Security Deposit Escrow Account Sample Clauses

Security Deposit Escrow Account. The Agent shall maintain a separate escrow account for tenant security deposits and advance rentals. Such account shall be maintained in accordance with applicable state or local laws, if any and interest accrued in this account shall belong to the Agent.
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Security Deposit Escrow Account. Notwithstanding the provisions of Sections 1.7 and 5 of the Lease, the parties agree that the Security Deposit to be paid by Lessee on the Execution Date shall be deposited by Lessee in an interest bearing account (the "Security Deposit Escrow Account") established by Lessor at Texas Commerce Bank National Association in El Paso, Texas. The parties further agree that in the event the Lease is terminated in accordance with the terms hereof prior to the Commencement Date, then the Security Deposit Escrow Account, and all interest earnings thereon, shall be released and paid by the escrow agent to Lessee, and Lessor agrees to execute and deliver to Lessee and/or the escrow agent upon request written instructions authorizing and directing the escrow agent to release the Security Deposit Escrow Account to Lessee. If the Lease is not terminated in accordance with the terms hereof prior to the Commencement Date, then the parties agree that on the Commencement Date (i) the Security Deposit shall be released and paid by the escrow agent to Lessor to be held, used, applied or retained by Lessor pursuant to the terms of Section 5 of the Lease, and (ii) all interest earnings thereon shall be released and paid by the escrow agent to Lessee. Lessee agrees to execute and deliver to Lessor and/or the escrow agent upon request written instructions authorizing and directing the escrow agent to release the Security Deposit to Lessor. The parties agree to equally bear the cost of establishing the Security Deposit Escrow Account, including, without limitation, the fees of the escrow agent, and to execute and deliver all such documents as the escrow agent may reasonably request in connection therewith. EXECUTED AND DELIVERED as of November 30, 1996. SANTA TERESA LIMITED PARTNERSHIP Xx: XXR PARK, INC., General Partner By: /s/ Paul J. Martini Name: Xxxx X. Xartini Its: Xxxxxxx FARAH U.S.A., INC. By: Timothy B. Page Name: Xxxxthy B. Page Its: Xxxxutive Vice President Chief Operating Officer FARAH INCORPORATED By: Timothy B. Page Name: Xxxxthy B. Page Its: Xxxxutive Vice President Chief Operating Officer
Sample 1
Security Deposit Escrow Account. Sublessor shall establish an Escrow Account on behalf of Sublessee upon the execution hereof in the amount of ONE HUNDRED THOUSAND DOLLARS AND NO/100THS ($100,000.00) as security for Sublessor's faithful performance of Sublessor's obligation hereunder. If Sublessor fails to pay rent or other charges due hereunder, or otherwise defaults with respect to any provision of this Sublease, Sublessee may use, apply or retain all or any portion of said deposit for the payment of any rent or other change in default or for the payment of any other sum to which Sublessee may become obligated by reason of Sublessor's default, or to compensate Sublessee for any loss or damage which Sublessee may suffer thereby. If Sublessor performs all of Sublessor's obligations hereunder, said deposit, or so much thereof as has heretofore not been applied by Sublessee, shall be returned, without payment of interest or other increment for its use to Sublessor at the expiration of the term hereof
Sample 1
Security Deposit Escrow Account. In addition to the Leasing Cost Account and the Tax Escrow Account, Borrower shall establish an interest-bearing escrow account with Lender (the "Security Deposit Escrow Account"), into which Borrower shall deposit all security deposits, escrow deposits, deposits and similar payments by tenants under Leases of the Property, other than amounts received from tenants and deposited in the Tax Escrow Account. Borrower shall also deposit with Lender any letter of credit given by a tenant or any guarantor of any Lease entered into after April 20, 2001, to secure performance of such tenant's obligations under its Lease. In the event of a default under a Lease secured by a letter of credit, Borrower shall draw upon such letter of credit, in strict compliance with the requirements thereof, and shall deposit the proceeds thereof into the Security Deposit Escrow Account. Borrower shall have the right to draw upon the Security Deposit Escrow Account only for: (i) the purpose of returning to tenant's their respective security deposits upon full and complete performance of all obligations under their respective Leases, and (ii) to the extent security deposits have been forfeit, for the purpose of making expenditures relating to the operation and maintenance of the Property, including but not limited to payment of the Secured Obligations, operating expenses, Leasehold Improvements and other Leasing Costs.
Sample 1

