars ($7,000 109,419). At such time that Tenant has consummated a closing on its equity offering for at least Ten Million Dollars ($10,000,000) and provided evidence of said closing to serve Landlord, Tenant’s security deposit may be used by Tenant to pay Tenant’s monthly Base Rent and Additional Rent obligations until such time that Twenty Four Thousand Three Hundred Fifteen Dollars ($24,315) remains as a security and damage deposit, after which time that Twenty Four Thousand Three Hundred Fifteen Dollars ($24,315) sum will remain as a security deposit for the balance of the Term (as the Term may be extended). Said damage deposit is to be held by LandlordLandlord shall hold deposit, without liability for interest, as a security and damage deposit for the faithful performance by Tenant of all the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the term hereof Term of the Lease or any extension hereofextension. Prior to the time when Tenant shall be entitled to the return of this security deposit, Landlord shall be entitled to intermingle may co-mingle such deposit with Landlord’s own funds and to use such security deposit for such purposes purpose as Landlord may determine. In the event of the failure of Tenant to keep and perform any of the terms, covenants and conditions of this the Lease to be kept beyond any applicable notice and performed by Tenant during the term hereof or any extension hereofcure period, then Landlord, either with or without terminating this Lease, may (but shall not be required to) appropriate and apply all of such portion of said deposit as may be necessary to compensate or repay Landlord for all losses or actual damages sustained or to be sustained by Landlord due to such breach on the part of Tenant. Landlord may apply said deposit, includingwithout limitation, but not limited to overdue and unpaid rent, any other sum payable by Tenant to Landlord pursuant to the provisions of this Lease, damages or deficiencies in damage to the reletting of leased premisesDemised Premises which Tenant is obligated to repair, and reasonable attorney’s fees incurred by LandlordLandlord in connection therewith. Should the entire deposit, deposit or any portion thereof, be appropriated and applied by Landlord, Landlord in accordance with the provisions of this paragraph, Tenant shall, upon written demand by Landlord, shall remit forthwith to Landlord a sufficient amount of cash to restore said security deposit to the original sum so deposited, and applied. Tenant’s failure to do so remit such security deposit within five (5) days after receipt of such demand shall constitute a breach of this Lease. Said security deposit shall be returned to Tenant, less any depletion thereof as Upon the result of the provisions of this paragraph, at the end of the term of this Lease or any renewal thereof, or upon the earlier termination of this Leaseor any extension, Landlord shall return to Tenant the deposit or any remaining balance. Tenant shall have no right to anticipate return of said deposit by withholding any amount required to be paid pursuant to the provisions provision of this Lease or otherwiseLease. In the event Landlord shall sell the Leased PremisesBuilding, or shall otherwise convey or dispose of its interest in this Lease, Landlord shall assign said security deposit or any balance thereof to Landlord’s assignee, whereupon Landlord shall be released from all liability for the return or repayment of such security deposit and Tenant shall look solely to the new Landlord assignee for the return and repayment of said security deposit. Said security deposit shall not be assigned or encumbered by Tenant without the written consent of Landlord, and any assignment or encumbrance without such consent shall not bind Landlord. In the event of any rightful and permitted assignment of this Lease by Tenant, said security deposit shall be deemed to be held by Landlord as a deposit made by the assignee, and Landlord shall have no further liability with respect to the return of said security deposit to the assignorTenant.
Appears in 1 contract
Samples: Commercial Lease (Vyant Bio, Inc.)
