Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 4 contracts
Samples: Sublease (Litronic Inc), Sublease (Litronic Inc), Sublease (Litronic Inc)
Security Deposit. Sublessee Within two (2) days after Subtenant’s execution and delivery of this Sublease, Subtenant shall deliver to Sublandlord an initial security deposit in the amount of One Million Dollars ($1,000,000) (the “Initial Security Deposit”, and together with Sublessor any Extension Security Deposit held from time to time, the “Security Deposit”) in the form of an unconditional, irrevocable standby letter of credit without documents, i.e., no obligation on Sublandlord’s part to present anything but a sight draft, with Sublandlord as beneficiary, drawable in whole or in part, providing for payment in Boston, Massachusetts, on presentation of Sublandlord’s drafts on sight, providing for multiple draws and multiple successors and otherwise both from a bank and in a form reasonably acceptable to Sublandlord (an “LC”). Notwithstanding the foregoing, Subtenant may elect to initially deliver the Initial Security Deposit in cash form, provided that Subtenant delivers an LC to Sublandlord to replace the cash Initial Security Deposit within forty-five (45) days of the effective date of this Sublease, and upon execution Sublandlord’s receipt of such LC, Sublandlord shall promptly return the cash balance of the Initial Security Deposit to Subtenant. If any portion of the Security Deposit is used or applied pursuant to this Section 5, Sublandlord shall provide Subtenant with written notice setting forth the amounts so used or applied and the purpose therefor, and Subtenant shall, within ten (10) days after receipt of such notice, deposit cash or a replacement letter of credit (in form and substance subject to the same requirements as the original letter of credit) in an amount sufficient to restore the Security Deposit to the required balance hereunder at such time. Subtenant’s failure to do so shall be a material default and breach of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) by Subtenant. The Security Deposit shall be held by Sublandlord as security for Sublessee's the faithful performance by Subtenant of Sublessee's obligations hereunder ("Security Deposit")all the terms, covenants, and conditions of this Sublease applicable to Subtenant. If Sublessee fails Subtenant defaults with respect to pay rent any provision of this Sublease beyond all applicable periods of notice and cure, including but not limited to the provisions relating to the condition of the Subleased Premises upon the Expiration Date, Sublandlord may (but shall not be required to) use, apply or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion part of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor Sublandlord may become obligated spend by reason of Sublessee's default or breach, or for Subtenant’s default. The rights of Sublandlord pursuant to this Section are in addition to any loss or damage sustained by Sublessor as a result of Sublessee's default or breachrights which Sublandlord may have pursuant to Section 10 below. If Sublessor so uses any portion Upon the expiration of the initial term (without giving effect to any Extension Periods) hereof or earlier termination of this Sublease, and when all then-existing defaults hereunder have been cured, Sublandlord shall return the Initial Security Deposit, Sublessee shall, Deposit or any balance thereof (without interest) to Subtenant within ten three (103) months of such expiration or termination. Failure of Subtenant to deliver a replacement letter of credit to Sublandlord at least thirty (30) days after written demand by Sublessor, restore the Security Deposit prior to the full amount originally deposited, and Sublessee's failure to do so expiration date of any current letter of credit shall constitute a separate default under this Sublease. Sublessor shall not be required entitling Sublandlord, following written notice and an opportunity to keep the Security Deposit separate from its general accountscure by Subtenant, to draw down immediately and shall have no obligation or liability for payment of interest entirely on the current letter of credit and the proceeds shall constitute a cash Initial Security Deposit. In With respect to any Extension Period, Subtenant shall provide to Sublandlord the event Sublessor assigns its interest Extension Security Deposit applicable thereto. Upon expiration or earlier termination of any Extension Period and when all then-existing defaults hereunder have been cured, Sublandlord shall return the Extension Security Deposit or any balance thereof (without interest) to Subtenant within three (3) months of such expiration or earlier termination. Notwithstanding anything in this Section 5 to the contrary, if the expiration of the initial term or any Extension Period shall also represent the occurrence of the Expiration Date, then upon expiration or earlier termination of this Sublease, Sublessor Sublandlord shall deliver to its assignee so much of the return any Security Deposit as is then held by Sublessor. Within ten or any balance thereof (10without interest) days to Subtenant within three (3) months of such expiration or earlier termination, and after the Term has expired, or Sublessee Subtenant has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has Subleased Premises and all then-existing defaults hereunder have been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereundercured.
Appears in 3 contracts
Samples: Sublease (Acorda Therapeutics Inc), Sublease (Civitas Therapeutics, Inc.), Sublease (Civitas Therapeutics, Inc.)
Security Deposit. Sublessee 7.1 On or before the date of final signature by both parties hereto, Subtenant shall deposit with Sublessor upon execution FibroGen a sum equal to one hundred percent (100%) of this the first month’s Rent; and on or before the Sublease Commencement Date, Subtenant shall deposit with FibroGen an additional sum equal to two hundred percent (200%) of the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) first month’s Rent both sums as security for Sublessee's the full and faithful performance of Sublessee's obligations hereunder each provision of this Sublease.
7.2 Subtenant shall provide a properly completed, signed and dated IRS Form W-9 or Form W-8BEN ("Security Deposit"). as applicable, the “IRS W8/9 Form”) to FibroGen.
7.3 If Sublessee fails Subtenant defaults with respect to pay rent or other charges when due under any provision of this Sublease, including, but not limited to, the provisions relating to the payment of Rent or fails to perform any of its other obligations hereundercharges, Sublessor FibroGen may use use, apply or apply retain all or any portion part of the Security Deposit said deposit for the payment of any rent Rent or other amount then due hereunder and unpaid, charges in default; or for the payment of any other sum for amount which Sublessor FibroGen may spend or become obligated to spend by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachSubtenant’s default. If Sublessor so uses any portion of the Security Depositsaid deposit is so used or applied, Sublessee Subtenant shall, within ten (10) days after written demand by Sublessortherefore, deposit cash with FibroGen in an amount sufficient to restore the Security Deposit said deposit to the full amount originally depositedhereinabove stated, and Sublessee's Subtenant’s failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be If Subtenant fully and faithfully performs every provision required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in by this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Depositsaid deposit, or so much thereof as had has not theretofore been applied or credited by Sublessor, FibroGen shall be returned to Sublessee or Subtenant (or, at FibroGen’s option, to the last assignee, if any, assignee of Sublessee's Subtenant’s interest hereunder) at the expiration of the term hereof. The making by Subtenant of such deposit, or the application thereof by FibroGen in the manner hereinabove provided, shall not constitute nor be construed as a limitation upon the exercise by FibroGen of any other rights or remedies provided to FibroGen under the terms of this Sublease in the event of Subtenant’s default. In the event FibroGen sells or assigns FibroGen’s interest in the 409 Building, FibroGen may assign said deposit to the purchaser of FibroGen’s interest in the demised premises without liability to Subtenant. FibroGen’s obligations with respect to the deposit are those of a debtor and not a trustee. FibroGen may maintain the deposit separate and apart from FibroGen’s general funds or can commingle the deposit with FibroGen’s general and other funds.
Appears in 3 contracts
Samples: Sublease (Merrimack Pharmaceuticals Inc), Sublease (Merrimack Pharmaceuticals Inc), Sublease (Merrimack Pharmaceuticals Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars (hereof $20,250.40) 3,968.00 as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, hereinabove stated and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Depositsaid deposit, or so much thereof as had has not theretofore been applied by Sublessor, shall be returned returned, without payment of interest or other increment for its use to Sublessee (or at Sublessor's option, to the last assignee, if any, of Sublessee's interest hereunder) at the expiration of the term hereof, and after Sublessee has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to said Security Deposit.
Appears in 3 contracts
Samples: Sublease Agreement (Cumetrix Data Systems Corp), Sublease Agreement (Cumetrix Inc), Sublease Agreement (Cumetrix Data Systems Corp)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Fifteen Thousand Two Nine Ninety Eight Hundred Fifty and 40/100ths 12/100 Dollars ($20,250.4015,998.12) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee Sublessor fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten Sublessor within (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, Deposit or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or applied to the last assigneetwo months of the term, if any, of Sublessee's interest hereunder.
