Security Deposit. Tenant has deposited or concurrently herewith is depositing with Landlord the sum set forth in Article 1.F. of the Basic Lease Provisions as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant breaches any provision of this Lease, including but not limited to the payment of rent, Landlord may use all or any part of this security deposit for the payment of any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit to its full amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenant.
Appears in 3 contracts
Sources: Standard Office Lease (Neurmedix, Inc.), Standard Office Lease (Neurmedix, Inc.), Standard Office Lease (Neurmedix, Inc.)
Security Deposit. Tenant has deposited or concurrently herewith is depositing Tena▇▇ ▇▇▇ees to deposit with Landlord the sum Security Deposit set forth in Article 1.F. of the Basic Lease Provisions as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant breaches any provision at Section 2.0 upon execution of this Lease, including but not limited to as security for Tena▇▇'▇ ▇aithful performance of its obligations under this Lease. Landlord and Tenant agree that the Security Deposit may be commingled with funds of Landlord and Landlord shall have no obligation or liability for payment of rentinterest on such deposit. Tenant shall not mortgage, assign, transfer or encumber the Security Deposit without the prior written consent of Landlord and any attempt by Tenant to do so shall be void, without force or effect and shall not be binding upon Landlord. If Tenant fails to pay any Rent or other amount when due and payable under this Lease, or fails to perform any of the terms hereof, Landlord may appropriate and apply or use all or any part portion of this security deposit the Security Deposit for the Rent payments or any other amount then due and unpaid, for payment of any rent amount for which Landlord has become obligated as a result of Tenant's default or any other sums in defaultbreach, or to compensate Landlord and for any other loss or damage which sustained by Landlord as a result of Tenant's default or breach, and Landlord may suffer so apply or use this deposit without prejudice to any other remedy Landlord may have by reason of Tenant's defaultdefault or breach. If Landlord so uses any portion of said deposit is so used or appliedthe Security Deposit, Tenant shall, within five ten (510) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit Security Deposit to its the full amount. Tenant agrees that amount originally deposited; Tenant's failure to do so shall constitute an act of default hereunder and Landlord shall not be required have the right to keep exercise any remedy provided for at Article 27 hereof. Within fifteen (15) days after the security deposit in trustTerm (or any extension thereof) has expired or Tenant has vacated the Premises, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant whichever shall not be entitled to interest on such deposit. At the expiration of the Termlast occur, and provided there exists no Tenant is not then in default by Tenant on any of its obligations hereunder, Landlord shall return the security deposit or any balance thereof shall be returned Security Deposit to Tenant (Tenant, or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from if Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant has assigned its interest under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (the last assignee of Tenant. If Landlord sells its interest in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in may deliver this Article 4 above, and all deposit to the purchaser of Landlord's damages under this Lease interest and California law including, but not limited to, thereupon be relieved of any damages accruing upon termination of this Lease under Section 1951.2 of further liability or obligation with respect to the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of TenantSecurity Deposit.
Appears in 3 contracts
Sources: Office Building Lease (Probusiness Services Inc), Office Building Lease (Optimumcare Corp /De/), Lease Agreement (Probusiness Services Inc)
Security Deposit. Upon execution of this Lease, Tenant has deposited or concurrently herewith is depositing shall deposit with Landlord the sum set forth in Article 1.F. amount of the Basic Lease Provisions as security for the full and faithful performance of every provision 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 ▇▇▇▇▇▇ has paid all amounts due under this Lease to be and has otherwise performed by Tenantall obligations hereunder. If In the event that Tenant breaches 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 ▇▇▇▇▇▇ 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 ▇▇▇▇▇▇. 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 rentRent, Landlord may use draw upon all or any part of this security deposit for the payment Tenant’s Letter of any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's defaultCredit. If any portion of said deposit the Security Deposit is so used or used, applied, or retained, Tenant shall, will within five ten (510) days after written demand thereforfrom Landlord, deposit funds with provide to Landlord an additional irrevocable, stand-by letter of credit, which shall be in form and substance satisfactory to Landlord, issued by a form bank reasonably acceptable under Section 3(b) above and to Landlord, in an amount sufficient to restore the security deposit Security Deposit to its full amountrequired amount pursuant to this Section 8. Tenant agrees that Landlord Tenant’s failure to replenish the Security Deposit shall not be required constitute a failure to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds pay Additional Rent and Tenant shall not be entitled to interest on such deposit. At the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed have ten percent (10%) of estimated Direct Cost payments due days from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied notice to cure such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenantdefault.
Appears in 3 contracts
Sources: Commercial Lease, Commercial Lease (Globoforce LTD), Commercial Lease (Globoforce LTD)
Security Deposit. a. The balance of any security deposit currently held by the New York City Housing Authority for the Tenant has deposited or concurrently herewith is depositing with Landlord shall be transferred to the sum set forth in Article 1.F. of the Basic Lease Provisions as Owner. Tenant shall not be required to pay any additional security for the full and faithful performance Leased Premises under this Lease.
b. If required by law, the amount held as the security deposit will be held in an account bearing interest at the banking institution’s prevailing rate. An annual payment of every provision accrued interest will be made by the banking institution to the Tenant, less 1% interest of this Lease the security on deposit, to be performed tendered by Tenantthe banking institution to Owner. If Tenant breaches any provision of this Lease, including but not limited to the payment of rent, Landlord Owner may use or apply all or any part of the deposit as may be required to pay for damage to the apartment during the term of this Lease. If ▇▇▇▇▇▇ carries out all of Tenant’s obligations under this Lease, and if the apartment is returned to Owner at the expiration of the lease term in the same condition as when rented by Tenant, ordinary wear and tear excepted, ▇▇▇▇▇▇’s security deposit for the payment will be returned in full to Tenant, with accrued interest thereon, within 30 days of any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's defaultTenant vacating. If any portion this Lease is renewed, and the amount of said security deposit Owner is so used or appliedpermitted to retain is increased above the amount deposited upon the commencement of this lease term, then Tenant shall, within five (5) days after written demand thereforupon such lease renewal, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient pay to restore the order of Owner such additional sum. If Owner sells or leases the building, Owner may remit the security deposit, as provided by law, to Tenant or to the new Owner or Lessee, at Owner’s election. If Owner remits the security deposit to its full amountthe new Owner or ▇▇▇▇▇▇, ▇▇▇▇▇▇ agrees to seek the return of the security deposit from the new Owner or Lessee, and releases Owner from any claim to the security deposit. Tenant agrees that Landlord shall not be required use the security on deposit to keep pay the last month’s rent of the Lease term. Owner may use the security deposit in trustfull or in part if necessary to pay for unpaid rent, segregate it damage, loss, fees or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled expenses due to interest on such deposit. At the expiration re-renting arising out of the Term, and provided there exists no default by Tenant hereunder, the security deposit ease or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenantbreach thereof.
Appears in 3 contracts
Sources: Residential Apartment Lease, Residential Apartment Lease, Residential Apartment Lease
Security Deposit. Tenant has deposited or concurrently herewith is depositing with Landlord the sum set forth specified in Article 1.F. of the Basic Lease Provisions Section 1(a)(12). Said deposit shall constitute advance rental and shall be held by Landlord as security for the full and faithful performance by Tenant of every provision all the terms, covenants and conditions of this Lease to be kept and performed by TenantTenant during the Lease Term. If Tenant breaches If, at any provision time during the Lease Term, any payment of this LeaseMinimum Annual Rent or Additional Rent herein reserved shall be overdue and unpaid, including but not limited the Landlord may, at its option, appropriate and apply any portion of said security deposit to the payment of rent, any such overdue rent or other sum. Landlord may use all or shall have the unrestricted right (but not the obligation) to apply any part of this the Security Deposit to cure any Default (as described in Section 20 hereof). In the event of the failure of Tenant to keep and perform any other items, covenants and conditions of the Lease to be kept and performed by Tenant, then Landlord, at its option, may appropriate and apply the entire security deposit deposit, or so much thereof as may be necessary, to compensate Landlord for loss or damage sustained or suffered by Landlord due to such breach by Tenant. Should the entire security deposit, or any portion thereof, be appropriated and applied by Landlord for the payment of overdue rent, to cure any rent or any other sums in default, or other sums due and payable to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or appliedTenant hereunder, then Tenant shallshall remit to Landlord, within five ten (510) days after of the written demand thereforof Landlord, deposit funds with Landlord a sufficient amount in a form acceptable under Section 3(b) above and in an amount sufficient cash to restore the security deposit to its full amountthe original sum. Tenant's failure to do so shall constitute a breach of the Lease. Should Tenant agrees that Landlord shall not be required to keep comply with all of said terms, covenants and conditions of the Lease and promptly pay all Minimum Annual Rent and Additional Rent herein provided as it falls due, then the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (orin full, at Landlord's optionwithout interest, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after of the Expiration Date or earlier termination of the Term of this Lease. Tenant shall have no right to direct the application of any part of the Security Deposit. Landlord may deliver the funds deposited hereunder by Tenant to the purchaser of Landlord's delivery of interest in the Statement for building and/or the Leased Premises in the event that such calendar year)interest is sold, (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by thereupon Landlord shall be returned discharged from any further liability with respect to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenantdeposit.
Appears in 3 contracts
Sources: Office Lease (Ea Engineering Science & Technology Inc), Office Lease (Ea Engineering Science & Technology Inc), Office Lease (Ea Engineering Science & Technology Inc)
Security Deposit. Concurrently with Tenant’s delivery of this Lease, Tenant has deposited or concurrently herewith is depositing shall deposit with Landlord the sum set forth sum, if any, stated in Article 1.F. Item 9 of the Basic Lease Provisions Provisions, to be held by Landlord as security for the full and faithful performance of every provision all of Tenant’s obligations under this Lease to be performed by Tenant(the “Security Deposit”). If Tenant breaches any provision of this Lease, including but not limited to the payment of rent, Landlord may use all or any part of this security deposit for the payment of any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit to its full amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it this Security Deposit separate from Landlord's its general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such depositthe Security Deposit. At Subject to the expiration last sentence of this Section, the Security Deposit shall be understood and agreed to be the property of Landlord upon Landlord’s receipt thereof, and may be utilized by Landlord in its sole and absolute discretion towards the payment of all expenses by Landlord for which Tenant would be required to reimburse Landlord under this Lease. Upon any Event of Default by Tenant (as defined in Section 14.1), Landlord may, in its sole and absolute discretion, use or apply the whole or any part of the TermSecurity Deposit to pay any sum which Tenant is obligated to pay under this Lease including, and provided there exists no default but not limited to, sums that Landlord may reasonably expend or be required to expend by reason of the Event of Default by Tenant hereunder, the security deposit or any balance thereof shall be returned loss or damage that Landlord may suffer by reason of the Event of Default or costs incurred by Landlord in connection with the repair or restoration of the Premises pursuant to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration Section 15.3 of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of upon expiration or earlier termination of this Lease Lease. In no event shall Landlord be obligated to apply the Security Deposit upon an Event of Default and Landlord’s rights and remedies resulting from an Event of Default, including without limitation, Tenant’s failure to pay Basic Rent, Tenant’s Share of Operating Expenses or any amounts so retained and other amount due to Landlord pursuant to this Lease, shall not be diminished or altered in any respect due to the fact that Landlord is holding the Security Deposit. If any portion of the Security Deposit is applied by Landlord as permitted by this Section, Tenant shall within five (5) business days after written demand by Landlord deposit cash with Landlord in an amount sufficient to such reconciliation restore the Security Deposit to its original amount. If Tenant fully performs its obligations under this Lease, the Security Deposit shall be returned to Tenant within thirty (30) days after Landlord's delivery the expiration of the Statement for Term, provided that Tenant agrees that Landlord may retain the Security Deposit to the extent and until such calendar year), (ii) any and time as all amounts reasonably estimated due from Tenant in accordance with this Lease have been determined (which determination shall not be unreasonably withheld, conditioned or delayed) and paid in full and Tenant agrees that Tenant shall have no claim against Landlord for Landlord’s retaining such Security Deposit to the extent provided in this Section. Provided that no Event of Default has theretofore occurred under any provision of this Lease, Tenant shall have the right to have the Security Deposit reduced to the amount of One Hundred Twenty-Three Thousand One Hundred Eight Dollars ($123,108.00) by Landlord sending written request thereof to cover Landlord, which request shall be accompanied by Tenant’s audited Statements demonstrating two (2) immediately prior consecutive years of positive net income for Tenant. Following such written request to Landlord, Tenant shall be credited in the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant amount of the difference between the amount of the Security Deposit stated in Item 9 of the Basic Lease Provisions and the reduced amount of Security Deposit set forth above, against Basic Rent and Operating Expenses next coming due under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenant.
Appears in 3 contracts
Sources: Sublease Agreement (Prometheus Biosciences, Inc.), Sublease Agreement (Prometheus Biosciences, Inc.), Lease (Prometheus Biosciences, Inc.)
Security Deposit. (a) Concurrently with its execution and delivery of this Lease, Tenant has deposited or concurrently herewith is depositing shall deposit with Landlord the sum set forth in Article 1.F. of the Basic Lease Provisions Security Deposit as security for the full and faithful performance by Tenant of every provision of its obligations under this Lease to be performed by TenantLease. If Tenant breaches any provision of Landlord may intermingle the Security Deposit with Landlord’s own funds. The Security Deposit is not a limitation on Landlord’s damages or other rights under this Lease, including but not limited to the a payment of rentliquidated damages or prepaid Rent and shall not be applied by Tenant to Rent for the last (or any) month of the Term, or to any other amount due under this Lease.
(b) If a Tenant Default occurs under this Lease, then Landlord may use may, prior to, concurrently with, or subsequent to, exercising any other right or remedy, use, apply or retain all or any part of this security deposit the Security Deposit for the payment of any rent or any other sums in defaultmonetary obligation due under this Lease, or to compensate Landlord for any other expense, loss or damage which that Landlord may suffer reasonably incur by reason of Tenant's default’s failure, including any damage or deficiency in the reletting of the Premises. If all or any portion of said deposit the Security Deposit is so used used, applied or appliedretained, Landlord shall promptly notify Tenant of such use, application or retention, and Tenant shall, within five ten (510) business days after written demand thereforfollowing such notification, deposit funds with Landlord in a form acceptable under Section 3(b) above and cash in an amount sufficient to restore the security deposit Security Deposit to its full original amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof .
(c) The Security Deposit shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (iwithout interest) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery Lease end and surrender of possession of the Premises to Landlord in accordance with Paragraph 17.1 if, at such time, Tenant has paid to Landlord all amounts payable under this Lease and no Tenant Default then exists; provided, however, that if such Tenant Default is a monetary default, and the Security Deposit is equal to or greater than the amount concerned, then Landlord shall apply the Security Deposit in full payment of such amount and remit to Tenant any remaining portion of the Security Deposit within such thirty (30)-day period, together with an itemization of any deductions therefrom, provided that Tenant has paid all other amounts payable under this Lease. Notwithstanding the foregoing, Landlord may withhold the Security Deposit after Lease end until Tenant has paid in full Tenant’s Share of Operating Expenses for the Operating Year in which Lease end occurs, provided that Landlord provides to Tenant an Actual OpEx Statement for such calendar year)Operating Year (or portion thereof) within ninety (90) days after Lease end, (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided concurrently returns to Tenant any remaining Security Deposit balance, together with an itemization of any deductions therefrom.
(d) If Landlord’s interest in this Lease is conveyed, transferred or assigned and the transferee assumes in writing Landlord’s obligations under this Lease, Landlord shall transfer or credit the Security Deposit to remove cabling Landlord’s successor in interest, and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) released from any and all amounts permitted by law or this Article 4. Tenant hereby waives liability for the provisions of Section 1950.7 return of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of TenantSecurity Deposit.
Appears in 3 contracts
Sources: Lease Agreement (Vivint Solar, Inc.), Lease Agreement (Vivint Solar, Inc.), Lease Agreement (Vivint Solar, Inc.)
Security Deposit. (a) Tenant has deposited or concurrently herewith is depositing shall deposit with Landlord the sum Security Deposit set forth in Article 1.F. at Section 2(h) above, within five (5) business days of the Basic Lease Provisions as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant breaches any provision execution of this Lease, including but not limited as security for Tenant’s faithful performance of its obligations under this Lease. If the Base Rent shall increase during the initial term of this Lease or during any extensions or renewals thereof, Tenant shall at the time of such increase, deposit with Landlord funds as an additional Security Deposit so that the total amount of the Security Deposit held by Landlord shall at all times be equal to the then current Base Rent. Landlord and Tenant agree that the Security Deposit may be commingled with funds of Landlord and Landlord shall have no obligation or liability for payment of rentinterest on such deposit. Tenant shall not mortgage, assign, transfer or encumber the Security Deposit without the prior written consent of Landlord and any attempt by Tenant to do so shall be void, without force or effect and shall not be binding upon Landlord.
(b) If Tenant fails to pay any Rent or other amount when due and payable under this Lease, or fails to perform any of the terms hereof, Landlord may appropriate and apply or use all or any part portion of this security deposit the Security Deposit for the Rent payments or any other amount then due and unpaid, for payment of any rent amount for which Landlord has become obligated as a result of Tenant’s default or any other sums in defaultbreach, or to compensate Landlord and for any other loss or damage which sustained by Landlord as a result of Tenant’s default or breach, and Landlord may suffer so apply or use the Security Deposit without prejudice to any other remedy Landlord may have by reason of Tenant's default’s default or breach. If Landlord so uses any portion of said deposit is so used or appliedthe Security Deposit, Tenant shall, within five ten (510) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit Security Deposit to its the full amount. Tenant agrees that amount previously deposited; Tenant’s failure to do so shall constitute an act of default hereunder and Landlord shall not be required have the right to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such depositexercise any remedy provided for at Section 27 hereof. At the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within Within thirty (30) days after Landlord's delivery the Term (or any extension thereof) has expired or Tenant has vacated the Premises, whichever shall last occur, and provided Tenant is not then in default on any of its obligations hereunder, Landlord shall return the Statement for such calendar year)Security Deposit to Tenant, (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to or, if Tenant has assigned its interest under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (the last assignee of Tenant. If Landlord sells its interest in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all may deliver the Security Deposit to the purchaser of Landlord's damages under this Lease ’s interest and California law including, but not limited to, thereupon be relieved of any damages accruing upon termination of this Lease under Section 1951.2 of further liability or obligation with respect to the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of TenantSecurity Deposit.
Appears in 3 contracts
Sources: Office Lease (Arcadia Biosciences, Inc.), Office Lease (Arcadia Biosciences, Inc.), Office Lease (Arcadia Biosciences, Inc.)
Security Deposit. Tenant has deposited or concurrently herewith is depositing with Landlord paid the sum set forth of $ as a deposit, receipt of which is acknowledged by Landlord as the Security Deposit for this Tenancy and the first monthly installment of rent. [Note: Tenants 62 or over are limited by law to one (1) month’s security deposit plus first month’s rent, Tenants under age 62 are limited by law to two (2) months security deposit plus first month’s rent.]The deposit sums shall be refundable as permitted by law upon Tenant’s vacating the premises, leaving the premises in Article 1.F. of broom clean condition and returning the Basic Lease Provisions as security for keys to the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant breaches any provision of Landlord at the address designated in this Lease, including but not limited to . Landlord shall hold Tenant’s Security Deposit in escrow as may be required by law. Under the payment of rent, Landlord may use all or any part of this security deposit for the payment of any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or appliedlaw, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit to its full amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such security deposit. At If such is the expiration of the Termcase, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof interest shall be returned paid to Tenant (or, at Landlord's option, the prescribed interest rate set forth by law. If Tenant fails to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration make any payments of rent or defaults under any other obligations of this Lease, Landlord may retain from said use the security deposit (i) an amount reasonably estimated in payment of such rent or in payment of any sums Landlord may be forced to spend because of Tenant's default, as permitted by law. If Landlord to cover potential Direct Cost reconciliation payments due with respect to does so use the calendar year security, then he shall notify Tenant in which this Lease terminates or expires (such writing of the amount so retained used along with an itemized list detailing the nature and dollar amount of the damages. If at the end of the term of the Lease Tenant has made all payments of rent required and fully complied with all the other obligations under the Lease, then Landlord shall not, in return the full amount of the security to Tenant together with any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through interest that may be required by law within the date of expiration or earlier time frame allowable by law: within 30 days after termination of this Lease the tenancy or within 15 days of Landlord receiving Tenant’s written notice of Tenant’s forwarding address, whichever is later. Tenant understands and agrees Tenant shall not have the option to apply any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery part of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord Security Deposit towards Tenant’s obligation to cover pay the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4last month’s rent. Tenant hereby waives is still obligated to pay the provisions of Section 1950.7 of final month’s rental payment to Landlord at the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of address listed above for paying rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of . (Tenant.’s Initials)
Appears in 3 contracts
Sources: Residential Lease Agreement, Residential Lease Agreement, Residential Lease Agreement
Security Deposit. The Tenant has deposited or concurrently herewith is depositing with Landlord deposits the sum set forth of $ receipt of which is hereby acknowledged; which shall be deposited by Owner/Agent in Article 1.F. of a trust account with HomeStreet Bank, whose address is the Basic Lease Provisions as security for Federal Way Branch. The security/damage deposit may be applied to secure the full and faithful performance of every provision terms of this Lease to be performed by Tenant. If Tenant breaches any provision of this LeaseRental Agreement, including but not limited to the payment of rent, Landlord may use all or any part of this security deposit for the payment of any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit to its full amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, unpaid rent and utilities, non-refundable fees, legal services and to repair any damages accruing upon termination physical damage to the premises or property in accordance with Item 11b of this Lease lease. Refund of deposit is conditioned as follows:
a. Tenant shall fully perform obligations here under Section 1951.2 and those pursuant to the Residential Landlord Tenant Act of the California Civil Code and/or those sums reasonably necessary State of Washington (RCW 59.18).
b. Tenant shall remain for the full term of the agreement.
c. Tenant shall, upon vacating of residence, clean and restore said residence to compensate Landlord its original condition except for any other loss or damagereasonable wear and tear.
d. All keys shall be returned to Owner/Agent upon vacating of premises and the property shall not be considered vacated until return of all keys and garage door remotes. The Charges for items not returned: Keys $15.00 each. Garage door remote $50.00.
e. Tenant shall have carpets professionally cleaned at tenant’s expense upon vacating premises. Carpet cleaners must be approved by Owner/Agent and receipt for same shall be provided to Owner/Agent with return of keys.
f. Tenant shall cause no liens to be placed upon the property.
g. Tenants shall have all interior windows and blinds professionally cleaned at tenants’ expense upon vacating premises. Tenants shall provide Owner/Agent receipt for same with return of keys.
h. It is understood by Tenant that the security deposit shall NOT be applied towards last month’s rental payment and that the last month’s rent shall be due and payable on the first day of that month.
i. Tenant agrees that the security deposit may be mailed to the Coldwell Banker Commercial ▇▇▇▇▇▇▇▇ office in Federal Way, foreseeable or unforeseeable, caused WA and will be deposited by the acts or omissions end of Tenant or any officerthe next banking day when received, employeebut in no event will it be deposited more than 7 business days after receipt from Property Manager.
j. Refund of security deposits, agentif any, contractor or invitee will be made payable to the name(s) of Tenanttenant(s) on the current lease.
Appears in 3 contracts
Sources: Residential Rental Agreement, Residential Rental Agreement, Residential Rental Agreement
Security Deposit. Tenant has deposited will provide Landlord a security deposit through a local bank guarantee, letter of credit or concurrently herewith cash deposit, equivalent to the amount of thirty thousand three hundred and fifteen dollars (US$ 30,544.13), an amount equivalent to one (1) month's rent at the moment of execution of this Lease Agreement. After the Cold Shell Building is depositing with Substantially Completed, or, in the event the Improvements CMA is executed between the Tenant and Landlord, after the Cold Shell Building Improvements are Substantially Completed, Tenant will provide Landlord the sum set forth security deposit mentioned above in Article 1.F. cash if such security deposit was provided to Landlord through a local bank guarantee at the execution of the Basic this Lease Provisions Agreement. Such security deposit shall serve as security for the full and faithful performance of every provision of this Lease to Agreement, and such amount shall be performed retained by Tenant. If Tenant breaches any provision of this Lease, including but not limited to the payment of rent, Landlord may use all or any part of this as a security deposit for the purposes described in this Agreement (the "Deposit"). The Deposit shall serve as a guarantee to cover the payment of any rent or outstanding services, repairs and any other sums obligation derived from this Agreement and contractually or legally owed by Tenant, to the Landlord's satisfaction. The Landlord shall have the right, but not the obligation, to use the Deposit to settle due outstanding rent payments. Tenant authorizes Landlord to use the Deposit to cover the expenses of obtaining construction permits for additional construction works requested by Tenant, provided such permits are not included in default, either the Rent or to compensate the Service or Condominium Fee. If all or part of the Deposit were used by the Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so the aforementioned items, the Tenant shall have an obligation to reinstate the used or applied, Tenant shall, amount within five (5) calendar days after written demand thereforfollowing notice of its use by the Landlord, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit to its full amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on unless such deposit. At the expiration use is made upon termination of the Termlease, and provided there exists no default by Tenant hereunderin which case the remnant, the security deposit or any balance thereof if any, shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent by the Landlord to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to Tenant in the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) calendar days after following the date on which this Agreement is terminated, provided Tenant presented evidence satisfactory to the Landlord's delivery , that all utilities bills corresponding to the Tenant are fully paid. The Deposit shall not bear any interest for the benefit of the Statement for such calendar year)Tenant. The security deposit shall be properly deposited in Landlords bank account in order to have this Lease Agreement effective. Upon termination of the Lease, (ii) Landlord will withhold from the Security Deposit any unpaid obligations of Tenant to Landlord under the Lease Agreement, including utilities, and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided refund to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 balance of the California Civil Code and all other provisions of lawSecurity Deposit within sixty (60) days, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary subject to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 conditions provided above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenant.
Appears in 3 contracts
Sources: Lease Agreement (Establishment Labs Holdings Inc.), Lease Agreement (Establishment Labs Holdings Inc.), Lease Agreement (Establishment Labs Holdings Inc.)
Security Deposit. Tenant has deposited or concurrently herewith is depositing with Landlord the sum set forth in Article 1.F. of the Basic Lease Provisions as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant breaches any provision Upon execution of this Lease, including but not limited Tenant agrees to deposit with Landlord a Security Deposit in the amount set forth in Section 2.18 as security for Tenant’s performance of its obligations under this Lease. Landlord and Tenant agree that the Security Deposit may be commingled with funds of Landlord and Landlord shall have no obligation or liability for payment of rentinterest on such deposit. Tenant shall not mortgage, assign, transfer or encumber the Security Deposit without the prior written consent of Landlord and any attempt by Tenant to do so shall be void, without force or effect and shall not be binding upon Landlord. If Tenant fails to timely pay any Rent or other amount due under this Lease, or fails to perform any of the terms hereof, Landlord may, following the expiration of any applicable cure and grace periods at its option and without prejudice to any other remedy which Landlord may have, appropriate and apply or use all or any part portion of this security deposit the Security Deposit for the Rent payments or any other amount then due and unpaid, for payment of any rent amount for which .Landlord has become obligated as a result of Tenant’s default or any other sums in defaultbreach, or to compensate Landlord and for any other loss or damage which sustained by Landlord may suffer by reason as a result of Tenant's default’s default or breach. If Landlord so uses any portion of said deposit is so used or appliedthe Security Deposit, Tenant shall, within five ten (510) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit Security Deposit to its the full amountamount originally deposited. Tenant agrees that Tenant’s failure to do so shall constitute an act of default hereunder and Landlord shall not be have the right to exercise any remedy provided for in Section 19 hereof. If Tenant materially defaults under this Lease more than two (2) times during any calendar year, irrespective of whether such default is cured, then, without limiting Landlord’s other rights and remedies, Landlord may, in Landlord’s sole discretion, modify the amount of the required Security Deposit. Within ten (10) days after Notice of such modification, Tenant shall submit to keep Landlord the security deposit required additional sums, provided however, that in trustno event shall the Security Deposit exceed the aggregate of six (6) months of the then existing Base Rent. Tenant’s failure to do so shall constitute an act of default, segregate it or keep it separate from Landlord's general fundsand Landlord shall have the right to exercise any remedy provided for in Section 19 hereof. If Tenant complies with all of the terms and conditions of this Lease, but Landlord may commingle the security deposit with its general funds and Tenant shall is not be entitled to interest in default on such deposit. At the expiration any of the Term, and provided there exists no default by Tenant its obligations hereunder, then within thirty (30) days after Tenant vacates the security deposit or any balance thereof Premises, Landlord shall be returned return to Tenant (or, at Landlord's ’s option, to the last subtenant or assignee of Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to ’s interest hereunder) the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated Security Deposit less any expenditures made by Landlord to cover potential Direct Cost reconciliation payments due with respect repair damages to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Premises caused by Tenant for such calendar year through and to clean the date of Premises upon expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenant.
Appears in 3 contracts
Sources: Sublease Agreement (Aegerion Pharmaceuticals, Inc.), Sublease Agreement (Aegerion Pharmaceuticals, Inc.), Sublease Agreement (Aegerion Pharmaceuticals, Inc.)
Security Deposit. Tenant has deposited or concurrently herewith is depositing agrees to deposit with Landlord the sum Security Deposit set forth in Article 1.F. of the Basic Lease Provisions as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant breaches any provision at Section 2.0 upon execution of this Lease, including but not limited to as security for Tenant's faithful performance of its obligations under this Lease. Landlord and Tenant agree that the Security Deposit may be commingled with funds of Landlord and Landlord shall have no obligation or liability for payment of rentinterest on such deposit. Tenant shall not mortgage, assign, transfer or encumber the Security Deposit without the prior written consent of Landlord and any attempt by Tenant to do so shall be void, without force or effect and shall not be binding upon Landlord. If Tenant fails to pay any Rent or other amount when due and payable under this Lease, or fails to perform any of the terms hereof, Landlord may appropriate and apply or use all or any part portion of this security deposit the Security Deposit for the Rent payments or any other amount then due and unpaid, for payment of any rent amount for which Landlord has become obligated as a result of Tenant's default or any other sums in defaultbreach, or to compensate Landlord and for any other loss or damage which sustained by Landlord as a result of Tenant's default or breach, and Landlord may suffer so apply or use this deposit without prejudice to any other remedy Landlord may have by reason of Tenant's defaultdefault or breach. If Landlord so uses any portion of said deposit is so used or appliedthe Security Deposit, Tenant shall, within five ten (510) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit Security Deposit to its the full amount. Tenant agrees that amount originally deposited; Tenant's failure to do so shall constitute an act of default hereunder and Landlord shall not be required have the right to keep exercise any remedy provided for at Article 27 hereof. Within fifteen (15) days after the security deposit in trustTerm (or any extension thereof) has expired or Tenant has vacated the Premises, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant whichever shall not be entitled to interest on such deposit. At the expiration of the Termlast occur, and provided there exists no Tenant is not then in default by Tenant on any of its obligations hereunder, Landlord shall return the security deposit or any balance thereof shall be returned Security Deposit to Tenant (Tenant, or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from if Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant has assigned its interest under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (the last assignee of Tenant. If Landlord sells its interest in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in may deliver this Article 4 above, and all deposit to the purchaser of Landlord's damages under this Lease interest and California law including, but not limited to, thereupon be relieved of any damages accruing upon termination of this Lease under Section 1951.2 of further liability or obligation with respect to the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of TenantSecurity Deposit.
Appears in 2 contracts
Sources: Lease Amendment (Interactive Telesis Inc), Lease Agreement (Dovebid Inc)
Security Deposit. Section 35.1. Tenant has deposited or concurrently herewith is depositing with Landlord on the sum set forth signing of this Lease the Security Deposit either by cash or by Letter of Credit (as defined and further described in Article 1.F. of the Basic Lease Provisions Section 35.2), as security for the full and faithful performance and observance by Tenant of every provision the terms, provisions and conditions of this Lease to be performed by TenantLease. If Tenant breaches agrees that in the event (i) of the occurrence of an Event of Default or (ii) Tenant has defaulted in the performance of any provision of its obligations under this Lease, including but not limited to the payment of rentany item of Rental, and the transmittal of a Notice of default by Landlord is barred by applicable law, Landlord may use all draw the applicable portion of the cash Security Deposit or the entire amount of the Letter of Credit and use, apply or retain the whole or any part of this security deposit such proceeds, to the extent required for the payment of any rent Fixed Rent, Escalation Rent, or any other sums sum as to which Tenant is in default, or to compensate Landlord for any other loss or damage which sum that Landlord may suffer expend or may be required to expend by reason of Tenant's defaultthe default (including any damages or deficiency accrued before or after summary proceedings or other re-entry by Landlord). If Landlord applies or retains any portion or all of said deposit is so used or appliedthe proceeds of the Security Deposit, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to shall forthwith restore the security deposit to its full amountamount so applied or retained by delivering additional cash or an additional or new Letter of Credit so that, at all times, the amount of the Security Deposit shall be the amount set forth on the Reference Page. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At Provided there is no uncured default upon the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration sooner termination of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated any balance of the Security Deposit held by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates and not used, applied or expires (such amount so retained shall notby Landlord as above provided, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation remaining Letter of Credit, shall be returned to Tenant within 30 days after the Fixed Expiration Date and after delivery of possession of the entire Premises to Landlord in accordance with the terms of this Lease. If Tenant delivered a cash Security Deposit upon execution hereof, Tenant may, at any time during the Term, substitute same with a Letter of Credit.
Section 35.2. Any Letter of Credit delivered by Tenant shall be a clean, irrevocable and unconditional letter of credit (such letter of credit, and any replacement thereof as provided herein, is called a “Letter of Credit”) issued and drawn upon any commercial bank reasonably approved by Landlord (“Issuing Bank”), which Letter of Credit shall have a term of not less than one year, be in form and content satisfactory to Landlord, be for the account of Landlord and be in the amount of the Security Deposit set forth in the Reference Page. Any Issuing Bank that has a combined capital, surplus and undivided profits of at least $500 million and a financial strength rating of at least “A” and a long-term debt rating of at least “Aa”, as published by ▇▇▇▇▇’▇ Investors Services, Inc., or its successor (collectively, the “Issuing Bank Criteria”) is deemed approved. If at any time during the Term, the Issuing Bank does not maintain the Issuing Bank Criteria, then Landlord may so notify Tenant and, unless Tenant delivers a replacement Letter of Credit from another bank meeting the Issuing Bank Criteria within 30 days after receipt of such notice, Landlord may draw the full amount of the Letter of Credit and hold the proceeds as a cash security deposit in accordance with all Laws. The Letter of Credit shall provide that:
(A) The Issuing Bank shall pay to Landlord or its duly authorized representative an amount up to the face amount of the Letter of Credit upon presentation of the Letter of Credit and a sight draft in the amount to be drawn;
(B) The Letter of Credit shall be deemed to be automatically renewed, without amendment, for consecutive periods of one year each during the Term, unless the Issuing Bank sends written notice (the “Non-Renewal Notice”) to Landlord by certified or registered mail, return receipt requested, at least thirty (30) days after Landlord's delivery prior to the expiration date of the Statement Letter of Credit, to the effect that it elects not to have such Letter of Credit renewed;
(C) The Letter of Credit delivered in respect of the last year of the Term shall have an expiration date of not earlier than sixty (60) days after the Fixed Expiration Date; and
(D) The Letter of Credit shall be transferable by Landlord as provided in Section 35.4.
Section 35.3. If Landlord receives a Non-Renewal Notice and Tenant fails to deliver a replacement Letter of Credit within ten (10) days thereafter, Landlord shall have the right to draw the entire amount of the Letter of Credit and to hold the proceeds as a cash Security Deposit. Landlord shall release such proceeds to Tenant upon delivery to Landlord of a replacement Letter of Credit complying with the terms hereof.
Section 35.4. In the event of the sale or lease of the Building or the Real Property, Landlord shall have the right to transfer the Security Deposit on notice to Tenant, without charge for such calendar yeartransfer, to the purchaser or lessee, and Landlord shall thereupon be released by Tenant from all liability for the return of such Security Deposit. In such event, Tenant agrees to look solely to the new Landlord for the return of said Security Deposit. It is agreed that the provisions hereof shall apply to every transfer or assignment made of the Security Deposit to a new Landlord. Tenant shall execute such documents as may be necessary to accomplish such transfer or assignment of the Letter of Credit.
Section 35.5. Tenant covenants that it will not assign or encumber, or attempt to assign or encumber, the Security Deposit held hereunder, and that neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment, or attempted encumbrance. In the event that any bankruptcy, insolvency, reorganization or other debtor-creditor proceedings shall be instituted by or against Tenant, its successors or assigns, or any guarantor of Tenant hereunder, the security shall be deemed to be applied to the payment of the Fixed Rent and Additional Rent due Landlord for periods prior to the institution of such proceedings and the balance, if any, may be retained by Landlord in partial satisfaction of Landlord’s damages.
Section 35.6. (A) Tenant has delivered a cash security deposit of $300,000 to CT under the Sublease (the “CT Security”). Pursuant to the Consent, on or before the first day of November in each of 2010, 2011, 2012 and 2013, CT shall deliver a portion of the CT Security equal to $75,000 to Landlord, which amounts shall be included in the Security Deposit and shall be held and disbursed by Landlord in accordance with this Article 35. If (i) Tenant defaults under the Sublease, (ii) any and all amounts reasonably estimated by Landlord to cover CT uses the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by CT Security on account of such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), default and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives CT does not deliver the provisions of Section 1950.7 applicable portion of the California Civil Code and all other provisions of lawCT Security to Landlord due to Tenant’s failure to replenish the CT Security in accordance with the Sublease, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused such failure by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages shall constitute a default under this Lease Lease. Upon the Commencement Date, if Landlord has not received the entire $300,000 CT Security due to Tenant’s default under the Sublease, Tenant shall be obligated to deliver to Landlord any deficiency and California law including, but not limited to, any damages accruing upon termination of Tenant’s failure to do so shall constitute a default under this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of TenantLease.
Appears in 2 contracts
Sources: Lease Agreement (Everyday Health, Inc.), Lease Agreement (Everyday Health, Inc.)
Security Deposit. Tenant has deposited or concurrently herewith is depositing with Landlord shall pay to Landlord, upon the sum execution of this Lease, the Security Deposit set forth in Article 1.F. of the Basic Lease Provisions 1.13 above as security for the full and faithful performance by Tenant of every provision of its obligations under this Lease Lease, which amount shall be returned to be performed by Tenant. If Tenant breaches any provision after the expiration or earlier termination of this Lease, including but not limited to provided that Tenant shall have fully performed all of its obligations contained in this Lease. The Security Deposit, at the payment election of rentLandlord, may be retained by Landlord as and for its full damages or may use all or any part of this security deposit for the payment be applied in reduction of any rent or any other sums in default, or to compensate loss and/or damage sustained by Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's defaultthe occurrence of any breach, nonperformance or default beyond applicable cure periods by Tenant under this Lease without the waiver of any other right or remedy available to Landlord at law, in equity or under the terms of this Lease. If any portion of said deposit the Security Deposit is so used or applied, Tenant shall, within five thirty (530) days after written demand therefornotice and receipt of invoices for the expenses incurred in relation to the loss and/or damage sustained from Landlord, deposit funds with Landlord in a form acceptable under Section 3(b) above and immediately available funds in an amount sufficient to restore the security deposit Security Deposit to its full original amount, and Tenant’s failure to do so shall be a breach of this Lease. Tenant acknowledges and agrees that Landlord in the event Tenant shall file a voluntary petition pursuant to the Bankruptcy Code or any successor thereto, or if an involuntary petition is filed against Tenant pursuant to the Bankruptcy Code or any successor thereto and not be required to keep the security deposit in trustdismissed within sixty (60) days, segregate it or keep it separate from Landlord's general funds, but then Landlord may commingle apply the security deposit with its general funds and Security Deposit towards those obligations of Tenant shall not be entitled to interest on such deposit. At the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent Landlord which accrued prior to the expiration filing of such petition. Tenant acknowledges further that the Security Deposit may be commingled with Landlord’s other funds. In the event of termination of Landlord’s interest in this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord shall transfer the Security Deposit to cover potential Direct Cost reconciliation payments due with respect to the calendar year Landlord’s successor in which this Lease terminates or expires (such amount so retained shall notinterest, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by whereupon Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim released from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused liability by Tenant for the return of such deposit or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenantaccounting therefore.
Appears in 2 contracts
Sources: Office Lease (SenesTech, Inc.), Office Lease (SenesTech, Inc.)
