Common use of Security Deposit and Initial Payment Clause in Contracts

Security Deposit and Initial Payment. Upon execution of this Agreement, Co-Working member shall pay to VHSBI a security deposit equal to one month’s charges which shall be held by VHSBI during the term of this Agreement. The security deposit shall be used for payment of any damages to the facilities, exclusive of normal wear and tear, which occur during the term of this Agreement and which are caused by Co- Working member. However, Co-Working member liability for any damage is not limited by the amount of the security deposit. The balance of the security deposit, if any, will be returned to Co-Working member at the mailing address provided by the Co-Working member within thirty (30) days of the termination of this Agreement. Additionally, upon execution of this Agreement, Co-Working member shall also pay the first month’s charges.