Appears in 3 contracts
Samples: Sublease (Maxxis Group Inc), Sub Sublease (Maxxis Group Inc), Sublease (Maxxis Group Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon execution on the Effective Date an amount equal to two (2) months Rent at the rate of this Sublease the sum of Twenty Ninety Four Thousand Two Nine Hundred Fifty Forty Six and 40/100ths 00/100 Dollars ($20,250.4094,946.00) per month, for a sum total of One Hundred Eighty Nine Eight Hundred Ninety Two and 00/100 Dollars ($189,892.00), as security for Sublessee's faithful performance of Sublessee's its obligations hereunder (the "Security Deposit"). If Sublessee fails to pay rent Rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Deposit, Sublessee shall, within ten (10) days after its receipt of Sublessor's written demand by Sublessordemand, deposit cash with Sublessor in an amount sufficient to restore the Security Deposit to the full amount originally deposited, and set forth above. Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts. If Sublessee performs all of its obligations hereunder, following the Termination Date and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever Sublessor shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, return the Security Deposit, Deposit (or so much the portion thereof as had which has not theretofore been applied by Sublessor, shall be returned ) to Sublessee (or at Sublessor's option, to the last assignee, if any, of Sublessee's interest hereunderin the Sublease). No trust relationship is created herein between Sublessor and Sublessee with respect to the Security Deposit. No payment of interest or other incremental charge shall be payable to Sublessee for Sublessor's use of the Security Deposit.
Appears in 3 contracts
Samples: Assignment and Assumption of Sublease (Marimba Inc), Assignment and Assumption of Sublease (Marimba Inc), Assignment and Assumption of Sublease (Marimba Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon Sublessee's execution of this Sublease hereof the sum of Twenty Sixteen Thousand Two Four Hundred Fifty and 40/100ths Sixty-Four 99/100 Dollars ($20,250.4016,464.99) ("Security Deposit"), plus applicable sales tax as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent Base Rental or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the said Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the said Security Depositdeposit, Sublessee shall, within ten (10) days after written demand by Sublessortherefor, deposit cash with Sublessor in and amount sufficient to restore the said Security Deposit deposit to the full amount originally deposited, stated above and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the said Security Deposit deposit separate from its general accounts, and shall have no obligation or liability for payment account. If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the said Security Deposit, or so much thereof as had has not theretofore been applied by Sublessor, shall be returned returned, without payment of interest to sublessee at the expiration of the term hereof, and after Sublessee or has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to the last assignee, if any, of Sublessee's interest hereundersaid Security deposit.
Appears in 3 contracts
Samples: Sublease (Goldenaccess Com Inc), Sublease (Goldenaccess Com Inc), Sublease (Goldenaccess Com Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) hereof $ as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, Sublessor, may use, apply or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, hereinabove stated and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Depositsaid deposit, or so much thereof as had has not theretofore been applied by Sublessor, shall be returned returned, without payment of interest or other increment for its use to Sublessee (or at Sublessor s option, to the last assignee, . if any, of Sublessee's interest hereunder) at the expiration of the term hereof, and after Sublessee has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to said Security Deposit.
Appears in 3 contracts
Samples: Sublease Agreement, Sublease Agreement, Sublease Agreement
Security Deposit. Sublessee shall deposit Undertenant shall, concurrent with Sublessor upon execution of this Sublease Secondary Sublease, deliver to Underlandlord a security deposit ("Deposit") in the sum amount of Twenty Forty-Six Thousand Two Four Hundred Fifty Sixty-Three and 40/100ths No/00 Dollars ($20,250.4046,453.00) as security for Sublesseerepresenting one (1) month Base Rent. The Deposit shall be held by Underlandlord to insure Undertenant's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any all of its other obligations hereunder, Sublessor may use or apply all or any portion of under the Security Deposit for Secondary Sublease. Underlandlord shall have the payment of any rent or other amount then due hereunder and unpaid, for the payment of right from time to time without prejudice to any other sum for which Sublessor remedy Underlandlord may become obligated by reason of Sublessee's default or breachhave on account hereof, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of to apply the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant part thereof, to Subsection 6.2 hereof has been madeUnderlandlord's damages arising from any uncured default on the part of Undertenant. Provided Undertenant shall have fully and timely complied with all of the terms, whichever covenants and conditions of this sublease, Underlandlord shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, return the Security Deposit, or so much remainder thereof as had not theretofore been applied previously applied, to Undertenant on the expiration or earlier termination of the Term and surrender by Sublessor, shall be returned Undertenant of the Subleased Premises to Sublessee or Underlandlord. Underlandlord may hold the Deposit without any obligation to pay interest thereon and may commingle the last assignee, if any, of SublesseeDeposit with Underlandlord's other funds. If Underlandlord conveys Underlandlord's interest hereunderunder this Secondary Sublease, the Deposit, or any part thereof not previously applied, may be turned over by Underlandlord to Underlandlord's grantee, whereupon, Undertenant agrees to look solely to such grantee for application and return of the Deposit in accordance herewith.
Appears in 2 contracts
Samples: Sublease (Predix Pharmaceuticals Holdings Inc), Sublease (EPIX Pharmaceuticals, Inc.)
Security Deposit. Sublessee shall deposit with Sublessor upon Upon execution of this Sublease Sublease, Subtenant shall deliver to Sublandlord the sum of Twenty One Hundred Sixty-One Thousand Two Four Hundred Fifty and 40/100ths No/100 Dollars ($20,250.40161,400.00) as security for Sublessee's faithful the performance of SublesseeSubtenant's obligations hereunder under this Sublease ("Security Deposit"). If Sublessee Subtenant fails to pay rent Rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor Sublandlord may use or apply all or any the portion of the Security Deposit required for the payment of any rent Rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor Sublandlord may become obligated by reason of SublesseeSubtenant's default or breach, or for any loss or damage sustained by Sublessor Sublandlord as a result of SublesseeSubtenant's default or breach. If Sublessor Sublandlord so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, Subtenant shall restore the Security Deposit to the full amount originally deposited, and Sublesseedeposited within ten (10) days after receipt of Sublandlord's failure to do so shall constitute a default under this Subleasewritten demand therefor. Sublessor Sublandlord shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the The Security Deposit, or so much thereof as had not theretofore been applied by SublessorSublandlord, shall be returned to Sublessee Subtenant within thirty (30) days of the expiration or to earlier termination of this Sublease, provided Subtenant has vacated the last assignee, if any, Sublease Premises in accordance with the terms of Sublessee's interest hereunderthis Sublease.
Appears in 2 contracts
Samples: Sublease (Virologic Inc), Consent to Sublease (Diadexus Inc)
Security Deposit. (a) Simultaneously with the execution and delivery of this Sublease, Sublessee has deposited (the "SECURITY DEPOSIT") with Sublessor the sum of Two Hundred Sixty-Seven Thousand Three Hundred Thirty-Eight Dollars ($267,338) to be held during the Term as security for the payment of the Base Rent, additional rent and all other sums of money payable by Sublessee under this Sublease, and for the faithful performance of all other covenants and agreements of Sublessee under this Sublease. The Security Deposit shall be returned to Sublessee (subject to the application thereof to any unpaid "SECURED OBLIGATION" as hereinafter defined) within thirty (30) days after the expiration date of this Sublease. Said Security Deposit be held in a non-segregated, non-interest bearing account.
(b) Notwithstanding anything to the contrary set forth herein and subject to the terms and conditions of this Article 25, if Sublessee fails to commence construction and/or thereafter diligently continue and complete construction of the Unfinished Space in accordance with the plans approved therefor by Sublessor within nine (9) months after the Commencement Date, the Security Deposit shall be increased on the nine month anniversary of the Commencement Date (the "SECURITY INCREASE DATE") to Eight Hundred and Two Thousand Thirteen Dollars ($802,013) and such amount shall be deemed to be the Security Deposit hereunder. The failure by Sublessee to provide such increase in the Security Deposit shall be deemed to be a material breach of the terms of this Sublease and an Event of Default.
(c) If an Event of Default shall occur hereunder, in addition to all of Sublessor's right and remedies set forth in this Sublease, within ten (10) days after notice by Sublessor, Sublessee shall immediately restore the Security Deposit to the full amount of the Security Deposit.
(d) Sublessee's Federal Identification Number is (omitted).
(e) If an Event of Default shall occur and be continuing, Sublessor may, subject to the terms and conditions hereinafter set forth, apply the whole or any part of the Security Deposit (i) toward the payment of any Base Rent or any item of additional rent due under this Sublease as to which Sublessee is then in default beyond any applicable notice, cure and/or grace period and (ii) toward any sum which Sublessor may expend or may be required to expend by reason of Sublessee's default, beyond any applicable notice, cure and/or grace period, in respect of any of the terms, covenants and conditions of this Sublease (the obligations of Sublessee set forth in the foregoing clauses (i) and (ii) being referred to collectively herein as the "SECURED OBLIGATIONS"). If Sublessor applies or retains any part of the proceeds of the Security Deposit, Sublessee, upon demand by Sublessor, shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) amount so applied or retained so that Sublessor shall have the full Security Deposit on deposit as security for Sublesseethe Secured Obligations, at all times during the Term.