Security Deposit. (a) Tenant has deposited or concurrently herewith is depositing shall deposit with Landlord the sum set forth in Article 1.F. of the Basic Lease Provisions Security Deposit as security for the full and faithful performance and observance by Tenant of every provision the terms, conditions and provisions of this Lease Lease, including without limitation the surrender of possession of the Demised Premises to Landlord herein provided. It is agreed that in the event Tenant defaults in respect of any of the terms, provisions and conditions of this Lease, including, but not limited to, the payment of Base Rent and Additional Rent, Landlord may apply or retain the whole or any part of the Security Deposit so deposited to the extent required for the payment of any Base Rent and Additional Rent or any other sum as to which Tenant is in default or for any sum which Landlord may expend or may be performed required to expend by reason of Tenant. If Tenant breaches ’s default in respect of any provision of the terms, covenants and conditions of this Lease, including but not limited to to, any damages or deficiency in the payment reletting of rentthe Demised Premises, whether such damages or deficiency accrue or accrues before or after summary proceedings or other reentry by Landlord. If Landlord may use all applies or retains any part of this security deposit for the payment of any rent or any other sums in defaultSecurity Deposit so deposited, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five three (53) days days’ after written demand therefornotice from Landlord, shall deposit funds with Landlord in a form acceptable under Section 3(b) above and in an the amount sufficient to restore the security deposit to its full amount. Tenant agrees so applied or retained so that Landlord shall not be required to keep have the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest full Security Deposit on such deposit. At the expiration of hand at all times during the Term, and provided there exists no default . The failure by Tenant hereunder, to deposit such additional amount within the security deposit or any balance thereof foregoing time period shall be returned deemed a default pursuant to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration 20 of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated . Any remaining balance of the Security Deposit not rightfully applied by Landlord pursuant to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation Article 36 shall be returned to Tenant within thirty (30) days following the Expiration Date and after Landlord's delivery of the Statement entire possession of the Demised Premises to Landlord. In the event of a sale of Corporate Campus 1 or the Building or leasing of the Building, Landlord shall have the right to transfer the Security Deposit to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return of the Security Deposit; and Tenant agrees to look solely to the new landlord for the return of the Security Deposit; and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the Security Deposit to a new landlord. Tenant further covenants that it will not assign or encumber or attempt to assign or encumber the Security Deposit and that neither Landlord nor its successors or assigns shall be bound by any such calendar year)assignment, encumbrance, attempted assignment or attempted encumbrance.
(iib) Provided that this Lease remains in full force and effect, and Tenant is not then in default under this Lease after the expiration of any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under applicable grace periods expressly stated in this Lease, Landlord acknowledges that upon Tenant’s written request thereto, it shall permit Tenant to remove cabling reduce the sum of the Security Deposit as follows: $50,044.75 upon the conclusion of each of Lease Year 1, Lease Year 2, Lease Year 3 and other items required to Lease Year 4 This shall be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained implemented by Landlord shall be returned to reimbursing Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those above sums reasonably necessary to remedy defaults in the form of either a cash payment of rentor credit against Base Rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of at Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenant’s sole option.
Appears in 2 contracts
Sources: Lease (Surgiquest Inc), Lease (Surgiquest Inc)
Security Deposit. Tenant has deposited or concurrently herewith is depositing shall deposit with Landlord on the sum signing of this Lease the Security Deposit, as set forth in Article 1.F. of the Basic Lease Provisions as security Paragraph 1, for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant breaches any provision of 's obligations under this Lease, including but not limited including, without limitation, the surrender of possession of the Demised Premises to the payment of rent, Landlord may use all or as herein provided. If Landlord applies any part of this security deposit for the payment of said Security Deposit to cure any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason default of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand thereforon demand, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an the amount sufficient to restore the security deposit to its full amount. Tenant agrees so applied so that Landlord shall have the full Security Deposit on hand at all times during the Term. Landlord, in the event that the Demised Premises are sold, shall transfer and deliver the Security Deposit, as such, to the purchaser of the Demised Premises and shall notify Tenant thereof, and thereupon Landlord shall be discharged from any further liability in reference thereto. The Security Deposit, (less any portions thereof used, applied or retained by Landlord in accordance with the provisions of this Paragraph 41) which need not be required to keep the security deposit placed in trustany separate account of Landlord, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (orTenant, at Landlord's optionwithout interest, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's the expiration or sooner termination of this Lease without the fault of Tenant and after delivery of the Statement for such calendar year), (ii) any entire Demised Premises to Landlord in accordance with the provisions of this Lease and all amounts reasonably estimated by Landlord satisfaction of an ISRA or other environmental requirements still pending at the time of expiration or termination of the Lease. Tenant covenants that it will not assign or encumber or attempt to cover assign or encumber the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling Security Deposit and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall not be returned to bound by any such assignment, encumbrance or attempt thereof. In the event of the insolvency of Tenant, or in the event of the entry of a bankruptcy judgment in any court against Tenant which is not discharged within thirty (30) days after such removal and repair)entry, and (iii) or in the event a petition is filed by or against Tenant under any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 chapter of the California Civil Code and all other provisions bankruptcy laws of lawthe State of New Jersey or the United States of America, now or hereafter then in effectsuch event, which provide that Landlord may claim from a security require Tenant to deposit only those sums reasonably necessary to remedy defaults in the payment of rentadditional security, to repair damage caused by Tenant or be held by, Landlord pursuant to clean the Premises, it being agreed that Landlord mayterms of this Lease, in addition, claim those sums specified an amount which in this Article 4 above, and Landlord's sole judgment would be sufficient to adequately assure Tenant's performance of all of Landlord's damages its obligations under this Lease and California law includingincluding all payments subsequently accruing. Failure of Tenant to deposit the security required by this paragraph, but not limited towithin ten (10) days after Landlord's written demand, any damages accruing upon termination shall constitute a material breach of this Lease under Section 1951.2 by Tenant. Landlord further agrees that upon the Tenant's initial public offering and submission to Landlord of documentation confirming such initial public offering, the California Civil Code and/or those sums reasonably necessary Security Deposit amount shall be reduced to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenantthree (3) months' Basic Rent.
Appears in 2 contracts
Sources: Lease Agreement (Tellurian Inc /Nj/), Lease Agreement (Tellurian Inc /Nj/)
Security Deposit. Tenant has deposited or concurrently herewith is depositing with shall upon execution of this Lease pay to Landlord the sum set forth in Article 1.F. of the Basic Lease Provisions Twenty-Two Thousand Nine Hundred Seventy-Three Dollars and Fifty-Eight Cents ($22,973.58) to be held by Landlord as security for the full and faithful performance by Tenant of every provision of this Lease to be performed by Tenantall obligations imposed on Tenant hereunder. If Tenant breaches shall perform all such obligations, said sum shall be refunded to Tenant, without interest, at the end of the Lease Term. If Tenant shall default in any provision of this Lease, including but not limited to the payment of rentsuch obligation, Landlord may use all shall be entitled to apply such sum, pro tanto, toward Landlord's damages. Notwithstanding the above Tenant shall have the right to replace the cash earlier delivered to Landlord or any part to initially substitute for same by delivery to Landlord of this security deposit an unconditional and irrevocable Letter of Credit from an area banking institution approved by Landlord in the amount of Twenty-Two Thousand Nine Hundred Seventy-Three Dollars and Fifty-Eight Cents ($22,973.58) to be held by Landlord as a guaranty for the payment performance by Tenant of all those covenants and obligations of Tenant as set forth in the Lease. Said Letter of Credit shall contain terms whereby it can be drawn on by Landlord at sight on any rent or any other sums date during the Term of the Lease on which issuer shall receive from Landlord a certification signed by Landlord stating that Tenant is in default, or to compensate material default under the terms of the Lease. Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within shall after five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit to its full amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned notice first given to Tenant (or, at Landlord's option, have the right to Tenant's "Transferee", as make such term is defined in Article 15 below), provided that subsequent to the expiration certification upon any material breach of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination provision of this Lease by Tenant and any to apply said sum against all amounts so retained then due and not applied owing by Tenant hereunder and/or against sums required to such reconciliation be and actually expended by Landlord hereunder to correct existing defaults by Tenant. Any balance left of the sum received from drawing on the Letter of Credit, after the correction of defaults by Tenant and/or the payment of amounts due by Tenant, shall be returned credited against the next Rent payment due to Landlord. In the event Landlord shall draw on any Letter of Credit as provided by Tenant, all as set forth herein, Tenant within shall replace same no later than thirty (30) days after Landlord's delivery the date of such drawing, and if same is not replaced it shall constitute a default under the terms of the Statement for such calendar year), (ii) Lease and Landlord shall have the benefit of all remedies permitted pursuant to the terms of the Lease and the laws of the State of Maryland. Tenant acknowledges and agrees that it shall keep the Letter of Credit in full force and effect throughout the Term of this Lease and any and all amounts reasonably estimated by Landlord to cover extension or renewal thereof. In the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under event the term of the Letter of Credit is not coterminous with the Term of this Lease, then not more than forty-five (45) days prior to remove cabling any expiration date of the Letter of Credit, Tenant shall provide Landlord with the appropriate documentation that said Letter of Credit has been extended and other items required provide Landlord with the new expiration date of same. Should Tenant fail to be removed by Tenant under Section 29(b) below provide Landlord with such documentation on or before the expiration date of the Letter of Credit, Landlord shall have the right to draw on the entire amount of said Letter of Credit and to repair any damage caused by such removal (in which case any excess hold it, without interest, for the benefit of Landlord as security for the faithful performance of the Lease until the Letter of Credit is reinstated or the Term of the Lease expires. If the Letter of Credit is not reinstated, the amount so retained drawn by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair)Tenant, and (iii) less all costs incurred by Landlord in correcting or satisfying any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 default of the California Civil Code and all other provisions of lawLease, now within a reasonable time after the execution or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon earlier termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of TenantLease.
Appears in 2 contracts
Sources: Lease Agreement (Digitalnet Holdings Inc), Lease Agreement (Digitalnet Holdings Inc)
Security Deposit. Tenant has deposited or concurrently herewith is depositing with Landlord At the sum set forth in Article 1.F. of the Basic Lease Provisions as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant breaches any provision signing of this Lease, including but not limited Tenant shall deliver to the payment of rent, Landlord may use all or any part of this a security deposit in the amount of $ .00_. This security deposit is paid at the signing of the Lease to hold the Premises until the Tenant occupies the Premises.. The Tenant understands that the Landlord is taking the Premises off the market at this time to reserve the Premises for the payment of any rent or any other sums in defaultTenant. Tenant understands that if Tenant does not move into the Premises, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore deductions will be made from the security deposit to its full amountcover expenses in leasing the apartment to new tenants. Tenant agrees that A rental fee of $300 will apply, plus any additional expenses incurred. The Landlord shall not be required to will keep the security deposit in trust, segregate it or keep it a separate from Landlord's general funds, but account that may earn interest. Landlord may commingle will retain the interest earned and Tenant agrees that they are not entitled to any interest on their security deposit. Landlord will return the security deposit with its general funds and to the Tenant shall not be entitled to interest on such deposit. At within 30 (thirty) days from the expiration end of the Term, Lease term if the Tenant has complied with all the terms of this lease and provided there exists no default by Tenant hereunder, has not otherwise caused economic loss to the Landlord. The Landlord will make appropriate deductions from the security deposit or any balance thereof shall be returned to Tenant (orand return the balance, at Landlord's optionif any, to Tenant's "Transferee"the Tenant together with a written statement detailing the reasons for any deductions. In so doing, as such term is defined the Landlord does not waive any claim against the Tenant in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery excess of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord security deposit. Appropriate deductions may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law includinginclude, but are not limited to, cleaning of the Premises and the cost of any damages accruing upon necessary repairs which are not considered normal wear and tear. The security deposit may not be used for rent. The security deposit may not be transferred to another property. Tenant has agreed that one check will the security deposit owed to Tenant. The Tenant Payee is responsible for disbursing any returned security deposit to the other tenants listed on this Lease. Return of the security deposit is subject to: full term has expired, no damage beyond normal wear and tear, entire premise including range, refrigerator, dishwasher, closets, walls, cabinets, showers, toilets and floors are cleaned, burned out light bulbs are replaced, all keys returned, no holes or dents in walls, all unpaid late fees are paid, all rubbish are properly disposed of and all items are removed from the Premises. The cost of labor is $30.00 per man hour for cleaning and repairs and shall be deducted from the security deposit as well as the cost of matereials. There will be a minimum charge of $100.00 for the disposal of any items left behind. A $10.00 per key charge will be applied to any keys not returned by the termination date of this Lease under Section 1951.2 lease. Tenants agree to submit the Move In Inspection Form on our website ▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇/move-out-checklist/ within 15 days of the California Civil Code and/or those sums reasonably necessary beginning of the lease. Failure to compensate Landlord submit the form on time obligates the tenants to take responsibility for any other loss or damage, foreseeable or unforeseeable, caused by and all existing damage to the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenantunit.
Appears in 2 contracts
Sources: Residential Lease, Residential Lease
Security Deposit. Tenant has deposited or concurrently herewith is depositing shall deposit with Landlord upon execution hereof the sum Security Deposit set forth in Article 1.F. Section 1.6 of the Basic Lease Provisions as security for the full and Tenant’s faithful performance of every provision of this Lease to be performed by Tenant’s obligations hereunder. If Tenant breaches fails to pay Rent or other charges due hereunder after the lapse of any applicable notice and cure periods, or otherwise defaults with respect to any provision of this Lease, including but not limited to the payment of rent, Landlord may use use, apply or retain all or any part portion of this security deposit said Security Deposit for the payment of any rent Rent or any other sums charge in default, or for the payment of any other sum to which Landlord may become obligated by reason of Tenant’s default, and/or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's defaultthereby. If Landlord so uses or applies all or any portion of said deposit is so used or appliedthe Security Deposit, Tenant shall, within five ten (510) days after written demand therefordemand, deposit funds cash with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit Security Deposit to its the full amountamount set forth in Section 1.6 (as decreased pursuant to the last sentence of this Section 4 below, if applicable). Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it Security Deposit separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and accounts. If Tenant shall not be entitled to interest on such deposit. At the expiration performs all of the Term, and provided there exists no default by Tenant Tenant’s obligations hereunder, the security deposit Security Deposit (as decreased pursuant to the last sentence of this Section 4 below, if applicable), or any balance so much thereof as has not been applied by Landlord, shall be returned returned, without payment of interest or other increment for its use, to Tenant (or, at Landlord's ’s option, to the last assignee, if any, of Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i’s interest hereunder) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any Term expires and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean vacates the Premises, it being agreed that . No trust relationship is created herein between Landlord may, in addition, claim those sums specified and Tenant with respect to the Security Deposit. Notwithstanding anything to the contrary contained in this Article 4 aboveSection 4, and all so long as Tenant is not in default of Landlord's damages any of its obligations under this Lease after the lapse of any applicable cure periods, and California law including, but not limited to, never has been in default of any damages accruing upon termination of its material monetary obligations under this Lease under Section 1951.2 after the lapse of any applicable notice and cure periods, Landlord shall reduce the amount of the California Civil Code and/or those sums reasonably necessary to compensate Security Deposit by Sixty-Eight Thousand Seventy-Three and 10/100 Dollars ($68,073.10) on December 31, 2007, and by Seventy-Five Thousand Thirty-Seven and 10/100 Dollars ($75,037.10) on December 31, 2009, and Landlord for any other loss or damageshall apply such amounts against Tenant’s next Rent obligations coming due hereunder, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenantrespectively.
Appears in 2 contracts
Sources: Building Lease Agreement (Artes Medical Inc), Building Lease Agreement (Artes Medical Inc)
Security Deposit. Concurrently with Tenant's execution of this Lease, Tenant has deposited or concurrently herewith is depositing with Landlord the sum set forth in Article 1.F. of Two Hundred Forty Three Thousand Five Hundred and No/100 Dollars ($243,500.00) ("Security "Deposit"). Landlord shall not be deemed a trustee of the Basic Lease Provisions as security for Security Deposit, may use the full Security Deposit in business, and faithful performance of every provision of this Lease shall not be required to segregate it from its general accounts. Tenant shall not be performed by Tenantentitled to interest on the Security Deposit. If Tenant breaches defaults with respect to any provision provisions of this the Lease, including but not limited to the provisions relating to payment of rentBase Monthly Rent or other charges, Landlord may may, to the extent reasonably necessary to remedy Tenant's default, use any or all or any part of this security deposit for the Security Deposit towards payment of any rent the following: (i) Base Monthly Rent or other charges in default; (ii) any other sums in default, or to compensate Landlord for any other loss or damage amount which Landlord may suffer spend or become obligated to spend by reason of Tenant's defaultdefault including, but not limited to Tenant's failure to restore or clean the Premises following vacation thereof. If any portion of said deposit the Security Deposit is so used or applied, Tenant shall, within five ten (510) days after written demand thereforfrom Landlord, deposit funds cash with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit Security Deposit to its full original amount, and shall pay to Landlord such other sums as necessary to reimburse Landlord for any sums paid by Landlord. If Tenant shall be in either monetary default or material non-monetary default more than four (4) times in any twelve (12) month period, then the Security Deposit shall, within ten (10) days after demand by Landlord, be increased by Tenant to an amount equal to three (3) times the Base Monthly Rent. Tenant agrees that Landlord may not assign or encumber the Security Deposit without the consent of Landlord. Any attempt to do so shall be void and shall not be required to keep the security deposit in trust, segregate it or keep it separate from binding on Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation The Security Deposit shall be returned to Tenant within thirty (30) days after the Expiration Date and surrender of the Premises to Landlord, less any amount deducted in accordance with this Section, together with Landlord's delivery of written notice itemizing the Statement amounts and purposes for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover deduction. In the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under event of termination of Landlord's interest in this Lease, Landlord may deliver or credit the Security Deposit to remove cabling Landlord's successor in interest in the Premises and other items required thereupon be relieved of further responsibility with respect to be removed by the Security Deposit. Landlord agrees that in lieu of a cash Security Deposit, Tenant under Section 29(bmay deposit a letter of credit ("Letter of Credit") below and to repair any damage caused by such removal (substantially in which case any excess amount so retained by the form attached hereto as Exhibit "B". Landlord shall be returned entitled to draw against the Letter of Credit ----------- at any time provided only that Landlord certifies to the issuer of the Letter of Credit that Tenant within is in default under the Lease. Tenant shall keep the letter of credit in effect during the entire Lease Term, as the same may be extended, plus a period of four (4) weeks after expiration of the Lease Term. At least thirty (30) days after such removal and repair)prior to expiration of any Letter of Credit, and the term thereof shall be renewed or extended for a period of at least one (iii1) any and all amounts permitted by law year. Tenant's failure to so renew or this Article 4. Tenant hereby waives extend the provisions Letter of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from Credit shall be a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination material default of this Lease under Section 1951.2 by Tenant. In the event Landlord draws against the Letter of Credit, Tenant shall replenish the existing Letter of Credit or cause a new Letter of Credit to be issued such that the aggregate amount of letters of credit available to Landlord at all times during the Lease Term is the amount of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of TenantSecurity Deposit originally required.
Appears in 2 contracts
Sources: Quarterly Report, Lease Agreement (Verisign Inc/Ca)
Security Deposit. (a) Tenant has deposited or concurrently herewith is depositing shall deposit with Landlord on the sum set forth signing of this Lease the Security Deposit as defined in Article 1.F. of the Basic Lease Provisions as security Preamble for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant breaches any provision of 's obligations under this Lease, including but not limited including, without limitation, the surrender of possession of the Premises to the payment of rent, Landlord may use all or as herein provided. If Landlord applies any part of this security deposit for the payment of said Security Deposit to cure any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason default of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand thereforon demand, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an the amount sufficient to restore the security deposit to its full amount. Tenant agrees so applied so that Landlord shall have the full Security Deposit on hand at all times during the Term. Landlord,in the event that the Demised Premises are sold, shall transfer and deliver the Security Deposit, as such,to the purchaser of the Demised Premises and shall notify Tenant thereof, and thereupon Landlord shall be discharged from any further liability in reference thereto. The Security Deposit (less any portions thereof used, applied or retained by Landlord in accordance with the provisions of this Paragraph 16), which need not be required to keep the security deposit placed in trustany separate account of Landlord, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (orTenant, at Landlord's optionwithout interest, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's the expiration or sooner termination of this Lease without the fault of Tenant and after delivery of the Statement for entire Premises to Landlord in accordance with the provisions of this Lease. Tenant covenants that it will not assign or encumber or attempt to assign or encumber the Security Deposit and Landlord shall not be bound by any such calendar year)assignment, encumbrance or attempt thereof.
(iib) any and all amounts reasonably estimated by Three (3) months prior to the Termination Date, the Landlord will obtain an irrevocable letter of credit in favor of Tenant to cover secure its obligation to return the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant Security Deposit as required under this Lease. In the event the Landlord fails to do so, the Tenant shall have the right of setoff equal to remove cabling an amount not to exceed the Security Deposit against the payment of Fixed Basic Rent and other items required to be removed by Additional Rent for the last three (3) months of the term of this Lease. In the event of the insolvency of Tenant, or in the event of the entry of a bankruptcy judgment in any court against Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant is not discharged within thirty (30) days after such removal and repair)entry, and (iii) or in the event a petition is filed by or against Tenant under any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 chapter of the California Civil Code and all other provisions bankruptcy laws of lawthe State of New Jersey or the United States of America, now or hereafter then in effectsuch event, which provide that Landlord may claim from a security require Tenant to deposit only those sums reasonably necessary to remedy defaults in the payment of rentadditional security, to repair damage caused be held by Tenant or Landlord pursuant to clean the Premises, it being agreed that Landlord mayterms of this Lease, in addition, claim those sums specified an amount which in this Article 4 above, and Landlord's sole judgment reasonably exercised would be sufficient to adequately assure Tenant's performance of all of Landlord's damages its obligations under this Lease and California law includingincluding all payments subsequently accruing. Failure of Tenant to deposit the security required by this Paragraph, but not limited towithin ten (10) days after Landlord's written demand, any damages accruing upon termination shall constitute a material breach of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenant.
Appears in 2 contracts
Sources: Lease Agreement (Infocrossing Inc), Lease Agreement (Computer Outsourcing Services Inc)
Security Deposit. Tenant has deposited or concurrently herewith is depositing shall be required to deposit with Landlord upon execution of this Lease the sum security deposit as set forth in Article 1.F. of the Basic Lease Provisions I, Section 8 as security for the full and Tenant’s faithful performance of every provision its obligations under this Lease. Notwithstanding the foregoing, Tenant may, by written notice to Landlord, request a deferment of this Lease Tenant’s obligation to be performed by Tenantpay the security deposit as aforesaid, and Landlord may elect to defer such payment in Landlord’s sole and absolute discretion. If Landlord defers such requirement, Tenant shall, within two (2) business days after Landlord’s request therefor, pay the security deposit set forth in Article I, Section 8 to Landlord. If Tenant breaches any provision of fails to pay rent, or otherwise defaults under this Lease, including but not limited to the payment of rent, Landlord may use use, apply or retain all or any part portion of this said security deposit for the payment of any amount already due Landlord, for rent or any other sums which will be due in defaultthe future, and/ or to reimburse or compensate Landlord for any other liability, expense, loss or damage which Landlord may suffer or incur by reason of Tenant's defaultthereof. If Landlord uses or applies all or any portion of the security deposit, Tenant shall within ten (10) days after written request therefor deposit monies with Landlord sufficient to restore said security deposit is so used or appliedto the full amount required by this Lease. If the Basic Rent increases during the Term of this Lease, Tenant shall, within five (5) days after upon written demand thereforrequest from Landlord, deposit funds additional monies with Landlord so that the total amount of the security deposit shall at all times bear the same proportion to the increased Basic Rent as the initial security deposit bore to the initial Basic Rent. Should the agreed use be amended to accommodate a material change in the business of Tenant or to accommodate a form acceptable under Section 3(b) above and in an amount sufficient subtenant or assignee, Landlord shall have the right to restore increase the security deposit to its full amountthe extent necessary, in Landlord’s reasonable judgment, to account for any increased wear and tear that the premises may suffer as a result thereof. If a change in control of Tenant agrees that occurs during this Lease and following such change the financial condition of Tenant is, in Landlord’s reasonable judgment, significantly reduced, Tenant shall deposit such additional monies with Landlord as shall be sufficient to cause the security deposit to be at a commercially reasonable level based on such change in financial condition. Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such depositaccounts. At Within ninety (90) days after the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration termination of this Lease, Landlord may retain from said shall return that portion of the security deposit not used or applied by Landlord. Landlord shall upon written request provide Tenant with an accounting showing how that portion of the security deposit that was not returned was applied. No part of the security deposit shall be considered to be held in trust, to bear interest or to be prepayment for any monies to be paid by Tenant under this Lease. a California limited liability company a California corporation By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇ By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇ Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇ Name: ▇▇▇▇▇▇▇ ▇▇▇▇ Title (Print): Authorized Signatory Title (Print): Sole Officer, Director and Authorized Signatory LOTS 15 TO 20 INCLUSVIE IN BLOCK “A’ OF THE SUBDIVISION OF BLOCKS “A” AND “E” OF THE ESTELi.A TRACT, IN THE CITY OF LOS ANGELES, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 55, PAGE 54 OF MISCELLANEOUS RECORDS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY. The following are Tenant’s insurance requirements. Tenant agrees to present evidence to Landlord that it has fully complied with the insurance requirements.
1. Tenant shall, at its sole cost and expense, commencing on the Commencement Date and continuing during the entire Term, obtain and keep in full force and effect: (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due a combination of commercial general liability and umbrella liability insurance with respect to the calendar year Premises and the operations of or on behalf of Tenant in, on or about the Premises, including but not limited to personal injury, owned and non-owned automobile, blanket contractual, independent contractors, broad form property damage, fire legal liability, products liability (if a product is sold from the Premises), and cross liability and severability of interest clauses, which policy(ies) shall be written on a “per occurrence” basis and for not less than $5,000,000 combined single limit (with a $50,000 minimum limit on fire legal liability) per occurrence for bodily injury, death, and property damage liability, or the current limit of liability carried by Tenant, whichever is greater, provided that such liability limit may be subject to increase in which this Lease terminates or expires (such an amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from reasonably requested by Landlord if and when Tenant for such calendar year through renews the date of expiration or earlier termination Term of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), Lease; (ii) any workers’ compensation insurance coverage as required by Applicable Law, together with employers’ liability insurance coverage for not less than limits of $1,000,000 each accident, $1,000,000 disease policy limit and all amounts reasonably estimated by Landlord $1,000,000 disease each employee; (iii) with respect to cover improvements, alterations, and the anticipated costs like required or permitted to be incurred made by Landlord to remove any signage provided to Tenant under this Lease, builder’s all-risk insurance, in amounts reasonably satisfactory to remove cabling Landlord; (iv) insurance against fire, vandalism, malicious mischief and such other additional perils as may be included in a standard “all risk” form, insuring the leasehold improvements, trade fixtures, furnishings, equipment and items of personal property in the Premises, in an amount equal to not less than ninety percent (90%) of their actual replacement cost (with replacement cost endorsement); and (v) Property insurance, subject to standard exclusions (but specifically including earthquake coverage), covering the full replacement value of the Premises, and such other risks as Landlord or its mortgagees may from time to time reasonably deem appropriate with commercially reasonable deductible amounts. In no event shall the limits of any policy be considered as limiting the liability of Tenant under this Lease.
2. All policies of insurance required to be removed carried by Tenant pursuant to this Exhibit shall be written by responsible insurance companies authorized to do business in the State of California and with a general policyholder rating of not less than “A-,VIII” in the most current Best’s Insurance Report. Any insurance required of Tenant may be furnished by Tenant under any blanket policy carried by it or under a separate policy. A certificate of insurance or policy information form, certifying that the policy has been issued, provides the coverage required by this Exhibit and contains the required provisions, and the additional insured provisions required under Section 29(b3 below, shall be delivered by Tenant to Landlord prior to the date Tenant is given the right of possession of the Premises. Proper evidence of the renewal of any insurance coverage shall also be delivered by Tenant to Landlord not later than three weeks following the expiration of the coverage.
3. Unless otherwise provided below, each policy evidencing insurance required to be carried by Tenant pursuant to this Exhibit shall contain the following provisions and/or clauses satisfactory to Landlord: (i) below with respect to Tenant’s commercial general liability and to repair umbrella liability insurance, a provision that the policy and the coverage provided shall be primary and that any damage caused by such removal (in which case any excess amount so retained coverage carried by Landlord shall be returned to Tenant within thirty (30) days after such removal excess and repair)noncontributory, and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from together with a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenant.provision
Appears in 2 contracts
Sources: Lease Agreement (Columbia Care Inc.), Lease Agreement (Columbia Care Inc.)
Security Deposit. Tenant has deposited or concurrently herewith is depositing with Landlord the sum set forth in Article 1.F. Return of the Basic security deposit shall occur in accordance with paragraph 8 of the lease agreement. Only 1 check will be issued to the FIRST person on the lease. In order to receive your security deposit refund, you must:
a. Provide your new forwarding address, otherwise checks will be mailed to your last known address (i.e. the rental unit). .
b. Be sure to thoroughly clean the apartment and repair any damages that are your responsibility. VOID
c. Leave your utilities in your name until the last day of your lease.
d. Abide by your Lease Provisions as Agreement
e. Note: a single security deposit check will be issued within 14 days of your move out date, in compliance with paragraph 8 of the lease agreement.
f. If the damages exceed the amount of your damage deposit the Owner may collect the balance from the Tenant. * Security deposits will be mailed within 14 days of your move out and when all inspections are complete to the first person listed on the lease. Tenant Signature Date Tenant Signature Date Tenant Signature Date Tenant Signature Date Tenant Signature Date Tenant Signature Date NOW COMES (Owner), and , , , VOID , Tenant(s), who on executed a lease for the full following premises: . Notwithstanding anything to the contrary in Tthyepeabteoxvt eh-erreeferred to Lease, that Lease shall be amended as follows: Tenant shall keep NO animals on the premises except as follows: Type: Name of animal: Age of animal: As a condition of Landlord permitting an animal on the premises, the Tenant(s) agrees as follows:
1. Tenant(s) shall pay a monthly pet rent of $ .
2. The animal shall not disturb the quiet enjoyment of other residents.
3. Any animal waste will be promptly and faithful performance sanitarily disposed of every provision by the Tenant(s).
4. It is expressly understood that the animal shall always be accompanied by the Tenant(s), or a responsible designee, when the animal is outside of the apartment and in the common areas. The Tenant(s) shall always have physical control of the animal when it is outside of the apartment and in the common areas.
5. Tenant(s) shall provide Landlord with a certificate from a licensed veterinarian indicating that the animal is healthy and has received all required vaccinations.
6. Tenant(s) shall indemnify and hold the Landlord harmless from any costs, claims, damages, expenses, or attorney’s fees arising directly or indirectly, including consequential damages, as a result of this Lease or any other animal being on the leased premises or common areas with the tenant’s permission.
7. Tenant(s) agrees not to be performed by Tenant. If Tenant breaches any provision of this Lease, permit pet to damage the apartment including but not limited to the payment of rentscratching at doors, Landlord may use all urinating and defecating on carpeting or any part of this security deposit for the payment of any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit to its full amountflooring. Tenant agrees that Landlord shall not be required to keep take full responsibility for any damages to the security deposit in trustproperty caused by pet. Upon vacating the apartment, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration all physical evidence of the Termpet shall be removed, the apartment fully cleaned, deodorized, rugs shampooed, and provided there exists no default by fleas or other pet-related bugs exterminated at Tenant’s expense
8. Tenant hereunder, agrees to confine or temporarily remove the security deposit pet from the unit when landlord needs to show or access the unit.
9. Violation of any balance thereof of the above conditions shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant grounds for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30the lease. Tenant(s) days after Landlord's delivery can avoid termination of the Statement for such calendar year), (ii) any and all amounts reasonably estimated lease by Landlord to cover removal of the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair)animal from the premises, and (iii) any otherwise comply with section 7 and all amounts permitted by law or this Article 48 above. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code Signature Date Tenant Signature Date Tenant Signature Date Tenant Signature Date Tenant Signature Date Tenant Signature Date **this is pertinent information that you may need. Please keep this sheet in your apartment for easy access** Vermont Gas 802.863.4511 Burlington Electric 802.865.7300 Green Mountain Power (Winooski) 888.835.4672 Public Works (water and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenant.recycling) 802.863.4501 ▇▇▇▇▇ Trash 802.655.4312 Comcast 800.934.6489 Burlington Telecom 802.540.0007
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
Security Deposit. Tenant Tenant, concurrently with the execution of this Lease, has deposited or concurrently herewith is depositing with Landlord the sum amount set forth in Article 1.F. of the Basic Lease Provisions BLI Rider as the security deposit ("Security Deposit") hereunder. This sum will be retained by Landlord as security for the full payment by Tenant of the Rent and Other Rent and for the faithful performance by Tenant of every provision all the other terms and conditions of this Lease Lease. In the event Tenant fails to be performed by Tenant. If Tenant breaches any provision faithfully perform the terms and conditions of this Lease, including but not limited to Landlord, at Landlord's option, may at any time apply the Security Deposit or any part thereof toward the payment of rent, Landlord may use all or any part of this security deposit for the payment of any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason Rent and/or Other Rent and/or toward the performance of Tenant's defaultobligations under this Lease. If any portion of said deposit is so used or applied, Tenant shallIn such event, within five (5) days after written demand therefornotice, Tenant will deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount cash sufficient to restore the security deposit Security Deposit to its full original amount. Tenant agrees that Landlord shall not be required to keep will return the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration unused portion of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned Security Deposit to Tenant within thirty (30) days after Landlord's delivery the Expiration Date if Tenant is not in violation of any of the Statement provisions of this Lease. Landlord may (but is not obligated to) exhaust any or all rights and remedies against Tenant before resorting to the Security Deposit. Landlord will not be required to pay Tenant any interest on the Security Deposit nor hold same in a separate account. If Landlord sells or otherwise conveys the Building, Landlord will deliver the Security Deposit or the unapplied portion thereof to the new owner. Tenant agrees that if Landlord turns over the Security Deposit or the unapplied portion thereof to the new owner, Tenant will look to the new owner only and not to Landlord for such calendar yearits return upon expiration of the Lease Term. If Tenant assigns this Lease with the consent of Landlord (as expressly provided for in this Lease), (ii) any the Security Deposit will remain with Landlord for the benefit of the new tenant and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall will be returned to such tenant upon the same conditions as would have entitled Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenantits return.
Appears in 2 contracts
Sources: Office Lease (Colonial Direct Financial Group Inc), Office Lease (Vfinance Inc)
Security Deposit. Tenant has deposited or concurrently herewith is depositing with Landlord the sum set forth in Article 1.F. of the Basic Lease Provisions [*] and [*]/100 Dollars ($[*]) as security for the full and faithful performance of every provision all of the obligations of Tenant under this Lease to be performed by Tenant. If Tenant breaches any provision of this Lease, including but not limited to the payment of rent, Landlord may use (all or any part of such amount, the “Security Deposit”). If an Event of Default shall occur under this security deposit Lease, Landlord may use, apply or retain all or any part of the Security Deposit for the payment of any rent Fixed or Additional Rent or any other sums sum in defaultdefault or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of such Event of Default, or to compensate Landlord for any other loss loss, cost or damage which Landlord may suffer by reason of Tenant's defaultsuch Event of Default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days Business Days after written demand therefornotice from Landlord, deposit funds with Landlord in cash or a form acceptable under Section 3(b) above and letter of credit in an amount sufficient to restore the security deposit Security Deposit to its full amountthe amount then required pursuant to the terms of this Article 30. Tenant’s obligation to make such payment shall be deemed a requirement that Tenant pay an item of Additional Rent, and Tenant’s failure to do so shall be a breach of this Lease. Landlord shall not, unless otherwise required under applicable Law, pay interest to Tenant on the Security Deposit, and if Landlord is required to maintain the Security Deposit in an interest bearing account, Landlord will retain the maximum amount permitted under applicable Laws as a bookkeeping and administrative charge. Tenant agrees that shall not assign or encumber any part of the Security Deposit, and no assignment or encumbrance by Tenant of all of any part of the Security Deposit shall be binding upon Landlord, whether made prior to, during, or after the Term. Landlord shall not be required to keep exhaust its remedies against Tenant or against the Security Deposit before having recourse to any other form of security deposit in trustheld by Landlord, segregate it or keep it separate from Landlord's general funds, but and recourse by Landlord may commingle to any portion of the security deposit with its general funds and Tenant Security Deposit shall not affect any remedies of Landlord provided in this Lease or available to Landlord under applicable Laws. So long as no Event of Default shall then have occurred and be entitled to interest on such deposit. At the expiration of the Term, and provided there exists no default by Tenant hereundercontinuing, the security deposit Security Deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to reasonably promptly after the expiration of this Lease, Landlord may retain from said security deposit or sooner termination (i) an amount reasonably estimated by Landlord other than a termination pursuant to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%Article 16) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease Term and any amounts so retained and not applied Tenant’s surrender to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery Landlord of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4Premises. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenant* CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.
Appears in 2 contracts
Sources: Sublease (Switch & Data, Inc.), Sublease (Switch & Data, Inc.)
Security Deposit. Tenant has deposited 32.1. Tenant, on or concurrently herewith is depositing with before 45 days from the Effective Date, will deliver to Landlord the initial sum set forth in Article 1.F. of the Basic Lease Provisions $4,000,000.00 (“Security Deposit”) as security for the Tenant’s full and faithful performance of every provision all obligations under this Lease and any renewals or extensions of this Lease in the form of an irrevocable stand-by letter of credit (“Letter of Credit”) as set forth in Section 32.3 of this Lease. On the Second Phase Rent Commencement Date the amount of the Security Deposit will be increased by $1,000,000.00 (to $5,000,000.00) and on such date Tenant will deliver to Landlord an amended Letter of Credit as set forth in Section 32.3 of this Lease (increased from $4,000,000.00 to $5,000,000.00) or the sum of $1,000,000.00. Tenant will have the right to reduce the amount of the Security Deposit (not to exceed a maximum reduction to $3,000,000.00) in accordance with the provisions of Section 32.4 of this Lease. Landlord, in its sole discretion, may draw upon the Security Deposit to cure any Default under this Lease. If any such application is made, upon notice by Landlord to Tenant, Tenant, within 10 days of Landlord’s demand, will promptly replace the amount so applied in the form of an additional letter of credit with the same terms. The Security Deposit will not be performed deemed an advance payment of Rent, nor a measure of damages for any default by Tenant under this Lease, nor will it be a bar or defense of any action which Landlord may at any time commence against Tenant. In the absence of evidence reasonably satisfactory to Landlord of an assignment of the right to receive the Security Deposit or the remaining balance thereof, Landlord may return the Security Deposit to the original Tenant, regardless of one or more assignments of this Lease. Upon the transfer of Landlord’s interest under this Lease (and a copy of the written assumption by the transferee of Landlord’s obligations hereunder with respect to the Security Deposit sent by Landlord to Tenant), Landlord’s obligation to Tenant with respect to the Security Deposit will terminate upon assumption of such obligation by the transferee.
32.2. If Tenant breaches any provision of this Lease, including but is not limited to the payment of rent, Landlord may use all or any part of this security deposit for the payment of any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit to its full amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration of the Term, and provided there exists no default by Tenant hereunderDefault, the security deposit Security Deposit, or any balance thereof shall thereof, will be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to or the Letter of Credit cancelled) within 30 days after the following:
(A) the expiration of the term of this Lease, ;
(B) the removal of Tenant and its property from the Premises;
(C) the surrender of the Premises by Tenant to Landlord may retain from said security deposit in accordance with this Lease; and
(iD) an amount reasonably estimated the payment by Landlord to cover potential Direct Cost reconciliation payments Tenant of any outstanding Rent due with respect pursuant to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination as computed by Landlord.
32.3. The Security Deposit contemplated by Section 32.1 of this Lease will be in substantially similar form to the one annexed hereto as Exhibit “R”. Tenant will cooperate with Landlord to promptly execute and any amounts so retained and not applied deliver to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) Landlord any and all amounts modifications, amendments, and replacements of the Letter of Credit, as Landlord may reasonably estimated by Landlord request to cover carry out the anticipated costs intent, terms and conditions of this Article 32.
32.4. Provided that no Default has occurred at any time during the Term, commencing on the 4th anniversary of the First Phase Rent Commencement Date, Tenant will have the annual right (provided that no Default has occurred in the prior 12 month period) to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal replace the Letter of Credit with a new Letter of Credit (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or accordance with requirements of this Article 4. Tenant hereby waives 32) or amend the provisions existing Letter of Section 1950.7 of the California Civil Code Credit (and all other provisions of lawLandlord will cooperate reasonably, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary at no cost to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord mayLandlord, in addition, claim those sums specified in this Article 4 above, and all connection with such a replacement or reduction) with a Letter of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused Credit reduced by the acts or omissions maximum amount of $350,000.00; provided, however, that no additional reductions will be permitted after the Letter of Credit has been reduced to the amount of $3,000,000.00 as it is the intention of Landlord and Tenant or any officerthat during the Term, employee, agent, contractor or invitee of Tenantthe Security Deposit will not be less than less than $3,000,000.00.
Appears in 2 contracts
Sources: Lease Agreement (iCIMS Holding LLC), Lease Agreement (iCIMS Holding LLC)
Security Deposit. A. Tenant has deposited or concurrently herewith is depositing with Landlord the sum set forth specified in Article 1.F. Item 11 of the Basic Lease Provisions Definitions to be retained by Landlord without liability for interest, as security for the payment of all Rent and other sums of money which shall or may be payable for the full stated term of this Lease, and any extension or renewal thereof, and for the faithful performance of every provision all the terms of this Lease to be observed and performed by Tenant.