SECURITY AND DAMAGE DEPOSIT. Tenant, on or before The Tenant has agreed to pay to the date of possession of the Leased Premises, shall deposit with Landlord the sum of $7,000 $ (2 Months’ rent)(the "security deposit") pursuant to serve as a security and damage deposit. Said damage deposit is to be held by Landlord, without liability for interestAddendum A - Payment Schedule, as a security and damage deposit for to assure that the faithful performance by Tenant of fully performs all the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the term hereof or any extension hereof. Prior to the time when Tenant shall be entitled to the return of this security deposit, Landlord shall be entitled to intermingle such deposit with Landlord’s own funds and to use such security deposit for such purposes as Landlord may determine. In the event that is required of the failure of Tenant to keep and perform any of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the term hereof or any extension hereof, then Landlord, either with or without terminating this Lease, may (but shall not be required to) appropriate and apply all of such portion of said deposit as may be necessary to compensate or repay Landlord for all losses or damages sustained or to be sustained by Landlord due to such breach on the part of Tenant, including, but not limited to overdue and unpaid rent, any other sum payable by Tenant to Landlord pursuant to under the provisions of this Lease, damages or deficiencies in . If the reletting of leased premises, and reasonable attorney’s fees incurred by Landlord. Should Tenant does not pay the entire deposit, rent or any portion thereof, be appropriated and applied by Landlord, in accordance with installment of rent or if the provisions Tenant violates any other part of this paragraphLease, Tenant shall, upon written demand by Landlord, remit forthwith to then the Landlord a sufficient amount may use or apply part or all of cash to restore said this security deposit to the original sum so depositedunpaid rent or any part thereof or to any other costs or payments outstanding due to Tenant's violation. Upon notice of such use by the Landlord, and Tenant’s failure to do so the Tenant shall within five two (52) days after receipt of repay to the Landlord such demand shall constitute a breach of sums used by the Landlord from this Leasesecurity deposit. Said security deposit shall be returned to Tenant, less any depletion thereof as the result of the provisions of this paragraph, at At the end of the term term, the Landlord shall pay to the Tenant the deposit (less any sums properly retained according to this lease) after the Tenant has returned all keys or other entry devices and has vacated the premises and also after the Landlord has had a reasonable opportunity (at least ten (10)) business days after Tenant has vacated the premises) to inspect the premises for damage and process the deposit for return, which usually takes approximately 30 days after Lease expiration. If the Tenant shall fail to comply with all of the requirements for vacating and surrendering the premises in its original condition, less normal wear and tear, Xxxxxx agrees that Landlord may deduct from this Lease or any renewal thereofsecurity deposit an amount for labor, or upon the earlier termination of this Leasematerials, supplies and a 20% administrative fee. Tenant shall have no right to anticipate return of said deposit by withholding any amount required to be paid pursuant to the provisions of this Lease or otherwise. In the event Landlord shall sell the Leased Premises, or shall otherwise convey or dispose of its interest in this Lease, Landlord shall assign said security deposit or any balance thereof to Landlord’s assignee, whereupon Landlord shall be released from all liability for the return or repayment of such security deposit and Tenant shall look solely to the new Landlord for the return and repayment of said security deposit. Said security deposit shall not be assigned or encumbered by Tenant without the written consent of Landlord, and any assignment or encumbrance without such consent shall not bind Landlord. In the event of any rightful and permitted assignment of this Lease by Tenant, said security deposit shall be deemed to be held by Landlord as a deposit made by the assignee, and agrees that Landlord shall have no the right to deduct the cost to hire a professional cleaning company to conduct a thorough cleaning if the Tenant has not already hired a professional cleaning company to conduct a cleaning of the demised premises. See Section 19 of this lease captioned "SURRENDER" for further liability with respect elaboration. Tenant specifically agrees not to the return of said apply this security deposit to the assignorpayment of any rent installment.