(f) In lieu of the cash security deposit, Sublessee may at any time during the Term deliver to Sublessor and shall thereafter maintain in effect a clean, irrevocable, non-documentary and unconditional letter of credit, in the form attached hereto as EXHIBIT E (the "LETTER OF CREDIT") issued by and drawable upon any commercial bank, trust company, national banking association or savings and loan association with offices for banking and drawing purposes in the State of New Jersey (the "ISSUING BANK"), which has 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 Xxxxx'x Investors Service and "AA" or better by Standard & Poor's faithful performance Ratings Service (and is not on credit-watch with negative implications), and has combined capital, surplus and undivided profits of not less than $500,000,000. The Letter of Credit shall (i) name Sublessor as beneficiary, (ii) be in the amount of the Security Deposit, (iii) have a term of not less than one (1) year, (iv) permit multiple drawings, (v) be fully transferable by Sublessor multiple times without the consent of Sublessee and without the payment of any fees or charges, (vi) be payable to Sublessor or an authorized representative of Sublessor upon presentation of only the Letter of Credit and a sight draft and shall not contain as a condition to a draw the requirement of Sublessor's certification or other statement as to the existence of Sublessee's obligations hereunder default, and ("Security Deposit")vii) otherwise be in form and content satisfactory to Sublessor. If upon any transfer of the Letter of Credit, any fees or charges shall be so imposed, then such fees or charges shall be payable solely by Sublessee fails and the Letter of Credit shall so specify. 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 through the date that is at least sixty (60) days after the Expiration Date, unless the Issuing Bank sends a notice (the "NON-RENEWAL NOTICE") to pay rent Sublessor by certified mail, return receipt requested, not less than sixty (60) days prior to the then-current expiration date of the Letter of Credit, stating that the Issuing Bank has elected not to renew the Letter of Credit. Sublessor shall have the right to draw upon the Letter of Credit (in whole or other charges when due in part, at Sublessor's discretion) at any time or times that Sublessor shall, under this Sublease, or fails be entitled to perform any of its other obligations hereunder, Sublessor may use retain or apply all or any portion of the Security Deposit for Deposit. Sublessor also shall have the payment right, upon receipt of a Non-Renewal Notice, to draw the full amount of the Letter of Credit, by sight draft on the Issuing Bank, and shall thereafter hold or apply the cash proceeds of the Letter of Credit pursuant to the terms of this Section 25. The Letter of Credit shall state that drafts drawn under and in compliance with the terms of the Letter of Credit will be duly honored upon presentation to the Issuing Bank at an office location in the State of New Jersey or the State of Connecticut. The Letter of Credit shall be subject in all respects to the International Standby Practices 1998, International Chamber of Commerce Publication No. 590. Sublessee shall cooperate, at Sublessee's expense, with Sublessor to promptly execute and deliver to Sublessor any rent or other amount then due hereunder and unpaidall modifications, for amendments, and replacements of the payment Letter of any other sum for which Credit, as Sublessor may become obligated by reason reasonably request to carry out the intent, terms and conditions of Sublessee's default or breachthis Section 25. If Sublessee is required to increase the Security Deposit as required in this Section 25, or Sublessee may tender to Sublessor a replacement Letter of Credit for any loss or damage sustained by such increased amount and thereupon, Sublessor as a result shall exchange the Letter of Sublessee's default or breachCredit it is then holding for such replacement Letter of Credit. If Sublessor so uses applies or returns any portion part of the proceeds to the Security Deposit, Sublessee shallSublessee, within ten (10) days after written upon demand by Sublessor, restore shall deposit with Sublessor the amount so applied or retained in the form of an additional letter of credit meeting the requirements hereof, or an increase in the amount of the xxxxxx of credit meeting the requirements hereof so that Sublessor shall have the full Security Deposit to on deposit as security for the full amount originally depositedSecured Obligations, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep at all times during the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderTerm.
Appears in 2 contracts
Samples: Sublease Agreement (Amicus Therapeutics Inc), Sublease Agreement (Amicus Therapeutics Inc)
Security Deposit. Sublessee Upon execution hereof, Subtenant shall deposit with Sublessor upon execution of this Sublease Sublandlord, in cash, the sum of Twenty Thousand Two Hundred Fifty one hundred thirty-six thousand three hundred eighty-four dollars and 40/100ths Dollars no cents ($20,250.40136,384.00) as security and for Sublesseea Security Deposit to secure Subtenant's faithful full and timely performance of Sublessee's all of its obligations hereunder ("Security Deposit")hereunder. If Sublessee fails Subtenant defaults after notice and the expiration of any cure period, with respect to pay rent or other charges when due under any provision of this Sublease, Sublandlord may (but shall not be obligated to) use, apply, or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become Subtenant is obligated by reason of Sublessee's default or breach, or which will compensate Sublandlord for any loss or damage sustained which Sublandlord may suffer thereby. Any such use, application, or retention shall not constitute a waiver by Sublessor as a result Sublandlord of Sublessee's default its right to enforce its other remedies hereunder, at law, or breachin equity. If Sublessor so uses any portion of the Security Depositsaid deposit is so used, Sublessee applied, or retained, Subtenant shall, within ten (10) days after delivery of written demand by Sublessorfrom Sublandlord, restore the Security Deposit said deposit to the full amount originally deposited, and Sublesseeits original amount. Subtenant's failure to do so shall constitute a default under material breach of this Sublease, and in such event Sublandlord may elect, among or in addition to other remedies, to terminate this Sublease. Sublessor Sublandlord shall not be a trustee of such deposit, and shall not be required to keep the Security Deposit this deposit separate from its general accounts, . Sublandlord alone shall be entitled to any interest or earnings thereon and Sublandlord shall have no obligation or liability for payment the free use of interest on the Security Depositsame. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, If Subtenant fully and provided Sublessee is not then in default of any faithfully performs all of its obligations hereunder, the Security Deposit, or then so much thereof of the deposit as had not theretofore been applied by Sublessor, remains shall be returned to Sublessee Subtenant (without payment of interest or earnings thereon) within thirty (30) days after the later of (i) expiration or sooner termination of the tern of this Sublease; or (ii) Subtenant's surrender of possession of the Subleased Premises to the last assignee, if any, of Sublessee's interest hereunderSublandlord.
Appears in 2 contracts
Samples: Sublease Agreement (Ase Test LTD), Sublease Agreement (Advanced Semiconductor Engineering Inc)
Security Deposit. Sublessee Sub-Subtenant may, in its sole discretion, (i) provide a cash Security Deposit in lieu of the Letter of Credit prior to the issuance of a Letter of Credit, or (ii) at any time, substitute a cash Security Deposit for the Letter of Credit, and upon such substitution, Sub-Sublandlord shall return the Letter of Credit to Sub-Subtenant within (5) business days after Sub-Sublandlord’s receipt of the cash Security Deposit. In the event Sub-Sublandlord holds any cash security deposit with Sublessor upon execution of this (the “Security Deposit”) from time to time during the Sub-Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) Term, as security for Sublessee's the faithful performance by Sub-Subtenant of Sublessee's obligations hereunder ("Security Deposit")all the terms, covenants, and conditions of this Sub-Sublease to be kept and performed by Sub-Subtenant during the Sub-Sublease Term, this Section 4.6.5 shall apply. If Sublessee Sub-Subtenant fails to pay rent Rent or other charges when sums due under hereunder, or otherwise is in breach with respect to any provisions of this Sub-Sublease, Sub-Sublandlord may use, apply or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit for the payment of any rent past due sum or other amount then due hereunder and unpaid, for the payment of any other sum for to which Sublessor Sub-Sublandlord may become obligated by reason of Sublessee's default or Sub-Subtenant’s breach, or to compensate Sub-Sublandlord for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachwhich Sub-Sublandlord may suffer thereby. If Sublessor Sub-Sublandlord so uses or applies all or any portion of the Security Deposit, Sublessee shall, Sub-Subtenant shall within ten (10) days after written demand by Sublessor, therefor deposit cash with Sub-Sublandlord in an amount sufficient to restore the Security Deposit to the full amount originally deposited, thereof and Sublessee's Sub-Subtenant’s failure to do so shall constitute be a default under material breach of this Sub-Sublease. Sublessor If Sub-Subtenant performs all of Sub-Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sub-Sublandlord, shall be returned, without interest, to Sub-Subtenant (or, at Sub-Sublandlord’s option, to the last assignee, if any, of Sub-Subtenant’s interest hereunder) within sixty (60) days following the later to occur of (a) the expiration of the Term, and (b) Sub-Subtenant’s vacation from the Sub-Sublease Premises and completion of all removal, repair and restoration obligations. No trust relationship is created herein between Sub-Sublandlord and Sub-Subtenant with respect to the Security Deposit. Sub-Sublandlord shall not be required to keep the Security Deposit separate from its general other accounts. Sub-Subtenant hereby waives any and all rights under and the benefits of Section 1950.7 of the California Civil Code, and shall have no obligation all other provisions of law now in force or liability for payment that become in force after the date of interest on the Security Deposit. In the event Sublessor assigns its interest in execution of this Sub-Sublease, Sublessor shall deliver that provide that Sub-Sublandlord may claim from a security deposit only those sums reasonably necessary to its assignee so much of the Security Deposit as is then held remedy any failure to timely pay Rent, to repair damage caused by Sublessor. Within ten (10) days after the Term has expiredSub-Subtenant, or Sublessee has vacated to clean the Sub-Sublease Premises. Sub-Sublandlord and Sub-Subtenant agree that Sub-Sublandlord may, in addition, claim those sums reasonably necessary to compensate Sub-Sublandlord for any other foreseeable or unforeseeable loss or damage caused by the act or omission of Sub-Subtenant or Sub-Subtenant’s officers, agents, employees, independent contractors, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderinvitees.
