Common use of Security and Other Deposits Clause in Contracts

Security and Other Deposits. At the Closing, Purchaser shall (i) receive a credit in the aggregate amount of all unapplied refundable security deposits (plus interest accrued thereon to the extent required to be paid by the applicable Lease or applicable law) required to be held by Seller under the Leases; and (ii) pay Seller an amount equal to all utility and contract deposits then held by third parties with respect to the Property and transferred to Purchaser hereunder, unless Seller elects to cancel any of the same as of Closing. If any security deposits shall be held by Seller in the form of letters of credit or surety bonds, Seller shall assign its rights thereunder to Purchaser and shall cooperate reasonably with Purchaser in respect of the reissuance of any such letters of credit or bonds in the name of Purchaser.

Security and Other Deposits. At the Closing, Seller shall deliver to Purchaser shall (i) receive a credit in the aggregate amount of all unapplied refundable security deposits (plus interest accrued thereon to the extent required to be paid by the applicable Lease or applicable law) required to be held by Seller under the Leases; Leases and (ii) Purchaser shall pay Seller an amount equal to all utility and contract deposits then held by third parties with respect to the Property and transferred to Purchaser hereunder, unless Seller elects to cancel any of the same as of Closing. If any security deposits shall be held by Seller in the form of letters of credit or surety bonds, Seller shall assign its rights thereunder to Purchaser and shall cooperate reasonably with Purchaser in respect of the reissuance of any such letters of credit or bonds in the name of Purchaser.

Security and Other Deposits. At the Closing, Seller shall deliver to Purchaser shall (i) receive a credit in the aggregate amount of all unapplied refundable security deposits (plus interest accrued thereon to the extent required to be paid by the applicable Lease or applicable law) required to be held by Seller under the Leases; , and (ii) Purchaser shall pay Seller an amount equal to all utility and contract deposits then held by third parties with respect to the Property and transferred to Purchaser hereunder, unless Seller elects to cancel any of the same as of Closing. If any security deposits shall be held by Seller in the form of letters of credit or surety bonds, Seller shall assign its rights thereunder to Purchaser and shall cooperate reasonably with Purchaser in respect of the reissuance of any such letters of credit or bonds in the name of Purchaser. Seller’s obligations under this Section 7.1.4 shall survive the Closing.