Appears in 1 contract
Samples: Lease Agreement
SECURITY AND DAMAGE DEPOSIT. TenantTenant contemporaneously with the execution of this Lease, on or before the date of possession of the Leased Premises, shall deposit has deposited with Landlord the sum of Thirty Thousand and No/100 Dollars ($7,000 to serve as a security and damage deposit. Said damage 30,000.00), receipt of which is acknowledged hereby by Landlord, which deposit is to be held by Landlord, without liability for interest, as a security and damage deposit for the faithful performance by Tenant of all the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the term hereof or any extension hereof. Prior to the time when Tenant shall be entitled to the return of this security deposit, Landlord shall be entitled to intermingle may commingle such deposit with Landlord’s own funds and to use such security deposit for such purposes purpose as Landlord may determine. In the event of the failure of Tenant to keep and perform any of the terms, covenants and conditions of this Lease to be kept and performed a default by Tenant hereunder, and Tenant’s failure to cure within the applicable time frame, during the term hereof or any extension hereof, then Landlord, either with or without terminating this Lease, Lease may (but shall not be required to) appropriate and apply all of such portion of said deposit as may be necessary to compensate or repay Landlord for all losses or damages reasonably sustained or to be sustained by Landlord due to such breach on the part of Tenant, including, but not limited to overdue and unpaid rent, any other sum payable by Tenant to Landlord pursuant to the provisions of this Lease, damages or deficiencies in the reletting of leased premisesPremises, and reasonable attorney’s fees incurred by Landlord. Should the entire deposit, deposit or any portion thereof, be appropriated and applied by Landlord, in accordance with the provisions of this paragraph, Tenant shall, upon written demand by Landlord, shall remit forthwith to Landlord a sufficient amount of cash to restore said security deposit to the original sum so deposited, and Tenant’s failure to do so within five (5) days after receipt of such demand shall constitute a breach of this Lease. Said security deposit shall be returned to Tenant, less any depletion thereof as the result of the provisions of this paragraph, at the end of the term of this Lease or any renewal thereof, or upon the earlier termination of this Lease. Tenant shall have no right to anticipate return of said deposit by withholding any amount required to be paid pursuant to the provisions provision of this Lease or otherwise. In the event Landlord shall sell the Leased PremisesProperty, or shall otherwise convey or dispose of its interest in this Lease, Landlord shall may assign said the security deposit or any balance thereof to Landlord’s assignee, whereupon Landlord shall be released from all liability for the return or repayment of such security deposit and Tenant shall look solely to the new Landlord said assignee for the return and repayment of said security deposit. Said security deposit shall not be assigned or encumbered by Tenant without the written such consent of Landlord, and any assignment or encumbrance without such consent shall not bind Landlord. In the event of any rightful and permitted assignment of this Lease by Tenant, said security deposit shall be deemed to be held by Landlord as a deposit made by the assignee, and Landlord shall have no further liability with respect to the return of said security deposit to the assignorTenant.
Appears in 1 contract
Samples: Commercial Lease (Ciprico Inc)
SECURITY AND DAMAGE DEPOSIT. Tenant, on or before contemporaneously with the date execution of possession of the Leased Premisesthis Lease, shall deposit has deposited with Landlord the sum of Nineteen Thousand and NO/100 Dollars ($7,000 to serve as a security and damage deposit. Said damage 19,000.00), receipt of which is acknowledged hereby by Landlord, which deposit is to be held by Landlord, without liability for interest, as a security and damage deposit for the faithful performance by Tenant of all the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the term Term hereof or any extension hereof. Prior to the time when Tenant shall be entitled to the return of this security deposit, Landlord shall be entitled to intermingle may commingle such deposit with Landlord’s own funds and to use such security deposit for such purposes purpose as Landlord may determine. In the event If there is an Event of the failure of Tenant to keep and perform any of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the term hereof or any extension hereofDefault (as defined below in Article 17), then Landlord, either with or without terminating this Lease, Lease may (but shall not be required to) appropriate and apply all of such portion of said deposit as may be necessary to compensate or repay Landlord for all losses or damages sustained or to be sustained by Landlord due to such breach on the part of Tenant, including, but not limited to overdue and unpaid rent, any other sum payable by Tenant to Landlord pursuant to the provisions of this Lease, damages or deficiencies in the reletting of leased premisesPremises, and reasonable attorney’s fees incurred by Landlord. Should the entire deposit, deposit or any portion thereof, be appropriated and applied by Landlord, in accordance with the provisions of this paragraph, Tenant shall, upon written demand by Landlord, shall remit forthwith to Landlord a sufficient amount of cash to restore said security deposit to the original sum so deposited, and Tenant’s failure to do so within five (5) days after receipt of such demand shall constitute a breach of this Lease. Said security deposit shall be returned to Tenant, less any depletion thereof as the result of the provisions of this paragraph, at the end of the term Term of this Lease or any renewal thereof, or upon the earlier termination of this Lease. Tenant shall have no right to anticipate return of said deposit by withholding any amount required to be paid pursuant to the provisions of this Lease or otherwise. In the event Landlord shall sell the Leased PremisesProperty, or shall otherwise convey or dispose of its interest in this Lease, Landlord shall may assign said the security deposit or any balance thereof to Landlord’s assignee, whereupon Landlord shall be released from all liability for the return or repayment of such security deposit and Tenant shall look solely to the new Landlord said assignee for the return and repayment of said security deposit. Said security deposit shall not be assigned or encumbered by Tenant without the written such consent of Landlord, and any assignment or encumbrance without such consent shall not bind Landlord. In the event of any rightful and permitted assignment of this Lease by Tenant, said security deposit shall be deemed to be held by Landlord as a deposit made by the assignee, and Landlord shall have no further liability with respect to the return of said security deposit to the assignorTenant.