Appears in 2 contracts
Samples: Sub Sublease (Carmot Therapeutics Inc.), Sub Sublease (Carmot Therapeutics Inc.)
Security Deposit. Concurrently with Sublessee’s execution of this Sublease, Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars $424,644.28 as a security deposit ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("the “Security Deposit")”) for the performance by Sublessee of its obligations under this Sublease. If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunderis in default, Sublessor may use the Security Deposit, or apply any portion of it, to cure the default or to compensate Sublessor for all damage sustained by Sublessor resulting from Sublessee’s default. Sublessee shall immediately on demand pay to Sublessor a sum equal to the portion of the Security Deposit expended or applied by Sublessor as provided in this Section so as to maintain the Security Deposit in the sum initially deposited with Sublessor. If Sublessee is not in default at the expiration or termination of this Sublease, Sublessor shall return the Security Deposit to Sublessee. Sublessor’s obligations with respect to the Security Deposit are those of a debtor and not a trustee. Sublessor may maintain the Security Deposit separate and apart from Sublessor’s general and other funds or may commingle the Security Deposit with Sublessor’s general and other funds. Sublessor shall not be required to pay Sublessee any interest on the Security Deposit. Sublessee hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in force, which provide that Sublessor may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Sublessee or to clean the Premises. Notwithstanding the foregoing, at any time after the end of the third (3rd) year of the Term of this Sublease, Sublessee may elect to replace the cash Security Deposit with a letter of credit satisfying the terms of this Section, in which case Sublessor will return the cash Security Deposit to Sublessee within ten (10) business days after its receipt of a letter of credit meeting the terms of this Sublease. If Sublessee elects to pursue this option, Sublessee shall provide to Sublessor an unconditional, irrevocable and renewable letter of credit in favor of Sublessor meeting the requirements of this Section below, in the amount of $424,644.28 (“Letter of Credit”). The Letter of Credit will be in the form attached hereto as Exhibit ‘D’, issued by a financial institution satisfactory to Sublessor to be held by Sublessor in accordance with the terms, provisions and conditions of this Sublease. Sublessee shall pay all expenses, points and/or fees incurred by Sublessee in obtaining and maintaining the Letter of Credit. If the Letter of Credit delivered by Sublessee is inconsistent with the form attached hereto as Exhibit ‘D’ (including, without limitation, the wrong name or address for the Beneficiary), Sublessor may so notify Sublessee in writing, in which case Sublessee shall cause the Letter of Credit to be corrected within five (5) business days after such notice. If the issuer of the Letter of Credit is declared to be insolvent by the Federal Deposit Insurance Corporation (or any comparable institution) or becomes a debtor in any case or proceeding under the Bankruptcy Code or any similar law or statute, or ceases to conduct business for any reason, Sublessor may so notify Sublessee, in which case Sublessee shall, within five (5) business days after such notice from Sublessor, provide Sublessor with a new Letter of Credit which otherwise meets the requirements of this Section. The Letter of Credit shall state that an authorized officer or other representative of Sublessor may make demand on Sublessor’s behalf for the principal amount of the Letter of Credit, or any portion thereof, and that the issuing bank must immediately honor such demand, without qualification or satisfaction of any conditions, except the proper identification of the party making such demand. In addition, the Letter of Credit shall indicate that it is transferable in its entirety by Sublessor as beneficiary and that upon receiving written notice of transfer, and upon presentation to the issuing bank of the original Letter of Credit, the issuer or confirming bank will reissue the Letter of Credit naming such transferee as the beneficiary. Sublessee shall be responsible for the payment to the issuing bank of any transfer costs imposed by the issuing bank in connection with any such transfer. If (A) the term of the Letter of Credit held by Sublessor will expire prior to sixty (60) days following the last day of the Term and the Letter of Credit is not extended, or a new Letter of Credit for an extended period of time is not substituted, in either case at least sixty (60) days prior to the expiration of the Letter of Credit, or (B) Sublessee commits a default with respect to any provision of the Master Lease or this Sublease, including the filing of a voluntary petition under Title 11 of the United States Code (i.e., the Bankruptcy Code), or otherwise becomes a debtor in any case or proceeding under the Bankruptcy Code, as now existing or hereinafter amended, or any similar law or statute, Sublessor may (but shall not be required to) draw upon all or any portion of the Security Deposit Letter of Credit, and the proceeds received from such draw shall constitute Sublessor’s property (and not Sublessee’s property or the property of the bankruptcy estate of Sublessee) and Sublessor may then use, apply or retain all or any part of the proceeds (1) for the payment of any rent or other amount then due hereunder and unpaidsum which is in default, (2) to reimburse Sublessor for costs incurred by Sublessor in connection with this Sublease, (3) for the payment of any other sum for amount which Sublessor may spend or become obligated to spend by reason of Sublessee's default or breachsuch default, or (4) to compensate Sublessor for any loss or damage sustained which Sublessor may suffer by Sublessor as a result reason of Sublessee's such default or breach(5) as prepaid rent to be applied against the Base Rent and Additional Rent obligations for the last month of the Term and the immediately preceding month(s) of the Term until the remaining proceeds are exhausted. If Sublessor so uses any portion of the Security DepositLetter of Credit proceeds are so used or applied, Sublessee shall, within ten (10) days after written demand by Sublessortherefor, restore post an additional Letter of Credit in an amount to cause the Security Deposit aggregate amount of the unused proceeds and such new Letter of Credit to equal the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under Stated Amount required in this SubleaseSection above. Sublessor shall not be required to keep any proceeds from the Security Deposit Letter of Credit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Depositfunds. In the event Should Sublessor assigns assign its interest in this Subleasethe Master Lease during the Term and if Sublessor deposits with the assignee thereof the Letter of Credit or any proceeds of the Letter of Credit, thereupon Sublessor shall deliver be discharged from any further liability with respect to its assignee so much the Letter of Credit and said proceeds and Sublessee shall look solely to such transferee for the return of the Security Deposit as is then Letter of Credit or any proceeds therefrom. The Letter of Credit or any remaining proceeds of the Letter of Credit held by Sublessor. Within ten (10) days Sublessor after expiration of the Term has expiredTerm, or Sublessee has vacated the Premises, or after any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then deductions described in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessorthis Section above, shall be returned to Sublessee or or, at Sublessor’s option, to the last assignee, if any, assignee of Sublessee's ’s interest hereunder, within sixty (60) days following the expiration of the Term. The use, application or retention of the Letter of Credit, the proceeds or any portion thereof, shall not prevent Sublessor from exercising any other rights or remedies provided under this Sublease, it being intended that Sublessor shall not be required to proceed against the Letter of Credit, and such use, application or retention of the Letter of Credit shall not operate as a limitation on any recovery to which Sublessor may otherwise be entitled. No trust relationship is created herein between Sublessor and Sublessee with respect to the Letter of Credit. Sublessor and Sublessee acknowledge and agree that in no event or circumstance shall the Letter of Credit, any renewal thereof or substitute therefor or the proceeds thereof be (i) deemed to be or treated as a “security deposit” within the meaning of California Civil Code Section 1950.7, (ii) subject to the terms of such Section 1950.7, or (iii) intended to serve as a “security deposit” within the meaning of such Section 1950.7. The parties hereto (A) recite that the Letter of Credit is not intended to serve as a security deposit and such Section 1950.7 and any and all other laws, rules and regulations applicable to security deposits in the commercial context (“Security Deposit Laws”) shall have no applicability or relevancy thereto and (B) waive any and all rights, duties and obligations either party may now or, in the future, will have relating to or arising from the Security Deposit Laws. Notwithstanding the foregoing, to the extent California Civil Code Section 1950.7 in any way: (a) is applicable to this Lease or the Letter of Credit (or any proceeds thereof); or (b) controls Sublessor’s rights to draw on the Letter of Credit or apply the proceeds of the Letter of Credit to any amounts due under the Lease or any damages Sublessor may suffer following termination of this Lease, then Sublessee fully and irrevocably waives the benefits and protections of Section 1950.7 of the California Civil Code, it being agreed that Sublessor may recover from the Letter of Credit (or its proceeds) all of Sublessor’s damages under this Sublease and California law including, but not limited to, any damages accruing upon the termination of this Sublease in accordance with this Lease and Section 1951.2 of the California Civil Code.