B. The Security Deposit shall not be mortgaged, assigned, transferred or encumbered by Tenant without the prior written consent of Landlord and any such act on the part of Tenant shall be without force or effect and shall not be binding upon Landlord. If any of the Rent herein reserved or any other sum payable by Tenant to Landlord shall be overdue and unpaid or should Landlord make payments on behalf of Tenant, or if Tenant shall fail to perform any of the terms of this Lease, then Landlord may, at its option and without prejudice to any other remedy which Landlord may have on account thereof, appropriate and apply said entire deposit or so much thereof as may be necessary to compensate Landlord toward the payment of Rent or Additional Rent or loss or damage sustained by Landlord due to breach on the part of Tenant; and Tenant shall promptly upon demand restore said security to the original sum deposited. If Tenant breaches should be overdue in the payment of monthly Rent or other sums payable to Landlord on at least two or more occasions during a year, Landlord, at its option, may require Tenant to increase the amount of Security Deposit now held by Landlord by an amount sufficient to cover at least two months Rent or greater amount to be determined at the sole discretion of Landlord. In this event, upon receipt of the additional security sum, Landlord and Tenant shall evidence such receipt by a letter signed and acknowledged by both Landlord and Tenant to be incorporated as part of this Lease amending Section A. hereof, stating the "New Total Amount" so held without liability for any provision interest. Within Sixty (60) days after the expiration of the tenancy hereby created, whether by lapse of time or otherwise, provided Tenant shall not be in default hereunder and shall have complied with all the terms, covenants and conditions of this Lease, including but not limited the yielding up of the immediate possession to the payment of rentLandlord, Landlord may use all or any part of this security deposit for the payment of any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds upon being furnished with Landlord affidavits and other satisfactory evidence by Tenant that Tenant has paid all bills incurred by it in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit to its full amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit connection with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration performance of the Termterms, covenants and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration conditions of this Lease, return to Tenant said sum on deposit or such portion thereof then remaining on deposit with Landlord as set forth herein. In the event Tenant has not complied with all the obligations provided for hereunder, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates appropriate a part or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery a of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord Security Deposit as liquidated damages to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlordsatisfy Tenant's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenantobligations.
Appears in 2 contracts
Sources: Option for Lease (Florida Coastline Community Group Inc), Option to Lease (Coastal BHC Inc)
Security Deposit. Tenant has deposited or concurrently herewith is depositing shall, upon the execution of this Lease, deposit with Landlord the sum set forth in Article 1.F. of the Basic Lease Provisions as security for the full payment of rent and faithful the performance of every provision of this Lease all other covenants to be performed by Tenant, the sum of One Thousand, Eight hundred And Fifty + no/100 dollars ($1,850.00). Said security deposit shall be non-interest bearing. If Tenant breaches any provision of this Lease, including but not limited to defaults in the payment of rentany monthly rental installment, or fails to perform any other covenant within three (3) days after receipt of written demand therefor, Landlord, at its option, may apply sufficient sums from the security deposit towards payment thereof. If Landlord may use all or any part of this elects to so apply the security deposit, Tenant shall be obligated to immediately replenish the security deposit for the payment amount so applied by Landlord. The total security deposit shall be held by Landlord until expiration of the initial term or until expiration of any rent or renewal term if any other sums in defaultrenewal option which exists is exercised, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any and the unused portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit shall be refunded by Landlord to its full amountTenant at the end of the Term of this Lease or any renewal thereof. Tenant agrees that Provided, however, the Landlord shall not be required to keep may hold the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration for a period of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery following surrender of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions possession of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that and may deduct from the amount refunded any rental due and payable, the costs of repairing any damage or replacing any damaged portion of the Premises or of the Building or other real estate of which the Premises form a part and the costs of cleaning the same if the Tenant fails to do so prior to surrender of possession. Provided, however, said Security Deposit does not constitute a limitation of any kind to a claim by Landlord may, in addition, claim those against Tenant for nonpayment of rentals or other sums specified in this Article 4 above, and all of Landlord's damages under this Lease or for costs of repair, replacement and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 cleaning of the California Civil Code and/or those sums reasonably necessary Premises as discussed herein. In the event proceedings begin it is agreed that the Security Deposit held hereunder shall be deemed to compensate be applied first to rent and other charges first due to Landlord for all periods prior to the filing of any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions such proceedings. The security deposit shall not be applied to rent except upon approval of Tenant or any officer, employee, agent, contractor or invitee of TenantLandlord.
Appears in 2 contracts
Sources: Lease Agreement (Iradimed Corp), Lease Agreement (Iradimed Corp)
Security Deposit. Tenant has deposited or concurrently herewith is depositing with this day paid to Landlord the sum set forth in Article 1.F. of the Basic Lease Provisions Security Deposit to be held by Landlord as security for the full payment and faithful performance by Tenant of every provision all obligations imposed on Tenant hereunder, in an account the proceeds of this Lease to which may be performed commingled by TenantLandlord with any other account or proceeds. If Tenant breaches shall perform all such obligations, the Security Deposit shall be refunded to Tenant, without interest, following the end of the Term. If Tenant shall default in any provision of this Lease, including but not limited to the payment of rentsuch obligation and such default shall continue beyond all applicable cure periods, Landlord may use shall be entitled to apply all or any part portion of this security deposit for the payment of Security Deposit, pro tanto, to cure any rent or any other sums in such default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit to its full amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At replenish the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent Security Deposit to the expiration of this Lease, Landlord may retain from said security deposit (i) an full amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery receipt of a written notice from Landlord which sets forth the amount to be replenished. If the Security Deposit is not fully restored, it shall constitute an immediate Event of Default (as defined in Section 21) under the terms of the Statement for such calendar year), Lease (ii) without need of notice or the expiration of any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repaircure period), and (iii) any and Landlord shall have the benefit of all amounts remedies permitted by law or this Article 4. Tenant hereby waives pursuant to the provisions of Section 1950.7 terms of the California Civil Code Lease and all other provisions the laws of law, now the State of Maryland. The Security Deposit shall not be considered an advance payment of rent or hereafter a measure of Landlord’s damages in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults case of default by Tenant. In the event of the sale or transfer of Landlord’s interest in the payment of rentBuilding, Landlord shall have the right to repair damage caused by transfer the Security Deposit to the purchaser or transferee and upon such transfer Tenant or shall look only to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 new landlord for the return of the California Civil Code and/or those sums reasonably necessary Security Deposit and Landlord shall thereupon be released from all liability to compensate Tenant for the return of or accounting for the Security Deposit.” Notwithstanding anything contained herein to the contrary, there shall be no reduction in the amount of the Security Deposit held by Landlord for any other loss or damage, foreseeable or unforeseeable, caused by prior to the acts or omissions expiration of Tenant or any officer, employee, agent, contractor or invitee the of Tenantthe Lease.
Appears in 2 contracts
Sources: Agreement of Lease (Osiris Therapeutics, Inc.), Agreement of Lease (Osiris Therapeutics, Inc.)
Security Deposit. In accordance with the Annotated Code of Maryland, Real Property Article, Tenant has deposited or concurrently herewith is depositing with Landlord the Landlord/Agent the sum set forth in Article 1.F. of the Basic Lease Provisions as security for the full and faithful performance Dollars ($ ), receipt of every provision of this Lease which is hereby acknowledged, which sum does not exceed two (2) months’ rent, which is to be performed by Tenant. If Tenant breaches any provision of this Lease, including but not limited to the payment of rent, Landlord may use all or any part of this held as collateral security deposit for the payment of and applied on any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord unpaid utility ▇▇▇▇ that may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above remain due and in an amount sufficient to restore the security deposit to its full amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, owing at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, any extension thereof or holding over period, or applied to any damages to the premises in excess of ordinary wear and tear caused by the Tenant, the Tenant’s family, guests, employees, agents, or pets, or other damages and expenses suffered by Landlord as a result of a breach of any covenant or provision of this Lease. Tenant may retain from said not utilize the security deposit (i) as rent and must not apply the same as the last month’s rent. The security deposit will be deposited and maintained in an amount reasonably estimated by Landlord escrow account in a federally insured financial institution which does business in the State of Maryland, devoted exclusively to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall notsecurity deposits, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after it has been received. The security deposit may be held in insured certificates of deposit at branches of a federally insured financial institution within the State of Maryland or in securities issued by the federal government or the State of Maryland. The Landlord's delivery /Agent must provide the Tenant, within forty-five (45) days after the termination of the Statement tenancy by first class mail directed to the last known address of the Tenant, a written list of any damages to the premises together with a statement of costs actually incurred. Within forty-five (45) days after the termination of the tenancy, the Landlord/Agent must return the deposit to the Tenant together with simple interest, which will accrue in the amount of 3% per annum less any damages rightfully withheld. Tenant’s obligations under this Lease may not end when Tenant ceases to occupy the premises. Repairs required may be so substantial or of such a nature that work will not be completed within the forty- five (45) day period following the termination of the tenancy. In such event, Landlord reserves the right to pursue Tenant for such calendar year), (ii) any and all amounts reasonably estimated reimbursement for costs incurred to repair damages to the premises. In the event of a sale of the property upon which the premises are situated or the transfer or assignment by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under Landlord/Agent of this Lease, the Landlord/Agent has the obligation to remove cabling transfer the security deposit to the transferee. After the transfer is made and other items required after written notice of same is given to the Tenant with the name and address of the new Landlord/Agent, Landlord/Agent is released from all liability for the return of the security deposit and the Tenant must look solely to the new Landlord/Agent for the return of his security deposit. It is agreed that the foregoing will apply to every transfer or assignment made of the security deposit to a new Landlord/Agent. In the event of any rightful or permitted assignment of this Lease by the Tenant to any assignee or sublessee, the security deposit is deemed to be removed held by Tenant under Section 29(b) below the Landlord/Agent as a deposit made by the assignee or sublessee and the Landlord/Agent will have no further liability with respect to repair any damage caused by return of such removal (in which case any excess amount so retained by Landlord shall be returned security deposit to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4the assignor. Tenant hereby waives the provisions of Section 1950.7 The failure of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord to comply with the Security Deposit Law may claim from a security deposit only those sums reasonably necessary to remedy defaults result in the payment Landlord being liable to the Tenant for a penalty of rentup to three (3) times the Security Deposit withheld, to repair damage caused by Tenant plus reasonable attorney’s fees. The Landlord or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including’s estate, but not limited tothe managing agent or court appointed receiver, any damages accruing upon termination ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ County Single Family Lease Revised: 02/05 Page 2 of this Lease under Section 1951.2 12 remain liable to the Tenant for the maintenance of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused security deposit as required by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenantlaw.
Appears in 2 contracts
Sources: Single Family Dwelling Lease, Single Family Dwelling Lease
Security Deposit. Tenant Landlord acknowledges that it has deposited or concurrently herewith is depositing received the Security Deposit from Tenant, simultaneously with Landlord the sum set forth in Article 1.F. execution of the Basic Lease Provisions as this Lease. The Security Deposit shall be security for the full and faithful performance and observance by Tenant of every provision of this Lease to be performed by Tenant. If Tenant breaches any provision the covenants, terms and conditions of this Lease, including but not limited to including, without limitation, the payment of rentTotal Rent, on the part of Tenant to be kept and performed. No interest shall be payable on the Security Deposit, and the Security Deposit need not be held in a segregated account and may be commingled with Landlord's separate funds. It is agreed and acknowledged by Tenant that the Security Deposit is not an advance payment of rent or a measure of Landlord's damages in the case of default by Tenant. Upon the occurrence of an Event of Default under this Lease, Landlord may use use, apply or retain the whole or any part of the Security Deposit to the extent required for the payment of all or any part or component of this security deposit Total Rent or any other sum as to which Tenant is in default or for the payment of any rent other injury, expense or liability resulting from any Event of Default. Use, application or retention of the Security Deposit by Landlord shall not prohibit or limit Landlord's exercise of any other sums in default, or to compensate Landlord for any other loss or damage which remedies Landlord may suffer by reason of have for Tenant's default. If Following any portion such application of said deposit is so used or appliedthe Security Deposit, Tenant shall, within five (5) days after written shall pay to Landlord on demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient necessary to restore the security deposit Security Deposit to its full original amount. Tenant agrees In the event that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration fully and faithfully comply with all of the Termterms, provisions, covenants and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration conditions of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation Security Deposit shall be returned to Tenant within thirty (30) days after Landlord's the Expiration Date and after delivery of possession of the Statement for such calendar year)Premises to Landlord in accordance with the terms hereof. Upon every sale or lease of the Building, (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair)released from all liability for the return of the Security Deposit, and (iii) any and all amounts permitted Tenant shall look to the new landlord for its return, so long as the transferring Landlord assigns or transfers the Security Deposit to the acquiring landlord or provides the acquiring landlord a credit for same. The Security Deposit shall not be assigned or encumbered by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 aboveTenant, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss such assignment or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenantencumbrance shall be void.
Appears in 2 contracts
Sources: Office Lease (Medialink Worldwide Inc), Office Lease (RMS Titanic Inc)
Security Deposit. Upon Tenant’s execution of this Lease, Tenant has deposited or concurrently herewith is depositing with will deliver to Landlord an Irrevocable Letter of Credit (the sum set forth “Letter of Credit”) in Article 1.F. the amount of the Basic Security Deposit, in substantially the form attached hereto as Exhibit F and made a part hereof from a financial institution acceptable to Landlord. Tenant shall cause the Letter of Credit to be maintained in full force and effect throughout the Lease Provisions Term and during the sixty (60) day period after the later of (a) the expiration of the Lease Term or (b) the date that Tenant delivers possession of the Leased Premises to Landlord, as security for the performance by Tenant of all of Tenant’s obligations contained in this Lease. In the event that, during the Lease Term, Tenant fails to deliver to Landlord a renewal or replacement to the Letter of Credit by a date no later than forty-five (45) days prior to its expiration date, Landlord shall have the right to demand and receive payment in full under the letter of credit and faithful performance to hold the cash proceeds as the Security Deposit under this Lease. In the event of every provision of this Lease to be performed a Default by Tenant. If Tenant breaches any provision of this Lease, including but not limited to the payment of rent, Landlord may use apply all or any part of this security deposit for the payment of any rent Security Deposit to cure all or any other sums in defaultpart of such Default; provided, or to compensate Landlord for however, that any other loss or damage which Landlord may suffer such application by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit to its full amount. Tenant agrees that Landlord shall not be or be deemed to be an election of remedies by Landlord or considered or deemed to be liquidated damages. Tenant agrees promptly, upon demand, to deposit such additional sum with Landlord as may be required to keep maintain the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration full amount of the Term, and provided there exists no default Security Deposit. All sums held by Tenant hereunder, the security deposit or any balance thereof Landlord pursuant to this Article 4 shall be returned to Tenant without interest and may be commingled by Landlord. Within forty-five (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below)45) days after the end of the Lease Term, provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates there is then no uncured Default or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items repairs required to be removed made by Tenant under pursuant to Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by 2.03 above or Section 7.03 below, Landlord shall be returned return the Security Deposit to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4Tenant. Tenant hereby waives Landlord’s obligation to return the provisions of Section 1950.7 Security Deposit shall survive termination of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of TenantLease.
Appears in 2 contracts
Sources: Office Lease (MaxPoint Interactive, Inc.), Office Lease (MaxPoint Interactive, Inc.)
Security Deposit. Tenant a. In accordance with the Annotated Code of Maryland, Real Property Article, ▇▇▇▇▇▇ has deposited or concurrently herewith is depositing with Landlord the Landlord/Agent the sum set forth in Article 1.F. of the Basic Lease Provisions as security for the full and faithful performance Dollars ($ ), receipt of every provision of this Lease which is hereby acknowledged, which sum does not exceed two (2) months rent, which is to be performed by Tenant. If Tenant breaches any provision of this Lease, including but not limited to the payment of rent, Landlord may use all or any part of this held as collateral security deposit for the payment of and applied on any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord unpaid utility bill that may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above remain due and in an amount sufficient to restore the security deposit to its full amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, owing at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, any extension thereof or holding over period, or applied to any damages to the premises in excess of ordinary wear and tear caused by the Tenant, his family, guests, employees, trades people, or pets, or other damages and expenses suffered by Landlord as a result of a breach of any covenant or provision of this Lease. Tenant may retain from said not utilize the security deposit (i) as rent and Tenant must not apply the same as the last month’s rent. The security deposit will be deposited in an amount reasonably estimated by Landlord escrow account in a federally insured banking or savings institution within the State of Maryland, devoted exclusively to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall notsecurity deposits, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery it has been received. The Landlord/ Agent must provide the Tenant, within forty-five (45) days after the end of the Statement tenancy, by first class mail directed to the last known address of the Tenant, a written list of any damages to the premises together with a statement of costs actually incurred. Within forty-five (45) days after the end of the tenancy, the Landlord/Agent shall return the security deposit to the tenant together with simple interest which has accrued at the daily U.S. Treasury yield curve rate for 1 year, as of the first business day of each year, or 1.5%, whichever is greater, less any damages rightfully withheld. Interest shall accrue at six-month intervals from the day the tenant gives the landlord the security deposit. Interest is not compounded. Interest shall be payable only on security deposits of $50 or more. The foregoing provisions do not apply to any Tenant who has abandoned the premises or who has been evicted unless such calendar year)▇▇▇▇▇▇ makes a written demand for the return of the security deposit and provides the Landlord with his/her new address.
b. Tenant’s obligation under this Lease may not end when Tenant ceases to occupy the premises. Repairs required may be so substantial or of such a nature that work will not be completed within the forty-five (45) day period following the termination of the tenancy. In such event, (ii) any Landlord must notify Tenant within the given time frame, and all amounts reasonably estimated reserves the right to pursue ▇▇▇▇▇▇ for reimbursement for costs incurred for damages.
c. In the event of a sale of the property upon which the premises are situated or the transfer or assignment by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under Landlord/ Agent of this Lease, the Landlord/Agent has the obligation to remove cabling transfer the security deposit to the transferee. After the transfer is made and other items required after written notice of same is given to be removed by the Tenant under Section 29(b) below with the name and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 address of the California Civil Code and transferee, Landlord/Agent is released from all other provisions liability for the return of law, now or hereafter in effect, which provide that Landlord may claim from a the security deposit only those sums reasonably necessary and the Tenant must look solely to remedy defaults in the payment new Landlord/Agent for the return of rent, to repair damage caused by Tenant or to clean the Premises, it being his security deposit. It is agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all the foregoing will apply to every transfer or assignment made of the security deposit to a new Landlord's damages under this Lease and California law including, but not limited to, /Agent.
d. In the event of any damages accruing upon termination rightful or permitted assignment of this Lease under Section 1951.2 by the Tenant to any assignee or sub lessee, the security deposit is deemed to be held by the Landlord/Agent as a deposit made by the assignee or sub lessee and the Landlord/Agent will have no further liability with respect to return to such security deposit to the assignor.
e. If the landlord, fails to return any part of the California Civil Code and/or those sums reasonably necessary security deposit, plus accrued interest, within 45 days after the termination of the tenancy, the tenant has an action of up to compensate threefold of the withheld amount, plus reasonable attorney's fees.
f. The Landlord or Landlord’s estate but not the managing agent or court appointed receiver shall remain liable to the Tenant for any other loss or damage, foreseeable or unforeseeable, caused the maintenance of the security deposit as required by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenantlaw.
Appears in 2 contracts
Sources: Single Family Dwelling Lease, Single Family Dwelling Lease
Security Deposit. Concurrently with the commencement of this Lease, Tenant has deposited or concurrently herewith is depositing shall deposit with Landlord the sum set forth Security Deposit (as defined in Article 1.F. Paragraph 12 of the Basic Lease Provisions Summary) as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant breaches any provision of under this Lease, including but not limited to the payment of rent, Landlord may use all or any part of this security deposit for the payment of any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit to its full amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof The Security Deposit shall be returned (without interest) to Tenant (or, at Landlord's option, to the last permitted assignee of Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to interest under this Lease) after the expiration of this Leasethe Term, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier sooner termination of this Lease and any amounts so retained delivery of possession of the Premises to Landlord in accordance with ARTICLE 23 if, at such time, Tenant is not in default under this Lease beyond the expiration of applicable notice and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after cure periods. If Landlord's delivery interest in this Lease is conveyed, transferred or assigned, Landlord shall transfer or credit the Security Deposit to Landlord's successor in interest, and Landlord shall thereafter be released from any liability for the return of the Statement for such calendar year), (ii) any Security Deposit. Landlord may intermingle the Security Deposit with Landlord's own funds and all amounts reasonably estimated by Landlord to cover the anticipated costs shall not be deemed to be incurred by Landlord a trustee of the Security Deposit. If Tenant fails to remove timely pay or perform any signage provided to Tenant obligation under this Lease, Landlord may, after the expiration of any applicable notice and cure periods but prior to, concurrently with or subsequent to remove cabling and exercising any other items required to be removed by Tenant under Section 29(b) below and to repair right or remedy, use, apply or retain all or any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 part of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in Security Deposit for the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages any monetary obligation due under this Lease and California law includingLease, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary or to compensate Landlord for any other expense, loss or damagedamage which Landlord may incur by reason of Tenant's failure, foreseeable including any damage or unforeseeable, caused by deficiency in the acts or omissions reletting of Tenant the Premises. If all or any officerportion of the Security Deposit is so used, employeeapplied or retained, agentTenant shall within ten (10) days of receiving notice of such action deposit with Landlord cash in an amount sufficient to restore the Security Deposit to the original amount. Landlord may withhold the Security Deposit after the expiration of the Term or sooner termination of this Lease until Tenant has paid the full Tenant’s share of any Impositions or any other amounts payable by Tenant under this Lease. The Security Deposit is not a limitation on Landlord's damages or other rights under this Lease, contractor a payment of liquidated damages or invitee prepaid Rent, and shall not be applied by Tenant to the Rent for the last (or any) month of the Term, or to any other amount due under this Lease. If this Lease is terminated due to any default of Tenant, any portion of the Security Deposit remaining at the time of such terminations shall immediately inure to the benefit of Landlord to the extent required to compensate Landlord for any unpaid rent or other costs and expenses incurred by Landlord in connection with this Lease as a result of such termination. In the event of bankruptcy or other debtor/creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to the filing of such proceedings.
Appears in 2 contracts
Sources: Lease Agreement (Qualtrics International Inc.), Lease Agreement (Qualtrics International Inc.)
Security Deposit. Tenant has deposited or concurrently herewith is depositing 12.1 Concurrently with Landlord its execution and delivery of this Sublease, Subtenant shall deliver to Sublandlord a standby, unconditional, irrevocable, transferable letter of credit (the sum set forth “Letter of Credit”) in Article 1.F. substantially the form of Exhibit F hereto, to secure the faithful observance and performance by Subtenant of the Basic Lease Provisions as security for the full terms and faithful performance of every provision conditions of this Lease Sublease. The Letter of Credit shall be in the face amount of the Required Amount, naming Sublandlord as beneficiary, issued (or confirmed) by Citibank, N.A., ▇.▇. ▇▇▇▇▇▇ Chase & Co., Bank of America, N.A., The Bank of New York Company, Inc., Fleet National Bank, HSBC Holdings plc, or Wachovia Bank, N.A. (collectively, the “Approved Bank”), or another financial institution acceptable to Sublandlord, permitting multiple and partial draws thereon. Notwithstanding the foregoing, the bank or financial institution issuing the Letter of Credit hereunder must at all times during the Term be assigned by Standard & Poors Investor Services a Bank Financial Strength Rating of A, or better (the “Rating Criteria”), failing which Sublandlord shall have the right, at any time during the Term, to direct Subtenant to obtain the Letter of Credit in accordance with this Section 12 from another Approved Bank or financial institution which satisfies the Rating Criteria or is otherwise acceptable to Sublandlord. Subtenant agrees that such Letter of Credit from another Approved Bank or financial institution shall be delivered to Sublandlord within thirty (30) days of Sublandlord’s request. Subtenant shall cause the Letter of Credit to be performed by Tenantcontinuously maintained in effect (whether through replacement, renewal or extension) in the Required Amount through the date (the “Final LC Expiration Date”) that is forty-five (45) days after the Expiration Date. If Tenant breaches any provision the Letter of Credit held by Sublandlord expires earlier than the Final LC Expiration Date (whether by reason of a stated expiration date or a notice of termination or non-renewal given by the issuing bank), Subtenant shall deliver a new Letter of Credit or certificate of renewal or extension to Sublandlord not later than thirty (30) days prior to the expiration date of the Letter of Credit then held by Sublandlord. Any renewal or replacement Letter of Credit shall comply with all of the provisions of this LeaseSection 12.1, including but not limited shall be irrevocable, transferable and shall remain in effect (or be automatically renewable) through the Final LC Expiration Date upon the same terms as the expiring Letter of Credit or such other terms as may be acceptable to Sublandlord in its discretion.
12.2 Sublandlord shall have the right to draw upon the Letter of Credit, in whole or in part, at any time and from time to time:
12.2.1 If a Default by Subtenant under this Sublease occurs and during its continuance, in an amount sufficient to cure such Default (and Subtenant agrees that the Letter of Credit must allow for partial draws); or
12.2.2 If the Letter of Credit held by Sublandlord expires earlier than the Final LC Expiration Date (whether by reason of a stated expiration date or a notice of termination or non-renewal given by the issuing bank), and Subtenant fails to deliver to Sublandlord, at least thirty (30) days prior to the payment expiration date of rentthe Letter of Credit then held by Sublandlord, Landlord a renewal or substitute Letter of Credit that is in effect and that complies with the provisions of this Section 12.2.
12.2.3 In no event shall the issuer of the Letter of Credit fail to honor Sublandlord’s drawing upon such Letter of Credit due to any terms or conditions of this Sublease.
12.2.4 Subtenant hereby acknowledges and agrees that Sublandlord is entering into this Sublease in material reliance upon the ability of Sublandlord to draw upon the Letter of Credit upon the occurrence of a Default under this Sublease by Subtenant under this Sublease or upon the occurrence of any of the other events described above in this Section 12.2.
12.3 The proceeds from Sublandlord’s draw upon the Letter of Credit may be applied by Sublandlord against any Sublease Rent and/or additional rent then due and payable by Subtenant under this Sublease that is not paid when due and remains unpaid beyond the expiration of any applicable notice and grace period, and/or to pay for all losses and damages that Sublandlord has actually suffered or incurred (including, without limitation, reasonable attorneys fees and disbursements) as a result of any Default by Subtenant under this Sublease.
12.4 Upon the Final LC Expiration Date, provided Subtenant is not then in Default (of which Subtenant shall have received notice from Sublandlord as provided under this Sublease) of its obligations under this Sublease, Sublandlord agrees to return the Letter of Credit; provided, that if prior to the Final LC Expiration Date a voluntary petition is filed by Subtenant, or an involuntary petition is filed against Subtenant by any of Subtenant’s creditors, under the Federal Bankruptcy Code (collectively, the “Bankruptcy Event”), then Sublandlord shall not be obligated to return the Letter of Credit until either all preference issues relating to payments under this Sublease have been resolved in such bankruptcy or reorganization case or such bankruptcy or reorganization case has been dismissed, in each case pursuant to a final court order not subject to appeal or any stay pending appeal. Sublandlord shall return the Letter of Credit within twenty (20) days after Subtenant cures any Default(s) under this Sublease and resolves (and/or has obtained a dismissal of) any Bankruptcy Event as aforesaid. Upon Sublandlord’s return of the Letter of Credit as contemplated under this Section 12.4, Subtenant shall deliver to Sublandlord a letter confirming the surrender of the Letter of Credit.
12.5 If, as a result of any application or use by Sublandlord of all or any part of this security deposit for the payment Letter of any rent or any other sums in defaultCredit, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason the amount of Tenant's default. If any portion the Letter of said deposit is so used or appliedCredit shall be less than the Required Amount, Tenant Subtenant shall, within five (5) business days after written demand thereforSublandlord’s request, deposit funds provide Sublandlord with Landlord in a form acceptable under Section 3(b) above and an additional letter of credit in an amount sufficient equal to restore the security deposit deficiency (or an amendment to its full amount. Tenant agrees that Landlord the Letter of Credit or a replacement letter of credit in the total Required Amount), and any such additional (or replacement) letter of credit shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit comply with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration all of the Termprovisions of this Section 12, and provided there exists no default by Tenant hereunderif Subtenant fails to comply with the foregoing, notwithstanding anything to the contrary contained in this Sublease, the security deposit same shall constitute a material Default under this Sublease by Subtenant. Subtenant further covenants and warrants that it will not encumber the Letter of Credit or any balance part thereof, and that neither Sublandlord nor its successors or assigns will be bound by any such encumbrance (or attempted encumbrance).
12.6 Sublandlord may, at any time and without first obtaining Subtenant’s consent thereto, transfer the Letter of Credit in whole or in part, to Sublandlord’s successor-in interest as sublandlord under this Sublease. If Sublandlord transfers its interest as sublandlord under this Sublease and transfers the Letter of Credit in whole (or any proceeds thereof then held by Sublandlord) to the transferee, Sublandlord shall, upon such transferor’s assumption of the obligations of Sublandlord under this Sublease (on terms reasonable to said transferor), be released by Subtenant from all liability therefor. The provisions hereof shall apply to every transfer or assignment of all or any part of the Letter of Credit to a new sublandlord. In connection with any such transfer of the Letter of Credit by Sublandlord, Subtenant shall, if applicable, at Subtenant’s sole cost and expense, execute and submit to the issuer of the Letter of Credit such applications, documents and instruments as may be necessary to effectuate such transfer. Subtenant shall be returned responsible for paying the issuer’s transfer and processing fees in connection with any transfer of the Letter of Credit and, if Sublandlord advances any such fees (without having any obligation to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 belowdo so), provided that subsequent Subtenant shall reimburse Sublandlord for any such transfer or processing fees within ten (10) days after Sublandlord’s written request therefor. Sublandlord agrees to provide notice to Subtenant within a reasonable time after its transfer of the expiration Letter of this Lease, Landlord may retain from said security deposit Credit.
12.7 Sublandlord and Subtenant (i) an amount reasonably estimated by Landlord acknowledge and agree that in no event or circumstance shall the Letter of Credit or any renewal thereof or substitute therefor or any proceeds thereof (including the Proceeds Account) be deemed to cover potential Direct Cost reconciliation payments due with respect be or treated as a “security deposit” under any Law applicable to security deposits in the calendar year in which this Lease terminates or expires commercial context (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year“Security Deposit Laws”), (ii) acknowledge and agree that the Letter of Credit (including any renewal thereof or substitute therefor or any proceeds thereof) is not intended to serve as a security deposit, and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord Security Deposit Laws shall be returned to Tenant within thirty (30) days after such removal and repair)have no applicability or relevancy thereto, and (iii) waive any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code rights, duties and all other provisions of lawobligations either party may now or, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment future, will have relating to or arising from the Security Deposit Laws.
12.8 In the event that the (a) Sublease terminates (i) due to a default, beyond all applicable notice and cure periods, by Sublandlord or (ii) other early termination prior to the Expiration Date; and (b) Overlandlord and Subtenant enter into a new lease pursuant to the Consent (as defined herein), then, upon receipt of rentevidence of such new lease, Sublandlord agrees to repair damage caused by Tenant or take reasonable measures to clean assign the Premises, it being agreed that Landlord mayLetter of Credit to the Overlandlord to the extent the Approved Bank approves, in additionwriting, claim those sums specified in this Article 4 above, such assignment prior to the effective date thereof and same is permitted under all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenantapplicable laws.
Appears in 2 contracts
Sources: Sublease Agreement, Sublease Agreement (Riverbed Technology, Inc.)
Security Deposit. a. The Owner will collect a security deposit from the Tenant equal to the initial month's rent. Owner has deposited or concurrently herewith is depositing with Landlord collected $ from the sum set forth in Article 1.F. Tenant to be applied towards Tenant's security deposit.
b. When the Tenant moves out of the Basic Lease Provisions contract unit, the Owner, subject to State and local Law, may use the security deposit, including any interest on the deposit (if applicable), in accordance with the Lease, as reimbursement for any unpaid Tenant rent, unpaid utilities, damages to the unit beyond normal wear and tear, unreturned keys, late fees, returned check fees, expenses to remove rubbish or store articles abandoned by Tenant or other amounts that the Tenant owes under the Lease. VOID
c. The Owner must give the Tenant a list of all items charged against the security for deposit, and the amount of each item. After deducting the amount, if any, used to reimburse the Owner, the Owner must promptly refund the full and faithful performance amount of every provision of this Lease to be performed by Tenant. If Tenant breaches any provision of this Lease, including but not limited the unused balance to the payment of rent, Landlord may use all or any part of this security deposit for the payment of any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five fourteen (514) days after written demand therefor, deposit funds with Landlord from the date on which the Tenant is known or is reasonably believed to have vacated or abandoned the unit by Owner placing the list of charges and unused balance in a form acceptable under Section 3(b) above and in an amount sufficient to restore the mail.
d. If the security deposit is not sufficient to its full amountcover the amounts the Tenant owes under the lease, the Owner may collect the balance from the Tenant.
e. In the event Tenant violates the terms of the lease and it is necessary for the Owner to terminate the tenancy, including early termination by Tenant, the deposit may be retained pursuant to paragraph 5 and paragraph 18.
f. If more than one person is named the Tenant, such persons agree that they will work out the details of dividing any security refund among themselves. Tenant agrees that Landlord The Owner shall pay a security deposit refund to only one adult person named in Section 8(g). Owner shall not be required and is not obligated to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration of the Term, and provided there exists no default by Tenant hereunder, the return a security deposit or any balance portion thereof until the last named Tenant, or approved Sublettor, on the lease has vacated the unit.
g. The security deposit shall not be returned to Tenant (or, at Landlordused for the last month's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent rent. Owner shall return the deposit to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from first listed Tenant for such calendar year through the date of expiration or earlier termination on Page 1 of this Lease Agreement. Any changes to Section 8(g) shall only be accepted in writing and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery with approval of all listed Tenants. It is the responsibility of the Statement tenant to provide a forwarding address for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary return. Failure to remedy defaults do so will result in the payment of rent, return being sent to repair damage caused by Tenant or to clean the Premises, it being agreed that apartment address. *** This person will also be listed on your Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord Certificate for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenant.taxes***
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
Security Deposit. Tenant has deposited or concurrently herewith is depositing with Landlord the sum set forth in Article 1.F. of the Basic Lease Provisions as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant breaches any provision Upon execution of this Lease, including but not limited Tenant shall provide the following amount to the payment of rentLandlord, Landlord may use all or any part of this to be held as a security deposit for the payment reasonable cleaning or repair of any damages to the Property upon the expiration or termination of this lease or in case of default by Tenant: $________ (________ dollars). The security deposit shall not exceed two times the monthly rent for unfurnished apartments or any other sums in defaultthree times the monthly rent for furnished apartments. The security deposit will be held at the following financial institution: ________________________________ Tenant hereby agrees to be liable to Landlord at the expiration or termination of this Lease for all damages to the Property, or to compensate Landlord for any other loss or damage which except ordinary wear and tear. Landlord may suffer by reason of Tenant's default. If any portion of said hold the security deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above non-interest-bearing account. In such case, no interest is due to Tenant and in an amount sufficient to restore Tenant may not use the security deposit to its full amountcover Rent. Landlord may otherwise elect to hold security deposit in an interest-bearing account and allow Tenant to receive certain interest funds, if applicable. Tenant agrees that Landlord shall still not be required permitted to keep use the security deposit in trustto cover any Rent. In case of sale or assignation of the Lease by Landlord, segregate it Tenant's security deposit shall be transferred to the new owner or keep it separate assignee and Landlord shall be released from Landlord's general funds, but Landlord may commingle liability to Tenant for return of the security deposit. Deductions from the security deposit with its general funds may be made for the following reasons (this list constitutes examples only and Tenant is not intended to be exhaustive): unpaid rent or utilities, late fees, cleaning, key replacement, removing abandoned property, and/or attorneys' fees for proceedings against Tenant. Landlord shall not be entitled have 21 (twenty-one) days in which to interest on such deposit. At the expiration of the Term, and provided there exists no default by Tenant hereunder, return the security deposit or and/or an itemized list of deductions, if applicable. If Landlord requires deductions which exceed the security deposit, Tenant agrees to pay Landlord any balance thereof shall be returned to Tenant (or, at overage amount within ten days after receiving a written demand from Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to . Landlord will first apply the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates any non-rent obligations, such as damages, utilities, or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair)late fees, and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives will then apply the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of any unpaid rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenant.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
Security Deposit. Tenant has deposited or concurrently herewith is depositing with Landlord the sum set forth in Article 1.F. of the Basic Lease Provisions as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant breaches any provision (a) Upon execution of this Lease, including but not limited to Tenant shall pay Landlord a Security Deposit in the payment amount of rentSeven Hundred and Fifty Thousand and 00/100 Dollars ($750,000.00), Landlord may use all or any part in the form of this security deposit the promissory note attached hereto as Exhibit G and incorporated herein (the “Security Deposit Promissory Note”). The Security Deposit Promissory Note shall provide for the payment of any rent or any other sums in default, or total amount due thereunder to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within be due and payable not later then five (5) days after any Default by Tenant that is not cured within the applicable cure period, if any applies. Provided the Tenant has demonstrated financial viability, as reasonably determined by Landlord or Landlord’s Mortgagee(s), on the fourth anniversary of the Lease Commencement, the principal amount of this Note shall be reduced from Seven Hundred and Fifty Thousand Dollars ($750,000.00) to an amount equal to the Basic Rent for the last Lease Year of the Lease Term.
(b) As consideration for Landlord entering into this Lease Agreement the Tenant hereby expressly waives and relinquishes any and all right Tenant may have (i) to any portion of the security deposit paid to Landlord pursuant to the Original Lease, (ii) to earn interest on any cash Security Deposit delivered to Landlord in connection with the Security Deposit Promissory Note hereunder.
(c) Tenant hereby deposits with Landlord the Security Deposit, as security for the prompt, full, and faithful performance by Tenant of each and every provision of this Lease and of all obligations of Tenant hereunder. If an Event of Default occurs, Landlord may use, make demand for payment of the full amount of the Security Deposit Promissory Note and upon receipt thereof, apply, or retain the whole or any part of the Security Deposit for the payment of (i) any Basic Rent or Additional Charges which Tenant may not have paid or which may become due after the occurrence of such Event or Default, (ii) any sum expended by Landlord on Tenant’s behalf in accordance with the provisions of this Lease (including the reimbursement of the un-amortized Tenant Improvement Allowance provided by Landlord), or (iii) any sum which Landlord may expend or be required to expend by reason of Tenant’s default, including damages or deficiency in the re-leasing of the Leased Premises as provided in Section 16. The use, application, or retention of the Security Deposit, or any portion thereof, by Landlord shall not prevent Landlord from exercising any other right or remedy provided by this Lease or by law and shall not operate as a limitation on any recovery to which Landlord may otherwise be entitled. If any portion of the Security Deposit is used, applied or retained by Landlord for the purpose set forth above, Tenant agrees, within ten (10) days after a written demand therefortherefore is made by Landlord, to deposit funds cash with the Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit Security Deposit to its full original amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and .
(d) If Tenant shall not be entitled to interest on such deposit. At the expiration fully and faithfully comply with all of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration provisions of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates Security Deposit, or expires (such amount so retained shall notany balance thereof, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery the expiration of the Statement for Term, without interest. In the absence of evidence satisfactory to Landlord of any permitted assignment of the right to receive the Security Deposit, or the remaining balance thereof, Landlord may return the same to the original Tenant, regardless of one or more assignments of Tenant’s interest in this Lease or the Security Deposit. In such calendar year)event, upon the return of the Security Deposit (iior balance thereof) any and all amounts reasonably estimated to the original Tenant, Landlord shall be completely relieved of liability under this Section.
(e) In the event of a transfer of Landlord’s interest in the Leased Premises, Landlord shall have the right to transfer the Security Deposit to the transferee thereof. In such event, upon the delivery by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Leaseof such transferee’s written acknowledgement of its receipt of such Security Deposit, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned deemed to have been released by Tenant within thirty (30) days after from all liability or obligation for the return of such removal and repair)Security Deposit, and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives agrees to look solely to such transferee for the provisions of Section 1950.7 return of the California Civil Code Security Deposit and the transferee shall be bound by all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 relating to the return of the California Civil Code Security Deposit.
(f) The Security Deposit shall not be mortgaged, assigned, or encumbered in any manner whatsoever by Tenant without the prior written consent of Landlord, which may be withheld by Landlord in its sole discretion.
(g) THE SECURITY DEPOSIT PROMISSORY NOTE SHALL CONTAIN A CONFESSION OF JUDGMENT PROVISION WHICH CONSTITUTES A WAIVER OF IMPORTANT RIGHTS TENANT MAY HAVE AS A DEBTOR AND ALLOWS THE CREDITOR TO OBTAIN A JUDGMENT AGAINST TENANT WITHOUT ANY FURTHER NOTICE.
(h) Should any sums become due and payable under the Security Deposit Promissory Note and such sums are not paid when and as due, time being of the essence, the Borrower hereby constitutes and appoints M▇▇▇ ▇▇▇▇▇▇▇ and/or those C▇▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, either of whom may act, as its attorney-in-fact to confess judgment on the Borrower under the Security Deposit Promissory Note for the full sum due thereunder, plus attorney’s fees of 20% of the total amount then outstanding under the Security Deposit Promissory Note, and upon entry of the judgment, the Borrower under the Security Deposit Promissory Note waives the benefit of any and every statute, ordinance, or rule of court which may lawfully waived conferring upon the Borrower under the Security Deposit Promissory Note any right or privilege or exemption, stay of execution or supplemented proceedings, or other relief from the enforcement or immediate enforcement of a judgment or related proceedings on a judgment. The Borrower under the Security Deposit Promissory Note acknowledges that said sum is reasonable as evidenced by Borrowers signature on the Security Deposit Promissory Note. The Borrower under the Security Deposit Promissory Note consents to venue in the Circuit Court of Fairfax County with respect to the institution of an action confessing judgment hereon. The authority and power to appear for and enter judgment against the Borrower under the Security Deposit Promissory Note shall not be exhausted by one or more exercises thereof, or by any imperfect exercise thereof, and shall not be extinguished by any judgment entered pursuant thereto, such authority and power may be exercised on one or more occasions from time to time in the same or different jurisdictions as often as the Lender under the Security Deposit Promissory Note or its assigns shall deem necessary or advisable until all sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by due under the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of TenantSecurity Deposit Promissory Note are paid in full.