Related to Security Deposit Escrow Account

  • Security Deposits The Owner hereby grants the Agent power to collect security deposits from the tenants on the Property. Returning said security deposit shall be the responsibility of the: (check one) ☐ - Agent for returning to vacating tenants. ☐ - Owner for returning to vacating tenants.

  • Escrow Account 31.1.1 The Concessionaire shall, prior to the Appointed Date, open and establish an Escrow Account with a Bank (the “Escrow Bank”) in accordance with this Agreement read with the Escrow Agreement.

  • Security Deposit Upon execution of this Lease, Tenant shall deposit with Landlord the amount of the Security Deposit specified on [Page One], of this Lease. The Security Deposit will be returned to Tenant without interest upon the expiration of the Term of the Lease, provided that Xxxxxx has paid all amounts due under this Lease and has otherwise performed all obligations hereunder. In the event that Tenant defaults under any provision of this Lease, and after the expiration of any applicable cure period, Landlord may apply all, or any part of the Security Deposit to amounts owed by Tenant. In the event Landlord elects to apply the Security Deposit as provided for above, Tenant shall promptly restore such Security Deposit to the original amount. Landlord may, at its discretion, commingle such funds with its other funds, Upon any sale or other conveyance of the Building, Landlord may transfer the Security Deposit (or any amount of the Security Deposit remaining) to a successor/owner, and Xxxxxx agrees to look solely at the successor/owner for repayment of the same. Notwithstanding anything to the contrary in the paragraph above, in lieu of a cash Security Deposit, Tenant may deliver the Security Deposit in the form of an unconditional, clean, irrevocable standby letter of credit, in a form acceptable to Landlord, and issued by a bank reasonably acceptable to Landlord (the “Letter of Credit”) as security, provided the Letter of Credit shall be delivered to Landlord with executed copies of this Lease. The Letter of Credit shall (i) be unconditional, irrevocable, transferable, payable to Tenant upon presentment of original to the issuer in person or by courier, in partial or full draws, and (ii) contain an “evergreen” provision which provides that it is automatically renewed on an annual basis (subject to the permitted date of termination set forth below) unless the issuer delivers thirty (30) days’ prior written notice of cancellation to Landlord and Tenant. Without limiting any of Landlord’s rights or remedies hereunder, if the bank issuing the Letter of Credit provides Landlord with a cancellation notice, Landlord may immediately draw upon all or any part of the Letter of Credit and Tenant shall provide Landlord with an additional irrevocable stand-by letter of credit as provided below. Any and all fees or costs charged by the issuer in connection with the Letter of Credit shall be paid by Xxxxxx. The irrevocable stand-by Letter of Credit shall remain effective through the date that is sixty (60) days following the expiration date this Lease. If Tenant defaults with respect to any provision of this Lease beyond applicable notice and cure periods, including but not limited to the provisions relating to the payment of Rent, Landlord may draw upon all or any part of Tenant’s Letter of Credit. If any portion of the Security Deposit is so used, applied, or retained, Tenant will within ten (10) days after written demand from Landlord, provide to Landlord an additional irrevocable, stand-by letter of credit, which shall be in form and substance satisfactory to Landlord, issued by a bank reasonably acceptable to Landlord, in an amount sufficient to restore the Security Deposit to its required amount pursuant to this Section 8. Tenant’s failure to replenish the Security Deposit shall constitute a failure to pay Additional Rent and Tenant shall have ten (10) days from the date of notice to cure such default.

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