Appears in 2 contracts
Samples: Sublease (Gossamer Bio, Inc.), Sublease (Gossamer Bio, Inc.)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Sixteen Thousand, Five Hundred Fifty Seventy-Four and 40/100ths 15/100 Dollars ($20,250.40) 16,574.15 as security for Sublessee's ’s faithful performance of Sublessee's ’s obligations hereunder ("“Security Deposit"”). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's ’s default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's ’s default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's ’s failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest Interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's ’s interest hereunder.
Appears in 2 contracts
Samples: Sublease Agreement (GenuTec Business Solutions, Inc.), Sublease (GenuTec Business Solutions, Inc.)
Security Deposit. Sublessee shall deposit with Sublessor upon execution Lessor acknowledges that Xxxxxx has established, or will prior to the Commencement Date establish, an unconditional, irrevocable letter of this Sublease credit (“Letter of Credit”) for the benefit of Lessor in the sum of Twenty Thousand Two Hundred Fifty ninety-three thousand one hundred and 40/100ths Dollars eighty three dollars and thirty cents ($20,250.4093,183.30) as security for Sublessee's faithful (hereinafter the “Security Deposit”) to secure performance of Sublessee's Xxxxxx’s obligations hereunder hereunder. As set forth herein, Lessor agrees ("a) to transfer said Security Deposit"). If Sublessee fails Deposit to any purchaser of the Building of which the Leased Premises are a part, notify Lessee of that pay over, and to provide Lessee with written acknowledgment by such purchaser subject to the terms of this Lease, provided (i) no Default of Lessee then exists and (ii) said Security Deposit has not been used to correct any default of Lessee, in which event only the balance remaining after Lessor has made itself whole shall be transferred to such purchaser; and (b) to pay rent to Lessee at the expiration or other charges when due under termination of this SubleaseLease said Security Deposit provided (i) no Default of Lessee then exists, or fails (ii) said Security Deposit has not been transferred to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion a purchaser of the Building of which the Leased Premises are a part, and (iii) said Security Deposit for has not been used to correct any Default of Lessee in which event only the payment balance remaining, if any, after Lessor has made itself whole shall be reimbursable to Xxxxxx. In the event that Lessor transfers its interest in the Leased Premises, Lessee shall upon notice from and at no cost to Lessor, deliver to Lessor an amendment to the Letter of Credit or a replacement Letter of Credit naming Xxxxxx’s successor as the beneficiary thereof. Lessee agrees (x) said Security Deposit may be used by Lessor, in addition to any rent other remedy available under the terms of this Lease or other amount then due hereunder by law available to Lessor, to remedy any Default of Lessee, provided, however, Lessor shall be under no obligation to correct any such Default, and unpaid, for the payment may at Lessor’s sole and exclusive election avail itself of any other sum for which Sublessor may become obligated by reason of Sublessee's default remedy available under this Lease or breachotherwise available at law or in equity, or for (y) in the event said Security Deposit is transferred to any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion purchaser of the Security DepositBuilding of which the Leased Premises are a part, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Lessor who has transferred said Security Deposit to the full amount originally depositedshall be released and discharged from all liability of said deposit, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep (z) in the event said Security Deposit separate or any part thereof is used by Lessor to remedy any Default of Lessee, Lessor shall be released and discharged from its general accounts, and all liability for said Security Deposit or such portion thereof as Lessor may have used to correct Lessee’s Default. Lessor shall have no obligation or liability for payment to place this Security Deposit in an interest bearing account.
(a) Lessee is not in Default and (b) Lessee has received final FDA approval of interest on Lessee’s Elipse® Gastric Balloon product (as evidenced by such written documentation as Lessor may reasonably request to substantiate same) (the Security Deposit. In the event Sublessor assigns its interest in this Sublease“Reduction Date”), Sublessor shall deliver to its assignee so much of then the Security Deposit as is then held by Sublessor. Within ten shall be reduced to sixty-two thousand one hundred twenty-two dollars and twenty cents (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur$62,122.20), and provided Sublessee Lessee shall have the right to terminate the existing Letter of Credit and establish a replacement Letter of Credit in such lower amount. The Lessor acknowledges that the Letter of Credit is not then in default form and substance reasonably satisfactory to Lessor and issued by a commercial bank reasonably acceptable to Lessor. Lessor shall have the right to draw upon the Letter of Credit, in whole or in part, only in the event of a Default. Lessor shall hold any and all balance of proceeds remaining after a draw on the Letter of Credit as security for Xxxxxx’s performance of all its obligations hereunderLease obligations. If Lessor conveys its interest under this Lease, the Security Deposit, or so much thereof any part not applied previously, may be turned over to the grantee in which case Lessee shall look solely to the grantee for the proper application and return of the Security Deposit. The Security Deposit and/or Letter of Credit or the remaining proceeds therefrom, as had not theretofore been applied by Sublessorapplicable, shall be returned to Sublessee or to Lessee within sixty (60) days after the last assignee, if any, end of Sublessee's interest hereunderthe Term.
Appears in 2 contracts
Samples: Lease Agreement (Allurion Technologies Holdings, Inc.), Lease Agreement (Allurion Technologies Holdings, Inc.)
Security Deposit. Sublessee Subtenant, concurrently with signing this Sublease, shall deposit with Sublessor upon execution pay to Sublandlord a Security Deposit in the amount of this Sublease $28,882.00 to be held to guarantee the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance by Subtenant of Sublesseeall of Subtenant's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease. The Security Deposit may be commingled with Sublandlord's other funds and any interest or other income earned thereon shall be the property of Sublandlord. If Subtenant defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor Sublandlord may use or apply all expend the whole or any portion part of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor Sublandlord may become obligated expend by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachsuch default. If Sublessor so uses any portion or all of the Security DepositDeposit is so used, Sublessee Subtenant shall, within ten (10) days after written demand by Sublessortherefor, deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full its original amount originally deposited, and Sublessee's failure to do so shall constitute be a default under breach of this Sublease. Sublessor Provided no event of default has occurred and is continuing under this Sublease on the later of (a) the first anniversary of the Commencement Date, or (b) the expiration of all contingencies and termination rights under this Sublease (as set forth in Sections 36 and 37), Sublandlord shall not be required to keep return the Security Deposit separate to Subtenant within fifteen (15) days after Sublandlord's receipt of notice from its general accountsSubtenant that each of the foregoing conditions have been met, together with any evidence reasonably required by Sublandlord that all contingencies have been satisfied and all termination rights have expired. In the event of a transfer of Sublandlord's interest in the Building, Sublandlord may pay over the Security Deposit to Sublandlord's transferee to be held under the terms of this Sublease and Sublandlord shall have no obligation or be released from all liability for payment the return of interest on the Security Deposit. In Under no circumstances shall Subtenant have the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver right to its assignee so much of direct that the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been be applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, payment of Sublessee's interest hereunderRent.
Appears in 2 contracts
Samples: Sublease Agreement (Privatebancorp Inc), Sublease Agreement (Privatebancorp Inc)
Security Deposit. Sublessee Upon execution hereof, Subtenant shall deposit with Sublessor upon execution of this Sublease Sublandlord the sum of Twenty Ninety-Eight Thousand Two Four Hundred Fifty Thirty-Three Dollars and 40/100ths Dollars 19/100 ($20,250.4098,433.19) as security for Sublessee's faithful performance of Sublessee's obligations hereunder (the "Security Deposit"), in cash, as security for the performance by Subtenant of the terms and conditions of this Sublease. If Sublessee Subtenant fails to pay rent Rent or other charges when due under this Sublease or otherwise defaults with respect to any provision of this Sublease, then Sublandlord, without prejudice to any other remedy provided in this Sublease or fails to perform any of its other obligations hereunderby law, Sublessor may use draw upon, use, apply or apply retain all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaidcharge in default, for the payment of any other sum for which Sublessor may Sublandlord has become obligated to pay by reason of SublesseeSubtenant's default or breachdefault, or to compensate Sublandlord for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachwhich Sublandlord has suffered thereby. If Sublessor Sublandlord so uses or applies all or any portion of the Security Deposit, Sublessee shallthen Subtenant, within ten (10) days after written demand by SublessorSublandlord therefor, shall deposit cash with Sublandlord in the amount required to restore the Security Deposit to the full amount originally deposited, stated above. Sublandlord may commingle the Security Deposit with its own funds and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor Subtenant shall not be required entitled to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In The Security Deposit is not an advance rental deposit or a measure of damages incurred by Sublandlord in case of Subtenant's default. Upon the event Sublessor assigns its interest expiration of this Sublease and Subtenant's vacation of the Premises, provided Subtenant is not in default under the terms of this Sublease, Sublessor Sublandlord shall deliver return to its assignee Subtenant so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by SublessorSublandlord pursuant to this Paragraph, shall be returned or which is not otherwise required to Sublessee or to the last assignee, if any, of Sublesseecure Subtenant's interest hereunderdefaults.