Appears in 1 contract
SECURITY AND DAMAGE DEPOSIT. Tenant4.01 Lessee, on or before the date of possession in connection with its lease of the Leased Existing Premises, shall deposit has deposited with Landlord Lessor the sum of thirteen thousand, eighty and 00/100 dollars ($7,000 to serve as a security and damage deposit. Said damage 13,080.00), receipt of which is acknowledged hereby by Lessor, which deposit is to be held by LandlordLessor, without liability for interest, as a security and damage deposit for the faithful performance by Tenant of all the terms, covenants and conditions of this Lease to be kept and performed by Tenant Lessee during the term hereof or any extension hereof. Prior to the time when Tenant Lessee shall be entitled to the return of this security deposit, Landlord shall be entitled to intermingle Lessor may co-mingle such deposit with Landlord’s Lessor's own funds and to use such security deposit for such purposes purpose as Landlord Lessor may determine. In the event of the failure of Tenant Lessee to keep and perform any of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the term hereof or any extension hereof, then Landlordthe Lessor, either with or without terminating this Lease, may (but shall not be required to) appropriate and apply all of such portion of said deposit as may be necessary to compensate or repay Landlord Lessor for all losses or damages sustained or to be sustained by Landlord Lessor due to such breach on the part of TenantLessee, including, but not limited to overdue and unpaid rent, any other sum payable by Tenant Lessee to Landlord Lessor pursuant to the provisions of this Lease, damages or deficiencies in the reletting of leased premisesDemised Premises, and reasonable attorney’s 's fees incurred by LandlordLessor. Should the entire deposit, deposit or any portion thereof, be appropriated and applied by Landlord, Lessor in accordance with the provisions of this paragraph, Tenant shall, Lessee upon written demand by LandlordLessor, shall remit forthwith to Landlord Lessor a sufficient amount of cash to restore said security deposit to the original sum so deposited, and Tenant’s Lessee's failure to do so within five (5) days after receipt of such demand shall constitute a breach of this Lease. Said security deposit shall be returned to TenantLessee, less any depletion thereof as the result of the provisions of this paragraph, at the end of the term of this Lease or any renewal thereof, or upon the earlier termination of this Lease. Tenant Lessee shall have no right to anticipate return of said deposit by withholding any amount required to be paid pursuant to the provisions of this Lease or otherwise. .
4.02 In the event Landlord Lessor shall sell the Leased Premises, or shall otherwise convey or dispose of its interest in this Lease, Landlord shall Lessor may assign said security deposit or any balance thereof to Landlord’s Lessor's assignee, whereupon Landlord Lessor shall be released from all liability for the return or repayment of such security deposit and Tenant Lessee shall look solely to the new Landlord said assignee for the return and repayment of said security deposit. Said security deposit shall not be assigned or encumbered by Tenant Lessee without the written consent of LandlordLessor, and any assignment or of encumbrance without such consent shall not bind Landlord. In the event of any rightful and permitted assignment of this Lease by Tenant, said security deposit shall be deemed to be held by Landlord as a deposit made by the assignee, and Landlord shall have no further liability with respect to the return of said security deposit to the assignorLessor.