Appears in 2 contracts
Sources: Lease Agreement (Comscore, Inc.), Lease Agreement (Comscore, Inc.)
Security Deposit. Concurrently with Tenant’s execution of this Lease, Tenant has deposited or concurrently herewith is depositing shall deposit with Landlord the additional sum set forth in Article 1.F. of the Basic Lease Provisions $408,700.00. Said sum shall be held by Landlord as security a Security Deposit for the full and faithful performance by Tenant of every provision all of the terms, covenants, and conditions of this Lease to be kept and performed by TenantTenant during the term hereof. If Tenant breaches or defaults with respect to any provision of this Lease, including but not limited to the payment of rent, Landlord may use (but shall not be required to) use, apply or retain all or any part of this security deposit Security Deposit for the payment of any rent rent, any breach or default, or for any other sums in amount which Landlord may incur or spend by reason of Tenant’s breach or default, or to reimburse or compensate Landlord for any other loss loss, damage, liability, breach or damage expense or cost which Landlord may incur or suffer by reason of Tenant's ’s breach or default, including, without limitation, reimbursement for any real estate commissions paid or costs incurred for preparation for Tenant’s occupancy. If any portion of said deposit Security Deposit is so used used, applied or appliedretained, then Tenant shall, within five ten (510) days after written demand therefor, deposit funds cash with Landlord in a form acceptable under Section 3(b) above and in an the amount sufficient to restore the security deposit Security Deposit to its full original amount. Tenant agrees that Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall not be required to keep the security deposit in trust, segregate it or keep it this Security Deposit separate from Landlord's its general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such depositDeposit. At the expiration If Tenant fully and faithfully performs and observes every provision of the Term, this Lease to be performed and provided there exists no default observed by Tenant hereunderTenant, the security deposit Security Deposit or any then unused balance thereof shall be returned to Tenant (or, or at Landlord's ’s option, to the last assignee of Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to ’s interest hereunder) after the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due the Lease term and after Tenant has vacated and surrendered the Premises in accordance with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4terms hereof. Tenant shall not have the right to apply this Security Deposit or [UNREADABLE] transfer the unused balance of said Deposit to Landlord’s successor in interest whereupon Tenant hereby waives agrees to release Landlord from liability for the provisions return of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenantsuch Deposit.
Appears in 2 contracts
Sources: Lease Agreement (Tintri, Inc.), Lease Agreement (Tintri, Inc.)
Security Deposit. Upon execution of this Lease, Tenant has deposited or concurrently herewith is depositing shall deposit with Landlord the sum set forth in Article 1.F. of the Basic Lease Provisions Security Deposit. The Security Deposit shall be held by Landlord as security for the full and faithful performance of every provision all the terms of this Lease to be observed and performed by Tenant. The Security Deposit shall not be mortgaged, assigned, transferred or encumbered by Tenant and any such act on the part of Tenant shall be without force and effect and shall not be binding upon Landlord. If the Annual Fixed Rent or Additional Rent payable hereunder shall be overdue and unpaid or should Landlord make any payment on behalf of the Tenant, or Tenant breaches shall fail to perform any provision of the terms of this Lease, including then Landlord may, at its option, upon not less than three (3) days' prior notice to Tenant, but not limited without prejudice to any other remedy which Landlord may have on account thereof, appropriate and apply the entire Security Deposit or so much thereof as may be necessary to compensate Landlord toward the payment of rentAnnual Fixed Rent, Landlord may use all Additional Rent or any part of this security deposit for the payment of any rent or any other sums in default, or to compensate Landlord for any other loss or damage which sustained by Landlord may suffer due to such breach by reason of Tenant's default. If any portion of said deposit is so used or applied, ; and Tenant shall, within five (5) days after written shall forthwith upon demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit Security Deposit to its full amountthe original sum deposited. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and So long as Tenant shall not be entitled to interest on such deposit. At the expiration in default of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of its obligations under this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord shall return the Security Deposit, or so much thereof as shall have not theretofore been applied in accordance with the terms of this Section 4.9, to cover potential Direct Cost reconciliation payments due with respect to Tenant promptly following the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of the term of this Lease and the surrender of possession of the Premises by Tenant to Landlord in accordance with the terms of this Lease. While Landlord holds the Security Deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord's other funds. If Landlord conveys Landlord's interest under this Lease, the Security Deposit, or any amounts so retained part thereof not previously applied, shall be turned over by Landlord to Landlord's grantee, and not applied Tenant shall look solely to such reconciliation grantee for proper application of the Security Deposit in accordance with the terms of this Section 4.9 and the return thereof in accordance herewith. The holder of a mortgage on the Property shall not be responsible to Tenant for the return or application of the Security Deposit, whether or not it succeeds to the position of Landlord hereunder, unless such holder actually receives the Security Deposit. In addition, at the expiration of the term of the Other Lease, Tenant shall deliver to Landlord a letter of credit (the "Letter of Credit"), which shall (a) be unconditional and irrevocable and otherwise in form and substance satisfactory to Landlord; (b) be at all times in the amount of $150,000, and shall permit multiple draws without a corresponding reduction in the amount of the Letter of Credit; (c) be issued by a commercial bank reasonably acceptable to Landlord from time to time; (d) be made payable to, and expressly transferable and assignable at no charge by, the owner from time to time of the Property (which transfer/assignment shall be returned conditioned only upon the execution by such owner of a written document in connection with such transfer/assignment; (e) be payable at sight upon presentment to a local branch of the issuer of a simple sight draft accompanied by a certificate of Landlord stating that Tenant within is in default under this Lease, and the amount that Landlord is owed (or is permitted to draw) in connection therewith; and (f) shall either expire sixty (60) days following the expiration of the term of this Lease, or be replaced not less than thirty (30) days after Landlord's delivery prior to the expiration of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover then current Letter of Credit so that the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord original Letter of Credit or a replacement thereof shall be returned in full force and effect throughout the Term of this Lease and for a period of sixty (60) days thereafter. Tenant shall deliver to Tenant within Landlord any replacement Letter of Credit not less than thirty (30) days after prior to the expiration of the then current Letter of Credit. Notwithstanding anything in this Lease to the contrary, any grace period or cure periods which are otherwise applicable under Section 8.1, hereof, shall not apply to any of the foregoing, and, specifically, if Tenant fails to comply with the requirements of subsection (f) above, Landlord shall have the immediate right to draw upon the Letter of Credit in full and hold the proceeds thereof as a cash security deposit until such removal and repair)breach or default shall be cured by Tenant. Each Letter of Credit shall be issued by a commercial bank that has a credit rating with respect to certificates of deposit, short term deposits or commercial paper of at least P-2 (or equivalent) by Mood▇'▇ ▇▇▇estor Service, Inc., or at least A-2 (or equivalent) by Standard & Poor's Corporation. If the issuer's credit rating is reduced below P-2 (or equivalent) by Mood▇'▇ ▇▇▇estor Service, Inc., or at least A-2 (or equivalent) by Standard & Poor's Corporation, or if the financial condition of the issuer changes in any other materially adverse way, then Landlord shall have the right to require that Tenant obtain from a different issuer a substitute Letter of Credit that complies in all respects with the requirements of this Section, and Tenant's failure to obtain such substitute Letter of Credit within ten (iii10) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of days after Landlord's damages under this Lease and California law includingwritten demand therefor (with no other notice, but not limited toor grace or cure period being applicable thereto) shall entitle Landlord to immediately draw upon the existing Letter of Credit in full, without any damages accruing upon termination further notice to Tenant until such substitute Letter of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of TenantCredit is provided.
Appears in 2 contracts
Sources: Lease Agreement (Signal Pharmaceuticals Inc), Lease Agreement (Signal Pharmaceuticals Inc)
Security Deposit. On or before the Early Access Date, Tenant has deposited or concurrently herewith is depositing will deposit with Lessor a security deposit (the “Security Deposit”) in the amount of Ninety-Two Thousand Dollars ($92,000.00) to be held by Landlord for the sum set forth in Article 1.F. duration of the Basic Lease Provisions as security for the full performance by Tenant of all of the obligations on the part of Tenant hereunder. The Security Deposit shall, at the option of Tenant, be in the form of an irrevocable demand letter of credit (the “Letter of Credit”), in form and faithful performance of every provision of this Lease substance reasonably acceptable to be performed Landlord, issued by Tenantan FDIC-insured commercial banking institution reasonably acceptable to Landlord. If Tenant breaches the Security Deposit, or any provision portion thereof, is in the form of this Lease, including but not limited to the payment of rentcash, Landlord shall hold the same without liability for interest and without any obligation to segregate such cash from Landlord’s other funds. Tenant shall not mortgage, pledge, grant a security interest in, or otherwise encumber the Security Deposit. Landlord shall have the right from time to time, without prejudice to any other remedy Landlord may use all have on account thereof, to apply such Security Deposit, or any part of this security deposit for the payment of thereof, to Landlord’s damages arising from any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason Default of Tenant's default. If any portion of said deposit is so used or appliedUpon such application, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to shall promptly restore the security deposit Security Deposit to its full original amount. Tenant agrees that Landlord shall not be required to keep Upon the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration of the Term, and provided there exists no default full performance by Tenant of its obligations hereunder, the security deposit Security Deposit, or any balance thereof such amount that shall be returned to Tenant (orremaining after application of the same hereunder, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery the expiration or earlier termination of this Lease and surrender of possession of the Statement Premises by Tenant to Landlord at such time. If the Security Deposit is in the form of a Letter of Credit, such Letter of Credit shall, throughout the Term, be in full force and in compliance with the terms of this Lease. Tenant shall not mortgage, pledge, grant a security interest in, or otherwise encumber the Letter of Credit or the proceeds of the same. Landlord shall have the right from time to time, without prejudice to any other remedy Landlord may have on account thereof, to draw on the Letter of Credit and apply the proceeds, or any part thereof, to Landlord’s damages arising from any Default of Tenant (beyond applicable notice and cure periods) on the part of Tenant. Upon such application, Tenant shall promptly restore the Security Deposit to its original amount either by delivering cash or a new Letter of Credit complying with the provisions hereof to Landlord. In the event such Letter of Credit will expire by its terms prior to the end of the Term and Tenant fails to provide a substitute Letter of Credit at least thirty (30) days prior to such expiration, then Landlord may draw on the Letter of Credit and hold the proceeds. Any portion of the proceeds of the Letter of Credit not applied to cure a Default of Tenant hereunder shall be held by Landlord as a cash Security Deposit pursuant to the provision set forth above unless Landlord shall require a new Letter of Credit complying with the provisions hereof, in which event the unapplied cash proceeds shall be promptly returned to Tenant for such calendar yearpurpose. Upon the full performance by Tenant of its obligations hereunder, the Letter of Credit (or the remaining proceeds thereof if previously drawn and not applied to cure a Default of Tenant hereunder), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned surrendered to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law the expiration or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon earlier termination of this Lease under Section 1951.2 and surrender of possession of the California Civil Code and/or those sums reasonably necessary Premises by Tenant to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenantat such time.
Appears in 2 contracts
Sources: Lease Agreement (Implant Sciences Corp), Lease (Implant Sciences Corp)
Security Deposit. a. Tenant shall pay Key Locations Property Management, LLC as “Holder” a security deposit of $ by certified check, money order, credit card, or EFT (“Security Deposit”). The Security Deposit shall be paid not later than the Lease Start Date but not earlier than the date Landlord has deposited or concurrently herewith is depositing presented Tenant with Landlord the sum set forth in Article 1.F. a copy of the Basic Lease Provisions Move-In Inspection, as security defined herein. Landlord shall provide Tenant with a receipt for the full and faithful performance of every provision of this Lease to Security Deposit once paid, which shall constitute acknowledgment that the Security Deposit has been received by Landlord.
b. The Security Deposit will be performed deposited by Tenant. If Tenant breaches any provision of this Lease, including but not limited to the payment of rent, Landlord may use all or any part of this security deposit for the payment of any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, Holder within five (5) banking days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and held by Holder in an amount sufficient Escrow Account at Truist Bank. Any interest earned from said account(s) shall accrue to restore Landlord.
c. If the security deposit Security Deposit is not honored, for any reason, or such payment is otherwise declined, Holder shall promptly notify all parties to its full amount. Tenant agrees that Landlord shall not be required to keep this Lease of the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds same and Tenant shall not be entitled have three (3) banking days after notice to interest on such deposit. At the expiration deliver good funds plus a fee of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned $50.00 to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall Holder.
d. The Security Deposit will be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year)Premises is vacated, if: (i) the Lease term has expired or the Lease has been terminated in writing by both parties; (ii) any Landlord has given a written notice to vacate; (iii) no damage has been sustained on the Premises or its contents, except normal wear and tear; (iv) the Premises is returned by Tenant fully cleaned with all amounts reasonably estimated trash, debris, and personal items removed; (v) all rent, fees, and charges have been paid by ▇▇▇▇▇▇ in full; and (vi) all door keys and amenity keys, mailbox keys, access cards, gate openers, and garage door openers have been returned to Landlord.
e. The Security Deposit may be applied by Landlord to cover satisfy all, or part of Tenant’s obligations and such act shall not prevent Landlord from claiming damages in excess of the anticipated deposit. Landlord shall have the right to deduct from the Security Deposit: (1) the cost of repairing any damage to Premises caused by the negligence, carelessness, accident or abuse of Tenant, ▇▇▇▇▇▇’s household or their invitees, licensees and guests, other than normal wear and tear; (2) unpaid rent, utility charges or pet fees; (3) cleaning costs if Premises is left unclean; (4) the cost to remove and dispose of any personal property; and/or (5) late fees and any other unpaid fees and charges referenced herein. All parties acknowledge that the Deposit will be incurred forfeited to Landlord as partial liquidated damages if Tenant vacates the Premises (regardless of reason) without first tendering to Landlord payment in full through the Term or any subsequent renewal term of this Lease.
f. If any part of the deposit has been used by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives accordance with the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination terms of this Lease under Section 1951.2 of or applicable law, Tenant shall upon demand immediately deposit with Holder a sum equal to the California Civil Code and/or those sums reasonably necessary to compensate amount so applied by Landlord for so that Holder shall have the full deposit on hand at all times during the Lease term including any other loss extension, renewal or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenantholdover term.
Appears in 2 contracts
Sources: Residential Lease Agreement, Residential Lease Agreement
Security Deposit. Prior to March 1, 2005, Tenant has deposited or concurrently herewith is depositing shall deposit with Landlord the sum set forth in Article 1.F. of Seven Hundred Fifty One Thousand Eight Hundred Ninety Four and No/100 Dollars ($751,894.00) ("Security "Deposit"). Landlord shall not be deemed a trustee of the Basic Lease Provisions as security for Security Deposit, may use the full Security Deposit in business, and faithful performance of every provision of this Lease shall not be required to segregate it from its general accounts. Tenant shall not be performed by Tenantentitled to interest on the Security Deposit. If Tenant breaches defaults with respect to any provision provisions of this the Lease, including but not limited to the provisions relating to payment of rentBase Monthly Rent or other charges, Landlord may may, after the expiration of all applicable notice and cure periods, to the extent reasonably necessary to remedy Tenant's default, use any or all or any part of this security deposit for the Security Deposit towards payment of any rent the following: (i) Base Monthly Rent or other charges in default; (ii) any other sums in default, or to compensate Landlord for any other loss or damage amount which Landlord may suffer spend or become obligated to spend by reason of Tenant's defaultdefault including, but not limited to Tenant's failure to restore or clean the Premises following vacation thereof. If any portion of said deposit the Security Deposit is so used or applied, Tenant shall, within five ten (510) business days after written demand thereforfrom Landlord, deposit funds cash with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit Security Deposit to its full original amount, and shall pay to Landlord such other sums as necessary to reimburse Landlord for any sums paid by Landlord. If Tenant shall default more than three (3) times in any twelve (12) month period, irrespective of whether or not such default is cured, then the Security Deposit shall, within ten (10) days after demand by Landlord, be increased by Tenant to an amount equal to three (3) times the Base Monthly Rent. Tenant agrees that Landlord may not assign or encumber the Security Deposit without the consent of Landlord. Any attempt to do so shall be void and shall not be required to keep the security deposit in trust, segregate it or keep it separate from binding on Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation The Security Deposit shall be returned to Tenant within thirty (30) days after the Expiration Date and surrender of the Premises to Landlord, less any amount deducted in accordance with this Section, together with Landlord's delivery of written notice itemizing the Statement amounts and purposes for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover deduction. In the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under event of termination of Landlord's interest in this Lease, Landlord may deliver or credit the Security Deposit to remove cabling Landlord's successor in interest in the Premises and other items required thereupon be relieved of further responsibility with respect to be removed by the Security Deposit provided such successor assumes, in writing, Landlord's obligations with respect to such Security Deposit. Landlord agrees that in lieu of a cash Security Deposit, Tenant under Section 29(bmay deposit a letter of credit ("Letter of Credit") below and to repair any damage caused by such removal (substantially in which case any excess amount so retained by the form attached hereto as Exhibit "B". Landlord shall be returned entitled to draw against the Letter of Credit at any time provided only that Landlord certifies to the issuer of the Letter of Credit that Tenant within is in default under the Lease. Tenant shall keep the letter of credit in effect during the entire Lease Term, as the same may be extended, plus a period of four (4) weeks after expiration of the Lease Term. At least thirty (30) days after such removal and repair)prior to expiration of any Letter of Credit, and the term thereof shall be renewed or extended for a period of at least one (iii1) any and all amounts permitted by law year. Tenant's failure to so renew or this Article 4. Tenant hereby waives extend the provisions Letter of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from Credit shall be a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination material default of this Lease under Section 1951.2 by Tenant. In the event Landlord draws against the Letter of Credit, Tenant shall replenish the existing Letter of Credit or cause a new Letter of Credit to be issued such that the aggregate amount of letters of credit available to Landlord at all times during the Lease Term is the amount of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of TenantSecurity Deposit originally required.
Appears in 2 contracts
Sources: Lease Agreement (Broadcom Corp), Lease Agreement (Broadcom Corp)
Security Deposit. Tenant has deposited or concurrently herewith is depositing agrees to deposit with Landlord the sum Security Deposit set forth in Article 1.F. of the Basic Lease Provisions as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant breaches any provision at Section 2(o) upon execution of this Lease, including but not limited to as security for Tenant's faithful performance of its obligations under this Lease. Landlord and Tenant agree that the Security Deposit may be commingled with funds of Landlord and Landlord shall have no obligation or liability for payment of rentinterest on such deposit. Tenant shall not mortgage, assign, transfer or encumber the Security Deposit without the prior written consent of Landlord and any attempt by Tenant to do so shall be void, without force or effect and shall not be binding upon Landlord. If Tenant fails to pay any Rent or other amount when due and payable under this Lease, or fails to perform any of the terms hereof, Landlord may appropriate and apply or use all or any part portion of this security deposit the Security Deposit for the Rent payments or any other amount then due and unpaid, for payment of any rent amount for which Landlord has become obligated as a result of Tenant's default or any other sums in defaultbreach, or to compensate Landlord and for any other loss or damage which sustained by Landlord as a result of Tenant's default or breach, and Landlord may suffer so apply or use this deposit without prejudice to any other remedy Landlord may have by reason of Tenant's defaultdefault or breach. If Landlord so uses any portion of said deposit is so used or appliedthe Security Deposit, Tenant shall, within five ten (510) days after written demand therefortherefore, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit Security Deposit to its the full amountamount originally deposited. Tenant agrees that Tenant's failure to do so shall constitute an act of default hereunder and Landlord shall not be required have the right to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such depositexercise any remedy provided for at Article 27 hereof. At the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within Within thirty (30) days after the Term (or any extension thereof) has expired or Tenant has vacated the Premises, whichever shall Last occur, and provided Tenant is not then in default on any of its obligations hereunder, Landlord shall return the Security Deposit to Tenant, or, if Tenant has assigned its interest under this Lease or sublet the entire Premises, to the last assignee or subtenant of Tenant. If Landlord sells its interest in the Premises, Landlord shall, within a reasonable time, deliver the Security Deposit, less any lawful deductions made under this Paragraph, to the purchaser of Landlord's interest and thereafter notify the Tenant by personal delivery or certified mail of the Statement for such calendar year)transfer, (ii) of any and all amounts reasonably estimated by Landlord to cover claims made against the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair)Security Deposit, and (iii) of the transferee' s name and address. Upon receipt of any portion of the security deposit, the transferee shall have all of the rights and all amounts obligations of Landlord with respect to such security deposit, and the Landlord named herein shall thereafter be relieved of any further liability or obligation with respect to the Security Deposit. Tenant waives to the fullest extent permitted by law any provision of law now in force or that becomes in force after the date of execution of this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effectLease, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults default in the payment of rentRent, to repair damage caused by Tenant Tenant, or to clean the Premises, it being agreed . Landlord and Tenant agree that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other foreseeable or unforeseeable loss or damage, foreseeable or unforeseeable, damage caused by the acts act or omissions omission of Tenant or any officer, employee, agent, contractor agent or invitee of Tenant, including but not limited to future Rent to the extent recoverable from Tenant under applicable laws.
Appears in 2 contracts
Sources: Office Suite Lease Agreement (High Desert Holding Corp.), Office Suite Lease Agreement (High Desert Holding Corp.)
Security Deposit. Tenant has deposited or concurrently herewith is depositing 5.6.1. The Licensee shall submit an Interest Free Security Deposit to the SSCL for a sum equivalent to INR (Rupees only) for the said Licensed Space(s) with Landlord the sum set forth in Article 1.F. a validity of three years. This Security Deposit shall be submitted within 15 days of issue of the Basic Lease Provisions LOA. The Security Deposit shall be in the form of an unconditional and irrecoverable Bank Guarantee in favor of “Shillong Smart City Limited”, drawn on any Public Sector Bank and payable /encashable at Shillong. The Bank Guarantee for Security Deposit shall be submitted or be renewed for a sum equivalent to one year’s License fee of the following year with a validity of three years.
5.6.2. The Security Deposit would however be forfeited in case of any “Event of Default” as security for described in the full and faithful performance License Agreement and/or in accordance with terms specified elsewhere in the bid document.
5.6.3. Upon the SSCL/Licensor being of every provision the view that the Licensee has committed any breach or default of this Lease Agreement, SSCL/Licensor shall, without prejudice to its other rights and remedies hereunder or in law, be performed by Tenant. If Tenant breaches any provision of this Lease, including but not limited entitled to en-cash and appropriate the payment of rent, Landlord may use all relevant amounts from the Security Deposit as loss/damages for such breach or any part of this security deposit for the payment of any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or appliedUpon such encashment and appropriation from the Security Deposit, Tenant the Licensee shall, within five 30 (5thirty) days after written demand thereforthereof, deposit funds with Landlord replenish, in a form acceptable under Section 3(b) above case of partial appropriation, to its original level the Security Deposit, and in an amount sufficient case of appropriation of the entire Security Deposit provide a new Security Deposit, as the case may be, and the Licensee shall, within the time so granted, replenish or furnish fresh Security Deposit as aforesaid failing which SSCL/Licensor shall be entitled to restore terminate this Agreement and forfeit the security deposit to its full amountremaining amounts of the Security Deposit, if any.
5.6.4. Tenant The Licensee agrees that Landlord shall not be required and undertakes to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle Security Deposit valid on roll over basis throughout the security deposit with its general funds and Tenant License Period till the end of the License Period plus 180 days thereafter. The Security Deposit shall not carry interest.
5.6.5. The said Security Deposit shall be returned by SSCL/Licensor after the expiry of the License Period without any interest subject to fulfilment of all handing over obligations/requirements by the Licensee, to the satisfaction of SSCL/Licensor and further subject to deductions/adjustment for all damages/losses suffered by SSCL /Licensor
5.6.6. If the Licensee defaults in any Quarterly License Fee for more than 45 (Forty Five) days from the due date as per the provisions of this Agreement, SSCL/Licensor shall be entitled to interest on such deposit. At en-cash the expiration Security Deposit without being liable in any manner whatsoever to the Licensee and to appropriate the Security Deposit as “damages”, without prejudice to other rights and claims of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (SSCL/Licensor in which case any excess amount so retained by Landlord the Licensee shall replenish the Security Deposit to the original value or submit a new Bank Guarantee for the original value i.e. equivalent to 100% of one year License.
5.6.7. In case after submission of the revised Security Deposit, the Licensee defaults second time in recurring payment, SSCL/Licensor at its sole discretion, shall be returned entitled to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or terminate this Article 4. Tenant hereby waives Agreement in accordance with the provisions of Section 1950.7 of Article 10, without being liable in any manner whatsoever to the California Civil Code Licensee and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in appropriate the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of TenantSecurity Deposit as predetermined “damages”.
Appears in 2 contracts
Sources: License Agreement, License Agreement
Security Deposit. (a) Tenant has deposited or concurrently herewith is depositing shall upon execution of this Lease, deposit with Landlord a Letter of Credit in the form mandated by paragraph (b) hereof in the sum set forth in Article 1.F. of Two Million Eight Hundred Thousand Dollars ($2,800,000) (the “Security”) which shall be held by Landlord as hereinafter provided. The face amount of the Letter of Credit may be reduced to Two Million Dollars ($2,000,000) on the first anniversary of the Commencement Date and to One Million Dollars ($1,000,000) on the second anniversary of the Commencement Date. It is agreed that in the event Tenant defaults in respect of any of the terms, provisions and conditions of this Lease, including, but not limited to, the payment of Basic Lease Provisions as security Annual Rent and Additional Rent, then, Landlord may, without notice, use, apply or retain the whole or any part of the Security so deposited to the extent required for the full payment of any Basic Annual Rent and faithful performance Additional Rent or any other sum as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of every provision Tenant’s default in respect of this Lease to be performed by Tenant. If Tenant breaches any provision of the terms, covenants and conditions of this Lease, including but not limited to to, any damages or deficiency in the payment re-letting of rentthe Demised Premises, whether such damages or deficiency accrued before or after summary proceedings or other re-entry by Landlord. If Landlord may use applies or retains all or any part of this security deposit for the payment of any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or appliedthe Security, Tenant shall, within five (5) days after written shall as a material covenant hereunder immediately upon Landlord’s demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit to its full amount. Tenant agrees amount so applied so that Landlord shall not be required to keep has on deposit the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle full amount of Security. In the security deposit with its general funds and event that Tenant shall not be entitled to interest on such deposit. At the expiration fully and faithfully comply with all of the Termterms, provisions, covenants and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration conditions of this Lease, the Security shall be promptly returned to Tenant. In the event of a sale of the land and Building or leasing of the Building, of which the Demised Premises form a part, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord shall have the right to cover potential Direct Cost reconciliation payments due with respect transfer control over the Security to the calendar year vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return of such Security; and Tenant agrees to look to the new Landlord solely for the return of the Security, and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the Security to a new Owner. Tenant further covenants that it will not assign or encumber or attempt to assign or encumber the Letter of Credit herein as security and that neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.
(b) The Security shall be in the form of an irrevocable, clean “Evergreen” automatically renewable commercial Letter of Credit in the amount of $2,800,000 (the “Letter of Credit”), issued by National City Corporation Bank which this Lease terminates is authorized by the State of Indiana to conduct banking business in Indiana and which has been approved by Landlord. The Letter of Credit shall provide for presentation and payment in Indianapolis, and shall permit Landlord (a) to draw thereon up to the full amount of the credit evidenced thereby (but partial drawings shall be permitted) in the event of any default by Tenant in the terms, provisions, covenants or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination conditions of this Lease and or (b) to draw the full amount thereof to be held as cash security if for any amounts so retained and reason the Letter of Credit is not applied to such reconciliation shall be returned to Tenant renewed within thirty (30) days prior to its expiration date. A copy of a form of Letter of Credit acceptable to Landlord is attached hereto as Exhibit B. The Letter of Credit (and each renewal thereof) shall (i) be for a term of not less than one (1) year (except that the last Letter of Credit shall be for a term expiring sixty (60) days after Landlord's delivery of the Statement for such calendar yearExpiration Date), (ii) any and all amounts reasonably estimated by expressly provide for the issuing bank to notify Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within writing not less than thirty (30) days after such removal and repair)prior to its expiration as to its renewal or non-renewal, as the case may be, and (iii) if not so renewed each year (or later period of expiration) shall be immediately available for Landlord to draw up to the full amount of such credit (to be held as cash security). Not less than forty-five (45) days prior to the expiration date of each Letter of Credit (and every renewal thereof), Tenant shall deliver to Landlord a renewal or new Letter of Credit subject to all of the conditions aforesaid, all to the intent and purposes, that a Letter of Credit in the amounts required by Section (a) above shall be in effect during the entire term of this Lease. Failure by Tenant to comply with the provisions of this Article shall be deemed a material default hereunder entitling Landlord to exercise any and all amounts permitted by law or remedies as provided in this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults Lease for default in the payment of rentfixed rent and, to repair damage caused by Tenant or draw on the existing Letter of Credit up to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenantits full amount.
Appears in 2 contracts
Sources: Office Lease (Bioanalytical Systems Inc), Office Lease (Bioanalytical Systems Inc)
Security Deposit. On the Date of Lease, Tenant has deposited or concurrently herewith is depositing with shall deliver to Landlord a security deposit ("Security Deposit") in an amount equal to One Million Dollars ($1,000,000), to be held in an interest bearing account requiring authorization by both Landlord and Tenant for withdrawal. On the sum set forth in Article 1.F. Lease Commencement Date, the Security Deposit plus all interest earned thereon shall be released to Landlord, and Tenant shall deliver to Landlord an amount sufficient to increase the Security Deposit to an amount equal to the Equity Funded Amount as of such date; provided that Tenant shall receive a credit for any interest earned on the Security Deposit prior to the Lease Commencement Date. The Security Deposit shall be held by Landlord as security solely for the payment of Base Rent and Additional Rent by Tenant pursuant to this Lease. One-fifth of the Basic Security Deposit shall bear interest from the Lease Provisions as security for Commencement Date at the full rate of 6.75% per annum, simple interest, paid by Landlord to Tenant in cash on an annual basis on each anniversary of the Lease Commencement Date; and faithful performance the remainder of every provision of this Lease to be performed by Tenantthe Security Deposit shall not bear interest. If Tenant breaches at any provision time during the Term any Base Rent shall be overdue, then Landlord may at its election (but shall not be required to) appropriate and apply any portion of this Lease, including but not limited the Security Deposit to the payment of rentany such overdue Base Rent; provided, however, that Landlord may shall use all the non-interest bearing portion of the Security Deposit first, before appropriating any portion of the Security Deposit that shall bear interest pursuant hereto. Should the entire Security Deposit, or any part portion thereof, be appropriated and applied by Landlord as provided herein, then Tenant shall immediately, after receipt of this security deposit for written demand by Landlord, pay to Landlord a sufficient sum in cash to restore the payment Security Deposit to the original sum of any rent or any the Security Deposit. Landlord shall have no obligation to segregate the Security Deposit from other sums in default, or to compensate Landlord funds. In the event that the Equity Funded Amount is reduced for any other loss or damage which Landlord may suffer reason, including without limitation by reason of Tenant's default. If a sale of any portion of said deposit is so used the Premises or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit to its full amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration application of the Term, and provided there exists no default by Tenant hereunder, proceeds of a condemnation award to reduce the security deposit or any balance thereof shall be returned to Tenant Equity Funded Amount (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenant.being
Appears in 2 contracts
Sources: Ground Lease (Cisco Systems Inc), Ground Lease (Cisco Systems Inc)
Security Deposit. Tenant has deposited or concurrently herewith is depositing Within ten (10) business days after the parties’ execution of this Sublease and receipt of Master Landlord’s consent hereto, Subtenant shall deposit with Landlord the sum set forth in Article 1.F. of the Basic Lease Provisions Sublandlord upon Subtenant’s execution hereof ($175,000.00) one hundred seventy five thousand dollars (“Security Deposit”) as security for the full and Subtenant’s faithful performance of every provision of this Lease to be performed by TenantSubtenant’s obligations hereunder. If Tenant breaches Subtenant fails to pay Rent or other charges due hereunder, or otherwise defaults with respect to any provision of this LeaseSublease, including but not limited to in either case beyond applicable notice and cure periods, Sublandlord may use, apply or retain all or any portion of the Security Deposit for the payment of rent, Landlord may use all Rent or any part of this security deposit other charge in default or for the payment of any rent or any other sums in sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Landlord Sublandlord for any other loss or damage which Landlord Sublandlord may suffer by reason of Tenant's defaultthereby. If Sublandlord so uses or applies all or any portion of said deposit is so used or appliedthe Security Deposit, Tenant shall, Subtenant shall within five ten (510) days after written demand therefor, therefor deposit funds cash with Landlord in a form acceptable under Section 3(b) above and Sublandlord in an amount sufficient to restore the security deposit Security Deposit to its full amount, and Subtenant’s failure to do so shall be a material breach of this Sublease. Tenant agrees that Landlord Sublandlord shall not be required to keep the security deposit in trust, segregate it or keep it Security Deposit separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds accounts and Tenant the Security Deposit shall not be entitled to interest on such depositbear interest. At the expiration of the TermTerm hereof and following performance of all of Subtenant’s obligations hereunder (including, and provided there exists no default by Tenant hereunderwithout limitation, vacation of the Premises in accordance with the provisions hereof), the security deposit Security Deposit, or any balance so much thereof as has not theretofore been applied by Sublandlord, shall be returned returned, without payment of interest or other incurment for its use to Tenant Subtenant (or, or at Landlord's Sublandlord’s option, to Tenant's "Transferee"the last assignee, as such term if any, of Subtenant’s interest hereunder). No trust relationship is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due created herein between Sublandlord and Subtenant with respect to the calendar year in Security Deposit. Any deposit under the Master Lease which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall may be returned to Tenant within thirty (30) days after Landlord's delivery of by the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Master Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions property of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of TenantSublandlord.
Appears in 2 contracts
Sources: Sublease (Five Prime Therapeutics Inc), Sublease (Five Prime Therapeutics Inc)
Security Deposit. On execution of this Lease Tenant has deposited or concurrently herewith is depositing shall deposit with Landlord the sum set forth specified in Article 1.F. of the Basic Lease Provisions Information (the "Deposit"). The Deposit shall be held by Landlord as security for the full and faithful performance by Tenant of every provision all of this Lease to be performed by Tenant. If Tenant breaches any provision the provisions of this Lease, including but not limited to the payment . Following an event of rentdefault by Tenant under this Lease, Landlord may use use, apply or retain all or any part portion of this security deposit the Deposit for the payment of any rent or other charge in default, or the payment of any other sums in defaultsum to which Landlord may become obligated by Tena▇▇'▇ ▇efault, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's defaultthereby. If Landlord so uses or applies all or any portion of said deposit is so used or appliedthe Deposit, Tenant shall, then within five (5) 10 days after written demand therefor, therefor Tenant shall deposit funds cash with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit Deposit to its the full amountamount thereof, and Tenant's failure to do so shall be a material breach of this Lease. Tenant agrees that Landlord may satisfy its obligation to furnish the Deposit contemplated herein by delivery to Landlord, upon execution of the Lease, of an irrevocable, standby letter of credit or certificate of deposit in the amount of the Deposit issued by the San Francisco office of a major national bank and in a form approved by Landlord. Land▇▇▇▇'▇ ▇pproval of such bank and the form of letter of credit or certificate of deposit shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to unreasonably withheld. All interest earned on such depositcertificate shall accrue to the benefit of Tenant. At If the term of the letter of credit or certificate of deposit expires prior to the expiration of the TermLease and such letter or certificate is not renewed or replaced at least 60 days prior to its expiration, Landlord shall be entitled to draw upon the letter of credit or certificate of deposit, as the case may be, and provided there exists no default by Tenant hold the proceeds thereof as the Deposit. If Tena▇▇ ▇▇▇forms all of Tenant's obligations hereunder, the security deposit Deposit, or any balance so much thereof as has not theretofore been applied by Landlord, shall be returned returned, without payment of interest for its use for amounts directly held by Landlord, to Tenant (or, at Landlord's optionLand▇▇▇▇'▇ ▇ption, to Tenant's "Transferee"the last assignee, as such term is defined in Article 15 below)if any, provided that subsequent to of Tena▇▇'▇ ▇nterest hereunder) at the expiration of this Leasethe term hereof, and after Tenant has vacated the Premises. No trust relationship is created herein between Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due and Tenant with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of TenantDeposit.
Appears in 2 contracts
Sources: Net Office Tech Lease (Silicon Energy Corp), Net Office Tech Lease (Silicon Energy Corp)
Security Deposit. Upon execution of this agreement, tenant agrees to pay a security deposit in the amount of $ to be held by Friday Properties Management. The deposit, less any amounts legally withheld, including any late or bad check fees, will be returned by mail to the person whom tenants desire and that person is responsible to get the deposits returned to the group. Deposits will be returned within 21 days after the tenants have vacated. Tenant’s are responsible for giving landlord his/her new address. Surrender shall not occur until tenant has physically vacated the premises and landlord has notice or knowledge that the tenant has vacated. The landlord has the right to take all unpaid fees out of the deposit. Lease is not valid until all applications are approved and security deposits cleared. Carpets must be shampooed by a commercial vendor (We use Servpro currently). This amount will be deducted from the security deposit. Tenant has deposited or concurrently herewith also will pay for cleaners at a rate of $27/hour for any cleaning not completed on the checkout list (given by email the last month of tenancy) when vacating the premises. A base fee of $7 will be used for cleaning products. Upon surrender, tenant shall vacate the premises and return, any of the landlord’s property held by tenant, including keys. There is depositing with Landlord a $50.00 fee per lock for any key that is not returned at the sum end of the lease term. Owner acknowledges receipt of the security deposit from Tenant in the amount set forth in Article 1.F. of above. Owner shall retain the Basic Lease Provisions as security deposit for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant breaches any provision entire term of this Lease, including but not limited any extensions. Owner may use the security deposit as permitted by Minnesota law, and shall, to the payment extent required by Minnesota law, return any remaining portion of rentthe security deposit, Landlord may use all or as well as any part required interest, to Tenant following the termination of this Lease. If Owner uses a portion of the security deposit for during the payment of any rent or any other sums in default, or Lease to compensate Landlord for any other loss or damage which Landlord may suffer cure a default by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore shall replenish the security deposit to its the full amount, upon request by Owner conduct of any occupant, guest, or person under Tenant’s or any occupant’s direction or control. Tenant agrees that Landlord shall promptly notify Owner of any conditions which may cause damage to the Premises or waste of utilities or other services provided by Owner. The Premises may not be required modified, altered, improved, or repaired without prior authorization from Owner, in writing. Modification includes but is not limited to keep the security deposit in trustmodification of floor covering or wall covering, segregate it changing/replacing/adding fixtures or keep it separate from Landlord's general fundsattachments, but Landlord may commingle the security deposit with its general funds and Tenant shall painting or anything which creates a hole or ▇▇▇▇ that cannot be entitled to interest on such deposit. At the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent remedied without expense to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of TenantOwner.
Appears in 2 contracts
Sources: Rental Agreement, Rental Agreement
Security Deposit. Tenant has deposited or concurrently herewith is depositing with Landlord hereby acknowledges receipt from tenant the sum set forth in Article 1.F. of the Basic Lease Provisions , to be held as security for the full and faithful performance by the Tenant of every provision the covenants, conditions, rules and regulations contained herein. The security deposit shall be placed by the Landlord in an interest-bearing account with High Country Bank of ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, and any interest thereon shall be the property of the Landlord. The Security Deposit, or any portion thereof, may be withheld for unpaid rent, cleaning charges, damages due to breach of this Lease or for damage by Tenant or the Tenant’s agents, employees, guests or invitees in excess of ordinary wear and tear to the Premises, common areas and major appliances owned by the Landlord. It is understood and agreed, however, that irrespective of said Security Deposit, rent shall be paid when due, in accordance with the terms hereof. The Tenant shall have the right to be performed by Tenant. If Tenant breaches present when the Landlord, or the Landlord’s agent, inspects the Premises in order to determine if any provision of this Lease, including but not limited damage was done to the payment Premises. In the event of rentsale or transfer of the Premises by Landlord, the Landlord may use shall have the right to transfer, in accordance with applicable law, the Security Deposit to the vendee, or other transferee, and Landlord shall be released by Tenant from all or any part of this security deposit liability for the payment return of any rent or any other sums in default, or such Security Deposit and Tenant shall look to compensate Landlord Landlord’s transferee for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion the return of said deposit Security Deposit. It is so used agreed that this shall apply to every transfer or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient assignment made of the Security Deposit to restore the security deposit to its full amountany such transferee. Tenant agrees that Landlord The Security Deposit shall not be required mortgaged, assigned or encumbered by Tenant without the prior written consent of Landlord and any attempt to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and do so shall be void. Tenant shall fully understands that should he/she for any reason decide not be entitled to interest on such deposit. At the expiration take possession of the Term, and provided there exists no default by Tenant hereunderPremises and/or break this lease, the security deposit or any balance thereof Security Deposit remains the property of the Landlord and is not refundable. The tenant shall be returned have the right to Tenant (orreceive, at Landlord's optionby first class mail, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent delivered to the expiration last known address of this Leasethe Tenant, Landlord may retain from said security deposit (i) an amount reasonably estimated a written list of the charges against the Security Deposit claimed by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall notLandlord, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's the termination of the tenancy and delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated possession by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Tenant. The Landlord shall be returned further obligated to Tenant within return any unused portion of the Security Deposit, by first class mail, addressed to the Tenant’s last known address with thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 termination of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenanttenancy.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
Security Deposit. (a) Upon signing this Lease, Tenant has deposited or concurrently herewith is depositing with Landlord the sum set forth in Article 1.F. of the Basic Lease Provisions delivered to Landlord, as security for the full and faithful performance of every provision portion of this Lease to be performed by Tenant, an unconditional, irrevocable standby letter of credit in the amount of Seven Hundred Thousand Dollars ($700,000.00) (the “Letter of Credit”). If The Letter of Credit shall (i) be issued to Landlord, as beneficiary, in substantially the same form as provided for in Exhibit F and by a bank approved by Landlord in its sole discretion (Landlord agrees that either ▇▇▇▇▇ Fargo or Bank of America is an approved issuing bank), (ii) provide for drawing thereon in Oakland or San Francisco, California, (iii) have a term of at least one year (with the Letter of Credit required to be renewed or replaced by Tenant breaches so as to be available to be drawn on at any provision time during the Lease Term, including any extension thereof, plus a period of sixty (60) calendar days), (iv) require the issuing bank to pay to Landlord the amount of a draw upon receipt by such bank of a sight draft signed by Landlord and upon presentation to the issuing bank of nothing more than a written statement signed by Landlord that an event entitling Landlord to draw under the Letter of Credit has occurred under this Lease, including but not limited (v) permit multiple drawings, (vi) expressly state that the Letter of Credit and the right to the payment draw thereunder may be transferred or assigned from time to time by Landlord to any successor or assignee of rent, Landlord may use all or any part of under this security deposit for Lease without the payment of any rent fees or charges, and (vii) provide that it shall automatically renew for additional periods of one year each from the expiration date or future expiration date, unless at least thirty (30) days prior to any expiration date, the issuer notifies Landlord by registered mail of the issuer’s election not to renew the Letter of Credit.