Appears in 2 contracts
Samples: Sublease (Adforce Inc), Sublease (Adforce Inc)
Security Deposit. Sublessee Upon execution of this Sublease, Subtenant shall deposit with Sublessor upon execution of this Sublease Sublandlord the sum of Twenty Eighteen Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.4018,000) as a security for Sublessee's faithful performance of Sublessee's obligations hereunder deposit ("Security Deposit"). If Sublessee Subtenant fails to pay rent Rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor Sublandlord may use or apply all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor Sublandlord may become obligated by reason of SublesseeSubtenant's default or breach, or for any loss or damage sustained by Sublessor Sublandlord as a result of SublesseeSubtenant's default or breach. If Sublessor Sublandlord so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, Subtenant shall restore the Security Deposit to the full amount originally deposited, and Sublesseedeposited within ten days after Sublandlord's failure to do so shall constitute a default under this Subleasewritten demand. Sublessor Sublandlord shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the The Security Deposit, or so much thereof as had not theretofore been applied by SublessorSublandlord, shall be returned to Sublessee Subtenant within ten days of the expiration or to earlier termination of this Sublease, provided Subtenant has surrendered possession of the last assignee, if any, Subleased Premises in accordance with the terms of Sublessee's interest hereunderthis Sublease.
Appears in 2 contracts
Samples: Annual Report, Sublease (Vivus Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) hereof $ 27 ,750 as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent Rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent Rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore forward to Sublessor an amount sufficient to restore the Security said Deposit to the full amount originally deposited, provided for herein and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security said Deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security said Deposit, or so much thereof as had has not theretofore therefore been applied by Sublessor, shall be returned returned, without payment of interest to Sublessee (or at Sublessor's option, to the last assignee, if any, of Sublessee's interest hereunder) at the expiration of the term hereof, and after Sublessee has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to said Security Deposit.
Appears in 2 contracts
Samples: Sublease Agreement (Spectrum Laboratories Inc /Ca), Sublease Agreement (Spectrum Laboratories Inc /Ca)
Security Deposit. Sublessee shall deposit with Sublessor upon ---------------- execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars hereof TWENTY THOUSAND FOUR HUNDRED AND NO/100 DOLLARS ($20,250.4020,400.00) as ------------------------------------------------------------ security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")under this Sublease. If Sublessee fails to pay rent any Rental due hereunder, or other charges when due under otherwise defaults with respect to any provisions of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent Rental in default or other amount then due hereunder and unpaid, for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore deposit sufficient cash with Sublessor in the amount needed to restore the Security Deposit said deposit to the full amount originally deposited, deposited prior to the application of said funds and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, accounts and no interest or earnings shall have be paid by Sublessor with respect to such security deposit. If no obligation default of Sublessee under this Sublease or liability for payment of interest the Prime Lease remains outstanding and uncured on the Security Deposit. In the event Sublessor assigns its interest in expiration date of this Sublease, Sublessor shall deliver to its assignee so much then any remaining balance of the Security Deposit as is then held security deposit shall be returned by Sublessor. Within ten Sublessor to Sublessee within thirty (1030) days after the Term has expired, later of the expiration date of this Sublease or the date Sublessee has vacated surrendered possession of the Premises, or any final adjustment pursuant entire Subleased Premises to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then Sublessor in default accordance with the terms of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderthis Sublease.
Appears in 2 contracts
Samples: Sublease Agreement (Atroad Inc), Sublease Agreement (Atroad Inc)
Security Deposit. Sublessee Within ten (10) business days of a fully executed copy of the Consent being delivered to Subtenant, Subtenant shall deposit with Sublessor upon execution Sublandlord the sum of $214,123.75 (the “Security Deposit”). The Security Deposit shall be held by Sublandlord as security for the faithful performance by Subtenant of all the provisions of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")to be performed or observed by Subtenant. If Sublessee Subtenant fails to pay rent Rent, or other charges when due under otherwise is in breach with respect to any provisions of this Sublease. Sublandlord may use, apply or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit for the payment of any rent past due sum or other amount then due hereunder and unpaid, for the payment of any other sum for to which Sublessor Sublandlord may become obligated by reason of Sublessee's default or Subtenant’s breach, or to compensate Sublandlord for any loss or damage sustained by Sublessor as which Sublandlord actually and directly suffers thereby following written notice specifying the breach and allowing Subtenant 10 business days to cure such breach (unless the breach in question is one which, under applicable law, delivery of a result notice of Sublessee's breach or default is not permitted, for instance a bankruptcy filing or breachsimilar proceeding, in which event no such notice or cure period shall be necessary). If Sublessor Sublandlord so uses or applies all or any portion of the Security Deposit, Sublessee shall, Subtenant shall within ten (10) business days after written demand by Sublessor, therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount originally deposited, thereof and Sublessee's Subtenant’s failure to do so shall constitute be a default under material breach of this Sublease. Sublessor If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) within forty five (45) days following the later to occur of (a) the expiration of the Term, and (b) Subtenant’s vacation from the Subleased Premises and completion of surrender of the Subleased Premises as described in Section 14(a) of this Sublease; provided, however, Subtenant acknowledges that in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof. Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the Expiration Date and to deduct any anticipated shortfall from the Security Deposit prior to returning the Security Deposit, if any, to Subtenant in accordance herewith. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit. Sublandlord shall not be required to keep the Security Deposit separate from its general other accounts. Subtenant hereby waives any and all rights under and the benefits of Section 1950.7 of the California Civil Code, and shall have no obligation all other provisions of law now in force or liability for payment that become in force after the date of interest on the Security Deposit. In the event Sublessor assigns its interest in execution of this Sublease, Sublessor shall deliver that provide that Sublandlord may claim from a security deposit only those sums reasonably necessary to its assignee so much of the Security Deposit as is then held remedy any failure to timely pay Rent, to repair damage caused by Sublessor. Within ten (10) days after the Term has expiredSubtenant, or Sublessee has vacated to clean the Subleased Premises. Subject to the provisions of Section 12(a), Sublandlord and Subtenant agree that Sublandlord may, in addition, claim those sums reasonably necessary to compensate Sublandlord for any other actual, direct, reasonable and foreseeable loss or damage to the extent caused by the act or omission of Subtenant or Subtenant’s officers, agents, employees, independent contractors, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderinvitees.
Appears in 2 contracts
Security Deposit. Sublessee Subtenant shall deposit with Sublessor Sublandlord upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars twenty-five thousand twenty dollars ($20,250.4025,020.00) as security for SublesseeSubtenant's faithful performance of SublesseeSubtenant's obligations hereunder ("Security Deposit"). If Sublessee Subtenant fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor Sublandlord may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor Sublandlord may become obligated by reason of SublesseeSubtenant's default or breach, or for any loss or damage sustained by Sublessor Sublandlord as a result of SublesseeSubtenant's default or breach. If Sublessor Sublandlord so uses any portion of the Security Deposit, Sublessee Subtenant shall, within ten (10) days after written demand by SublessorSublandlord, restore the Security Deposit to the full amount originally deposited, and SublesseeSubtenant's failure to do so shall constitute a default under this Sublease. Sublessor Sublandlord shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor Sublandlord assigns its interest in this Sublease, Sublessor Sublandlord shall deliver to its assignee so much of the Security Deposit as is then held by SublessorSublandlord. Within ten (10) days after the Term has expired, or Sublessee Subtenant has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 7.3 hereof has been made, whichever shall last occur, and provided Sublessee Subtenant is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by SublessorSublandlord, shall be returned to Sublessee Subtenant or to the last assignee, if any, of SublesseeSubtenant's interest hereunder.
Appears in 2 contracts
Samples: Sublease (Covad Communications Group Inc), Sublease (Covad Communications Group Inc)
Security Deposit. Sublessee shall will deposit with Sublessor upon on execution of this Sublease sublease the sum of Twenty Thirteen Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.4013,000) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")under this Sublease. If Sublessee fails to pay rent or other charges when due under this Subleasedue, or fails to perform any of its other obligations hereunderunder this Sublease, Sublessor may use or apply all or any portion of the Security Deposit security deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason because of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Depositsecurity deposit, Sublessee shallwill, within ten (10) days after written demand by Sublessor, restore the Security Deposit security deposit to the full amount originally deposited, and . Sublessee's failure to do so shall will constitute a default under this Sublease. Sublessor shall will not be required to keep the Security Deposit separate from its general accounts, and shall will have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, expired or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occuroccurs last, and provided that Sublessee is not then in default of any of its obligations hereunderunder this Sublease, the Security Depositsecurity deposit, or so as much thereof as had remains that has not theretofore been applied by Sublessor, shall will be returned to Sublessee. Sublessee or shall have the right to apply any portion of the security deposit in payment of the last assignee, if any, of Sublesseemonth's interest hereunderrent.
