Common use of SECURITY DEPOSIT CHARGE Clause in Contracts

SECURITY DEPOSIT CHARGE. Xxxxxx acknowledges and agrees that the security deposit paid by Renter thereunder in the amount of at least $1,500 is to be paid to Lessor as a guarantee by Renter of the full and complete performance by Xxxxxx of each and all of the terms, covenants and conditions contained in the Rental Contract. The security deposit shall at Lessor’s option be forfeited and Renter shall in addition thereto pay to Lessor all charges and costs specified herein as well as all costs and / or expenses caused or occasioned by any breach of Rental Contract by Renter. The security deposit shall be paid at time of pickup. The only acceptable form of payment for security deposit is a major credit card. All other forms of payment, e.g. Debit card, cash, traveler’s check, checks, are not acceptable.