Appears in 1 contract
Samples: Lease Agreement (Techforce Corp)
SECURITY AND DAMAGE DEPOSIT. TenantLessee contemporaneously with the execution of this Lease, on or before the date of possession of the Leased Premises, shall deposit deposited with Landlord Lessor the sum of Zero Dollars ($7,000 to serve as a security and damage deposit. Said damage ---0---), receipt of which is hereby acknowledged by Lessor, which deposit is to be held by LandlordLessor, without liability for interest, interest as a security and damage deposit for the faithful performance by Tenant of all the terms, covenants and conditions of this Lease to be kept and performed by Tenant Lessee during the term hereof or any extension hereof. Prior to the time of when Tenant Lessee shall be entitled to the return of this security deposit, Landlord shall be entitled to intermingle Lessor may commingle such deposit with Landlord’s Lessor's own funds and to use such security deposit for such purposes as Landlord Lessor may determine. In the event of the failure of Tenant Lessee to keep and perform any of the terms, covenants and conditions of this Lease to be kept and performed by Tenant Lessee during the term hereof or any extension hereof, then LandlordLessor, either with or without terminating this Lease, Lease may (but shall not be required to) appropriate and apply all of such portion of said deposit as may be necessary to compensate or repay Landlord Lessor for all losses or damages sustained or to be sustained by Landlord Lessor due to such breach on the part of TenantLessee, including, but not limited to to, overdue and unpaid rent, any other sum amounts payable by Tenant Lessee to Landlord Lessor pursuant to the provisions of this Lease, damages or deficiencies in the reletting of leased premisesDemised Premises, and reasonable attorney’s 's fees incurred by LandlordLessor. Should the entire deposit, deposit or any portion thereof, be appropriated and applied by LandlordLessor, in accordance with the provisions of this paragraph, Tenant shall, Lessee upon written demand by Landlord, Lessor shall remit forthwith to Landlord Lessor a sufficient amount of cash to restore said security deposit to the original sum so deposited, and Tenant’s Lessee's failure to do so within five (5) days after receipt of such demand shall constitute a breach of this Lease. Said security deposit shall be returned to TenantLessee, less any depletion deposit thereof as the result of the provisions of this paragraph, at the end of the term of this Lease Lease, or any renewal thereof, thereof or upon the earlier termination of this Lease. Tenant Lessee shall have no right to anticipate return of said deposit by withholding any amount required to be paid pursuant to the provisions provision of this Lease or otherwise. In the event Landlord Lessor shall sell the Leased Premises, or shall otherwise convey or dispose of its interest in this Lease, Landlord shall Lessor may assign said security deposit or any balance thereof to Landlord’s Lessor's assignee, whereupon Landlord Lessor shall be released from all liability for the return or repayment of such security deposit and Tenant Lessee shall look solely to the new Landlord said assignee for the return and repayment reimbursement of said security deposit. Said security deposit shall not be assigned or encumbered by Tenant Lessee without the written consent of LandlordLessor, and any assignment or encumbrance without such consent shall not bind LandlordLessor. In the event of any rightful and permitted assignment of this Lease by Tenant, Lessor said security deposit shall be deemed to be held by Landlord Lessor as a deposit made by the assignee, and Landlord Lessor shall have no further liability with respect to the return of said security deposit to the assignorLessee.