Appears in 2 contracts
Samples: Sublease Agreement (Zapworld Com), Sublease Agreement (Zapworld Com)
Security Deposit. Sublessee shall deposit Concurrently with Sublessor upon Subtenant’s execution of this Sublease Sublease, Subtenant shall provide to Sublandlord a cash Security Deposit (“Security Deposit”) in the sum amount of Twenty Fifty Two Thousand Two Five Hundred Fifty Forty and 40/100ths 4/100 U.S. Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("52,540.04), but in no event shall Subtenant enter the Subleased Premises until the Security Deposit")Deposit has been delivered. If Sublessee Subtenant fails to pay rent Rent or any other charges sums as and when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, in each case beyond the applicable notice and cure period, Sublandlord may (but shall not be obligated to) use, apply or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become Subtenant is obligated by reason of Sublessee's default or breach, or which will compensate Sublandlord for any costs, loss or damage sustained which Sublandlord may suffer thereby. Any draw or partial draw of the Security Deposit shall not constitute a waiver by Sublessor as a result Sublandlord of Sublessee's default its right to enforce its other remedies hereunder, at law or breachin equity. If Sublessor so uses any portion of the Security DepositDeposit is so used or applied, Sublessee Subtenant shall, within ten five (105) business days after written demand by Sublessortherefor, deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount originally deposited, and Sublessee's its original amount. Subtenant’s failure to do so shall constitute be a default under of this Sublease. Sublessor Sublandlord shall not be required to keep the Security Deposit separate from its general accountsfunds, and Subtenant shall have no obligation or liability for payment of not be entitled to interest on the Security Depositthereon. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the The Security Deposit as is then held by Sublessor. Within ten or any remaining balance thereof shall be returned to Subtenant, or, at Sublandlord’s discretion, Subtenant’s last assignee, if applicable, within forty-five (1045) days after the expiration of the Sublease Term has expiredand Subtenant’s vacation and surrender of the Subleased Premises in the condition required by the terms of this Sublease. Subtenant hereby waives the provisions of California Civil Code Section 1950.7, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occurother than Paragraph 1950.7(b), and provided Sublessee is not then in default of any of its obligations hereunder, 1951.7 and agrees that the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, Deposit shall be returned to Sublessee or to governed by the last assignee, if any, provisions of Sublessee's interest hereunderthis Sublease.
Appears in 2 contracts
Samples: Sublease (Genomic Health Inc), Sublease (Acelrx Pharmaceuticals Inc)
Security Deposit. Sublessee shall deposit with Sublessor (a) Subject to Section 6(b) below, upon execution of this Sublease Sublease, Subtenant shall deposit with Wind River the sum of Twenty One Million Five Hundred Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.401,500,000.00) as a security for Sublessee's faithful performance of Sublessee's obligations hereunder deposit ("Security Deposit"). If Sublessee Subtenant fails to pay rent Rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor Wind River may use or apply all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor Wind River may become obligated by reason of SublesseeSubtenant's default or breach, or for any loss or damage sustained by Sublessor Wind River as a result of SublesseeSubtenant's default or breach. If Sublessor Wind River so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, Subtenant shall restore the Security Deposit to the full amount originally deposited, and Sublesseedeposited within ten (10) days after Wind River's failure to do so shall constitute a default under this Subleasewritten demand. Sublessor Wind River shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the The Security Deposit, or so much thereof as had not theretofore been applied by SublessorWind River, shall be returned to Sublessee Subtenant within thirty (30) days of the expiration or earlier termination of this Sublease, provided Subtenant has vacated the Sublease Premises.
(b) Notwithstanding the foregoing, Subtenant may, at its option at any time during the Term, substitute for the cash described in subparagraph (a) above, an irrevocable standby letter of credit (the "Letter of Credit") in the face amount of One Million Five Hundred Thousand and 00/100 Dollars ($1,500,000.00), with payment thereon conditioned only upon presentation of a site draft and a certificate asserting a default by Subtenant hereunder, issued by a bank in form and substance reasonably satisfactory to Wind River. Subtenant shall maintain the Letter of Credit in effect during the full term of this Sublease and for a period extending for thirty (30) days following the expiration or earlier termination hereof. If the term of the Letter of Credit has an expiration prior to the last assigneeexpiration of this Sublease and such letter or certificate is not renewed or replaced at least sixty (60) days prior to its expiration, if anyWind River shall be entitled to draw upon the entire Letter of Credit and hold the proceeds thereof as a cash security deposit.
(c) Notwithstanding anything to the contrary contained herein, of Sublessee's interest hereunderin the event Tenant becomes a publicly traded company and provided that Tenant is not then in default (and has never been in default beyond any applicable notice and cure periods) under this Sublease, the Security Deposit shall be reduced to $1,000,000.
Appears in 2 contracts
Samples: Net Office Tech Lease (Silicon Energy Corp), Net Office Tech Lease (Silicon Energy Corp)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars (hereof $20,250.40) 25,000.00 as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent Rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent Rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore forward to Sublessor an amount sufficient to restore the Security said Deposit to the full amount originally deposited, provided for herein and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security said Deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security said Deposit, or so much thereof as had has not theretofore therefore been applied by Sublessor, shall be returned returned, without payment of Interest to Sublessee (or at Sublessor's option, to the last assignee, if any, of Sublessee's interest hereunder) at the expiration of the term hereof, and after Sublessee has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to said Security Deposit.
Appears in 2 contracts
Samples: Sublease Agreement (Vixel Corp), Sublease Agreement (Emulex Corp /De/)
Security Deposit. Sublessee shall deposit with pay to Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars $38,185.00 ($20,250.40“Security Deposit”) as security for Sublessee's faithful the full and timely payment and performance of Sublessee's ’s obligations hereunder under this Sublease. Sublessee shall deliver the Security Deposit to Sublessor upon the execution hereof. Sublessor shall have no obligation to segregate the Security Deposit from Sublessor’s other funds. The Security Deposit shall be refunded to Sublessee, without interest, within thirty ("Security Deposit")30) days after the termination of this Sublease subject to Sublessee’s satisfactory compliance with the conditions of this Sublease and subject to deduction for payment of Sublessee’s obligations not then fulfilled by Sublessee. If Sublessee fails to pay rent or other charges when due perform in a full and timely manner any of its obligations under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of toward curing any rent or other amount then due hereunder such default under this Sublease (beyond any applicable notice and unpaid, for the payment of any other sum for which cure periods) and compensating Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss loss, damage or damage sustained by Sublessor as a result of Sublessee's default or breachexpenses arising from such default. If Sublessor so uses applies any portion of the Security Deposit, Sublessee shall, shall pay to Sublessor the amount necessary to restore the Security Deposit to its original amount within ten five (105) days after written demand by Sublessor, restore and failure to do so within five (5) days after written demand shall be deemed an automatic Event of Default hereunder. Sublessee may not use the Security Deposit to the full amount originally depositedpay any of Sublessee’s payment obligations, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor Sublessee shall not be required have the right to keep the Security Deposit separate from its general accountsmortgage, and shall have no obligation transfer, assign or liability for payment of interest on encumber the Security Deposit. In the event Sublessor assigns its Sublessee acknowledges that Sublessee has no interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then paid by Sublessor to Landlord under the Lease (“Original Security Deposit”), which Original Security Deposit shall continue to be held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or Landlord subject to the last assignee, if any, terms of Sublessee's interest hereunderthe Lease.
Appears in 2 contracts
Security Deposit. Sublessee Within one (1) business day after the Effective Date, Subtenant shall deposit with Sublessor upon execution Sublandlord an irrevocable, unconditional standby letter of credit issued by a financial institution reasonably acceptable to Sublandlord, in substantially the form attached to this Sublease (the sum "Letter of Twenty Thousand Credit") in an amount equal to Two Hundred Fifty and 40/100ths Million Dollars ($20,250.402,000,000) as security for SublesseeSubtenant's faithful performance of SublesseeSubtenant's obligations hereunder ("Security Deposit"). If Sublessee Subtenant fails to pay rent or other charges when due under this SubleaseSublease beyond any applicable notice and cure period, or fails to perform any of its other obligations hereunderhereunder beyond any applicable notice and cure period, Sublessor Sublandlord may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor Sublandlord may become obligated pursuant to this Sublease by reason of SublesseeSubtenant's default or breach, or for any loss or damage sustained by Sublessor Sublandlord as a result of SublesseeSubtenant's default or breachbreach pursuant to this Sublease. If Sublessor so uses any portion Upon demand following application of the Security DepositDeposit pursuant to this Section 7, Sublessee shall, within ten (10) days after written demand by Sublessor, Subtenant shall immediately restore the Security Deposit to its full amount. Concurrently with Subtenant's delivery of the full Letter of Credit, Sublandlord shall return to Subtenant the security deposit that it holds under Prior Sublease in the amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Subleaseof $131,729.58. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much Any portion of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment not applied pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, this Section 7 and provided Sublessee is not then in default remaining at the expiration of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, this Sublease shall be returned to Sublessee or to Subtenant within twenty (20) days of the last assignee, if any, expiration of Sublessee's interest hereunderthe Term.