(b) Tenant shall pay all expenses, points or fees incurred by Tenant in obtaining the Letter of Credit and for any transfer of the Letter of Credit. The full amount of the Letter of Credit shall be available to Landlord upon presentation of Landlord’s signed draft. If an Event of Default is declared under this Lease, Landlord may draw all or any other sums in default, or portion of the Letter of Credit to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's remedy such default. If any portion of said deposit the Letter of Credit is so used or applieddrawn, Tenant shall, within five ten (510) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and increase the amount of the Letter of Credit in an amount sufficient to restore the security deposit Letter of Credit to its full original amount, and Tenant’s failure to do so shall be a material breach of this Lease. Tenant acknowledges that Landlord has the right to transfer or mortgage its interest in the Building and in this Lease, and Tenant agrees that in the event of any such transfer or mortgage, Landlord shall have the right to transfer or assign the Letter of Credit and the proceeds of and draw thereon to the transferee or mortgagee. Accordingly, the Letter of Credit shall expressly indicate that it is transferable in its entirety, subject to the terms and condition and thereof, by Landlord as beneficiary. Upon receiving written notice of transfer, and upon presentation to the issuing bank of the original LOC and any issuer-required transfer documentation, the issuing bank will reissue the Letter of Credit naming such transferee as the beneficiary.
(c) Any proceeds from the draw by Landlord under the Letter of Credit not applied by Landlord to cure any default or breach by Tenant under this Lease shall be held as a cash security deposit. Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's its general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration of the Termthereon, and provided there exists no default by Tenant hereunder, waives the security deposit or benefit of any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent law to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4contrary. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions Section 1950.7 (which restricts application of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only to those sums reasonably necessary necessary’ to remedy defaults in the payment of rent, to repair damage caused by Tenant Tenant, or to clean premises) and all similar laws now in force or subsequently adopted which restrict application of security deposits to specific purposes.
(d) The Letter of Credit shall be renewed by the Premisesissuer (or replaced with a similarly qualifying letter of credit acceptable to Landlord) at least thirty (30) calendar days prior to the expiration date thereof from time to time during the Lease Term. If, it being agreed that for any reason, Tenant fails to cause the Letter of Credit to be so renewed or replaced at least thirty (30) days prior to its expiration date, Landlord mayshall have the right to immediately draw upon the Letter of Credit in full and hold the proceeds thereof as a cash Security Deposit hereunder. Upon the expiration of the Lease Term, in additionif Tenant has then fully performed every provision of this Lease to be performed by it, claim those sums specified in this Article 4 above, and any and all of Tenant’s monetary obligations under the Lease have been satisfied, Landlord shall return the Letter of Credit to Tenant and consent to the cancellation of the Letter of Credit; provided, however, prior to the surrender and cancellation thereof, Landlord may draw upon the Letter of Credit an amount up to Five Thousand Dollars ($5,000.00) and hold such proceeds as a deposit on account of any amounts due from Tenant attributable to Tenant’s Percentage Share of Property Taxes and Operating Expenses for the calendar year in which the Lease terminates or expires, and any unapplied funds so held by Landlord shall be refunded to Tenant within thirty (30) days following Tenant’s approval or deemed approval of Landlord's damages ’s Statement for the calendar year in which the Lease expiration or termination occurs. In lieu of drawing on the Letter of Credit as hereinabove provided, Tenant shall have the right to deliver to Landlord a cash deposit, to be held as a cash security deposit.
(e) Subject to the terms of this Paragraph, Tenant shall have the right to require Landlord to amend the Letter of Credit to evidence a reduction in the draw amount thereunder (i) following the first day of the thirty-seventh (36th) month of the Term of this Lease, to Four Hundred Thousand Dollars ($400,000.00), and (ii) following the first day of the forty-eighth (48th) month of the Term of this lease to Two Hundred Thousand Dollars ($200,000.00) (each such date being referred to as a “Reduction Date”), provided that, as to each Reduction Date (i) Tenant occupies at least sixty six percent (66%) of the Premises (except in the case of a Permitted Transfer), and (ii) no monetary Event of Default has occurred under this Lease at any time prior to the Reduction Date. Notwithstanding anything in the foregoing to the contrary, upon the occurrence of any event provided in clauses (i) and California law including(ii) above, but Tenant’s right to any subsequent reduction in the Letter of Credit as hereinabove provided shall be deemed automatically revoked and of no further force and effect
(f) Tenant agrees and acknowledges that Tenant has no property interest whatsoever in the Letter of Credit or the proceeds thereof and that, in the event that Tenant becomes a debtor under any chapter of the Federal Bankruptcy Code, the Letter of Credit and any proceeds thereof shall not limited tobe deemed to be an asset or property of the Tenant, and that neither Tenant, any damages accruing upon termination trustee, nor Tenant’s bankruptcy estate shall have any right to restrict or limit Landlord’s claim and/or rights to the Letter of this Lease under Credit and/or the proceeds thereof by Section 1951.2 502(b)(6) of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of TenantFederal Bankruptcy Code.
Appears in 2 contracts
Sources: Office Lease (ThredUp Inc.), Office Lease (ThredUp Inc.)
Security Deposit. Tenant has deposited or concurrently herewith is depositing shall deposit with Landlord the sum amount set forth in Article 1.F. 1 (“Security Deposit”), upon Tenant’s execution and submission of the Basic Lease Provisions this Lease. The Security Deposit shall serve as security for the prompt, full and faithful performance by Tenant of every provision the provisions of this Lease. If Tenant commits a Default, or owes any amounts to Landlord upon the expiration or earlier termination of this Lease (including estimated amounts under Article 3, which shall remain subject to be performed by Tenant. If Tenant breaches any provision of this Lease, including but not limited to the payment of rentreconciliation against actual amounts as further provided therein), Landlord may use all or apply the whole or any part of this security deposit the Security Deposit for the payment of any rent Tenant’s obligations hereunder. The use or application of the Security Deposit or any other sums in default, or to compensate portion thereof shall not prevent Landlord for from exercising any other loss right or damage which Landlord may suffer remedy provided hereunder or under any Law and shall not be construed as liquidated damages. In the event the Security Deposit is reduced by reason of Tenant's default. If any portion of said deposit is so used such use or appliedapplication, Tenant shall, shall deposit with Landlord within five ten (510) days after written demand therefornotice, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit to its full amountamount of the Security Deposit. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it Security Deposit separate from Landlord's general funds, but Landlord may commingle the security deposit with its ’s general funds and Tenant shall not be entitled to or pay interest on such depositthe Security Deposit. At the expiration Any remaining portion of the Term, and provided there exists no default by Tenant hereunder, the security deposit Security Deposit not used or any balance thereof applied hereunder shall be returned to Tenant (or, at Landlord's ’s option, to the last assignee of Tenant's "Transferee", as such term is defined ’s interest in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery Tenant (or such assignee) has vacated the Premises in accordance with Article 23 and this obligation shall survive termination of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover Lease. If the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord Premises shall be returned to Tenant within thirty (30) days after such removal and repair)expanded at any time, and (iii) any and all amounts permitted by law or this Article 4if the Term shall be extended at an increased rate of Rent, the Security Deposit shall thereupon be proportionately increased. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of lawshall not assign, now pledge or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults otherwise transfer any interest in the payment Security Deposit except as part of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination an assignment of this Lease approved by Landlord under Section 1951.2 Article 13, and any attempt to do so shall be null and void. Landlord shall provide Tenant with written notice of the California Civil Code and/or those sums reasonably necessary transfer of the Security Deposit to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenantparty.
Appears in 2 contracts
Sources: Office Lease (Chimerix Inc), Office Lease (Chimerix Inc)
Security Deposit. Landlord acknowledges receipt from Tenant has deposited or concurrently herewith is depositing with Landlord of the sum Security Deposit in the amount set forth in Article 1.F. of Section lh. Landlord shall retain the Basic Lease Provisions Security Deposit as security for the full performance by Tenant of all of its Lease obligations. The Security Deposit shall not bear interest and faithful performance of every provision of this Lease to may be performed by Tenantcommingled with other funds. If Tenant breaches at any provision time fails to perform any of its obligations under this Lease beyond any applicable cure period, including, without limitation, its Rent or other payment obligations, its restoration obligations, or its insurance and indemnity obligations, then Landlord, may, at its option, apply the Security Deposit (or any portion) to cure Tenant’s default or to pay for damages caused by Tenant’s default. If the Lease has been terminated, then Landlord may apply the Security Deposit (or any portion) against the damages incurred as a consequence of Tenant’s breach. The application of the Security Deposit shall not limit Landlord’s remedies for default under the terms of this Lease. If Landlord depletes the Security Deposit, in whole or in part, prior to the Expiration Date or any termination of this Lease, including but not limited to then Tenant shall restore immediately the payment of rent, Landlord may use all or any part of this security deposit for the payment of any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is amount so used or applied, Tenant shall, within five (5) by Landlord following receipt of notice. Within 30 days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit to its full amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration earlier termination date of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord shall refund to cover potential Direct Cost reconciliation payments due with respect Tenant any unused portion of the Security Deposit after first deducting the amounts, if any, necessary to cure any outstanding default of Tenant, to pay any outstanding damages for Tenant’s breach of the Lease, or to restore the Premises to the calendar year in condition to which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through is required to leave the date of Premises upon the expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation the Lease. Landlord shall be returned to Tenant within thirty (30) days after Landlord's delivery deliver the unused portion of the Statement Security Deposit to Tenant’s Notice Address set forth in Section 11 above. If Tenant’s Notice Address is the address for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that then Tenant shall notify Landlord may, in addition, claim those sums specified in this Article 4 above, and all writing of Landlord's damages under this Lease and California law including, but a forwarding address to which Landlord should send the Security Deposit. Tenant may not limited to, credit any damages accruing upon termination of this Lease under Section 1951.2 unused portion of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by Security Deposit against Rent owed under the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of TenantLease.
Appears in 2 contracts
Sources: Office Lease (G1 Therapeutics, Inc.), Office Lease (G1 Therapeutics, Inc.)
Security Deposit. The Tenant has deposited or concurrently herewith is depositing agrees to deposit with the Landlord the sum set forth in Article 1.F. of the Basic Lease Provisions $1.00 as security for the full and faithful performance of every provision of this under the Lease to be performed and by Tenantlaw. If The Tenant breaches any provision of this Lease, including but agrees the deposit is not limited to the an advance payment of rent, Landlord may use all or any part of this security deposit rent and does not relieve the obligation to pay rent including rent for the payment last month of any rent or any other sums in defaultoccupancy. The Landlord, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit to its full amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At at the expiration of the TermLease or hold-over tenancy, and provided there exists no default by Tenant hereunder, may apply the security deposit for past due rent, fees, utilities, and/or for the cost of repairing damages beyond reasonable wear and tear to the Premises caused by the Tenant, his/her guests, family or invitees. Also, abandonment or vacating the Premises by the Tenant before the end of the term shall result in the Landlord deducting damages it has incurred from the security deposit. The Landlord shall attempt to mitigate any balance thereof damages as a result of abandonment. Each person obligated hereunder as a Tenant shall be returned jointly and severally responsible for all losses incurred by the Landlord occasioned by the tenancy. The Tenant agrees to Tenant (orprovide the Landlord, at Landlord's optionin writing, a forwarding address upon vacating the Premises. The Landlord agrees to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent return to the expiration Tenant the security deposit, or whatever part has not been applied in payment of this any tenant obligations under the Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's the expiration and delivery of possession of the Statement for such calendar year)Premises to the Landlord, (ii) any whichever is last to occur. Any deductions from the security deposit shall be itemized and all amounts reasonably estimated identified in writing by the Landlord during this same time period. This provision does not waive rights of the Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (seek damages in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary deposit. The Tenant agrees to remedy defaults in reimburse the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any rent, fees, utilities due and/or damages exceeding the security deposit. Tenant shall pay fees of $50.00 for appliance cleaning; $150.00 for pest/insect infestation cleaning; $50.00 for clogged drains; $40.00 for unclean refrigerator; and $50.00 for each pane of broken glass or damaged screen and such other loss or damage, foreseeable or unforeseeable, caused by charges for other damages as the acts or omissions of Landlord determines are reasonable. Tenant or any officer, employee, agent, contractor or invitee of Tenantagrees such charges are reasonable.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
Security Deposit. Concurrently with Tenant's execution of this Lease, Tenant has deposited or concurrently herewith is depositing will deposit with Landlord the sum set forth Security Deposit designated in Article 1.F. of the Basic Lease Provisions Subparagraph 1(o). The Security Deposit will be held by Landlord as security for the full and faithful performance by Tenant of every provision all of the terms, covenants, and conditions of this Lease to be kept and performed by TenantTenant during the Term hereof. If Tenant breaches any provision of fully and faithfully performs its obligations under this Lease, including including, without limitation, surrendering the Premises upon the expiration or sooner termination of this Lease in compliance with Subparagraph 11(a) below, the Security Deposit or any balance thereof will be returned to Tenant (or, at Landlord's option, to the last assignee of Tenant's interest hereunder) within thirty (30) days following the expiration of the Lease Term or as required under applicable law, provided that Landlord may retain the Security Deposit until such time as any outstanding rent or additional rent amount has been determined and paid in full. The Security Deposit is not, and may not be construed by Tenant to constitute, rent for the last month or any portion thereof. If Tenant defaults with respect to any provisions of this Lease including, but not limited to, the provisions relating to the payment of rent or additional rent, Landlord may use (but will not be required to) use, apply or retain all or any part of this security deposit the Security Deposit for the payment of any rent or any other sums sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit the Security Deposit is so used or applied, Tenant shallagrees, within five ten (510) days after Landlord's written demand therefor, to deposit funds cash with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit Security Deposit to its full amountoriginal amount and Tenant's failure to do so shall constitute a default under this Lease. Tenant agrees that Landlord shall is not be required to keep the security deposit in trust, segregate it or keep it Tenant's Security Deposit separate from Landlord's its general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall is not be entitled to interest on such depositSecurity Deposit. At Should Landlord sell its interest in the expiration of Premises during the Term, Term hereof and provided there exists no default by Tenant hereunder, deposit with the security deposit or any balance purchaser thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Leasethen unappropriated Security Deposit funds, Landlord may retain will be discharged from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due any further liability with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of TenantSecurity Deposit.
Appears in 2 contracts
Sources: Office Building Lease (Simpson Manufacturing Co Inc /Ca/), Office Building Lease (Netsol International Inc)
Security Deposit. Section 25.1 Tenant has deposited or concurrently herewith is depositing with Landlord the sum set forth specified in Article 1.F. the Definition section of the Basic this Lease Provisions as security for the return of the Premises in good order and condition and the full and faithful performance of every provision of this Lease to be performed by Tenant. If The security deposit shall not be applied to the payment of Rent, provided however, that if Tenant breaches defaults with respect to any provision of this Lease, including but not limited to the payment of rentLandlord any use, Landlord may use apply or retain all or any part of this security deposit for the payment of any rent base Rent and Additional Rent in default, or for the payment of any other sums in amount which Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss less, cost or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five ten (510) days after written demand therefordemand, deposit funds cash with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit to its full original amount. Tenant agrees that For full security deposit reimbursement the following conditions must be met:
1) All walls must be clean and free of holes.
2) Any overhead door must be free of any broken panels, cracked lumber or dented panels. The overhead door springs, rollers, tracks, motorized door operator, and all other items pertaining to the overhead door must also be in good working condition.
3) All floors must be clean and free of excessive dust, dirt, grease, oil and stains.
4) No ceiling tiles shall be missing or damaged.
5) All trash must be removed from both inside and outside of the Building.
6) All lights bulbs and ballast's must be working.
7) The Premises must otherwise be in good conditions, reasonable wear and tear excepted. In the event tenant has complied with the above conditions, Landlord shall not be required to keep return the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned (without interest) to Tenant within sixty (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to 60) days after either the termination or expiration of this Lease, or the surrender and acceptance by Landlord of the Premises. Notwithstanding the foregoing, Landlord may retain from said the security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the non-payment of rentBase Rent or Additional Rent, utility charges, costs incurred relating to repair damage caused by Tenant or to clean abandonment of the Premises, it being agreed that Landlord mayrepairs, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages work contracted for by the Tenant or any other charge due under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary by Tenant to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of TenantLandlord.
Appears in 2 contracts
Sources: Office Warehouse Premises Lease (Lifeloc Technologies Inc), Office Warehouse Premises Lease (Lifeloc Technologies Inc)
Security Deposit. Upon execution of this Lease, Tenant has deposited or concurrently herewith is depositing with Landlord shall provide the sum set forth in Article 1.F. of the Basic Lease Provisions following amount to Landlord, to be held as a security deposit for the full and faithful performance reasonable cleaning or repair of every provision damages to the Property upon the expiration or termination of this lease or in case of default by Tenant: $________ (________ dollars). The security deposit shall not be in excess of two months' Rent, unless the Rent exceeds $2,000 per month. The security deposit will be held at the following financial institution: ________________________________ Tenant hereby agrees to be liable to Landlord at the expiration or termination of this Lease for all damages to the Property, except ordinary wear and tear. Landlord may hold the security deposit in a non-interest-bearing account. In such case, no interest is due to Tenant and Tenant may not use the security deposit to cover Rent. Landlord may otherwise elect to hold security deposit in an interest-bearing account and allow Tenant to receive certain interest funds, if applicable. Tenant shall still not be permitted to use the security deposit to cover any Rent. In case of sale or assignation of the Lease by Landlord, Tenant's security deposit shall be transferred to the new owner or assignee and Landlord shall be released from liability to Tenant for return of the security deposit. Deductions from the security deposit may be made for the following reasons (this list constitutes examples only and is not intended to be performed by exhaustive): unpaid rent or utilities, late fees, cleaning, key replacement, removing abandoned property, and/or attorneys' fees for proceedings against Tenant. If Tenant breaches any provision of this Lease, including but not limited has provided proper notice to terminate the payment of renttenancy, Landlord may use all or any part of this shall have 14 (fourteen) days in which to return the security deposit for the payment of any rent or any other sums in defaultdeposit. Otherwise, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's defaultshall have 30 (thirty) days. If any portion of said deposit is so used or appliedLandlord requires deductions which exceed the security deposit, Tenant shall, agrees to pay Landlord any overage amount within five (5) ten days after receiving a written demand therefor, deposit funds with from Landlord. Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore will first apply the security deposit to its full amount. Tenant agrees that Landlord shall not be required to keep any non-rent obligations, such as damages, utilities, or late fees, and will then apply the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of unpaid rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenant.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
Security Deposit. Tenant has deposited or concurrently herewith is depositing with Landlord the sum set forth in Article 1.F. item 10 of the Basic Lease Provisions as security a Security Deposit for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant breaches Landlord may apply, in its sole discretion at any provision time during the Term of this Lease, including but not limited to the payment of rent, Landlord may use all or any part of the Security Deposit to the payment of all prepaid expenses by Landlord for which Tenant would be required to reimburse Landlord under this security deposit Lease, including without limitation for Broker commissions. Such application of the Security Deposit is not and shall never be dependent upon an Event of Default. Upon an Event of Default, and whether or not Landlord is informed of or has knowledge of the Event of Default, the Security Deposit (if not already applied as hereinabove provided) shall be deemed to be automatically applied, without waiver of any rights Landlord may have under this Lease or at law or in equity as a result of an Event of Default, to the payment of any rent Rent not paid when due, the repair of damage to the Premises or the payment of any other sums in defaultamount which Landlord may spend or become obligated to spend by reason of an Event of Default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's defaultan Event of Default, to the full extent permitted by law. If any portion of said deposit the Security Deposit is so used or applied, Tenant shall, within five ten (510) days after written demand therefor, deposit funds cash with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit Security Deposit to its full original amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it Security Deposit separate from Landlord's its general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration The unused portion of the TermSecurity Deposit, and provided there exists no default by Tenant hereunderif any, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year)expiration of this Lease or any termination of this Lease not resulting from an Event of Default, (ii) any so long as Tenant has vacated the Premises in the manner required by this Lease and paid all amounts reasonably estimated by Landlord to cover the anticipated costs sums required to be incurred by Landlord to remove any signage provided to Tenant paid under this Lease, to remove cabling provided however that Landlord may retain the Security Deposit until such time as any amounts of Additional Rent due from Tenant have been determined and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4paid In full. Tenant hereby waives the provisions of Section 1950.7 1950.7(c) of the California Civil Code and all other provisions of law, now any present or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in future laws otherwise governing the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 return of the California Civil Code and/or those sums Security Deposit to Tenant to the extent of reasonably necessary anticipated Additional Rent retained by Landlord pursuant to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenantprevious sentence.
Appears in 2 contracts
Sources: Master Lease Agreement (Adforce Inc), Master Lease Agreement (Adforce Inc)
Security Deposit. Tenant has deposited or concurrently herewith is depositing with Landlord the sum set forth specified in Article 1.F. 1 hereof as “Security Deposit”, receipt of the Basic Lease Provisions as security for the full and faithful performance of every provision of this Lease to be performed by Tenantwhich is hereby acknowledged. If Tenant breaches any provision of this Lease, including but not limited to the payment of rent, Landlord may use all or any part of this security deposit for the payment of any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit to its full amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it this Security Deposit separate from Landlord's its general funds; the Security Deposit shall be held by Landlord, but Landlord may commingle without liability for interest, as security for the security deposit with its general funds and faithful performance by Tenant of all the terms of this Lease. The Security Deposit shall not be entitled mortgaged, assigned, transferred or encumbered by Tenant without the written consent of Landlord and any such act on the part of Tenant shall be without force and effect and shall not be binding upon Landlord. If any rent herein reserved or any other sum payable by Tenant to interest Landlord shall be overdue and unpaid or should Landlord make payments on such deposit. At the expiration behalf of the TermTenant, or should Tenant fail to perform any of the terms of this Lease, then Landlord may, at its option and provided there exists no default without prejudice to any other remedy which Landlord may have on account thereof, appropriate and apply the entire Security Deposit or so much thereof as may be necessary to compensate Landlord toward the payment of Rent or other sums due to such breach on the part of Tenant; Tenant shall within ten (10) days of demand therefore restore the Security Deposit to the original sum deposited. Should Tenant comply with all of said terms and promptly pay all Rent and all other sums payable by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's ’s option, to the last assignee of Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to ’s interest hereunder) at the expiration of the term of the lease. In the event Tenant fails to occupy the Premises in accordance with the terms of this Lease, Landlord’s remedies shall include, without limitation thereto, retention of all sums deposited herewith or otherwise paid pursuant to this Lease. In the event of bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and other sums due Landlord for all periods prior to the filing of such proceedings. Landlord may retain deliver the funds deposited hereunder by Tenant to the purchaser of Landlord’s interest in the Premises in the event that such interest be sold and thereupon Landlord shall be discharged from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due any further liability with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair)Security Deposit, and (iii) this provision shall also apply to any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenantsubsequent transferees.
Appears in 2 contracts
Security Deposit. Upon the Lease Commencement Date, Tenant has deposited or concurrently herewith is depositing with shall pay to Landlord the sum set forth in Article 1.F. amount of Four Hundred Fifty Thousand ($450,000.00) Dollars, the Basic Lease Provisions “Security Deposit”, which shall be held as security for Tenant’s performance as herein provided and refunded to Tenant at the full and faithful performance of every provision end of this Lease or any extensions thereto, subject to Tenant’s satisfactory compliance with the conditions hereof. Three Hundred Thousand ($300,000.00) Dollars initially deposited (the “PSA Deposit”) per the Purchase and Sale Agreement between Landlord and Tenant (MassGrow, LLC) dated January 9, 2019 (“PSA”), and herein attached as Exhibit C, shall be performed by Tenantapplied towards the Security Deposit. If Tenant breaches any provision of this Lease, including but not limited to the payment of rent, Landlord may use all use, apply, or retain the whole or any part of this security deposit the Security Deposit to the extent required for the payment of any rent or any other sums in default, payment due to Landlord hereunder or to compensate Landlord for any other loss or damage sum which Landlord may suffer expend or incur by reason of Tenant's default. If ’s default in any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit to its full amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration terms of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing or deficiency in the re-letting of the Premises, whether such damages or deficiencies accrued before or after summary proceedings or other re-entry by Landlord. If all or any part of the Security Deposit is applied to an obligation of Tenant hereunder, Tenant shall immediately upon termination the request by Landlord restore the Security Deposit to its original amount. Landlord shall return any unapplied balance of the Security Deposit to Tenant within thirty (30) days of the end of the term of this Lease under Section 1951.2 Lease. Thirty (30) days prior to Tenant’s scheduled demolition of the California Civil Code and/or those sums reasonably necessary approximate 3,500 square foot rear portion of the Premises, identified in Exhibit A, and further identified in the construction plans and construction schedule outlined in Exhibit B, provided by Tenant and reviewed and approved by Landlord, Tenant shall pay to compensate Landlord additional security in the amount of Five Hundred Fifty Thousand ($550,000.00) Dollars for any other loss the performance and completion of the construction process, the “Completion Guarantee”. Prior to the Completion Guarantee deposit, in no event shall Tenant demolish or damage, foreseeable or unforeseeable, caused structurally alter the back approximate 3,500 square foot portion of the Premises without Landlord’s prior written consent. The Completion Guarantee shall be refunded to Tenant in full within Five (5) days after notice of Store Opening and release of mechanical liens by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenant’s contractors.
Appears in 2 contracts
Sources: Lease Agreement (Ascend Wellness Holdings, LLC), Lease Agreement (Ascend Wellness Holdings, LLC)
Security Deposit. Tenant has deposited or concurrently herewith is depositing with Landlord the sum set forth in Article 1.F. of the Basic Lease Provisions as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant breaches any provision 5.1 Upon its execution of this Lease, including but not limited to Tenant shall deposit the payment sum of rent$150,000.00 in cash with the Landlord (the “Security Deposit”) which Security Deposit shall secure the faithful performance and observance by Tenant of the terms, covenants, conditions, agreements and provisions of this Lease. If Tenant is in an Event of Default, Landlord may use all use, apply or retain the whole or any part of this security deposit the Security Deposit to the extent required for the payment of any rent Fixed Rent, Additional Rent or any other sums sum as to which Tenant is in default, default (beyond any applicable notice and cure period) or to compensate Landlord for any other loss or damage sum which Landlord may suffer expend or may be required to expend by reason of Tenant's default. If ’s default (beyond any portion applicable notice and cure period) in respect of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit to its full amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration any of the Termterms, covenants, conditions, agreements and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration provisions of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination or deficiency in the reletting of the Premises, whether such damages or deficiency accrued before or after summary proceedings or other re-entry by Landlord. In the event the Security Deposit is applied by Landlord, Tenant shall promptly restore the Security Deposit to its original amount. The Security Deposit (less any deductions permitted hereunder) shall be returned to Tenant, without interest, within a reasonable period (not to exceed thirty (30) days) after the expiration of this Lease under Section 1951.2 and after delivery of entire possession of the California Civil Code and/or those sums reasonably necessary Premises to compensate Landlord. In the event of a sale of the land and the building of which the Premises form a part, Landlord shall either (i) transfer the Security Deposit to Tenant and Landlord shall thereupon be released by Tenant from all liability for the return of such Security Deposit or (ii) transfer the Security Deposit to the new Landlord in which case Tenant agrees to look to the new Landlord solely for the return of said Security Deposit. Tenant further covenants that it will not assign or encumber or attempt to assign or encumber the monies deposited herein as the Security Deposit and that neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance. In the event of any bankruptcy or other insolvency proceeding against Tenant, it is agreed that the Security Deposit held hereunder shall be deemed to be applied by Landlord to Rent and other charges due to Landlord for any other loss or damagethe last month of the Lease Term and each preceding month until such Security Deposit is fully applied.
5.2 Provided that Tenant is not in an Event of Default, foreseeable or unforeseeableupon written request from Tenant, caused by Landlord shall promptly return $50,000 to Tenant and the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of TenantSecurity Deposit shall be reduced to $100,000.00 after the thirty-sixth (36th) month following the Lease Commencement Date.
Appears in 2 contracts
Sources: Lease Agreement (Spero Therapeutics, Inc.), Lease Agreement (Spero Therapeutics, Inc.)
Security Deposit. Tenant has deposited or concurrently herewith is depositing with Landlord To secure the sum set forth in Article 1.F. performance of the Basic Lease Provisions Licensee under this Licence the Licensee must pay the Security Deposit to the School Council on or before the Commencement Date. If the Licensee breaches any of the Licensee’s obligations under this Licence and the School Council incurs any Losses (or acquires any other entitlement to payment from the Licensee), the School Council may, if the default remains unremedied 10 Business Days after Default Notice has been given to the Licensee, draw on the Security Deposit without further Notice to the Licensee to make good such Loss. If the School Council draws on the Security Deposit, the Licensee must replace the amount drawn down within 10 Business Days to maintain the Security Deposit at the level specified in Item 16 of Schedule 1. Subject to any right the School Council has to draw on the Security Deposit, the School Council must return the Security Deposit to the Licensee when each of the following criteria have been satisfied: 60 days have elapsed since the expiry or termination of this Licence; the Licensee has vacated the Licensed Area in accordance with this Licence, including satisfying all of its reinstatement obligations; and the Licensee has no outstanding obligations under this Licence or subsisting breach of this Licence or any actual or potential liability for any breach or non-performance of any of the Licensee’s obligations under this Licence. Use of Licensed Area The Licensee: must only use and occupy the Licensed Area; may only use the Licensed Area during the Term during the Hours of Use and on the Dates and/or Days of Use (as security applicable); may access other parts of the School in common with others and being solely those parts of the School required for the full purpose of accessing the Licensed Area; acknowledges that if the Licensed Area includes external areas (for example, playgrounds and faithful performance ovals), School amenities, kitchen facilities, carparks and/or staff facilities, these areas will be used and occupied together with other occupiers of every provision the School; acknowledges that the School Council may grant its consent, which consent will be at the absolute discretion of this Lease the School Council, for the Licensee to be performed by Tenant. If Tenant breaches any provision use other areas of this Leasethe School in addition to those listed in clauses 9(a)(i) to 9(a)(iii) solely for the purposes of the Licensee's use of the Licensed Area; must comply with all Department, School and School Council policies and/or guidelines which deal with the safety or health of persons on the Licensed Area or otherwise under its control; must observe fire precautions, including but not limited to taking any fire precautionary measures required by Law; must ensure that all external doors and windows are secured and locked and all lights, heating and/or cooling is extinguished daily at the payment end of rentits use of the Licensed Area; must ensure the Licensed Area is kept secure, Landlord may use all clean and free from debris and rubbish; and acknowledges that no promise, representation, warranty or any part undertaking has been given by or on behalf of this security deposit the School Council regarding the suitability of the Licensed Area for the payment conduct of any rent or any other sums the Permitted Use otherwise than as expressly contained in defaultthis Licence, or to compensate Landlord for any other loss use. The Licensee must not: use or damage allow the Licensed Area to be used for any purpose other than the Permitted Use; erect, display, affix or exhibit on or at the Licensed Area any signs except for signs that comply with all Laws and then only after obtaining the School Council’s approval (which Landlord may suffer by reason approval is at the absolute discretion of Tenant's defaultthe School Council) and all necessary planning and building permits from the relevant Government Agency; install any fixtures or fittings, except those necessary for the Permitted Use, without the School Council’s written consent (which consent is at the absolute discretion of the School Council); keep or use chemicals, inflammable liquids, acids or other hazardous things on the Licensed Area except for the Permitted Use, or create fire hazards; do anything in or near the Licensed Area or the Land which is noxious, offensive or a nuisance and not cause any injury or nuisance to neighbours or other occupiers of the, or surrounding the, Licensed Area; or overload the floor of the Licensed Area. If any portion Licensee’s Obligations Operation of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord Education and Care Service The Licensee must: conduct the Permitted Use in a form acceptable under Section 3(b) above proper, timely and efficient manner using that standard of care, skill, diligence, prudence and foresight that would reasonably be expected from a prudent, expert and experienced provider of an Education and Care Service; carry on the Permitted Use to the reasonable satisfaction of, and in an amount sufficient accordance with the requirements of, the School Council; ensure that all its Associates engaged by the Licensee in connection with the Permitted Use are suitably qualified and experienced, and act to restore the security deposit to its full amount. Tenant agrees that Landlord shall not be required to keep best of their skill and ability and in accordance with the security deposit accepted professional standards for persons having those qualifications and experience; act in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle good faith and in the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration best interests of the TermSchool Council; ensure that the Permitted Use is compliant with the National Quality Standard; provide a reasonable selection and quantity of nutritional and wholesome foodstuffs which comply with the requirements of publications issued by the Department from time to time (or its successor) and the reasonable requirements of the School Council; and not provide any foodstuffs which the School Council has previously required the Licensee not to provide. Education and Care Service Fees The Licensee may charge the Education and Care Service Fees. The Licensee must not vary the Education and Care Service Fees except in accordance with the mechanism set out in Item 2 of Schedule 2. Compliance with Laws The Licensee must: at its own expense in all respects, observe and comply with all Laws that apply to this Licence and all directions, notices and Requirements of any Government Agency relating to the development, construction, use and occupation of the Licensed Area, and provided there exists no default any other use or development which the Licensee may undertake on the Licensed Area; keep in force and available for inspection by Tenant hereunderthe School Council upon request, all licences, permits and registrations required for the security deposit carrying on of any business use or other activity conducted by the Licensee in or upon the Licensed Area within the terms of this Licence; strictly observe and comply with the Occupational Health and Safety ▇▇▇ ▇▇▇▇ (Vic) and any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent other Law relating to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained Permitted Use; and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of use the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord Licensed Area for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenantillegal purpose.
Appears in 2 contracts
Sources: School Council Licence Agreement, School Council Licence Agreement
Security Deposit. (a) Tenant has deposited or concurrently herewith is depositing with Landlord the sum Security Deposit set forth in Article 1.F. of the Basic Lease Provisions Section 1(s) hereof as security for the full and faithful performance of every provision of this Lease lease to be performed by Tenant. If Tenant breaches defaults with respect to any provision of this Leaselease, including but not limited to the provisions relating to the payment of rentRent, Landlord may use use, apply or retain all or any part of this security deposit the Security Deposit for the payment of any rent or Rent and any other sums sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's ’s default. If any portion of said deposit the Security Deposit is so used or applied, Tenant shall within five (5) days after written demand therefor deposit cash with Landlord or Landlord’s beneficiaries in an amount sufficient to restore the Security Deposit to its original amount, and Tenant’s failure to do so shall be a material breach of this lease. Except to the extent required by law, Landlord shall not be required to keep the Security Deposit separate from its or their general funds and Tenant shall not be entitled to interest on the Security Deposit. If Tenant shall fully and faithfully perform each and every provision of this lease to be performed by it, the Security Deposit or any balance thereof shall be returned to Tenant (or at Landlord’s option to the last permitted assignee of Tenant’s interest hereunder, if any) within thirty (30) days after the expiration of the lease Term and Tenant’s vacation of the Premises. Landlord may deliver the Security Deposit funds deposited hereunder by Tenant to the purchaser of Landlord’s interest in the Project, in the event that such interest is sold, transferred or conveyed, and thereupon Landlord shall be discharged from any further liability with respect to the Security Deposit.
(b) In lieu of a cash Security Deposit, Tenant may deliver to Landlord a clean, irrevocable, non-documentary and unconditional Letter of Credit issued by and drawn upon any commercial bank, trust company, national banking association or savings and loan association having offices for banking purposes in the City of Chicago and which is a member of the Chicago Clearinghouse association (the “Issuing Bank”) and which (or the parent company of which) shall have outstanding unsecured, uninsured and unguaranteed indebtedness, or shall have issued a letter of credit or other credit facility that constitutes the primary security for any outstanding indebtedness (which is otherwise uninsured and unguaranteed), that is then rated, without regard to qualification of such rating by symbols such as “+” or “-” or numerical notation, “Aa” or better by ▇▇▇▇▇’▇ Investors Service and “AA” or better by Standard & Poor’s Corporation, and has combined capital, surplus and undivided profits of not less than $500,000,000.00, which Letter of Credit shall have a term of not less than one year, be in form and content satisfactory to Landlord (and substantially as shown on Exhibit I to this Lease), be for the account of Landlord, be in the amount of the Security Deposit then required to be deposited hereunder, and be fully transferable by Landlord to successor owners of the Building without the payment of any fees or charges, it being agreed that if any such fees or charges shall be so imposed, then such fees or charges, shall be paid by Tenant. The Letter of Credit shall provide that it shall be deemed automatically renewed, without amendment, for consecutive periods of one (1) year each thereafter during the term of this Lease, unless the Issuing Bank sends notice (the “Non-Renewal Notice”) to Landlord by certified mail, return receipt requested, not less than thirty (30) days next preceding the then expiration date of the Letter of Credit that it elects not to have such Letter of Credit renewed. Additionally, the Letter of Credit shall provide that Landlord shall have the right, exercisable upon its receipt of the Non-Renewal Notice, by sight draft on the Issuing Bank, to receive the monies represented by the existing Letter of Credit and in such event, Landlord shall hold such proceeds pursuant to the terms of this Section as a cash security pending the replacement of such Letter of Credit. If a Default shall have occurred and be continuing with respect to any provision of this Lease, including but not limited to the provisions relating to the payment of Rent, Landlord may apply or retain the whole or any part of the cash security so deposited or may notify the Issuing Bank and thereupon receive all the monies represented by the Letter of Credit and use, apply, or retain the whole or any part of such proceeds, as provided in this Section. Any portion of the cash proceeds of the Letter of Credit not so used or applied by Landlord in satisfaction of the obligations of Tenant as to which such Default shall have occurred shall be retained by Landlord as a cash Security Deposit as provided herein. If Landlord applies or retains any part of the cash security or proceeds of the Letter of Credit, as the case may be, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an the amount sufficient to restore the security deposit to its full amount. Tenant agrees so applied or retained so that Landlord shall not be have the full Security Deposit required pursuant to keep this Section on hand at all times during the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Term. If Tenant shall not be entitled to interest on such deposit. At the expiration fully and faithfully comply with all of the Termterm, provisions, covenants and provided there exists no default by Tenant hereunderconditions of this Lease, the security deposit or any balance thereof Letter of Credit shall be returned to Tenant (orafter the Expiration Date and after delivery of possession of the Premises to Landlord. In the event of a sale of Landlord’s interest in the Premises, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of notice of such sale or leasing, Tenant, at Tenant’s sole cost and expense, shall arrange for the transfer of the Statement for such calendar year)Letter of Credit to the new landlord, (ii) any as designated by Landlord, or have the Letter of Credit reissued in the name of the new landlord and all amounts reasonably estimated by Landlord to cover the anticipated costs to shall thereupon be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed released by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by from all liability for the return of the Letter of Credit; provided, however, that if the Letter of Credit is reissued, Landlord shall be returned return the original Letter of Credit issued in Landlord’s name to Tenant. In the event Tenant within thirty (30) days after such removal and repair)brings any action or proceeding to enforce Landlord’s obligations or determine Landlord’s rights to draw upon an Letter of Credit issued to Landlord hereunder, and (iii) any and all amounts permitted by law as a result of such action or this Article 4. proceeding, a court of competent jurisdiction issues a final, unappealable order or judgment finding that Landlord has drawn upon such Letter of Credit in violation of the provisions hereof, then Tenant hereby waives shall, subject to the provisions of Section 1950.7 of the California Civil Code and all other provisions of local law, now or hereafter in effectbe entitled to recover from Landlord all reasonable expenses of attorney’s fees, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rentparalegal fees and costs, to repair damage caused expenses and disbursements incurred by Tenant in such action or to clean proceeding, without the Premises, it being agreed that Landlord may, necessity for a cross-action by Tenant. Such reimbursement shall include all such expenses incurred in addition, claim those sums specified in this Article 4 above, connection with any such action or proceeding and at all levels of Landlord's damages under this Lease appeal and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenantpost judgment proceedings.