Appears in 1 contract
Samples: Office/Warehouse Lease (Childrens Broadcasting Corp)
SECURITY AND DAMAGE DEPOSIT. TenantUpon execution of this Lease, on or before the date of possession of the Leased Premises, shall Tenant --------------------------- will deposit with Landlord the sum of Twenty One Thousand Six Hundred Ninety Four and 00/100 Dollars ($7,000 to serve as a security and damage deposit. Said damage 21,694.00), receipt of which is acknowledged hereby by Landlord, which deposit is to be held by Landlord, without liability for interest, as a security and damage deposit for the faithful performance by Tenant of all the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the term hereof or any extension hereof. Prior to the time when Tenant shall be entitled to the return of this security deposit, Landlord shall be entitled to intermingle may co-mingle such deposit with Landlord’s 's own funds and to use such security deposit for such purposes as Landlord may determine. In the event of the failure of Tenant to keep and perform any of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the term hereof or any extension hereof, then Landlord, either with or without terminating this Lease, may (but shall not be required to) appropriate and apply all of such portion of said deposit as may be necessary to compensate or repay Landlord for all losses or damages sustained or to be sustained by Landlord due to such breach on the part of Tenant, including, but not limited to overdue and unpaid rent, any other sum payable by Tenant to Landlord pursuant to the provisions of this Lease, damages or deficiencies in the reletting of leased premisesLeased Premises, and reasonable attorney’s attorneys' fees incurred by Landlord. Should the entire deposit, deposit or any portion thereof, be appropriated and applied by Landlord, in accordance with the provisions of this paragraph, Tenant shall, upon written demand by Landlord, shall remit forthwith to Landlord a sufficient amount of cash to restore said security deposit to the original sum so deposited, and Tenant’s 's failure to do so within five ten (510) days after receipt of such demand shall constitute a breach of this Lease. Said security deposit shall be returned to Tenant, less any depletion thereof as the result of the provisions of this paragraph, at the end of the term of this Lease or any renewal thereof, or upon the earlier termination of this Lease. Tenant shall have no right to anticipate return of said deposit by withholding any amount required to be paid pursuant to the provisions of this Lease or otherwise. In the event Landlord shall sell the Leased Premises, or shall otherwise convey or dispose of its interest in this Lease, Landlord shall assign said security deposit or any balance thereof to Landlord’s assignee, whereupon Landlord shall be released from all liability for the return or repayment of such security deposit and Tenant shall look solely to the new Landlord for the return and repayment of said security deposit. Said security deposit shall not be assigned or encumbered by Tenant without the written consent of Landlord, and any assignment or encumbrance without such consent shall not bind Landlord. In the event of any rightful and permitted assignment of this Lease by Tenant, said security deposit shall be deemed to be held by Landlord as a deposit made by the assignee, and Landlord shall have no further liability with respect to the return of said security deposit to the assignor.this
Appears in 1 contract
Samples: Lease Agreement (Vialog Corp)
SECURITY AND DAMAGE DEPOSIT. Tenant, on or before contemporaneously with the date execution of possession of the Leased Premisesthis Lease, shall deposit has deposited with Landlord the sum of Zero Dollars ($7,000 to serve as a security and damage deposit. Said damage 0.00), receipt of which is acknowledged hereby by Landlord, which deposit is to be held by Landlord, without liability for interest, as a security and damage deposit for the faithful performance by Tenant of all the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the term Term hereof or any extension hereof. Prior to the time when Tenant shall be entitled to the return of this security deposit, Landlord shall be entitled to intermingle may commingle such deposit with Landlord’s own funds and to use such security deposit for such purposes purpose as Landlord may determine. In the event If there is an Event of the failure of Tenant to keep and perform any of the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the term hereof or any extension hereofDefault (as defined below in Article 17), then Landlord, either with or without terminating this Lease, Lease may (but shall not be required to) appropriate and apply all of such portion of said deposit as may be necessary to compensate or repay Landlord for all losses or damages sustained or to be sustained by Landlord due to such breach on the part of Tenant, including, but not limited to overdue and unpaid rent, any other sum payable by Tenant to Landlord pursuant to the provisions of this Lease, damages or deficiencies in the reletting of leased premisesPremises, and reasonable attorney’s fees incurred by Landlord. Should the entire deposit, deposit or any portion thereof, be appropriated and applied by Landlord, in accordance with the provisions of this paragraph, Tenant shall, upon written demand by Landlord, shall remit forthwith to Landlord a sufficient amount of cash to restore said security deposit to the original sum so deposited, and Tenant’s failure to do so within five (5) days after receipt of such demand shall constitute a breach of this Lease. Said security deposit shall be returned to Tenant, less any depletion thereof as the result of the provisions of this paragraph, at the end of the term Term of this Lease or any renewal thereof, or upon the earlier termination of this Lease. Tenant shall have no right to anticipate return of said deposit by withholding any amount required to be paid pursuant to the provisions of this Lease or otherwise. In the event Landlord shall sell the Leased PremisesProperty, or shall otherwise convey or dispose of its interest in this Lease, Landlord shall may assign said the security deposit or any balance thereof to Landlord’s assignee, whereupon Landlord shall be released from all liability for the return or repayment of such security deposit and Tenant shall look solely to the new Landlord said assignee for the return and repayment of said security deposit. Said security deposit shall not be assigned or encumbered by Tenant without the written such consent of Landlord, and any assignment or encumbrance without such consent shall not bind Landlord. In the event of any rightful and permitted assignment of this Lease by Tenant, said security deposit shall be deemed to be held by Landlord as a deposit made by the assignee, and Landlord shall have no further liability with respect to the return of said security deposit to the assignorTenant.