Appears in 2 contracts
Sources: Office Lease (Archipelago Holdings L L C), Office Lease (Archipelago Holdings L L C)
Security Deposit. Tenant has deposited or concurrently herewith is depositing with Landlord the sum set forth in Article 1.F. of the Basic Lease Provisions as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant breaches any provision of this Lease, including but not limited to the payment of rent, Landlord may use all or any part of this security deposit for the payment of any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within Within five (5) business days after written demand thereforthe execution of this Sublease by Subtenant, Subtenant shall pay to Sublandlord the amount of the Security Deposit specified in the Basic Sublease Information as a non-interest bearing security deposit funds with Landlord for Subtenant’s performance under this Sublease. The Security Deposit may be in the form of cash or an unconditional, irrevocable letter of credit without documents, from a bank and in a form reasonably acceptable under Section 3(b) above to Sublandlord, with Sublandlord as beneficiary, drawable in whole or in part, and providing for payment at a location in an amount sufficient to restore the security deposit to its full amountSan Francisco Bay Area on presentation. Tenant agrees that Landlord Sublandlord shall not be required to keep the security deposit in trust, segregate it or keep it Security Deposit separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such depositaccounts. At In the expiration event Subtenant has performed all of the terms and conditions of this Sublease throughout the Sublease Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof this amount paid as Security Deposit shall be returned to Tenant (orSubtenant within 30 days after Subtenant’s vacating the Sublease Premises, at Landlord's optionafter first deducting any sums owing to Sublandlord. In the event Subtenant defaults, beyond applicable notice and cure periods, under this Sublease, Sublandlord will be entitled but not obligated to Tenant's "Transferee"use or retain some or all of this Security Deposit to compensate for any unpaid rent, as loss, expense or risk associated with the default, all without seeking judicial relief. In the event of such term is defined in Article 15 below), provided that subsequent recourse to the expiration of this LeaseSecurity Deposit, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord Sublandlord is entitled to cover potential Direct Cost reconciliation payments due with respect require Subtenant to replenish the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed Security Deposit funds on ten percent (10%) days’ written notice. In no event will Subtenant be entitled to have access to or require any portion of estimated Direct Cost payments due from Tenant for such calendar year through Sublandlord’s deposit with the date Master Landlord. If the Security Deposit is in all or in part in the form of expiration or earlier termination a Letter of this Lease and any amounts so retained and not applied Credit, the failure of Subtenant to such reconciliation shall be returned to Tenant within deliver a replacement Letter of Credit at least thirty (30) days after Landlord's delivery prior to the expiration of the Statement then-current Letter of Credit, shall constitute a separate default entitling Sublandlord to draw immediately and entirely on the current Letter of Credit and the proceeds shall constitute a cash Security Deposit. Notwithstanding the foregoing, if for such calendar year)any reason Sublandlord draws on the Letter of Credit, then Subtenant shall have the right, upon ten (ii10) any and all amounts reasonably estimated by Landlord days’ prior written notice to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this LeaseSublandlord, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair obtain a refund from Sublandlord of any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 unapplied proceeds of the California Civil Code and all other provisions Letter of law, now or hereafter in effect, Credit which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited toSublandlord has drawn upon, any damages accruing such refund being conditioned upon termination Subtenant simultaneously delivering to Sublandlord a replacement Letter of Credit meeting the requirements of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of TenantSection.
Appears in 2 contracts
Sources: Sublease Agreement (Openwave Systems Inc), Sublease Agreement (Openwave Systems Inc)
Security Deposit. 32.1 Upon the execution of this Lease by Tenant, Tenant has deposited or concurrently herewith is depositing with shall deliver to Landlord a letter of credit (the sum set forth “Letter of Credit”) issued in Article 1.F. favor of Landlord in the amount of the Basic Lease Provisions Security Deposit Amount, as security for the full and faithful performance of every provision of this Lease to be performed and observance by Tenant. If Tenant breaches any provision of this Lease, including but not limited to the payment of rent, Landlord may use all or any part of this security deposit for the payment of any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit to its full amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration of the Termterms, conditions and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination provisions of this Lease and any amounts so retained all monetary and not applied to such reconciliation shall be returned to non-monetary obligations of Tenant within thirty (30) days after Landlord's delivery hereunder, including without limitation the surrender of possession of the Statement for such calendar year), (ii) Premises to Landlord as herein provided. In the event Tenant defaults in respect of any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions terms of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, the payment of Rent and additional rent after notice and the expiration of any applicable cure period, Landlord may draw upon Letter of Credit to the extent required for the payment of any sum as to which Tenant is in default or for any sum which Landlord may have expended or may be required to expend by reason of Tenant’s default, including any damages accruing or deficiency accrued before or after summary proceedings or other re-entry by Landlord. In addition, Landlord may draw upon Letter of Credit to the extent required to compensate Landlord for the actual costs incurred by Landlord in leasing the Premises, including, without limitation, the unamortized portion of all of the Landlord’s Work performed and the unamortized portion of Tenant’s free rent period, if any. In the event Landlord draws upon the Letter of Credit and applies or retains any portion or all of the sum received upon such draw, Tenant shall forthwith take such action as is necessary to restore the face amount of the Letter of Credit, so that at all times the amount of the Letter of Credit shall be equal to the Security Deposit Amount.
32.2 The Letter of Credit shall be an irrevocable, unconditional letter of credit with an initial term of not less than one (1) year from the date of this Lease. Without further act or instrument required by Landlord, the Letter of Credit shall be automatically renewed for successive one (1) year periods throughout the remainder of the Term unless, not less than sixty (60) days prior to the then current expiration date of the Letter of Credit the issuing bank notifies Landlord of its intention not to renew the Letter of Credit. The Letter of Credit (or any renewal, extension or replacement thereof) shall continue in full force and effect and shall be maintained in its full face amount for three (3) full calendar months beyond the expiration of the Term of this Lease. The Letter of Credit shall (i) be negotiable and freely transferable in connection with a sale or transfer by Landlord as hereinafter described; (ii) be issued by Bank of America, ▇▇▇▇▇▇▇ ▇▇▇▇▇, or other New York City banking institution reasonably acceptable to Landlord which is a member of the New York Clearing House Association; (iii) provide for payment of all or any portion of the face amount of the Letter of Credit to Landlord upon the receipt by the issuing bank of a statement signed by a representative of Landlord that Landlord is entitled to such amount pursuant to the terms of this Lease; and (iv) be otherwise in form and substance reasonably satisfactory to Landlord. Landlord’s receipt of notice from the issuing bank of its intention not to renew the Letter of Credit or Tenant’s failure to deliver a renewal or replacement Letter of Credit shall entitle Landlord at any time thereafter to draw the full face amount of the Letter of Credit and retain such sum as security hereunder in lieu of the Letter of Credit. Tenant’s failure to maintain the Letter of Credit or to substitute a cash security deposit as a replacement therefor shall constitute a default under this Lease.
32.3 If Tenant shall fully and faithfully comply with all of the terms, provisions and covenants of this Lease, the Letter of Credit shall be returned to Tenant after the Expiration Date or sooner termination of this Lease under Section 1951.2 (other than a termination that results from Tenant’s default hereunder). In the event of a sale of the California Civil Code and/or those sums reasonably necessary Building or leasing of the Building or a portion of which the Premises form a part, Landlord shall have the right to compensate transfer the Letter of Credit to the vendee or lessee. Landlord upon such transfer shall be released by Tenant from all liability for any other loss the return of such security and Tenant agrees to look solely to the new landlord for the return of said security. It is agreed that the provisions hereof shall apply to every transfer or damage, foreseeable or unforeseeable, caused by assignment made of the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenantsecurity to a new landlord.
Appears in 2 contracts
Sources: Lease Agreement (Panacea Acquisition Corp), Lease Agreement (Panacea Acquisition Corp)
Security Deposit. Tenant has deposited or concurrently herewith is depositing with Landlord Subtenant shall deliver to Sublandlord a clean, irrevocable letter of credit (the sum “Letter of Credit”) established in Sublandlord’s (and its successors’ and assigns’) favor in the amount of $588,666.00, subject to reduction as set forth herein, issued by a federally insured banking or lending institution reasonably acceptable to Sublandlord and in Article 1.F. other form and substance reasonably acceptable to Sublandlord.
35.1 The Letter of Credit shall specifically provide for partial draws, shall be extended annually, without amendment, for additional one-year periods, shall have a term that commences on the Basic Lease Provisions as security for Commencement Date and expires on the full Expiration Date, and faithful performance shall by its terms be transferable by the beneficiary thereunder.
35.2 If Subtenant fails to make any payment of every provision rent or other charges due to Sublandlord under the terms of this Lease to be performed by Tenant. If Tenant breaches any provision of this Lease, including but not limited to the payment of rent, Landlord may use all or any part of this security deposit for the payment of any rent or any other sums in defaultSublease, or to compensate Landlord otherwise Defaults hereunder, Sublandlord, at Sublandlord’s option, may make a demand for any other loss or damage which Landlord may suffer by reason payment under the Letter of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and Credit in an amount sufficient equal to restore the security deposit amounts then due and owing to its Sublandlord under this Sublease.
35.3 In the event that Sublandlord draws upon the Letter of Credit, Subtenant shall present to Sublandlord a replacement Letter of Credit in the full amountLetter of Credit amount satisfying all of the terms and conditions of this article within ten (10) business days after receipt of notice from Sublandlord of such draw. Tenant agrees that Landlord Subtenant’s failure to do so within such 10-business-day period will constitute a Default hereunder, and upon such Default, Sublandlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At immediately exercise all rights and remedies available to it hereunder, at law or in equity.
35.4 Provided Subtenant is not then in Default under this Sublease, the expiration balance of the TermLetter of Credit shall reduce during the Term of this Sublease as follows: Period Letter of Credit Amount Rent Year 2 $ 490,555.00 Rent Year 3 $ 392,444.00 Rent Year 4 $ 294,333.00 From the commencement of Rent Year 5 through January 31, 2027 $ 196,222.00 For purposes hereof, “Rent Year” shall mean a period of twelve (12) consecutive months commencing on the Rent Commencement Date, and provided there exists no default by Tenant hereundereach successive twelve (12) month period thereafter; provided, however, that if the security deposit or any balance thereof Rent Commencement Date is not the first day of a month, then the second Rent Year shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to commence on the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery first day of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover month immediately following the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 first anniversary of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of TenantRent Commencement Date.
Appears in 2 contracts
Sources: Sublease Agreement (Decibel Therapeutics, Inc.), Sublease Agreement (Decibel Therapeutics, Inc.)
Security Deposit. Tenant has deposited or concurrently herewith is depositing shall, upon the execution of this Lease, deposit with Landlord the sum set forth in Article 1.F. of the Basic Lease Provisions as security for the full payment of rent and faithful the performance of every provision of this Lease all other covenants to be performed by Tenant, the sum of One Thousand, Eight Hundred and Fifty and no/100 dollars ($1,850.00). Said security deposit shall be non-interest bearing. If Tenant breaches any provision of this Lease, including but not limited to defaults in the payment of rentany monthly rental installment, or fails to perform any other covenant within three (3) days after receipt of written demand therefor, Landlord, at its option, may apply sufficient sums from the security deposit towards payment thereof. If Landlord may use all or any part of this elects to so apply the security deposit, Tenant shall be obligated to immediately replenish the security deposit for the payment amount so applied by Landlord. The total security deposit shall be held by Landlord until expiration of the initial term or until expiration of any rent or renewal term if any other sums in defaultrenewal option which exists is exercised, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any and the unused portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit shall be refunded by Landlord to its full amountTenant at the end of the Term of this Lease or any renewal thereof. Tenant agrees that Provided, however, the Landlord shall not be required to keep may hold the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration for a period of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery following surrender of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions possession of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that and may deduct from the amount refunded any rental due and payable, the costs of repairing any damage or replacing any damaged portion of the Premises or of the Building or other real estate of which the Premises form a part and the costs of cleaning the same if the Tenant fails to do so prior to surrender of possession. Provided, however, said Security Deposit does not constitute a limitation of any kind to a claim by Landlord may, in addition, claim those against Tenant for nonpayment of rentals or other sums specified in this Article 4 above, and all of Landlord's damages under this Lease or for costs of repair, replacement and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 cleaning of the California Civil Code and/or those sums reasonably necessary Premises as discussed herein. In the event proceedings begin it is agreed that the Security Deposit held hereunder shall be deemed to compensate be applied first to rent and other charges first due to Landlord for all periods prior to the filing of any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions such proceedings. The security deposit shall not be applied to rent except upon approval of Tenant or any officer, employee, agent, contractor or invitee of TenantLandlord.
Appears in 2 contracts
Sources: Lease Agreement (Iradimed Corp), Lease Agreement (Iradimed Corp)
Security Deposit. On the date of this Lease, Tenant has deposited or concurrently herewith is depositing shall deposit with Landlord the sum set forth in Article 1.F. of the Basic Lease Provisions Security Deposit as security for the full and faithful performance by Tenant under this Lease. The Security Deposit shall be returned (without interest) to Tenant (or, at Landlord’s option, to the last assignee of every provision Tenant’s interest under this Lease) after the expiration of the Term or sooner termination of this Lease and delivery of possession of the Premises to Landlord in accordance with Paragraph 17 if, at such time, Tenant is not in default under this Lease. If Landlord’s interest in this Lease is conveyed, transferred or assigned and the transferee assumes in writing Landlord’s obligations under this Lease, Landlord shall transfer or credit the Security Deposit to Landlord’s successor in interest, and Landlord shall be released from any liability for the return of the Security Deposit. Landlord may intermingle the Security Deposit with Landlord’s own funds, and shall not be deemed to be performed by Tenanta trustee of the Security Deposit. If Tenant breaches fails to pay or perform in a timely manner any provision of obligation under this Lease, including but not limited then following the expiration of any applicable notice and cure period given to the payment of rentTenant in this Lease, Landlord may use may, prior to, concurrently with or subsequent to, exercising any other right or remedy, use, apply or retain all or any part of this security deposit the Security Deposit for the payment of any rent or any other sums in defaultmonetary obligation due under this Lease, or to compensate Landlord for any other expense, loss or damage which that Landlord may suffer incur by reason of Tenant's default’s failure, including any damage or deficiency in the reletting of the Premises. If all or any portion of said deposit the Security Deposit is so used used, applied or appliedretained, Tenant shall, within five (5) days after written demand therefor, shall immediately deposit funds with Landlord in a form acceptable under Section 3(b) above and cash in an amount sufficient to restore the security deposit Security Deposit to its full the original amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle withhold the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At Security Deposit after the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit Term or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier sooner termination of this Lease and any amounts so retained and not applied to until Tenant has paid in full Tenant’s Share of Operating Expenses for the Operating Year in which such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any expiration or sooner termination occurs and all other amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant payable under this Lease. The Security Deposit is not a limitation on Landlord’s damages or other rights under this Lease, to remove cabling a payment of liquidated damages or prepaid rent and other items required to shall not be removed applied by Tenant to the rent for the last (or any) month of the Term, or to any other amount due under Section 29(b) below this Lease. If this Lease is terminated due to any default of Tenant, any portion of the Security Deposit remaining at the time of such termination shall immediately inure to the benefit of Landlord as partial compensation for the costs and to repair any damage caused by such removal (in which case any excess amount so retained expenses incurred by Landlord in connection with this Lease, and shall be returned in addition to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenantdamages to which Landlord is otherwise entitled.
Appears in 2 contracts
Sources: Office Lease (Cricut, Inc.), Office Lease (Cricut, Inc.)
Security Deposit. Tenant has deposited or concurrently herewith is depositing ▇▇▇▇▇▇ agrees to deposit with Landlord the sum Security Deposit set forth in Article 1.F. of the Basic Lease Provisions as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant breaches any provision at Section 2.0 upon execution of this Lease, including but not limited to as security for ▇▇▇▇▇▇'s faithful performance of its obligations under this Lease. Landlord and Tenant agree that the Security Deposit may be commingled with funds of Landlord and Landlord shall have no obligation or liability for payment of rentinterest on such deposit. Tenant shall not mortgage, assign, transfer or encumber the Security Deposit without the prior written consent of Landlord and any attempt by Tenant to do so shall be void, without force or effect and shall not be binding upon Landlord. If Tenant fails to pay any Rent or other amount when due and payable under this Lease, or fails to perform any of the terms hereof, Landlord may appropriate and apply or use all or any part portion of this security deposit the Security Deposit for the Rent payments or any other amount then due and unpaid, for payment of any rent amount for which Landlord has become obligated as a result of Tenant's default or any other sums in defaultbreach, or to compensate Landlord and for any other loss or damage which sustained by Landlord as a result of Tenant's default or breach, and Landlord may suffer so apply or use this deposit without prejudice to any other remedy Landlord may have by reason of Tenant's defaultdefault or breach. If Landlord so uses any portion of said deposit is so used or appliedthe Security Deposit, Tenant shall, within five ten (510) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit Security Deposit to its the full amount. Tenant agrees that amount originally deposited; Tenant's failure to do so shall constitute an act of default hereunder and Landlord shall not be required have the right to keep exercise any remedy provided for at Article 27 hereof. Within fifteen (15) days after the security deposit in trustTerm (or any extension thereof) has expired or Tenant has vacated the Premises, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant whichever shall not be entitled to interest on such deposit. At the expiration of the Termlast occur, and provided there exists no Tenant is not then in default by Tenant on any of its obligations hereunder, Landlord shall return the security deposit or any balance thereof shall be returned Security Deposit to Tenant (Tenant, or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from if Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant has assigned its interest under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (the last assignee of Tenant. If Landlord sells its interest in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in may deliver this Article 4 above, and all deposit to the purchaser of Landlord's damages under this Lease interest and California law including, but not limited to, thereupon be relieved of any damages accruing upon termination of this Lease under Section 1951.2 of further liability or obligation with respect to the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of TenantSecurity Deposit.
Appears in 2 contracts
Sources: Office Building Lease, Office Building Lease (Money Store Inc /Nj)
Security Deposit. Tenant has deposited or concurrently herewith is depositing with Landlord the sum set forth in Article 1.F. of the Basic Lease Provisions as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant breaches any provision Upon execution of this Lease, including but not limited Tenant shall provide the following amount to the payment of rentLandlord, Landlord may use all or any part of this to be held as a security deposit for the payment reasonable cleaning or repair of any damages to the Property upon the expiration or termination of this lease or in case of default by Tenant: $________ (________ dollars). The security deposit shall not exceed two times the monthly rent if the Tenant is under 62 years of age and shall not exceed one month's rent if the Tenant is 62 years of age or any other sums in defaultolder. The security deposit will be held at the following financial institution: ________________________________ Tenant hereby agrees to be liable to Landlord at the expiration or termination of this Lease for all damages to the Property, or to compensate Landlord for any other loss or damage which except ordinary wear and tear. Landlord may suffer by reason of Tenant's default. If any portion of said hold the security deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above non-interest-bearing account. In such case, no interest is due to Tenant and in an amount sufficient to restore Tenant may not use the security deposit to its full amountcover Rent. Landlord may otherwise elect to hold security deposit in an interest-bearing account and allow Tenant to receive certain interest funds, if applicable. Tenant agrees that Landlord shall still not be required permitted to keep use the security deposit in trustto cover any Rent. In case of sale or assignation of the Lease by Landlord, segregate it Tenant's security deposit shall be transferred to the new owner or keep it separate assignee and Landlord shall be released from Landlord's general funds, but Landlord may commingle liability to Tenant for return of the security deposit. Deductions from the security deposit with its general funds may be made for the following reasons (this list constitutes examples only and Tenant is not intended to be exhaustive): unpaid rent or utilities, late fees, cleaning, key replacement, removing abandoned property, and/or attorneys' fees for proceedings against Tenant. Landlord shall not be entitled have 30 (thirty) days in which to interest on such deposit. At the expiration of the Term, and provided there exists no default by Tenant hereunder, return the security deposit or and/or an itemized list of deductions, if applicable. If Landlord requires deductions which exceed the security deposit, Tenant agrees to pay Landlord any balance thereof shall be returned to Tenant (or, at overage amount within ten days after receiving a written demand from Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to . Landlord will first apply the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates any non-rent obligations, such as damages, utilities, or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair)late fees, and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives will then apply the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of any unpaid rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenant.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
Security Deposit. Tenant has deposited or concurrently herewith is depositing with Landlord the sum set forth in Article 1.F. of the Basic Lease Provisions as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant breaches any provision Upon execution of this Lease, including but not limited to Tenant shall deposit with Landlord the payment of rent, Security Deposit specified in Section I. Landlord may use apply all or part of the Security Deposit to any unpaid Rent or to cure any other defaults of Tenant. If Landlord uses any part of the Security Deposit, Tenant shall restore the Security Deposit to its original amount within 10 days after Landlord’s written request. Tenant’s failure to do so shall be a default under this security deposit Lease and the overdue amount shall accrue interest as any delinquent payment. If twice within any 12 month period, late charges are assessed against Tenant by Landlord. Landlord may, by written notice to Tenant, require Tenant to pay Landlord an amount equal to two months Base Rent as an increase in the Security Deposit, due within 5 days after Tenant’s receipt of the notice. If Landlord transfers its interest in the Premises, Landlord shall transfer the Security Deposit to its successor in interest, whereupon Landlord shall be automatically released from any liability for the payment return of any rent or any other sums in defaultthe Security Deposit. If, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore at the security deposit to its full amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration end of the Term, and provided there exists no default by Tenant hereunderhas fully complied with all obligations under this Lease, then the security deposit or any balance thereof remaining Security Deposit shall be returned to Tenant (orafter Landlord has verified that Tenant has fully vacated the Premises, at Landlord's optionremoved all of its property and surrendered the Premises in the condition required; provided that Landlord may hold back a portion of the Security Deposit until final determination of Tenant’s Share of Common Expenses due hereunder, whereupon any final adjustment shall be made and any remaining Security Deposit shall be returned to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due . Landlord’s obligations with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) Security’ Deposit are those of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained a debtor and not applied to such reconciliation of a trustee, and Landlord can commingle the Security Deposit with Landlord’s general funds and no interest shall be returned paid to Tenant within thirty (30) days after Landlord's delivery of on the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of TenantSecurity Deposit.
Appears in 2 contracts
Sources: Sublease Agreement (ArcherDX, Inc.), Sublease Agreement (ArcherDX, Inc.)
Security Deposit. Landlord hereby acknowledges receipt from Tenant has deposited or concurrently herewith is depositing with Landlord of the sum set forth in Article 1.F. of the Basic Lease Provisions $ , paid prior hereto, to be held as security for the full and faithful performance by the Tenant of every provision the covenants, conditions, rules and regulations contained herein. The Security Deposit, or any portion thereof, may be withheld for unpaid rent, damage due to breach of this Lease or for damage by Tenant or the Tenant’s family, agents, employees, guests or invitees in excess of ordinary wear and tear to the Premises, common areas, major appliances and furnishings owned by the Landlord. It is understood and agreed, however, that irrespective of said Security Deposit, rent shall be paid when due, in accordance with the terms hereof. The Tenant shall have the right to be performed by Tenant. If Tenant breaches present when the Landlord, or the Landlord’s agent, inspects the Premises in order to determine if any provision of this Lease, including but not limited damage was done to the payment Premises, if the Tenant notifies the Landlord by certified mail of rent, Landlord may use all or any part of this security deposit for the payment of any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's defaultintention to move, the date of moving, and the Tenant’s new address. If any portion The notice to be furnished by the Tenant shall be mailed to the Landlord at least fifteen (15) days prior to the date of said deposit moving. Upon receipt of the notice, the Landlord shall notify the Tenant by certified mail of the time and date when the Premises is so used or applied, Tenant shall, to be inspected. The date of inspection shall occur within five (5) days before or five (5) days after written demand thereforthe date of moving as designated in the Tenant's notice. In the event of the sale or transfer of the Premises by Landlord, deposit funds the Landlord shall have the right to transfer, in accordance with applicable law, the Security Deposit to the vendee, or other transferee, and Landlord in a form acceptable under Section 3(b) above shall be considered released by Tenant for all liability for the return of such Security Deposit and in an amount sufficient Tenant shall look to restore Landlord’s transferee solely for the security deposit return of said Security Deposit. It is agreed that this shall apply to its full amountevery transfer or assignment made of the Security Deposit to any such transferee. Tenant agrees that Landlord The Security Deposit shall not be required mortgaged, assigned or encumbered by Tenant without the prior written consent of Landlord and any attempt to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and do so shall be void. The Tenant shall not be entitled have a right to interest on such deposit. At receive, by first class mail, delivered to the expiration last known address of the TermTenant, a written list of the charges against the Security Deposit claimed by the Landlord and provided there exists no default by Tenant hereunderthe actual costs, the security deposit or any balance thereof shall be returned to Tenant within forty-five (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (3045) days after Landlord's delivery the termination of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by tenancy. The Landlord shall be returned further obligated to Tenant return any unused portion of the Security Deposit, by first class mail, addressed to the Tenant’s last known address within thirty forty-five (3045) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 termination of the California Civil Code and all other provisions tenancy. Failure of law, now or hereafter in effect, which provide that the Landlord to comply with Maryland’s Security Deposit Law may claim from a security deposit only those sums reasonably necessary to remedy defaults result in the payment Landlord being liable to the Tenant for a penalty of rentup to three (3) times the Security Deposit withheld, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenantplus reasonable attorney’s fees.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
Security Deposit. Simultaneously with the execution of this Lease, Tenant has deposited or concurrently herewith is depositing with shall deliver to Landlord the sum full amount of the Security Deposit set forth in Article 1.F. Section 1(o) of the Basic Lease Provisions this Lease, as security for the full and faithful timely performance of every provision of Tenant’s obligations under this Lease, The parties acknowledge and agree that said Security Deposit (or any pre-paid Rent received from Tenant under this Lease or under any separate agreement in connection therewith) shall be deposited in Landlord’s general operating account, and not a separate escrow account. Should said Security Deposit and/or pre-paid Rent be placed in an interest bearing account, all interest accruing thereon shall be payable to Landlord. Tenant’s Security Deposit shall not be performed construed as pre-paid Rent, or as a measure of Landlord’s damages in the event of a Default by Tenant. If Tenant breaches should be placed in Default with respect to any provision of this Lease, including but not limited to the payment of rent, Landlord may use apply all or any part a portion of this security deposit said Security Deposit for the payment of any rent sum in Default or for the payment of any other sums in default, or to compensate Landlord for any other loss or damage amount which Landlord may suffer expends by reason of Tenant's defaultsuch Default. If any portion of said deposit Security Deposit is so used or applied, Tenant shallshall deposit with Landlord, within five (5) days after receipt of Landlord’s written demand therefordemand, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit said Security Deposit to its full original amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to Upon the expiration of this Lease, Landlord may retain from shall return said security deposit (i) an amount reasonably estimated by Security Deposit to Tenant, provided Tenant has paid to Landlord all sums owing to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, and Tenant has returned the Premises to remove cabling and other items required Landlord pursuant to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions terms of Section 1950.7 of 15. If upon the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease Lease, there is accrued Additional Rent which as of such date has not been invoiced to Tenant, or if Landlord reasonably determines that there is damage to the Premises for which Tenant is responsible under Section 1951.2 this Lease, Landlord reserves the right to either (a) withhold Tenant’s Security Deposit, or so much of it as Landlord deems reasonable until Tenant’s actual obligation with respect to said Additional Rent have been determined, at which time Landlord shall offset Tenant’s actual obligation for Additional Rent and damages against the California Civil Code and/or those sums Security Deposit held by Landlord and return the positive difference, if any, to Tenant; or (b) reasonably necessary to compensate Landlord estimate Tenant’s obligation for any other loss or damageAdditional Rent and damages, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenantand offset such amount against said Security Deposit.
Appears in 2 contracts
Sources: Standard Office Building Lease (Eargo, Inc.), Standard Office Building Lease (Eargo, Inc.)
Security Deposit. Within ten (10) Business Days following the execution of this Lease, Tenant has deposited or concurrently herewith is depositing shall deposit with Landlord the sum set forth in Article 1.F. of the Basic Lease Provisions Security Deposit. The Security Deposit shall be held by Landlord as security for the full and faithful performance of every provision all the terms of this Lease to be observed and performed by TenantT▇▇▇▇▇. The Security Deposit shall not be mortgaged, assigned, transferred or encumbered by Tenant and any such act on the part of Tenant shall be without force and effect and shall not be binding upon Landlord. Tenant shall cause the Security Deposit to be maintained throughout the term in the amount set forth in Section 1.1. Provided that as of the second (2nd) anniversary of the Commencement Date there are no uncured Defaults of Tenant under this Lease, the Security Deposit shall be reduced to by one-half such that it shall be equal to three (3) months of the Base Rent due per month for Months 5-16 as set forth in the schedule in Section 1.1, as the same may have been adjusted pursuant to Section 3.6 (leaving the Security Deposit at an amount equal to three (3) months of the Base Rent due per month for Months 5-16 as set forth in the schedule in Section 1.1). If Tenant breaches shall be entitled to a reduction in the Security Deposit as aforesaid, Tenant may deliver either an amendment to the Letter of Credit or a new Letter of Credit in the amount of then applicable Security Deposit. If the Annual Fixed Rent or Additional Rent payable hereunder shall be overdue and unpaid or should Landlord make any provision payment on behalf of the Tenant, or Tenant shall fail to perform any of the terms of this Lease, including but not limited then Landlord may, at its option and without notice or prejudice to any other remedy which Landlord may have on account thereof, appropriate and apply the entire Security Deposit or so much thereof as may be necessary to compensate Landlord toward the payment of rentAnnual Fixed Rent, Additional Rent or other sums or loss or damage sustained by Landlord may use due to such breach by Tenant, provided that Landlord shall not appropriate and apply the Security Deposit on account of any breach of this Lease by Tenant unless Tenant’s breach of this Lease shall have ripened into a Default of Tenant (i.e. after any applicable notice and expiration of any applicable cure period); and Tenant shall forthwith upon demand restore the Security Deposit to the amount stated in Section 1.1. Notwithstanding the foregoing, upon the application by Landlord of all or any part portion of this security deposit for the payment of any rent Security Deposit (with or any other sums in default, or without notice thereof to Tenant) to compensate Landlord for a failure by Tenant to pay any Annual Fixed Rent or Additional Rent when due or to perform any other loss or damage which Landlord may suffer obligation hereunder, and until Tenant shall have restored the Security Deposit to the amount required by reason of Tenant's default. If any portion of said deposit is so used or appliedSection 1.1, Tenant shall, within five (5shall be deemed to be in default in the payment of Additional Rent for purposes of Section 8.1(a)(I) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit to its full amounthereof. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and So long as Tenant shall not be entitled to interest on such deposit. At the expiration in default of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of its obligations under this Lease, Landlord may retain from said security deposit shall return the Security Deposit, or so much thereof as shall have not theretofore been applied in accordance with the terms of this Section 4.7 (i) an amount reasonably estimated by and less any amounts Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments estimate shall be due from Tenant for such calendar year through the date following year-end reconciliation of expiration or earlier termination of this Lease Operating Costs and any amounts so retained and not applied to such reconciliation shall be returned Taxes) to Tenant within thirty (30) days after Landlord's delivery following the expiration or earlier termination of the Statement for such calendar year)term of this Lease and the surrender of possession of the Premises by Tenant to Landlord in accordance with the terms of this Lease. While Landlord holds the Security Deposit, (ii) any Landlord shall have no obligation to pay interest on the same and all amounts reasonably estimated by shall have the right to commingle the same with Landlord’s other funds, provided that Landlord to cover keeps an accounting of the anticipated costs to be incurred by Security Deposit. If Landlord to remove any signage provided to Tenant conveys Landlord’s interest under this Lease, to remove cabling and other items required to the Security Deposit, or any part thereof not previously applied, shall be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained turned over by Landlord to Landlord’s grantee, and Tenant shall look solely to such grantee for proper application of the Security Deposit in accordance with the terms of this Section 4.7 and the return thereof in accordance herewith. The holder of a mortgage on the Property shall not be responsible to Tenant for the return or application of the Security Deposit, whether or not it succeeds to the position of Landlord hereunder, unless such holder actually receives the Security Deposit. Tenant shall post the Security Deposit in the form of a letter of credit (the “Letter of Credit”) (which shall be returned in the form attached as Exhibit K or such other form reasonably approved by Landlord, which approval shall not be unreasonably withheld, conditioned or delayed, and which satisfied the requirements of this paragraph), which shall (a) be unconditional and irrevocable and otherwise in form and substance reasonably satisfactory to Landlord; (b) permit multiple draws; (c) be issued by a commercial bank reasonably acceptable to Landlord from time to time; (d) be made payable to, and expressly transferable and assignable at no charge by, Landlord; (e) be payable at sight upon presentment of a sight draft accompanied by a certificate of Landlord stating either that there is a Default of Tenant within or that Landlord is otherwise permitted to draw upon such Letter of Credit under the express terms of this Lease, and the amount that Landlord is owed (or is permitted to draw) in connection therewith; and (f) expire not earlier than thirty (30) days following the expiration of the term of this Lease, provided however such Letter of Credit may expire one (1) year following date of issuance but in such case Tenant shall deliver a replacement Letter of Credit and subsequent replacement Letters of Credit not less than thirty (30) days prior to the expiration of any existing Letter of Credit so that the original Letter of Credit or a replacement thereof (each of whose expiration date shall be not earlier than one year from issuance) shall be in full force and effect throughout the term of this Lease and for a period of at least ninety (90) days thereafter. Tenant shall maintain the Letter of Credit in the amount of the Security Deposit and shall deliver to Landlord any replacement Letter of Credit not less than thirty (30) days prior to the expiration of the then current Letter of Credit. Notwithstanding anything in this Lease to the contrary, any grace period or cure periods which are otherwise applicable under Section 8.1 hereof, shall not apply to any of the foregoing, and, specifically, if Tenant fails to comply with the requirements of subsection (f) above or if Tenant shall fail to maintain the Letter of Credit in the full amount of the Security Deposit after such removal any draw thereon by Landlord, Landlord shall have the immediate right to draw upon the Letter of Credit in full and repair)hold the proceeds thereof as a cash security deposit. Each Letter of Credit shall be issued by a commercial bank that has a credit rating with respect to certificates of deposit, short term deposits or commercial paper of at least P-2 (or equivalent) by M▇▇▇▇’▇ Investor Service, Inc., or at least A-2 (or equivalent) by Standard & Poor’s Corporation. If the issuer’s credit rating is reduced below P-2 (or equivalent) by M▇▇▇▇’▇ Investor Service, Inc., or at least A-2 (or equivalent) by Standard & Poor’s Corporation, or if the financial condition of the issuer changes in any other materially adverse way, then Landlord shall have the right to require that Tenant obtain from a different issuer a substitute Letter of Credit that complies in all respects with the requirements of this Section, and T▇▇▇▇▇’s failure to obtain such substitute Letter of Credit within ten (iii10) days after Landlord’s demand therefor (with no other notice, or grace or cure period being applicable thereto) shall entitle Landlord immediately to draw upon the existing Letter of Credit in full, without any and all amounts permitted by law further notice to Tenant. Landlord may use, apply or this Article 4retain the proceeds of the Letter of Credit to the same extent that Landlord may use, apply or retain any cash security deposit, as set forth herein. If Landlord is entitled to draw on the Letter of Credit, Landlord may draw on the Letter of Credit, in whole or in part, at Landlord’s election. If Landlord draws against the Letter of Credit, Tenant shall, within ten (10) days after notice from Landlord, provide Landlord with either an additional Letter of Credit in the amount so drawn or an amendment to the existing Letter of Credit restoring the amount thereof to the amount initially provided. Tenant hereby waives the provisions of Section 1950.7 agrees to cooperate promptly, at its expense with L▇▇▇▇▇▇▇ to execute and deliver to Landlord any modifications, amendments and replacements of the California Civil Code and all other provisions Letter of lawCredit, now or hereafter in effect, which provide that as Landlord may claim from a security deposit only those sums reasonably necessary request to remedy defaults in carry out the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, terms and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenantconditions hereof.
Appears in 1 contract
Security Deposit. Within 7 days of signing this Lease and in any event before Tenant has deposited or concurrently herewith is depositing takes possession of the Leased Premises, Tenant will deposit with Landlord a security deposit in an amount equal to $175 (the sum set forth in Article 1.F. "Security Deposit") to secure Tenant's performance of the Basic terms, conditions, covenants and provisions of this Lease. Tenant shall also pay, at the time of application for residency, a non-refundable application fee of $95, which shall NOT become a part of the Security Deposit. Failure to pay the administrative fee and/or Security Deposit will not be construed as a release of Tenant's responsibilities and obligations or from the legal and binding nature of this contract. Tenant may not deduct any portion of the Security Deposit from Rent or other charges due to Landlord. Landlord shall have the right, but not the obligation, to apply the Security Deposit in whole or in part to the payment of any unpaid Rent or other sums due from Tenant under the terms of this Lease Provisions as security or for the full and faithful damages suffered by Landlord due to non-performance or breach of every any term, condition, covenant or provision of this Lease to be performed by Tenant. If Tenant breaches any provision of this Lease, including but not limited to the payment of rent, Landlord may use all or any part of this security deposit for the payment of any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used guests or appliedinvitees, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit to its full amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on replace such depositamounts used within 10 days’ notice from the Landlord. At the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of Upon expiration or earlier termination of this Lease Lease, and upon surrender of the Leased Premises to Landlord pursuant to the conditions set forth in this Lease, and upon full payment of all sums due Landlord hereunder, the Security Deposit or any amounts so retained and not applied to such reconciliation portion remaining unapplied (without any interest unless required by law) shall be returned to Tenant. Tenant within thirty (30) days after is responsible for furnishing Landlord, upon termination of Tenant's occupancy of the Leased Premises, with a forwarding address for all communications regarding the Security Deposit. Landlord's delivery right to repossess the Leased Premises for nonpayment of Rent or for any other breach of this Lease by Tenant shall not be affected by the fact that Landlord holds a Security Deposit and payment of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord Security Deposit shall in no way be interpreted to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4limit Tenant's liability hereunder. Tenant hereby waives acknowledges and agrees that the provisions of Section 1950.7 of Security Deposit and any charges applied against same are joint and several obligations with the California Civil Code other tenants and all other provisions of law, now or hereafter guarantors in effect, which provide the Dwelling and that Landlord may claim from refund any remaining Security Deposit by a security deposit only those sums reasonably necessary check made payable to remedy defaults Tenant and such other tenants or guarantors in the Dwelling. Each Tenant shall be jointly and severally liable for animal violation charges, missing smoke detector batteries, and damages to the common areas in the Dwelling if we cannot in our sole and exclusive judgment, ascertain the identity of who was at fault. Damages, charges and fees due as a result of redecoration, a pet, or otherwise may be deducted from the Security Deposit. Smoking of any kind within the Dwelling will result in an automatic forfeit of the Security Deposit as well as additional charges to cover cost of smoke odor removal and other damages. Should Tenant execute a renewal lease or transfer to another Dwelling in the Neighborhood, the Security Deposit will be held until the termination of the final lease term. A walk-through will be performed by a representative of Agent between lease periods or after Tenant has transferred to the new Dwelling. Tenant will be responsible for the immediate payment of rent, to repair damage caused any damages at this time. Security Deposit refund checks that have not been deposited by Tenant or after 180 days, due to clean the Premisesincorrect mailing address, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 negligence on behalf of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for Tenant, or any other loss or damagereason, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenantwill be voided after 180 days.
Appears in 1 contract
Sources: Lease Agreement
Security Deposit. On or before the date of this Lease, Tenant has deposited or concurrently herewith is depositing with shall pay Landlord the sum Security Deposit as set forth in Article 1.F. Section 12 of the Basic Lease Provisions Summary (the "Security Deposit") as security for the full and faithful performance by Tenant of every provision all of this Lease to be performed by Tenant. If Tenant breaches any provision of its obligations under this Lease, including but not limited . Landlord shall be entitled to any interest that may be earned on the payment of rent, Landlord may use all or any part of this security deposit for the payment of any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's defaultSecurity Deposit. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit to its full amount. Tenant agrees that Landlord shall not be required to keep hold the security deposit Security Deposit and, if Landlord does hold the Security Deposit, Landlord shall not be required to hold the Security Deposit in trusta segregated account except as may be required by applicable law or any Mortgagee. If any sum payable by Tenant to Landlord pursuant to this Lease shall be overdue and unpaid or paid by Landlord on behalf of Tenant, segregate it or keep it separate from Landlord's general fundsif Tenant shall fail to perform any of its obligations under this Lease, but then Landlord may, at its option and without prejudice to any other remedy that Landlord may commingle have on account thereof, appropriate and apply all or a portion of the security deposit with its general funds Security Deposit to compensate Landlord for Rent, loss, or damage sustained by Landlord, and Tenant shall not forthwith restore said Security Deposit to the original sum deposited or be entitled deemed to interest on such depositbe in material default under this Lease. At the expiration Should Tenant comply with all of the Termsaid obligations, promptly pay all Rent when due and all other sums payable by Tenant to Landlord, and provided there exists no default by Tenant hereunder, return the security deposit or any balance thereof shall be returned Premises to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent Landlord pursuant to the expiration provisions of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord the Security Deposit shall be refunded to cover potential Direct Cost reconciliation payments due with respect to Tenant at the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of the Lease Term. If Tenant is in default including but not limited to being late in payment of Rent more than two (2) times in any twelve (12) month period, irrespective of whether or not such default is cured, without limiting Landlord's other rights and remedies provided for in this Lease and any amounts so retained and not applied or at law or in equity, the Security Deposit shall automatically be increased by an amount equal to such reconciliation shall be returned to Tenant within thirty the greater of: (30i) days after Landlord's delivery of three (3) times the Statement for such calendar year), Security Deposit; or (ii) any and all amounts reasonably estimated by Landlord to cover three (3) months of the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Leasethen current Base Rent, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned paid to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4Landlord immediately on demand. Tenant hereby waives Tenant's failure to do so shall be a material default under the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of TenantLease.
Appears in 1 contract
Sources: Air Cargo Center Lease (A-Mark Precious Metals, Inc.)
Security Deposit. Tenant has deposited or concurrently herewith is depositing with Landlord the sum set forth in Article 1.F. of the Basic Lease Provisions as As security for the full and faithful performance of every provision of its obligations under this Lease to be performed by Lease, Tenant. If Tenant breaches any provision , on execution of this Lease, including but not limited shall deposit with Landlord the Security Deposit, and agrees from time to time to pay Landlord within three (3) business days following receipt of a request therefor, any sum or sums of money paid or deducted therefrom by Landlord pursuant to the payment of rent, Landlord may use all or any part provisions of this security deposit for Lease, in order that at all times during the payment of any rent or any other sums in defaultTerm there shall be continually deposited with Landlord, or to compensate Landlord for any other loss or damage a sum which Landlord may suffer by reason of Tenant's defaultshall never be less than the amount originally deposited. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit to its full amount. Tenant agrees that Landlord The Security Deposit shall not be required deemed an advance payment of Rent, nor a measure of damages for any default by Tenant under this Lease, nor shall the Security Deposit be a bar or a defense to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but any action that Landlord may commingle commence against Tenant. In the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration event of the Term, and provided there exists no any default by Tenant hereunder, Landlord shall have the security deposit right, but shall not be obligated, to apply or retain all or any portion of the Security Deposit in payment of Tenant’s obligations hereunder, but any such application or retention shall not have the effect of curing any such default. Landlord shall not be obligated to hold the Security Deposit as a separate fund, but may commingle the same with its other funds. Upon expiration of the Term hereof, the Security Deposit (or the balance thereof remaining after payment out of the same or deductions therefrom as provided above) shall be returned to Tenant no later than sixty (or, at Landlord's option, to Tenant's "Transferee", as 60) days following such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due expiration. No interest shall be payable with respect to the calendar year in which this Lease terminates Security Deposit. Landlord or expires (such amount so retained shall not, in any event, exceed ten percent (10%) owner of estimated Direct Cost payments due from Tenant for such calendar year through the date Building may transfer or assign the Security Deposit to any new owner of expiration the Building or earlier termination to any assignee or transferee of this Lease or may credit the Security Deposit against the purchase price of the Building and any amounts so retained upon such transfer or credit all liability of the transferor or assignor of such security shall cease and not applied come to an end. No Mortgagee (as hereinafter defined) or person or entity who acquires legal or beneficial title to the Building from such reconciliation Mortgagee shall be returned to Tenant within thirty (30) days after Landlord's delivery liable for the return of the Statement for Security Deposit unless such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused funds are actually received by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law Mortgagee or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenantpurchaser.
Appears in 1 contract
Sources: Office Lease
Security Deposit. Tenant has deposited or concurrently herewith is depositing with Landlord a. If you are a former NYCHA public housing tenant converting to project-based Section 8 at the sum set forth in Article 1.F. initial conversion of the Basic Lease Provisions as Development, the balance of any security deposit currently held by the New York City Housing Authority for you shall be transferred to the Owner and you will not be required to pay any additional security for the full and faithful performance Leased Premises under this Lease. If you are a new Tenant, any required security deposit is limited to one month of every provision the Tenant’s portion of this Lease the rent in the amount of $ .
b. If required by law, the amount held as the security deposit will be held in an account bearing interest at the banking institution’s prevailing rate. An annual payment of accrued interest will be made by the banking institution to the Tenant, less 1% interest of the security on deposit, to be performed tendered by Tenantthe banking institution to Owner. If Tenant breaches any provision of this Lease, including but not limited to the payment of rent, Landlord Owner may use or apply all or any part of the deposit as may be required to pay for damage to the Leased Premises during the term of this Lease. If Tenant carries out all of Tenant’s obligations under this Lease, and if the Leased Premises is returned to Owner at the expiration of the lease term in the same condition as when rented by Tenant, ordinary wear and tear excepted, Tenant’s security deposit for the payment will be returned in full to Tenant, with accrued interest thereon, within fourteen (14) days of any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's defaultTenant vacating. If any portion this Lease is renewed, and the amount of said security deposit Owner is so used or appliedpermitted to retain is increased above the amount deposited upon the commencement of this Lease term, then Tenant shall, within five (5) days after written demand thereforupon such Lease renewal, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient pay to restore the order of Owner such additional sum. If Owner sells or leases the building, Owner may remit the security deposit, as provided by law, to Tenant or to the new Owner or Lessee, at Owner’s election. If Owner remits the security deposit to its full amountthe new Owner or Lessee, Tenant agrees to seek the return of the security deposit from the new Owner or Lessee, and releases Owner from any claim to the security deposit. Tenant agrees that Landlord shall not be required use the security deposit to keep pay the last month’s rent of the Lease term. Owner may use the security deposit in trustfull or in part, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's optionif necessary, to pay for unpaid rent and utility charges, damage beyond ordinary wear and tear, or expenses due to moving and storing Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenant’s belongings.
Appears in 1 contract
Sources: Residential Lease Agreement
Security Deposit. Tenant has deposited or concurrently herewith is depositing with Landlord the sum set forth in Article 1.F. of the Basic Lease Provisions as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant breaches any provision Upon execution of this Lease, including but not limited Tenant shall provide the following amount to the payment of rentLandlord, Landlord may use all or any part of this to be held as a security deposit for the payment reasonable cleaning or repair of any damages to the Property upon the expiration or termination of this lease or in case of default by Tenant: $ ( dollars). The security deposit shall not exceed one month's rent for tenancies lasting a year or any other sums in defaultmore and for unfurnished apartments. For month-to-month tenancies or rentals of furnished units, or to compensate Landlord for any other loss or damage which there shall be no limit on the security deposit Landlord may suffer by reason collect. The security deposit will be held at the following financial institution: Tenant hereby agrees to be liable to Landlord at the expiration or termination of Tenant's defaultthis Lease for all damages to the Property, except ordinary wear and tear. If any portion of said Landlord may hold the security deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above non-interest-bearing account. In such case, no interest is due to Tenant and in an amount sufficient to restore Tenant may not use the security deposit to its full amountcover Rent. Landlord may otherwise elect to hold security deposit in an interest-bearing account and allow Tenant to receive certain interest funds, if applicable. Tenant agrees that Landlord shall still not be required permitted to keep use the security deposit in trustto cover any Rent. In case of sale or assignation of the Lease by Landlord, segregate it Tenant's security deposit shall be transferred to the new owner or keep it separate assignee and Landlord shall be released from Landlord's general funds, but Landlord may commingle liability to Tenant for return of the security deposit. Deductions from the security deposit may be made for the following reasons (this list constitutes examples only and is not intended to be exhaustive): unpaid rent or utilities, late fees, cleaning, key replacement, removing abandoned property, and/or attorneys' fees for proceedings against Tenant. Landlord shall return Tenant's security deposit or provide an itemized list of deductions along with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration remainder of the Termsecurity deposit, and provided there exists no default by if applicable, within 20 (twenty) days after Tenant hereunderhas surrendered the Property. If Landlord requires deductions which exceed the security deposit, Tenant agrees to pay Landlord any overage amount within ten days after receiving a written demand from Landlord. Landlord will first apply the security deposit to any non-rent obligations, such as damages, utilities, or any balance thereof shall be returned to Tenant (orlate fees, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to and will then apply the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of unpaid rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenant.
Appears in 1 contract
Sources: Lease Agreement
Security Deposit. Tenant has deposited or concurrently herewith is depositing with Landlord The Concessionaire has, for the sum set forth in Article 1.F. performance of its obligations hereunder during the entire Concession Period, provided to Maha-Metro before the signing of the Basic Lease Provisions as security Concession Agreement, a Security Deposit amounting to the Annual Concession Fee for the full 1st Year of Commercial Operations of the project as submitted/committed in the business plan of the project. The Security Deposit shall be with Maha-Metro for the entire Concession Period and faithful performance shall be treated as “Interest Free deposits”. The Security Deposit shall be submitted prior to 30 (Thirty) Days before expiry of 4th Year reckoned from the date of signing of Concession Agreement or the prior to Commercial Operations of the project, whichever is earlier. The Annual Concession Fees shall be paid in the form of NEFT/RTGS/Online Transfer /Cheque in favour of Maharashtra Metro Rail Corporation Ltd. Maha-Metro shall encash/adjust the Security Deposit against any defaults/penalties as levied upon the Concessionaire during the entire Concession Period. The Security Deposit shall be revised every three years. At the end of every provision three years from the date of this Lease to be performed by Tenant. If Tenant breaches any provision commercial operations of this Leasethe project, including but not limited the concessionaire shall deposit an amount equivalent to the payment Balance amount, i.e difference between amount already deposited with Maha-Metro and the Annual Concession Fees due in the immediately next agreement year, as per his submitted business plan. Upon occurrence of renta Concessionaire Default or failure to meet any Condition Precedent, Landlord may use all Maha-Metro shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security and/or the Security Deposit as Damages for such Concessionaire Default or failure to meet any part of this security deposit for Condition Precedent. Upon such encashment and appropriation from the payment of any rent or any other sums in defaultPerformance Security and/or the Security Deposit, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant the Concessionaire shall, within five 30 (5thirty) days after written demand thereforthereof, deposit funds with Landlord replenish, in a form acceptable under Section 3(b) above case of partial appropriation, to its original level the Performance Security and/or the Security Deposit, and in case of appropriation of the entire Performance Security and/or the Security Deposit provide a fresh Performance Security and/or the Security Deposit, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security and/or the Security Deposit as aforesaid failing which Maha-Metro shall be entitled to terminate this Agreement in accordance with Article 27. Upon replenishment or furnishing of a fresh Performance Security and/or the Security Deposit, as the case may be, as aforesaid, the Concessionaire shall be entitled to an amount sufficient additional Cure Period of 90 (ninety) days for remedying the Concessionaire Default, and in the event of the Concessionaire not curing its default within such Cure Period, Maha-Metro shall be entitled to restore encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 29. Release of Performance Security The Performance Security amounting to Rs. 10,75,00,000/- (Rs. Ten Crores Seventy Five Lakhs only) shall remain in force and effect for a period of 54 months from the security deposit to its full amountdate of submission or the Construction Completion Date; whichever is later. Tenant agrees that Landlord The Concessionaire shall not be required make all necessary arrangements to keep the security deposit Performance Security valid and in trust, segregate it or keep it separate force at all the times during period of 54 months from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration submission or earlier termination till completion of this Lease and any amounts so retained and not applied to such reconciliation construction of the Project, whichever is later. The Performance Security shall be returned released within 6 months of availing the Occupation Permit/ Completion Certificate from the concerned planning/ local authority, subject to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) Maha-Metro’s right to receive or recover amounts if any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant due from Concessionaire under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of TenantAgreement.
Appears in 1 contract
Sources: Concession Agreement
Security Deposit. Tenant has deposited or concurrently herewith is depositing with Landlord the sum set forth in Article 1.F. of the Basic Lease Provisions as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant breaches any provision Upon execution of this Lease, including but not limited to Tenant shall deposit with Landlord the payment of rent, Security Deposit specified in Section 1. Landlord may use apply all or part of the Security Deposit to any unpaid Rent or to cure any other defaults of Tenant. If Landlord uses any part of the Security Deposit, Tenant shall restore the Security Deposit to its original amount within 10 days after Landlord’s written request. Tenant’s failure to do so shall be a default under this security deposit Lease and the overdue amount shall accrue interest as any delinquent payment. If twice within any 12 month period, late charges are assessed against Tenant by Landlord, Landlord may, by written notice to Tenant, require Tenant to pay Landlord an amount equal to two months Base Rent as an increase in the Security Deposit, due within 5 days after Tenant’s receipt of the notice. If Landlord transfers its interest in the Premises, Landlord shall transfer the Security Deposit to its successor in interest, whereupon Landlord shall be automatically released from any liability for the payment return of any rent or any other sums in defaultthe Security Deposit. If, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore at the security deposit to its full amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration end of the Term, and provided there exists no default by Tenant hereunderhas fully complied with all obligations under this Lease, then the security deposit or any balance thereof remaining Security Deposit shall be returned to Tenant (orafter Landlord has verified that Tenant has fully vacated the Premises, at Landlord's option, to Tenant's "Transferee", as such term is defined removed all of its property and surrendered the Premises in Article 15 below), the condition required; provided that subsequent to Landlord may hold back a reasonable portion of the Security Deposit until final determination of Tenant’s Share of Common Expenses due hereunder, which shall be made no later than 6 months following the expiration of this the Term or earlier termination of the Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord whereupon any final adjustment shall be made and any remaining Security Deposit shall be returned to cover potential Direct Cost reconciliation payments due Tenant. Landlord’s obligations with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) Security Deposit are those of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained a debtor and not applied to such reconciliation of a trustee, and Landlord can commingle the Security Deposit with Landlord’s general funds and no interest shall be returned paid to Tenant within thirty (30) days after Landlord's delivery of on the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of TenantSecurity Deposit.
Appears in 1 contract
Sources: Office Lease (Bsquare Corp /Wa)
Security Deposit. (a) Tenant has deposited or concurrently herewith is depositing with Landlord shall be obligated to post, as the "SECURITY DEPOSIT" hereunder, a sum set forth in Article 1.F. equal to one-twelfth (1/12) of the Basic Lease Provisions initial Annual Base Rent payable hereunder. Because the Annual Base Rent has not been fixed as security for of the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant breaches any provision date hereof, the parties have agreed that, within three (3) business days following the execution of this Lease, including but not limited Tenant shall deliver to Landlord the sum of Five Hundred Thousand Dollars ($500,000), to serve as the security deposit until the Annual Base Rent is fixed hereunder. Within fifty (50) days after the execution of the declaration attached hereto as Exhibit B or such earlier date as the Annual Base Rent is determined, Tenant shall supplement the amount previously deposited, or Landlord shall return a portion of the sum previously deposited, as appropriate to maintain a security deposit in the amount specified in the first sentence of this Section 5.1(a). The security deposit will be deposited in a separate, interest-bearing account maintained by Landlord with a depository selected by Tenant and approved by Landlord, in its reasonable discretion, with interest accruing to the payment benefit of rentTenant. Interest on the security deposit (if it is in the form of cash) shall be disbursed to Tenant no less often than on a quarterly basis. Following an Event of Default, interest earned on the security deposit shall be added to and become a part of the security deposit and shall not be disbursed to Tenant, except upon the return of the security deposit in accordance with the terms hereof. Landlord hereby approves NationsBank, N.
A. as an acceptable depository for the security deposit. Notwithstanding any of the foregoing to the contrary, at such time as (i) the Lease Commencement Date shall have occurred hereunder, (ii) Tenant shall have taken occupancy of the Premises, and (iii) Tenant shall have paid the first full monthly installment of Annual Base Rent and additional rent due hereunder, and provided that (x) no uncured Event of Default shall then exist hereunder and no event shall then exist which with the giving of notice and/or the passage of time would constitute an Event of Default, and (y) Tenant shall then have a minimum net worth (defined as net assets less net liabilities, determined in a manner consistent with the accounting practices followed by Tenant as of the date hereof, as reflected in the financial statements that were submitted to Landlord prior to the date of the Memorandum) of Fifty Million Dollars ($50,000,000), which figure shall be escalated from time to time by adding thereto an amount equal to the product of $50,000,000, multiplied by one-half (1/2) of the percentage increase in the Consumer Price Index (as hereinafter defined) between the month in which this Lease is executed and the month in which the net worth determination is being made (such figure, as escalated from time to time, being referred to herein as the "MINIMUM NET WORTH AMOUNT"), then the security deposit shall be reduced to the sum of One Hundred Thousand Dollars ($100,000); provided that, if, at the first time that the events described in clauses (i), (ii) and (iii) have all occurred, the condition stated in clause (x) is not satisfied, the security deposit shall be reduced at such later time as the condition stated in clause (x) is satisfied (unless, in the case of an Event of Default, Landlord may use shall not have accepted the cure tendered after the expiration of the cure period). Tenant shall not have a similar right to a later reduction in the security deposit if the condition stated in clause (y) is not satisfied at the first time the events described in clauses (i), (ii) and (iii) have all occurred, regardless of any subsequent increase in Tenant's net worth. Notwithstanding anything contained herein to the contrary, at any time following the third (3rd) monetary or other material Event of Default to occur in any twelve (12) month period (whether or not subsequently cured), in addition to all other rights and remedies available to Landlord, Landlord shall have the right to permanently increase the security deposit to an amount equal to one-twelfth (1/12) of the Annual Base Rent then in effect hereunder.
(b) The security deposit shall be security for the performance by Tenant of all of Tenant's obligations, covenants, conditions and agreements under this Lease. Within thirty (30) days after the expiration of the Lease Term, and provided Tenant has vacated the Premises and is not in default hereunder, Landlord shall return the security deposit to Tenant, less such portion thereof as Landlord shall have applied to satisfy any default by Tenant hereunder. Following an Event of Default by Tenant hereunder, Landlord shall have the right, but shall not be obligated, to use, apply or retain all or any part portion of this the security deposit for (i) the payment of any Annual Base Rent or additional rent or any other sums sum as to which Tenant is in default, (ii) the payment of any amount which Landlord may spend or become obligated to compensate spend to repair physical damage to the Premises or the Building pursuant to Section 8.3 hereof, or (iii) the payment of any amount Landlord may spend or become obligated to spend, or for the compensation of Landlord for any other loss or damage which Landlord may suffer losses incurred, by reason of Tenant's defaultdefault hereunder, including, but not limited to, any damage or deficiency arising in connection with the reletting of the Premises. If any portion of said the security deposit is so used or applied, Tenant shallapplied (including a draw under any letter of credit that may serve as the security deposit hereunder), within five three (53) business days after written demand therefornotice to Tenant of such use or application, Tenant shall deposit funds with Landlord in a form acceptable under Section 3(b) above and cash in an amount sufficient to restore the security deposit to its the full amount. Tenant agrees that Landlord shall not be amount required to keep be maintained hereunder (or, if the security deposit is in trustthe form of a letter of credit, segregate it replace or keep it separate from Landlordrestore the letter of credit to the full amount required to be maintained hereunder), and Tenant's general fundsfailure to do so shall constitute a default under this Lease.
(c) Tenant shall have the right to deliver to Landlord an unconditional, but irrevocable letter of credit in substitution for the cash security deposit, subject to the following terms and conditions. Such letter of credit shall be (a) substantially in the form attached hereto as Exhibit D or such other form and substance satisfactory to Landlord may commingle in its sole discretion; (b) at all times in the amount of the security deposit with its general funds deposit, and Tenant shall not be entitled permit multiple draws; (c) issued by a commercial bank reasonably acceptable to interest on such deposit. At Landlord from time to time and located in the expiration Washington, D.C. metropolitan area; (d) made payable to, and expressly transferable and assignable at no charge by, the owner from time to time of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof Building (which transfer/assignment shall be returned conditioned only upon the execution of a written document in connection therewith); (e) payable at sight upon presentment to Tenant (ora local branch of the issuer located in the Washington, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided D.C. metropolitan area of a simple sight draft or certificate stating that subsequent to the expiration an Event of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of Default has occurred under this Lease and any amounts so retained that Landlord is entitled to draw upon the letter of credit in the amount set forth in the sight draft or certificate; (f) of a term not less than one year; and not applied to such reconciliation shall be returned to Tenant within (g) at least thirty (30) days prior to the then-current expiration date of such letter of credit, either (1) renewed (or automatically and unconditionally extended) from time to time through the ninetieth (90th) day after the expiration of the Lease Term, or (2) replaced with cash in the amount of the Security Deposit. Notwithstanding anything in this Lease to the contrary, any cure or grace periods set forth in this Lease shall not apply to Tenant's obligations under subsection (g) above, and, specifically, if Tenant fails to timely comply with the requirements of subsection (g) above, then Landlord shall have the right to immediately draw upon the letter of credit without notice to Tenant and apply the proceeds to the security deposit. Each letter of credit shall be issued by a commercial bank that has a credit rating with respect to certificates of deposit, short term deposits or commercial paper of at least P-2 (or equivalent) by Mood▇'▇ ▇▇▇estor Service, Inc., or at least A-2 (or equivalent) by Standard & Poor's Corporation, and shall be otherwise acceptable to Landlord in its reasonable discretion. If the issuer's credit rating is reduced below P-2 (or equivalent) by Mood▇'▇ ▇▇▇estors Service, Inc. or below A-2 (or equivalent) by Standard & Poor's Corporation, or if the financial condition of such issuer changes in any other materially adverse way, then Landlord shall have the right the require that Tenant obtain a substitute letter of credit from a different issuer that complies in all respects with the requirements of this Section, and Tenant's failure to obtain such substitute letter of credit within ten (10) business days following Landlord's delivery written demand therefor (with no other notice or cure or grace period being applicable thereto, notwithstanding anything in this Lease to the contrary) shall entitle Landlord to immediately draw upon the then existing letter of credit in whole or in part, without notice to Tenant. In the event the issuer of any letter of credit held by Landlord is placed into receivership or conservatorship by the Federal Deposit Insurance Corporation, or any successor or similar entity, then, effective as of the Statement date such receivership or conservatorship occurs, said letter of credit shall be deemed not to meet the requirements of this Section, and, within ten (10) business days thereafter, Tenant shall replace such letter of credit with a substitute security deposit meeting the requirements of this Section (and Tenant's failure to do so shall, notwithstanding anything in this Lease to the contrary, constitute an Event of Default for such calendar yearwhich there shall be no notice or grace or cure periods being applicable thereto other than the aforesaid ten (10) business day period), (ii) any and all amounts reasonably estimated by . Landlord to cover shall return the anticipated costs to be incurred by Landlord to remove any signage provided superseded letter of credit to Tenant under this Leasepromptly upon receipt of its replacement. Any failure or refusal of the issuer to honor the letter of credit shall be at Tenant's sole risk and shall not relieve Tenant of its obligations hereunder with respect to the security deposit.
(d) Tenant shall have the right, from time to time, to remove cabling and other items required to be removed by Tenant under Section 29(bsubstitute a letter of credit meeting the requirements of Subparagraph (c) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair)for the cash security deposit, and vice versa, on one or more occasions, provided that substitutions may not occur more frequently than one (iii1) time in any and all amounts permitted by law or this Article 4. Tenant hereby waives twelve (12) month period.
5.2 In the provisions of Section 1950.7 event of the California Civil Code and all other provisions of law, now sale or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all transfer of Landlord's damages under this Lease and California law includinginterest in the Building, but not limited toLandlord shall have the right to transfer the security deposit to the purchaser or assignee, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss provided such purchaser or damageassignee assumes Landlord's obligations hereunder, foreseeable or unforeseeable, caused as evidenced by the acts agreement of such purchaser or omissions assignee, a copy of which Landlord shall furnish to Tenant or any officer, employee, agent, contractor or invitee of Tenant.in accordance with Section 14.3
Appears in 1 contract
Security Deposit. (a) Tenant has deposited or concurrently herewith is depositing with Landlord the sum set forth specified in Article 1.F. Item 11 of the Basic Lease Provisions Definitions to be retained by Landlord without liability for interest as security for the payment of all rent and other sums of money which shall or may be payable for the full stated term of this Lease, and any extension or renewal thereof, and for the faithful performance of every provision all the terms of this Lease to be observed and performed by Tenant.
(b) The Security Deposit shall not be mortgaged, assigned, transferred or encumbered by Tenant without the prior written consent of Landlord and any such act on the part of Tenant shall be without force or effect and shall not be binding upon Landlord. If any of the rents herein reserved or any other sum payable by Tenant to Landlord shall be overdue and unpaid or should Landlord make payments on behalf of Tenant, or if Tenant shall failed to perform any of the terms of this Lease, then Landlord may, at its option and without prejudice to any other remedy which Landlord may have on account thereof, appropriate and apply said entire deposit or so much thereof as may be necessary to compensate Landlord toward the payment of rent or Additional Rent or loss or damage sustained by Landlord due to breach on the part of Tenant; and Tenant shall promptly upon demand restore said security to the original sum deposited. If Tenant breaches should be overdue in the payment of monthly rent or other sums payable to Landlord on at least two or more occasions during a year, Landlord, at its option, may require Tenant to increase the amount of Security Deposit now held by Landlord by an amount sufficient to cover at least two month's rent or greater amount to be determined at sole discretion of Landlord. In this event, upon receipt of the additional security sum, Landlord and Tenant shall evidence such receipt by a letter signed and acknowledged by both parties to be incorporated as part of this Lease amending Section 11 hereof, stating the "New Total Amount" so held without liability for any provision interest. Within sixty (60) days after the expiration of the tenancy hereby created, whether by lapse of time or otherwise, provided Tenant shall not be in default hereunder and shall have complied with all the terms, covenants and conditions of this Lease, including but not limited the yielding up of the immediate possession to the payment of rentLandlord, Landlord may use all or any part of this security deposit for the payment of any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds upon being furnished with Landlord affidavits and other satisfactory evidence by Tenant that Tenant has paid all bills incurred by it in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit to its full amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit connection with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration performance of the Termterms, covenants and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration conditions of this Lease, return to Tenant said sum on deposit or such portion thereof then remaining on deposit with Landlord as set forth herein. In the event Tenant has not complied with all the obligations provided for hereunder, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates appropriate a part or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery all of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord Security Deposit as liquidated damages to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlordsatisfy Tenant's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenantobligations.
Appears in 1 contract
Sources: Warehouse Lease (Maxxis Group Inc)
Security Deposit. Simultaneously with the execution and delivery of this Lease, Tenant has deposited or concurrently herewith is depositing with shall deliver to Landlord the sum set forth in Article 1.F. of $40,678.50 (the “Security Deposit”). During the Lease Term, including any extensions thereof, and for sixty (60) days after the expiration of the Basic Lease Provisions Term, or for so long thereafter as Tenant is in possession of the Premises (or any portion thereof) or has unsatisfied obligations hereunder to Landlord, the Security Deposit shall be held by Landlord without liability for interest and as security for the full and faithful timely performance by Tenant of every provision of this Lease to be performed by Tenant. If Tenant breaches any provision of ’s covenants and obligations under this Lease, including but it being expressly understood that the Security Deposit shall not limited to the be considered an advance payment of rent, Landlord may use all Rent or any part a measure of this security deposit Tenant’s liability for the payment damages in case of any rent or failure by Tenant to perform any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default’s covenants or obligations hereunder. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit to its full amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it Security Deposit separate from Landlord's general fundsits other accounts, but Landlord may commingle and shall have no fiduciary responsibilities or trust obligations whatsoever with regard to the security deposit with its general funds and Security Deposit. Tenant shall not have no right to require Landlord to so draw and apply the Security Deposit, nor shall Tenant be entitled to interest on credit the same against Rent or other sums payable hereunder. Landlord may, from time to time, without prejudice to any other remedy, use the Security Deposit to the extent necessary to cure or attempt to cure, in whole or in part, any Event of Default by Tenant, without waiving any rights or remedies as a result of such depositfailure. At the expiration Following any such application of the TermSecurity Deposit, Tenant shall pay to Landlord within seven (7) days after demand the amount so applied in order to restore the Security Deposit to its original amount, and provided there exists no default by failure to so restore within such time period shall be an Event of Default (as hereinafter defined) hereunder giving rise to all of Landlord’s rights and remedies applicable to an Event of Default in the payment of Rent. If Tenant hereunderdoes not have any unsatisfied obligations hereunder at the termination of this Lease (or thereafter if Tenant is in possession of the Premises (or any portion thereof)), the security deposit or balance of the Security Deposit remaining after any balance thereof such application shall be returned by Landlord to Tenant within sixty (or60) days thereafter. If Landlord transfers its interest in the Premises during the Lease Term, at Landlord's option, Landlord shall assign the Security Deposit to Tenant's "Transferee", as the transferee and thereafter shall have no further liability for the return of such term is defined in Article 15 below)Security Deposit. Notwithstanding anything to the contrary contained herein, provided and on condition that subsequent to Tenant is not then in default under the expiration terms of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall notshall, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery the written request of Tenant delivered after January 1, 2019, return a $13,559.50 portion of the Statement for Security Deposit so that the remainder of such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord Security Deposit shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenant$27,119.00.
Appears in 1 contract
Security Deposit. (a) Tenant has this day deposited or concurrently herewith is depositing with Landlord the sum set forth in Article 1.F. Security Deposit for the payment of the Basic Lease Provisions as security for Fixed Rent, Additional Rent and other charges hereunder and the full and faithful performance by Tenant of every provision the covenants and conditions on the part of this Lease Tenant to be performed. Said sum shall be returned to Tenant, without interest, after the expiration of the term hereof, provided that Tenant has fully and faithfully performed all such covenants and conditions and is not in arrears in Fixed Rent, Additional Rent and other charges. During the term hereof, Landlord may, if Landlord so elects, have recourse to such security, to make good any default by Tenant, in which event Tenant shall, on demand, promptly restore said security to its original amount. Liability to repay said security to Tenant shall run with the reversion and title to the Demised Premises, whether any change in ownership thereof be by voluntary alienation or as the result of judicial sale, foreclosure or other proceedings, or the exercise of a right of taking or entry by any mortgagee. Landlord shall assign or transfer said security, for the benefit of Tenant, to any subsequent owner or holder of the reversion or title to Demised Premises, in which case the assignee shall become liable for the repayment thereof as herein provided, and the assignor shall be deemed to be released by Tenant from all liability to return such security.
(b) If Tenant breaches on the thirty (30) month anniversary of the Commencement Date, and provided that (i) Tenant's financial condition has not, in the reasonable opinion of Landlord, declined in any provision material respect below the condition existing on the date of the execution of this Lease, including but (ii) Tenant has not limited made more than two (2) late payments of Fixed or Additional Rent beyond the applicable grace period, and (iii) Tenant is not in default under any other term, covenant or condition of this Lease beyond the applicable cure period, the Security Deposit shall be reduced to an amount equal to the payment of rentmonthly Fixed Rent, and Landlord may use all or any part of this security deposit for shall refund the payment of any rent or any other sums in default, or excess over such amount to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. .
(c) If any portion of said deposit is so used or applied, Tenant shall, within on the five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit to its full amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration year anniversary of the TermCommencement Date, and provided there exists no that (i) Tenant's financial condition has not, in the reasonable opinion of Landlord, declined in any material respect below the condition existing on the date of the execution of this Lease, (ii) Tenant has not made more than two (2) late payments of Fixed or Additional Rent beyond the applicable grace period, and (iii) Tenant is not in default by Tenant hereunderunder any other term, covenant or condition of this Lease beyond the applicable cure period, the security deposit or any balance thereof Security Deposit shall be returned to Tenant (orby Landlord; provided, at Landlord's optionhowever, that in the event of a default by Tenant hereunder with respect to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent obligation to the expiration of this Leasepay Fixed or Additional Rent, Landlord may retain from said security deposit (i) require, in addition to such payments as are necessary to cure such default, that Tenant pay an amount reasonably estimated by Landlord equal to cover potential Direct Cost reconciliation payments due with respect twice the Fixed Monthly Rent to re-establish the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of TenantSecurity Deposit.
Appears in 1 contract
Sources: Lease Agreement (Danbury Pharmacal Puerto Rico Inc)
Security Deposit. Tenant has deposited or concurrently herewith is depositing Bond. Prior to performing any work necessary under this Agreement, and with Landlord respect to all such work, LICENSEE will deliver to the City/Village/Township a valid performance bond in the sum set forth of Ten Thousand dollars ($10,000), issued by a surety company acceptable to the City/Village/Township's Controller in Article 1.F. the form attached hereto as Exhibit B. Alternatively, where a performance bond has been posted by the LICENSEE with the City/Village/Township pursuant to the METRO Act, and where such bond is extended to encompass the DAS/Small Cell Network permitted by this Agreement, the City/Village/Township may accept the METRO Act bond in lieu of the Basic Lease Provisions as security necessity of LICENSEE posting a separate bond pursuant to this Section 7.5. LICENSEE agrees and acknowledges that it will obtain a bond which allows for the full use of the bond to cover incidental expenses and faithful performance of every provision of this Lease to be performed costs, removal expenses, restoration expenses, damages and fees not covered by Tenant. If Tenant breaches any provision of this Lease, insurance policies including but not limited to: interest, charges by the City/Village/Township to remove DAS/Small Cell Networks and unpaid permit and administrative fees. LICENSEE shall keep such surety bond, at its expense, in full force and effect until the payment sixtieth (60th) day after the expiration or other termination hereof, to insure the faithful performance by LICENSEE of rentall of the covenants, Landlord may use all or any part terms and conditions of this security deposit for the payment of any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's defaultAgreement. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit to its full amount. Tenant agrees that Landlord Such bond shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within provide thirty (30) days after Landlord's delivery prior written notice to the City/Village/Township of cancellation or material change thereof. In the event of any non-extension of the Statement bond, LICENSEE shall replace such security with another form permitted hereunder at least ten (10) days prior to expiration and if LICENSEE fails to do so the City/Village/Township shall be entitled to present its written demand for payment of the entire face amount of such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below bond and to repair any damage caused hold the funds so obtained as the security deposit required hereunder. Any unused portion of the funds so obtained by such removal (in which case any excess amount so retained by Landlord the City/Village/Township shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 LICENSEE upon replacement of the California Civil Code and all other provisions bond or deposit of law, now or hereafter in effect, which provide that Landlord may claim from a cash security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenantfull amount required hereunder.
Appears in 1 contract
Sources: Das/Small Cell License Agreement
Security Deposit. Tenant has deposited hereby agrees to pay to Landlord on the Effective Date, in cash or concurrently herewith is depositing with Landlord by certified check, (a) a sum equal to the sum set forth in Article 1.F. Base Rental payment for the first (1st) calendar month of the Basic Lease Provisions as Term equal in amount to Eighteen Thousand Four Hundred Twelve and 55/100 Dollars ($18,412.55) (the "First Month's Rent") plus (b) a sum equal to Eighteen Thousand Four Hundred ------------------ Twelve and 55/100 Dollars ($18,412.55) (the sums in (a) and (b) collectively, the "Security Deposit"). Tenant hereby grants to Landlord a security for interest in ---------------- the full Security Deposit. Upon the occurrence of an Event of Default, Landlord, from time to time, without prejudice to any other remedy, may use the Security Deposit to the extent necessary to make good any arrears of Base Rental, Base Rental Adjustment, Parking Rental or to pay any other sums owed to Landlord, including any sums described in Section 6.8 or to pay the cost of any damage, injury, expense, or liability caused by any default by Tenant under this Lease. Landlord shall have, and faithful performance Landlord expressly retains and preserves, all rights of every provision setoff and recoupment and any and all similar remedies available under applicable laws or in equity. To the extent an Event of Default has not occurred under this Lease, that portion of the Security Deposit equal to the First Month's Rent (to the extent such portion of the Security Deposit has not otherwise been applied by Landlord pursuant to this Section 3.3) shall be applied by Landlord to Base Rental due by Tenant on the Commencement Date (and if the Commencement Date does not occur on the first (1st) day of a calendar month and therefore, the First Month's Rent exceeds the Base Rental owed by Tenant on the Commencement Date, such excess portion of the First Month's Rent shall be applied to Base Rental owed by Tenant on the first (1st) day of the calendar month immediately after the Commencement Date). If an Event of Default has not occurred, any remaining balance of the Security Deposit held by Landlord pursuant to this Section 3.3 shall be returned by Landlord to Tenant within a reasonable period of time after the termination or expiration of this Lease to Lease. The Security Deposit shall not be performed considered an advance payment of rental or a measure of Landlord's damages in case of a default by Tenant. If Tenant breaches any provision of this Lease, including but not limited to the payment of rent, Landlord may use all or any part of this security deposit for the payment of any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit to its full amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to receive and shall not receive any interest on such deposit. At the expiration of the TermSecurity Deposit, and provided there exists no default by Tenant hereunder, Landlord may commingle the security deposit same with other monies of Landlord. In the event Landlord applies the Security Deposit or any balance portion thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, any sum described above and all of Landlord's damages under this Lease is not terminated, Tenant immediately shall deposit with Landlord an amount of money equal to the amount so applied and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 such amount shall be deemed to be part of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of TenantSecurity Deposit.
Appears in 1 contract
Security Deposit. 5.1 Tenant has deposited or concurrently herewith is depositing shall deposit the Security Deposit with Landlord upon the sum set forth execution of this Lease. The Security Deposit may be in Article 1.F. the form of the Basic Lease Provisions cash or a Letter of Credit, as provided in Section 5.2 below. The Security Deposit shall be held by Landlord as security for the full and faithful performance by Tenant of every provision all the terms, covenants and conditions of this Lease to be kept and performed by Tenant and not as an advance rental deposit or as a measure of Landlord’s damage in case of Tenant’s default. If Tenant breaches defaults with respect to any provision of this Lease, including but not limited to the payment of rent, Landlord may use all or any part of this security deposit the Security Deposit for the payment of any rent or any other sums sum in default, or for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's ’s default. If any portion of said deposit is so used or appliedused, Tenant shall, shall within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit Security Deposit to its full amountoriginal amount and Tenant’s failure to do so shall be a material breach of this Lease. Tenant agrees that Except to such extent, if any, as shall be required by law, Landlord shall not be required to keep the security deposit in trust, segregate it or keep it Security Deposit separate from Landlord's its general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration If Tenant shall fully and faithfully perform every provision of the Term, and provided there exists no default this Lease to be performed by Tenant hereunderit, the security deposit Security Deposit or any balance thereof shall be returned to Tenant at such time after termination of this Lease when Landlord shall have determined that all of Tenant’s obligations under this Lease have been fulfilled; however, in no event more than sixty (or60) days after termination of the Lease.
5.2 The Security Deposit may be in the form of an Irrevocable Standby Letter of Credit in favor of Landlord (the “Letter of Credit”). Under any circumstance under which Landlord is entitled the use of all or a part of the Security Deposit, then, Landlord, in addition to all other rights and remedies provided under the Lease, shall have the right to draw down all or a portion of the full balance of the Letter of Credit and retain the proceeds. The following terms and conditions shall govern the Letter of Credit:
5.2.1 The Letter of Credit shall be returned to Tenant when Tenant is entitled to return of the Security Deposit.
5.2.2 The Letter of Credit shall be in favor of Landlord, shall be issued by a commercial bank reasonably acceptable to Landlord, shall comply with all of the terms and conditions of this Section 5 and shall otherwise be in form reasonably acceptable to Landlord. If, at any time while the Letter of Credit is outstanding, (i) the issuing bank is declared insolvent or taken into receivership by the Federal Deposit Insurance Corporation or any other governmental agency, or is closed for any reason, or (ii) Landlord reasonably believes that the issuing bank may be or become insolvent or otherwise unable to meet its obligations, then, not later than thirty (30) days after written notice from Landlord's option, Tenant shall cause the existing Letter of Credit to be replaced by a new Letter of Credit issued by another commercial bank reasonably acceptable to Landlord, with such new Letter of Credit to comply with all of the terms and conditions of this Section 5. If Tenant fails to deliver an acceptable replacement Letter of Credit within such 30 day period, Landlord shall have the right to present the existing Letter of Credit to the issuing bank for payment, and the entire sum so obtained shall be paid to Landlord, to Tenant's "Transferee"be held by Landlord until Tenant would otherwise be entitled to the return of the Letter of Credit, as such and to be retained by Landlord if a default occurs.
5.2.3 The initial Letter of Credit shall have an expiration date not earlier than fifteen (15) months after the date of issuance. A draft of the form of Letter of Credit must be submitted to Landlord for its approval prior to issuance.
5.2.4 The Letter of Credit or any replacement Letter of Credit shall be irrevocable for the term is defined in Article 15 below), thereof and shall automatically renew on a year to year basis until a period ending not earlier than three (3) months after the Termination Date (“End Date”) without any action whatsoever on the part of Landlord; provided that subsequent the issuing bank shall have the right not to renew the Letter of Credit by giving written notice to Landlord not less than sixty (60) days prior to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated the then current term of the Letter of Credit that it does not intend to renew the Letter of Credit.. Tenant understands that the election by Landlord the issuing bank not to cover potential Direct Cost reconciliation payments due with respect to renew the calendar year in which this Lease terminates or expires (such amount so retained Letter of Credit shall not, in any event, exceed ten percent diminish the obligation of Tenant to maintain such an irrevocable Letter of Credit in favor of Landlord through such date.