Appears in 1 contract
SECURITY AND DAMAGE DEPOSIT. TenantLessee contemporaneously with the execution of this Lease, on or before the date of possession of the Leased Premises, shall deposit has deposited with Landlord Lessor the sum of Fifteen Thousand Fifty and NO/100 Dollars ($7,000 to serve as a security and damage deposit. Said damage 15,050.00), receipt of which is acknowledged hereby by Lessor, which deposit is to be held by LandlordLessor, without liability for interest, as a security and damage deposit for the faithful performance by Tenant of all the terms, covenants and conditions of this Lease to be kept and performed by Tenant Lessee during the term hereof or any extension hereof. Prior to the time when Tenant Lessee shall be entitled to the return of this security deposit, Landlord shall be entitled to intermingle Lessor may co-mingle such deposit with LandlordLessor’s own funds and to use such security deposit for such purposes purpose as Landlord Lessor may determine. In the event of the failure of Tenant Lessee to keep and perform any of the terms, covenants covenants, and conditions of this Lease to be kept and performed by Tenant Lessee during the term hereof or any extension hereof, then LandlordLessor, either with or without terminating this Lease, may (but shall not be required to) appropriate and apply all of such portion of said deposit as may be necessary to compensate or repay Landlord Lessor for all losses or damages sustained or to be sustained by Landlord Lessor due to such breach on the part of TenantLessee, including, but not limited to overdue and unpaid rent, any other sum payable by Tenant Lessee to Landlord Lessor pursuant to the provisions of this Lease, damages damages, or deficiencies in the reletting of leased premisesDemised Premises, and reasonable attorney’s fees incurred by LandlordLessor. Should the entire deposit, deposit or any portion thereof, be appropriated and applied by LandlordLessor, in accordance with the provisions of this paragraph, Tenant shall, . Lessee upon written demand by LandlordLessor, shall remit forthwith to Landlord Lessor a sufficient amount of cash to restore said security deposit to the original sum so deposited, and TenantLessee’s failure to do so within five (5) days after receipt of such demand shall constitute a breach of this Lease. Said security deposit shall be returned to TenantLessee, less any depletion thereof as the result of the provisions of this paragraph, at the end of the term of this Lease or any renewal thereof, or upon the earlier termination of this Lease. Tenant Lessee shall have no right to anticipate return of said deposit by withholding any amount required to be paid pursuant to the provisions provision of this Lease or otherwise. In the event Landlord Lessor shall sell the Leased Premises, or shall otherwise convey or dispose of its interest in this Lease, Landlord shall Lessor may assign said security deposit or any balance thereof to LandlordLessor’s assignee, whereupon Landlord Lessor shall be released from all liability for the return or repayment of such security deposit and Tenant Lessee shall look solely to the new Landlord said assignee for the return and repayment of said security deposit. Said security deposit shall not be assigned or encumbered by Tenant Lessee without the written consent of LandlordLessor, and any assignment or of encumbrance without such consent shall not bind LandlordLessor. In the event of any rightful and permitted assignment of this Lease by TenantLessee, said security deposit shall be deemed to be held by Landlord Lessor as a deposit made by the assignee, and Landlord Lessor shall have no further liability with respect to the return of said security deposit to the assignor.Lessee. USE:
Appears in 1 contract