5.2.5 Landlord, or its then managing agent, shall have the right from time to time to make one or more draws on the Letter of Credit at any time that Landlord has the right to use all or a part of the Security Deposit pursuant to this Section 5, and the proceeds may be applied as permitted under this Section 5. The Letter of Credit must state that it can be presented for payment at the office of the issuer or an approved correspondent in the metropolitan area in which the Building is located. Funds may be drawn down on the Letter of Credit upon presentation to the issuing or corresponding bank of Landlord’s (10%or Landlord’s then managing agent’s) of estimated Direct Cost payments due certificate stating as follows: “Beneficiary is entitled to draw on this credit pursuant to that certain Lease dated for reference between , a corporation, as Landlord and , a corporation, as Tenant, as amended from Tenant time to time, or under that certain Lease dated for reference between , a corporation, as Landlord, and , a corporation, as Tenant, as amended from time to time.” It is understood that if Landlord or its managing agent be a corporation, partnership or other entity, then such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation statement shall be returned signed by an officer (if a corporation), a general partner (if a partnership), or any authorized party (if another entity).
5.2.6 Tenant acknowledges and agrees (and the Letter of Credit shall so state) that the Letter of Credit shall be honored by the issuing bank without inquiry as to the truth of the statements set forth in such draw request and regardless of whether the Tenant within disputes the content of such statement.
5.2.7 In the event of a transfer of Landlord’s interest in the Premises, Landlord shall have the right to transfer the Letter of Credit to the transferee and Tenant shall take whatever action and pay any bank fees necessary to effectuate such transfer and thereupon the Landlord shall, without any further agreement between the parties, be released by Tenant from all liability therefore, and it is agreed that the provisions hereof shall apply to every transfer or assignment of said Letter of Credit to a new landlord.
5.2.8 Without limiting the generality of the foregoing, if the Letter of Credit expires earlier than the End Date, or the issuing bank notifies Landlord that it will not renew the Letter of Credit, Landlord shall accept a renewal thereof or substitute letter of credit (such renewal or substitute Letter of Credit to be in effect not later than thirty (30) days after Landlord's delivery prior to the expiration of the Statement for such calendar yearexpiring Letter of Credit), irrevocable and automatically renewable as above provided to the End Date upon the same terms as the expiring Letter of Credit or upon such other terms as may be acceptable to Landlord. However, if (i) the Letter of Credit is not timely renewed, or (ii) any a substitute Letter of Credit, complying with all of the terms and all amounts reasonably estimated conditions of this Section is not timely received, then Landlord may present the expiring Letter of Credit to the issuing bank, and the entire sum so obtained shall be paid to Landlord, to be held by Landlord to cover in accordance with Article 5 of the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease. Notwithstanding the foregoing, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned entitled to receive from Tenant within thirty (30) days after such removal and repair)a fee in an amount not to exceed $500.00 for attorneys’ fees incurred in connection with the review of any proposed substitute Letter of Credit pursuant to this subparagraph.
5.3 Upon the Commencement Date for both ▇▇▇▇▇ ▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇▇, and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages required Security Deposit under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary shall be reduced to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenant$47,710.67.
Appears in 1 contract
Sources: Lease Agreement (Acell Inc)
Security Deposit. Tenant has deposited or concurrently herewith is depositing shall deposit with Landlord the sum set forth in Article 1.F. of the Basic Lease Provisions as security for the full and faithful performance of every provision upon execution of this Lease a Security Deposit in the amount of Five Million Six Hundred Thousand and 00/100ths Dollars ($5,600,000.00) through the posting of an irrevocable standby letter of credit in the form attached hereto as Exhibit H issued by a bank satisfactory to Landlord (the “LOC”). It shall be performed by Tenant’s obligation to assure that at all times during the Term and any extensions thereof and for 100 days thereafter, a LOC in the form of Exhibit H or otherwise satisfactory to Landlord and in the amount required hereunder (as applicable, the “LOC Amount”) shall remain in effect and shall be in the possession of Landlord. The first such LOC shall be for a term expiring 100 days after the first anniversary of the Commencement Date, the second LOC shall be for a term expiring 100 days after the second anniversary of the Commencement Date and so on. Within thirty (30) days after each anniversary of the Commencement Date throughout the Term and any extensions thereof, Tenant shall deliver to Landlord a new LOC in the form of Exhibit H or otherwise satisfactory to Landlord in the LOC Amount, for a term commencing immediately upon expiration of the then existing LOC and expiring 100 days after the next anniversary of the Commencement Date thereafter. If Tenant breaches any provision fails to deliver to Landlord a new LOC as aforesaid within such thirty (30) day period, then, on or before the date that is sixty (60) days after the immediately preceding anniversary of this Leasethe Commencement Date, including but not limited to Tenant shall deposit with Landlord cash in the payment amount of rent, the LOC Amount such that the entire Security Deposit Amount is then held by Landlord may use all or any part of this security deposit for the payment of any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's defaultcash. If any portion of said deposit is so used or appliedLandlord fails to timely draw on a LOC and the LOC expires, Tenant shall, within five (5) days after written demand therefornotice from Landlord, replace the LOC in the form required herein, or deposit funds with Landlord cash in a form acceptable under Section 3(b) above and in an the amount sufficient to restore the security deposit to its full amount. Tenant agrees that of such LOC; Landlord shall hold and have the right to use such cash deposit as the Security Deposit to obtain a substitute LOC of credit in the form provided for herein, which substitute LOC shall constitute the Security Deposit required hereunder. Landlord would not have entered into this Lease without the LOC.
A. The Security Deposit shall be required to keep deposited as evidence of good faith and as security for the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds full and Tenant shall not be entitled to interest on such deposit. At the expiration of the Term, faithful performance and provided there exists no default observance by Tenant hereunderof all the provisions, the security deposit or any balance thereof covenants and obligations herein contained and shall be returned to Tenant as, when and provided that Tenant shall have fully performed and observed all the said covenants, provisions and obligations on Tenant’s part to be performed and observed. It is expressly agreed that the sum so deposited is not an advance payment of or on account of the Rent herein reserved, or any part or installment thereof, or a measure of Landlord's damages, and in no event shall Tenant be entitled to the return or particular application of said sum or any part thereof until the expiration or earlier termination of the Term hereby granted and until Landlord shall have had a reasonable time (orbut not more than sixty (60) days) to determine whether the provisions, covenants and obligations of this Lease have been fully performed and observed. No interest shall be paid to Tenant in regard to said Security Deposit and Landlord shall be entitled to commingle said Security Deposit with Landlord’s general operating funds. The Security Deposit may be applied by Landlord to cure any default of Tenant under this Lease, and upon notice by Landlord of such application; Tenant shall replenish the Security Deposit in full, within ten (10) days of demand therefor from Landlord, by timely paying to Landlord the amount so applied.
B. It is further agreed that should Tenant default in the performance of any of the provisions, covenants or obligations of this Lease, and fails to cure said default within the period allowed under the default provisions hereof after notice in writing sent to Tenant by Landlord advising Tenant of said default, and Landlord thereafter elects to exercise Landlord’s privilege of declaring the Term of this Lease ended or Tenant’s right to possession ended, thereupon, Landlord, at Landlord's option, shall be authorized and is hereby empowered by Tenant to apply such portion of the Security Deposit as may be required to the payment of such damages as are suffered by the Landlord and/or to arrearages in payments owed Landlord in connection with this Lease and the Premises demised herein.
C. It is further agreed that Tenant shall have no right at any time during the Term of this Lease to apply the Security Deposit, in part or in whole, against current or accrued Rent due to Landlord or against any payments due and arising out of the conditions to be fulfilled by the during the Term of this Lease. It is further understood and agreed that the service of any five (5) day notice, the institution of any legal suit for possession, a judgment of court pertaining to the possession of the Premises or the issuance of any warrant, writ of restitution, execution or final order in any summary proceedings, shall have no effect upon the right of Landlord to retain the Security Deposit, and in the event of the happening of any of the contingencies provided for hereinabove or in the event Tenant shall abandon the Premises, the Tenant shall, nevertheless, continue to be liable for the payment of the Rent and the keeping, observing and full performance of all of the other provisions, covenants and obligations herein contained on Tenant's "Transferee"part to be kept, observed and performed. It is hereby stipulated that in the event Tenant shall default in any of the provisions of this Lease and this Lease is terminated by reason thereof, then and in such event, the Security Deposit herein shall be applied to the extent thereof and shall be retained by Landlord as payment of damages, in whole or in part.
D. If and so long as (i) Tenant has never defaulted under this Lease, beyond any applicable notice and/or grace period, and (ii) Tenant has not received a notice that Tenant is then in default under this Lease (provided, however, as such term is defined in Article 15 below), provided that subsequent to the expiration contemplated by Section 24(a) of this Lease, Tenant shall only be entitled to a single notice from Landlord may retain from said security deposit during any consecutive twelve (i12) an amount reasonably estimated by Landlord month period during the Term relating to cover potential Direct Cost reconciliation payments Tenant’s failure to pay the Rent or any other sums due with respect to hereunder), then, commencing on the first day of the thirty-first (31st) full calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through month after the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, the LOC Amount shall be reduced to remove cabling Two Million Six Hundred Eighty Thousand and other items required to 00/100ths Dollars ($2,680,000.00) for the balance of the Term. Provided the foregoing conditions have been met, such reduction shall be removed accomplished by Tenant under Section 29(b) below and presenting to repair any damage caused Landlord either a modification of the existing LOC then being held by such removal Landlord (in which case any excess amount so retained by event Landlord agrees to promptly execute and deliver to Tenant and the issuer of the LOC such documents as shall be returned required to effect such modification), or by a new letter of credit (which complies with the terms of this Section 4) (in which event Landlord agrees to return the existing LOC to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives concurrently with the provisions of Section 1950.7 delivery to Landlord of the California Civil Code and all other provisions new letter of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenantcredit).
Appears in 1 contract
Sources: Single Tenant Office Lease (Bridgepoint Education Inc)
Security Deposit. Tenant has deposited or concurrently herewith is depositing with Landlord the sum a Security Deposit as set forth in Article 1.F. Item 15 of the Basic Lease Provisions Provisions, as security for the full and faithful performance of every provision Tenant’s obligations under this Lease. The parties agree that, unless otherwise required by law, Landlord shall not be required to keep said Security Deposit separate from its general funds, nor pay any interest thereon to Tenant. Such Security Deposit shall not be construed as an advance Rent payment, or as a measure of this Lease to be performed Landlord’s damages in the event of a Default by Tenant▇▇▇▇▇▇. If Tenant breaches should be placed in Default with respect to any provision of this Lease, including but not limited to the payment of rent, Landlord may use apply all or any part a portion of this security deposit said Security Deposit for the payment of any rent sum in Default or for the payment of any other sums in default, or to compensate Landlord for any other loss or damage amount which Landlord may suffer expends by reason of Tenant's defaultsuch Default. If any portion of said deposit Security Deposit is so used or applied, Tenant shallshall deposit with Landlord, within five (5) days after receipt of Landlord’s written demand therefordemand, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit said Security Deposit to its full original amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to Upon the expiration of this Lease, ▇▇▇▇▇▇▇▇ shall return said Security Deposit to Tenant, provided ▇▇▇▇▇▇ has paid to Landlord may retain from said security deposit (i) an amount reasonably estimated by all sums owing to Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, and ▇▇▇▇▇▇ has returned the Premises to remove cabling Landlord in as good order and other items satisfactory condition as when ▇▇▇▇▇▇ took possession. Provided that no event of default by Tenant has occurred, or breach of the Lease by Tenant has occurred, under this Lease on or before (i) the first (1st) day of the fifteenth (15th) full calendar month of the Initial Term, Landlord and Tenant hereby agree to amend and decrease the Security Deposit required under the Lease to be removed by $100,000.00 (the “First Reduced Security Deposit”), which First Reduced Security Deposit shall remain on deposit with Landlord, as the Security Deposit under the Lease, in accordance with the terms and conditions of the Lease applicable thereto, and Landlord shall apply the difference between the Security Deposit and the First Reduced Security Deposit (which amount is stipulated to be $50,000.00, and referred to herein as the “First Excess Security Deposit”) as a credit towards the monthly installment(s) of Base Rent becoming due under the Lease from and after the first (1st) day of the fifteenth (15th) full calendar month of the Initial Term (the “First Rent Credit”) until such time as the total amount of the First Excess Security Deposit available to Tenant under Section 29(b) below and to repair any damage caused by for such removal (in which case any excess First Rent Credit has been exhausted. In no event shall the total amount so retained credited by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair)for the First Rent Credit exceed the amount of $50,000.00, and (iiiii) any the first (1st) day of the twenty-seventh (27th) full calendar month of the Initial Term, Landlord and all amounts permitted by law or this Article 4. Tenant hereby waives agree to amend and decrease the provisions of Section 1950.7 Security Deposit required under the Lease to be $50,000.00 (the “Second Reduced Security Deposit”), which Second Reduced Security Deposit shall remain on deposit with Landlord, as the Security Deposit under the Lease, in accordance with the terms and conditions of the California Civil Code Lease applicable thereto, and all other provisions Landlord shall apply the difference between the Security Deposit and the Second Reduced Security Deposit (which amount is stipulated to be $50,000.00, and referred to herein as the “Second Excess Security Deposit”) as a credit towards the monthly installment(s) of lawBase Rent becoming due under the Lease from and after the first (1st) day of the twenty-seventh (27th) full calendar month of the Initial Term (the “Second Rent Credit”) until such time as the total amount of the Second Excess Security Deposit available to Tenant for such Second Rent Credit has been exhausted. In no event shall the total amount credited by Landlord to Tenant for the Second Rent Credit exceed the amount of $50,000.00. Notwithstanding the foregoing, now or hereafter the Security Deposit shall not be reduced as hereinabove provided in effectthis Paragraph 26, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rentevent that Tenant subleases or assigns its interest in and to this Lease, to repair damage caused by Tenant the extent such Security Deposit remains on deposit with Landlord as of the date of such sublease or assignment. Notwithstanding anything herein to clean the Premises, it being agreed that Landlord maycontrary, in addition, claim those sums specified the event each such amendment and reduction of the Security Deposit provided for in this Article 4 aboveParagraph 26 occurs, and all of Landlord's damages the Security Deposit required under this Lease and California law including, but not limited throughout the remainder of the Lease Term shall be equal to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damageand shall never be less than, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of TenantFifty Thousand and No/100 Dollars ($50,000.00).
Appears in 1 contract
Security Deposit. On the date of execution of this Lease by Tenant, Tenant has deposited or concurrently herewith is depositing will pay to Landlord the first full month’s Base Rental in the amount of $11,458.33 and a security deposit in the amount of $11,458.33. Landlord shall have the right, but not the duty, to apply any part of said deposit to cure any default of Tenant and if Landlord does so, Tenant shall upon demand deposit with Landlord the sum set forth in Article 1.F. of the Basic Lease Provisions as security for amount so applied so that Landlord shall have the full and faithful performance of every provision deposit on hand at all times during the Term of this Lease to be performed by Tenantheld in an escrow account. If Tenant breaches Landlord shall have the right, but not the duty, to hold said security deposit in an interest bearing escrow account and retain any provision interest accrued. In the event of a sale of the Building or a lease of the Building, subject to this Lease, including but not limited to the payment of rent, Landlord may use all or any part of this security deposit for the payment of any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore shall transfer the security deposit to its full amountthe new landlord, and the Tenant shall attorn to the new landlord and the present Landlord shall thereupon be released from all liability for the return of such security deposit, and Tenant shall look solely to the new landlord for the return of such security deposit and this provision shall apply to every transfer or assignment made of the security deposit to a new landlord. Tenant agrees that Landlord The security deposit under this Lease shall not be required to keep assigned or encumbered by Tenant without the written consent of the Landlord and any such assignment or encumbrance without the Landlord’s written consent shall be void. Such security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery following the end of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage Term of this Lease provided to that Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages has performed Tenant’s obligations under this Lease and California law includingprovided that no defective conditions, but including any structural defects, other than normal wear and tear and casualty, are left unrepaired by Tenant and that Tenant does not limited to, owe Landlord any damages accruing upon termination of this Lease under Section 1951.2 debts. Any portion of the California Civil Code and/or those sums reasonably necessary security deposit not required to compensate reimburse Landlord for any other loss or damage, foreseeable or unforeseeable, Landlord’s expense in repairing defective conditions caused by the acts Tenant, or omissions of for paying amounts owed by Tenant or any officerto Landlord, employee, agent, contractor or invitee of Tenant.shall be refunded to Tenant as provided above. Ack. No. 013 - Revised 1/06
Appears in 1 contract
Security Deposit. Tenant has deposited or concurrently herewith is depositing with Landlord the sum set forth in Article 1.F. of the Basic Lease Provisions shall, as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant breaches any provision of ’s obligations under this Lease, including but not limited deliver to Landlord an unconditional and irrevocable letter of credit (such letter of credit and any amendment or replacement thereof approved by Landlord is defined herein as the payment “Letter of rentCredit” and such Letter of Credit, Landlord may use all or any part of this security deposit for together with the payment cash proceeds of any rent or draw thereunder, shall be collectively referred to as the “Security Deposit”) in favor of Landlord and its successors and assigns. The Letter of Credit shall be in the form attached hereto as Exhibit F and shall be issued by a financial institution reasonably satisfactory to Landlord. The initial Letter of Credit hereunder shall expire no earlier than twelve (12) months after the Reduction Effective Date and any other sums in defaultreplacement Letter of Credit hereunder shall expire no earlier than twelve (12) months from the then outstanding and expiring Letter of Credit, or with the final Letter of Credit to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five expire no earlier than thirty (530) days after written demand thereforthe expiration of the Term. Any replacement Letter of Credit shall be delivered to Landlord at least thirty (30) days prior to the expiration of the then outstanding Letter of Credit. Landlord shall have the right, deposit funds at Landlord’s sole cost and expense, to transfer the Letter of Credit to any purchaser of the Building and, for collateral purposes, to any mortgagee or lessor. Upon such transfer for other than collateral purposes, Tenant shall look solely to such purchaser for return of the Letter of Credit, and Landlord shall be relieved of any liability with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient respect to restore the security deposit to its full amountsuch items. Tenant agrees that Unless required by applicable Requirements, Landlord shall not be required to keep the security deposit in trust, segregate it Security Deposit segregated from other funds of Landlord or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and to pay interest thereon. Tenant shall not assign or in any way encumber the Security Deposit and shall pay all costs and expenses related to maintaining the Letter of Credit, including the fees of the financial institution that issues the Letter of Credit. During the continuance of any Event of Default or the failure of Tenant to timely deliver a replacement Letter of Credit as required hereunder, Landlord may, without prejudice to any other remedy, draw upon the Letter of Credit, in whole or in part and use any portion of the Security Deposit to cure such Event of Default or hold as a Security Deposit. In no event shall the cash proceeds of any draw on the Letter of Credit be considered an advance payment of Rent, and in no event shall Tenant be entitled to interest on use such depositcash proceeds for the payment of Rent. At Following any such draw and the expiration application thereof to cure any such Event of Default, Tenant shall either pay to Landlord, within five (5) Business Days of written demand, the amount so applied in order to restore the Security Deposit to the then required amount hereunder, or, restore the Letter of Credit to the then required amount hereunder. If no Event of Default is then continuing at the termination of this Lease, any remaining balance of the Term, and provided there exists no default by Tenant hereunder, the security deposit Security Deposit or any balance thereof remaining Letter of Credit shall be returned to Tenant (or, at Landlord's option, within the later to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration occur of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to thirty (30) days after the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within Lease; or (ii) thirty (30) days after Landlord's delivery Tenant’s surrender of the Statement Premises in accordance with Article 18 hereof, in each case provided no Event of Default or event for such calendar year), (ii) any and all amounts reasonably estimated by Landlord which Tenant has received notice of default is then continuing. Notwithstanding anything in this Article 19 to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair)contrary, and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives provided no Event of Default exists under the provisions of Section 1950.7 Lease as of the California Civil Code effective date of the reduction of the Security Deposit as described herein and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults provided Tenant shall not have been late more than four (4) times in the payment of rentRent during the prior twelve (12) month period, to repair damage caused by Tenant then the Letter of Credit shall automatically reduce (or to clean a replacement Letter of Credit in such reduced amount shall be provided) as set forth on Schedule 1.2 attached hereto. If the Premises, it being agreed that Landlord may, Letter of Credit automatically reduced in addition, claim those sums specified in violation of the terms of this Article 4 above19, and all Tenant shall be required to obtain a replacement Letter of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of Credit for the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenantcorrect amount which is required hereunder.”
Appears in 1 contract
Security Deposit. Within sixty (60) days of Tenant’s execution of this Lease, Tenant has deposited or concurrently herewith is depositing shall deposit with Landlord a clean, unconditional irrevocable letter of credit for the benefit of Landlord (“Letter of Credit”) in the sum of One Million Nine Hundred Ten Thousand Five Hundred Sixty-Eight Dollars ($1,910,568.00) issued by a bank and in a form both reasonably acceptable to Landlord, payable in Denver, Colorado, to be delivered upon execution of this Lease and to be held by Landlord which as renewed or replaced as set forth herein shall remain in Article 1.F. effect, subject to the terms and conditions contained herein, for the first eighteen (18) months of the Basic Lease Provisions Term (the “Security Deposit”) as security for the full and faithful performance Rent payable hereunder, to the extent the Letter of every provision Credit is still held by Landlord pursuant to the provisions of this Lease to be performed by Tenant. If Tenant breaches any provision Article 6, the return of the Premises in good order and condition as required in this Lease, including but and the performance of the terms, covenants, conditions and agreements of Tenant under this Lease during the term of the Letter of Credit. Landlord hereby approves ▇▇▇▇▇ Fargo Bank, N.A., as the issuer of the Letter of Credit. Tenant shall not limited assign or encumber the Security Deposit. If the Letter of Credit is for a time period which is less than the entire Lease Term, then said Letter of Credit shall contain an “evergreen” clause which shall automatically renew the Letter of Credit for the entire Lease Term or Tenant shall deliver to Landlord a renewal or replacement Letter of Credit which conforms to the requirements of this Article 6 at least thirty (30) days prior to the date each Letter of Credit is to expire, and if either: (a) Tenant fails so to deliver the renewal or replacement Letter of Credit; or (b) if the bank which issued the Letter of Credit or Tenant notifies Landlord prior to the expiration date of any such Letter of Credit (and each Letter of Credit other than the first Letter of Credit shall require the bank to do so or if the bank will not agree to do so, then Tenant shall so notify Landlord) that it does not intend to renew or replace the Letter of Credit, or (c) the financial condition of the bank deteriorates in the reasonable opinion of Landlord, then unless Landlord has previously received the required renewal or replacement Letter of Credit or Tenant has submitted a cash equivalent, Landlord may draw on the Letter of Credit and hold its proceeds, without interest to Tenant, as the Security Deposit. The Security Deposit shall not be applied by Tenant to the payment of rent, Landlord may use all or any part of this security deposit for the payment of any rent Rent or any other sums amount for which it may become liable under this Lease, and such Security Deposit or its use shall in defaultno way relieve Tenant from the faithful and punctual performance of all terms, covenants, conditions and agreements herein imposed upon it or to compensate Landlord for cure any other loss or damage which Landlord may suffer by reason of Tenant's default. If Landlord draws down on the Security Deposit to satisfy any portion obligation of said deposit is so used or appliedthe Tenant, Tenant shallTenant, within five ten (510) business days after written demand therefordemand, deposit funds shall deliver to Landlord a replacement or additional Letter of Credit or a cash equivalent which satisfies the requirements of this Article 6 so that Landlord shall have the full amount of the Security Deposit at all times during the term of this Lease as existed immediately prior to such application. Landlord agrees that at the termination of Tenant’s obligation to maintain such Letter of Credit as provided herein, the Letter of Credit shall be terminated within ten (10) business days thereafter, provided that Tenant shall have complied in all respects with the terms, covenants, conditions and agreements contained herein. In the event of a change in or transfer of ownership by Landlord, or the sale, lease, assignment or transfer of the Building (collectively, a “Transfer Event”), Landlord shall transfer its interest in the Security Deposit to its purchaser, assignee, transferee, or any other successor in interest and shall provide in writing the address of such successor, and Landlord shall thereupon be released by the Tenant from all liability for the return of the Security Deposit. Tenant agrees to cooperate with Landlord in the event of a form acceptable under Section 3(b) above Transfer Event at no cost to Tenant and in an amount sufficient to restore shall promptly execute all necessary documents reasonably required by Landlord. After the security deposit to its full amount. conclusion of any Transfer Event, Tenant agrees that to look solely to the new landlord for all such future obligations as such new landlord shall have the same responsibilities as contained in this Article 6. Nothing in this Article 6 shall be construed as limiting Tenant’s liability under this Lease to the amount of the Security Deposit. Landlord shall not be required to keep maintain the security deposit in trust, segregate it or keep it Security Deposit separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds accounts. No trust relationship is created herein between Landlord and Tenant shall not be entitled with respect to interest on such depositthe Security Deposit. At Notwithstanding the foregoing, provided that no uncured Default has ever occurred under any term or provision contained in the Lease and no condition exists which with the passage of time or the giving of notice or both would constitute a Default and provided that the net worth of Tenant at the end of the eighteenth (18th) month of the Term then equals or exceeds $19,785,066.00, upon the expiration of the eighteenth (18th) month of the Term, the requirement of Tenant to maintain the Letter of Credit shall lapse and provided there exists no default by Tenant hereunder, Landlord shall immediately return the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, Letter of Credit to Tenant's "Transferee", as such term is defined in Article 15 below), provided . Failure of Tenant to meet the conditions hereunder for lapse of the obligation to maintain the Letter of Credit shall automatically require that subsequent Tenant maintain the Letter of Credit for the balance of the Term pursuant to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease terms and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified conditions contained in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenant6.
Appears in 1 contract
Security Deposit. In lieu of a cash security deposit, Tenant shall deliver to Landlord, on or before the date of commencement of the Tenant Work, a letter of credit in the amount of $250,000.00 (the “Letter of Credit”). The initial Letter of Credit hereunder shall expire no earlier than twelve (12) months from the date of commencement of the Tenant Work and any replacement Letter of Credit hereunder shall expire no earlier than twelve (12) months from the then outstanding and expiring Letter of Credit. Provided that Tenant has deposited or concurrently herewith is depositing with not been in Default of any terms or
(i) Landlord shall be entitled to draw on the sum set forth then outstanding Letter of Credit and retain the entire proceeds thereof; and (ii) Tenant shall be required to deliver a replacement Letter of Credit in Article 1.F. the amount of 150% of the Basic Lease Provisions previously issued Letter of Credit. The Letter of Credit shall be in form as security satisfactory to Landlord and shall include an “evergreen” clause which provides for the full automatic annual renewal of the Letter of Credit. Tenant shall bear all costs and faithful performance expenses related to maintaining the Letter of every provision Credit, including the fees of this Lease to be performed the financial institution that issues the Letter of Credit. Upon the occurrence of a Default (as defined in Section 13.1 of the lease) by Tenant. If Tenant breaches any provision of this Lease, including but not limited to the payment of rent, Landlord may draw upon the Letter of Credit, in whole or in part, and use all or any part of this security deposit the draw on the Letter of Credit for the payment of any rent Rent or for the payment of any other sums in defaultamounts which Landlord may pay or become obligated to pay by reason of such a Default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's defaultsuch a Default. If any portion the Letter of said deposit Credit is so used drawn upon, in whole or appliedin part, Tenant shall, shall within five ten (510) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to therefore restore the security deposit Letter of Credit to its full original amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it cash proceeds of any draw on the Letter of Credit separate from Landlord's its general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such depositcash proceeds. At In no event shall the expiration cash proceeds of any draw on the TermLetter of Credit be considered an advance payment of Rent, and provided there exists in no default event shall Tenant be entitled to use such cash proceeds for the payment of Rent. If no Default by Tenant exists hereunder, the security deposit Letter of Credit (or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as of such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (iitems) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery the expiration of the Statement Term and vacation of the Premises by Tenant. Landlord shall transfer the Letter of Credit to any successor in interest to Landlord. Provided Landlord has transferred the Letter of Credit in accordance with the preceding sentence and such successor has accepted such transfer, Tenant shall look solely to such successor in interest for such calendar year)return of the Letter of Credit, (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned relieved of any liability with respect to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenantitems.
Appears in 1 contract
Security Deposit. (a) As additional consideration for this Lease, Tenant has deposited or concurrently herewith is depositing with delivered to Landlord as a security deposit the sum set forth shown in Article 1.F. of the Basic Lease Provisions Section 1.14 above. Such sum shall be held by Landlord as security for the full and faithful performance by Tenant of every provision all the terms, covenants and conditions of this Lease to be kept and performed by TenantTenant during the entire Lease Term. If Tenant breaches is in breach under any provision of this Lease, including but not limited to the payment of rent, Landlord may use (but shall not be required to) use, apply or retain all or any part of this security deposit for the payment of any rent or any other sums unpaid obligation or sum in default, or for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant's breach, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's defaultbreach. If In the event Landlord elects to so use, apply or retain all or any portion part of said deposit is so used or appliedthe security deposit, Tenant shallshall deposit with Landlord, within five ten (510) days after written of demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount cash sufficient to restore the security deposit to its full amountthe amount set forth in Section 1.14. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration If Tenant shall fully and faithfully perform every provision of the Term, and provided there exists no default by Tenant hereunderthis Lease, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained deductions hereunder by Landlord shall be returned to Tenant (or at Landlord's option, to the last assignee, if any, of Tenant's interest hereunder) within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 following expiration of the California Civil Code Lease Term or Tenant's return of the Leased Premises to Landlord in the condition required hereunder, whichever shall last occur. No trust relationship is created hereby between Landlord and all other provisions Tenant with respect to the security deposit.
(b) Ninety (90) days prior to the commencement of lawthe Premises Improvements, now or hereafter in effect, which provide that Tenant shall pay Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment initial amount of rentOne Million Seventy-three Thousand Four Hundred Twelve and 00/100 Dollars ($1,073,412.00) (“Additional Security Deposit”).
(c) Provided Tenant has not defaulted under this Lease beyond the applicable notice and cure period, the Additional Security Deposit shall be reduced as follows during the Lease Term: • For the period commencing on April 1, 2020, through and including March 31, 2021, the Additional Security Deposit shall be $805,059.00; • For the period commencing on April 1, 2021, through and including March 31, 2022, the Additional Security Deposit shall be $536,706.00; • For the period commencing on April 1, 2022, through and including March 31, 2023, the Additional Security Deposit shall be $375,694.00; and • For the period commencing on April 1, 2023, through and including the Expiration Date, the Additional Security Deposit shall be $161,011.00.
(d) Notwithstanding the foregoing, if Tenant delivers to repair damage caused by Landlord information reasonably satisfactory to Landlord showing that Tenant has readily available cash or to clean cash equivalents totaling not less than $40,000,000, then the Premises, it being agreed that Landlord may, in addition, claim those sums specified amount of the Additional Security Deposit shall be reduced as provided in this Article 4 abovesubsection (d) below. No later than thirty (30) days prior to each scheduled reduction, and all within three (3) business days of Landlord's damages written request made not more than once during each Lease Year during the Lease Term, Tenant shall deliver to Landlord information reasonably satisfactory to Landlord showing that Tenant has readily available cash or cash equivalents totaling not less than $40,000,000. If Tenant fails to deliver such information, or if such information does not reflect readily available cash or cash equivalents totaling at least $40,000,000, then the reduction shall not occur and Tenant shall immediately restore the Additional Security Deposit to an amount determined in accordance with the schedule set forth in subsection (c) above. Provided Tenant has not defaulted under this Lease beyond the applicable notice and California law includingcure period and has satisfied the criteria set forth in this subsection (d) above, but the Additional Security Deposit shall be reduced as follows: • From and including ninety (90) days prior to the commencement of the Premises Improvements through and including March 31, 2020, the Additional Security Deposit shall be $596,340.00; • For the period commencing on April 1, 2020, through and including March 31, 2021, the Additional Security Deposit shall be $447,255.00; • For the period commencing on April 1, 2021, through and including March 31, 2022, the Additional Security Deposit shall be $298,170.00; • For the period commencing on April 1, 2022, through and including March 31, 2023, the Additional Security Deposit shall be $208,719.00; and • For the period commencing on April 1, 2023, through and including the Expiration Date, the Additional Security Deposit shall be $89,451.00.
(e) Notwithstanding the foregoing, if Tenant delivers to Landlord information reasonably satisfactory to Landlord showing that Tenant has readily available cash or cash equivalents totaling not limited toless than $100,000,000, any damages accruing upon termination of then the Additional Security Deposit shall be reduced to $119,268.00 provided Tenant has not defaulted under this Lease under Section 1951.2 beyond the applicable notice and cure period. No later than thirty (30) days prior to the end of each Lease Year, and within three (3) business days of Landlord's written request made not more than once during each Lease Year during the California Civil Code and/or those sums Lease Term, Tenant shall deliver to Landlord information reasonably necessary satisfactory to compensate Landlord for any other loss showing that Tenant has readily available cash or damagecash equivalents totaling not less than $100,000,000. If Tenant fails to deliver such information, foreseeable or unforeseeableif such information does not reflect readily available cash or cash equivalents totaling at least $100,000,000, caused by then Tenant shall immediately restore the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of TenantAdditional Security Deposit to an amount determined in accordance with the above schedules.
Appears in 1 contract
Sources: Office Lease (Smartsheet Inc)
Security Deposit. Section 11.1 Tenant has deposited or concurrently herewith is depositing with paid to Landlord the sum set forth in Article 1.F. of the Basic Lease Provisions as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant breaches any provision of this Lease, including but not limited to the payment of rent, Landlord may use all or any part of this security deposit for the payment of any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in $422,833.00 a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit to its full amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (the "Lease Security Deposit"). The Landlord may apply such Security Deposit, including all interest thereon accrued but not yet paid to the Tenant, as provided in this Article 11, upon any Event of Default by the Tenant hereunder. Provided there is no then subsisting default by the Tenant under this Lease with respect to which the Landlord has given the Tenant notice, and thereafter only at such time as there is no such default by the Tenant then subsisting: (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due on each anniversary of the date upon which the Commencement Date has occurred with respect to the calendar year in entire Original Premises, all interest which this shall have theretofore accrued on the Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation Security Deposit shall be returned disbursed to Tenant and (ii) within thirty (30) days after Landlord's delivery the expiration of this Lease, any remaining portion of the Statement for such calendar year)Lease Security Deposit not theretofore applied shall be disbursed to Tenant. However, (ii) upon any and all amounts reasonably estimated termination of this Lease, the Lease Security Deposit may first be applied by the Landlord to cover any amounts for which the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant is liable under this Lease. In the event the Landlord applies any funds constituting the Lease Security Deposit, the Tenant shall deliver to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal the Landlord as Additional Rent, within ten (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (3010) days after invoice therefor, the amount of the Lease Security Deposit applied by the Landlord, such removal that the balance of the Lease Security Deposit shall be restored to the appropriate amount specified herein. Failure by the Tenant to timely make the Lease Security Deposit shall constitute a condition to the effectiveness of this Lease, failure of which to be timely satisfied by the Tenant shall entitle the Landlord to terminate this Lease.
Section 11.2 The Landlord may pledge its right and repairinterest in and to such Lease Security Deposit to any mortgagee or ground lessor and, in order to perfect such pledge, have such cash held in escrow by such mortgagee or ground lessee or grant such mortgagee or ground lessee a security interest therein. In connection with any such pledge or grant of security interest by the Landlord to a mortgagee or ground lessee ("Security Deposit Pledgee"), Tenant covenants and agrees to cooperate as reasonably requested by the Landlord, in order to permit the Landlord to implement the same on terms and conditions reasonably required by such mortgagee or ground lessee including, without limitation. Whether or not a Security Deposit Pledgee shall have a security interest therein, the Lease Security Deposit shall be deposited in a separately maintained and accounted escrow account established with a bank or other financial institution reasonably acceptable to the Tenant (iii) the "Escrow Holder"). The Tenant agrees that any Security Deposit Pledgee may be the Escrow Holder so long as the Security Deposit Pledgee is a bank or other financial institution. The Landlord and the Tenant agree that a separate three-party escrow agreement, in form and substance satisfactory to the Landlord, the Tenant and the Escrow Holder, will be entered into prior to the date upon which the Tenant may deposit any such sums in cash, and the Tenant agrees to reasonably cooperate from time to time as requested by the Landlord in order to effectuate the holding of any cash amount comprising a portion of the Lease Security Deposit by the Escrow Holder in accordance with terms and conditions reasonably required by such Escrow Holder. Notwithstanding anything in this Lease to the contrary, the Lease Security Deposit shall at all amounts permitted times constitute the property of the Tenant and title to the Security Deposits shall remain with the Tenant. To the extent, if any, the Security Deposits are deemed to be held by law or the Landlord they shall be deemed to be held in trust for the benefit of the Tenant, in all cases, subject however to the Landlord's rights pursuant to this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenant11.
Appears in 1 contract
Sources: Lease (Alkermes Inc)
Security Deposit. Tenant ▇▇▇▇▇▇ has deposited or concurrently herewith is depositing with Landlord paid the sum set forth of $ as a deposit, receipt of which is acknowledged by Landlord as the Security Deposit for this Tenancy and the first monthly installment of rent. [Note: Tenants 62 or over are limited by law to one (1) month’s security deposit plus first month’s rent, Tenants under age 62 are limited by law to two (2) months security deposit plus first month’s rent.]The deposit sums shall be refundable as permitted by law upon ▇▇▇▇▇▇’s vacating the premises, leaving the premises in Article 1.F. of broom clean condition and returning the Basic Lease Provisions as security for keys to the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant breaches any provision of Landlord at the address designated in this Lease, including but not limited to . Landlord shall hold Tenant’s Security Deposit in escrow as may be required by law. Under the payment of rent, Landlord may use all or any part of this security deposit for the payment of any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or appliedlaw, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit to its full amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such security deposit. At If such is the expiration of the Termcase, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof interest shall be returned paid to Tenant (or, at Landlord's option, the prescribed interest rate set forth by law. If Tenant fails to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration make any payments of rent or defaults under any other obligations of this Lease, Landlord may retain from said use the security deposit (i) an amount reasonably estimated in payment of such rent or in payment of any sums Landlord may be forced to spend because of Tenant's default, as permitted by law. If Landlord to cover potential Direct Cost reconciliation payments due with respect to does so use the calendar year security, then he shall notify Tenant in which this Lease terminates or expires (such writing of the amount so retained used along with an itemized list detailing the nature and dollar amount of the damages. If at the end of the term of the Lease Tenant has made all payments of rent required and fully complied with all the other obligations under the Lease, then Landlord shall not, in return the full amount of the security to Tenant together with any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through interest that may be required by law within the date of expiration or earlier time frame allowable by law: within 30 days after termination of this Lease the tenancy or within 15 days of Landlord receiving Tenant’s written notice of ▇▇▇▇▇▇’s forwarding address, whichever is later. Tenant understands and agrees Tenant shall not have the option to apply any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery part of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord Security Deposit towards ▇▇▇▇▇▇’s obligation to cover pay the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4last month’s rent. Tenant hereby waives is still obligated to pay the provisions of Section 1950.7 of final month’s rental payment to Landlord at the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of address listed above for paying rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of . (Tenant.’s Initials)
Appears in 1 contract
Sources: Residential Lease Agreement
Security Deposit. Tenant has deposited or concurrently herewith is depositing with Landlord a. If you are a former NYCHA public housing tenant converting to project-based Section 8 at the sum set forth in Article 1.F. initial conversion of the Basic Lease Provisions as Development, the balance of any security deposit currently held by the New York City Housing Authority for you shall be transferred to the Owner and you will not be required to pay any additional security for the full and faithful performance Leased Premises under this Lease. If you are a new Tenant, any required security deposit is limited to one month of every provision the Tenant’s portion of this Lease the rent in the amount of $ .
b. If required by law, the amount held as the security deposit will be held in an account bearing interest at the banking institution’s prevailing rate. An annual payment of accrued interest will be made by the banking institution to the Tenant, less 1% interest of the security on deposit, to be performed tendered by Tenantthe banking institution to Owner. If Tenant breaches any provision of this Lease, including but not limited to the payment of rent, Landlord Owner may use or apply all or any part of the deposit as may be required to pay for damage to the Leased Premises during the term of this Lease. If ▇▇▇▇▇▇ carries out all of Tenant’s obligations under this Lease, and if the Leased Premises is returned to Owner at the expiration of the lease term in the same condition as when rented by ▇▇▇▇▇▇, ordinary wear and tear excepted, ▇▇▇▇▇▇’s security deposit for the payment will be returned in full to Tenant, with accrued interest thereon, within fourteen (14) days of any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's defaultTenant vacating. If any portion this Lease is renewed, and the amount of said security deposit Owner is so used or appliedpermitted to retain is increased above the amount deposited upon the commencement of this Lease term, then Tenant shall, within five (5) days after written demand thereforupon such Lease renewal, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient pay to restore the order of Owner such additional sum. If Owner sells or leases the building, Owner may remit the security deposit, as provided by law, to Tenant or to the new Owner or Lessee, at Owner’s election. If Owner remits the security deposit to its full amountthe new Owner or ▇▇▇▇▇▇, ▇▇▇▇▇▇ agrees to seek the return of the security deposit from the new Owner or Lessee, and releases Owner from any claim to the security deposit. Tenant agrees that Landlord shall not be required use the security deposit to keep pay the last month’s rent of the Lease term. Owner may use the security deposit in trustfull or in part, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's optionif necessary, to pay for unpaid rent and utility charges, damage beyond ordinary wear and tear, or expenses due to moving and storing Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenant’s belongings.
Appears in 1 contract
Sources: Residential Apartment Lease