Appears in 2 contracts
Samples: Landlord's Consent to Subleasing (F5 Networks Inc), Sublease Agreement (Cell Therapeutics Inc)
Security Deposit. Upon execution hereof by Sublessee, Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty Twenty-Two Thousand Seven Hundred Seven and 40/100ths 68/100 Dollars ($20,250.40222,707.68) (the “Security Deposit”), in cash, as security for Sublessee's faithful the performance by Sublessee of Sublessee's obligations hereunder ("Security Deposit")the terms and conditions of this Sublease. If Sublessee fails to pay rent Rent or other charges when due under hereunder or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, then Sublessor may use draw upon, use, apply or apply retain all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaidcharge in default, for the payment of any other sum for which Sublessor may has become obligated to pay by reason of Sublessee's default or breach’s default, or to compensate Sublessor for any loss or damage sustained which Sublessor has suffered thereby, including future rent damages under California Civil Code Section 1951.2, without prejudice to any other remedy provided herein or by law. Sublessee hereby waives the provisions of any law, now or hereafter in force, including, without limitation, California Civil Code Section 1950.7, that provides that Sublessor as may claim from a result security deposit only those sums reasonably necessary to remedy defaults in the payment of Rent, to repair damage caused by Sublessee, or to clean the Subleased Premises, it being agreed that Sublessor, in addition, may claim those sums reasonably necessary to compensate Sublessor for any other loss or damage, foreseeable or unforeseeable, caused by the act or omission of Sublessee's default or breach, including future rent damages following the termination of this Sublease. If Sublessor so uses or applies all or any portion of the Security Deposit, Sublessee shallthen Sublessee, within ten (10) days after written demand by Sublessortherefor, shall deposit cash with Sublessor in the amount required to restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Subleasestated above. Sublessor shall not be required to keep Upon the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment expiration of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver return to its assignee Sublessee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by SublessorSublessor pursuant to this paragraph, shall be returned or which is not otherwise required to Sublessee or to the last assignee, if any, of cure Sublessee's interest hereunder’s defaults.
Appears in 2 contracts
Samples: Sublease (CARGO Therapeutics, Inc.), Sublease (CARGO Therapeutics, Inc.)
Security Deposit. Sublessee To secure the faithful performance by Tenant of all of the covenants and conditions in this Lease set forth and contained on the part of Tenant to be fulfilled, kept, observed and performed including, but without limiting the generality of the foregoing, such covenants and conditions in this Lease which become applicable upon the termination of the same by re-entry or otherwise, Tenant shall deposit simultaneous with Sublessor upon the execution of this Sublease Lease the sum of Twenty not less than Sixty-Two Thousand Two One Hundred Fifty Ninety-Seven and 40/100ths 13/100 Dollars ($20,250.4062,197.13) and which such sum shall be finally determined after review of Tenant’s financial statements by Landlord as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent Deposit upon the following terms and conditions:
A. Such deposit or other charges when due under this Subleaseany part thereof not previously applied, or fails from time to perform time, such one or more parts or portions thereof, may be applied to the curing of any of default that may then exist, without prejudice to any other remedy or remedies which the Landlord may have on account thereof, and upon such application Tenant shall pay Landlord on demand the amount so applied which shall be added to the Security Deposit so the same may be restored to its other obligations hereunder, Sublessor may use or apply all original amount;
B. Should the Building be conveyed by Landlord the deposit or any portion of thereof not previously applied may be turned over to Landlord’s grantee or a new agent, as the Security Deposit for case may be and, if the payment of same be turned over as aforesaid, Tenant hereby releases Landlord from any rent and all liability with respect to the deposit and/or its application or other amount then due hereunder return and unpaidTenant agrees to look to such grantee or agent, as the case may be, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default such applications or breach, returns;
C. Landlord or for any loss its agent or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, its successors and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor assigns shall not be required obligated to keep the Security Deposit hold said deposit as a separate from its general accountsfund, and shall have no obligation or liability for payment of interest but on the Security Deposit. In contrary may commingle the event Sublessor assigns same with its interest other funds;
D. If Tenant shall faithfully fulfill, keep, perform and observe all of the covenants and conditions in this SubleaseLease set forth and contained on the part of Tenant to be fulfilled, Sublessor kept, performed and observed, such deposit shall deliver be returned to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten Tenant without interest no later than thirty (1030) days after the expiration of the Term has expiredof this Lease or any renewal or extension thereof, or Sublessee provided Tenant has vacated the PremisesPremises and surrendered possession thereof to the Landlord at the expiration of the Term or any extension or renewal thereof as provided herein; and
E. Landlord or its agent on behalf of itself and its successors, reserves the right, at its sole option, to return to Tenant said deposit, or what may then remain thereof, at any final adjustment pursuant time prior to Subsection 6.2 hereof has been madethe date when Landlord or its agent or its successors and assigns are obligated hereunder to return the same, whichever but said return shall last occur, and provided Sublessee is not then in any manner be deemed to be a waiver of any default of Tenant hereunder then existing not to limit or extinguish any liability of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest Tenant hereunder.
Appears in 2 contracts
Samples: Office Lease (Paylocity Holding Corp), Office Lease (Paylocity Holding Corp)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) hereof $ as security for SublesseeXxxxxxxxx's faithful performance of SublesseeXxxxxxxxx's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, Sublessor, may use, apply or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, hereinabove stated and SublesseeXxxxxxxxx's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Depositsaid deposit, or so much thereof as had has not theretofore been applied by Sublessor, shall be returned returned, without payment of interest or other increment for its use to Sublessee (or at Sublessor s option, to the last assignee, . if any, of SublesseeXxxxxxxxx's interest hereunder) at the expiration of the term hereof, and after Sublessee has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to said Security Deposit.
Appears in 2 contracts
Samples: Sublease Agreement, Sublease Agreement
Security Deposit. 4.1 Sublessee shall deposit with Sublessor upon the execution of this Sublease hereof the sum of Twenty One Hundred One Thousand Two Eight Hundred Fifty and 40/100ths Seventy-five Dollars ($20,250.40101,875) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten fifteen (1015) days after written demand by Sublessor, therefor deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, herein above stated and Sublessee's failure to do so shall constitute be a default under breach of this Sublease, and Sublessor may at his option terminate this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, Said deposit or so much thereof as had not theretofore been applied by Sublessor, Sublessor shall be returned without payment of interest for its use, to Sublessee within ten (10) days after the expiration of the term hereof (or earlier termination of the Sublease if Sublessee does not have any remaining contractual obligations to Sublessor), or after Sublessee has vacated the last assigneePremises, if any, of Sublessee's interest hereunderwhichever is later.
Appears in 2 contracts
Samples: Lease (Accelgraphics Inc), Sublease Agreement (C Cube Microsystems Inc)
Security Deposit. Sublessee Upon execution hereof, Subtenant shall deposit with Sublessor upon execution of this Sublease Sublandlord, in cash, the sum of Twenty Thousand Two Hundred Fifty seventy thousand three hundred thirty-four dollars and 40/100ths Dollars no cents ($20,250.4070,334.00) as security and for Sublesseea Security Deposit to secure Subtenant's faithful full and timely performance of Sublessee's all of its obligations hereunder ("Security Deposit")hereunder. If Sublessee fails Subtenant defaults after notice and the expiration of any cure period, with respect to pay rent or other charges when due under any provision of this Sublease, Sublandlord may (but shall not be obligated to) use, apply, or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become Subtenant is obligated by reason of Sublessee's default or breach, or which will compensate Sublandlord for any loss or damage sustained which Sublandlord may suffer thereby. Any such use, application, or retention shall not constitute a waiver by Sublessor as a result Sublandlord of Sublessee's default its right to enforce its other remedies hereunder, at law, or breachin equity. If Sublessor so uses any portion of the Security Depositsaid deposit is so used, Sublessee applied, or retained, Subtenant shall, within ten (10) days after delivery of written demand by Sublessorfrom Sublandlord, restore the Security Deposit said deposit to the full amount originally deposited, and Sublesseeits original amount. Subtenant's failure to do so shall constitute a default under material breach of this Sublease, and in such event Sublandlord may elect, among or in addition to other remedies, to terminate this Sublease. Sublessor Sublandlord shall not be a trustee of such deposit, and shall not be required to keep the Security Deposit this deposit separate from its general accounts, . Sublandlord alone shall be entitled to any interest or earnings thereon and Sublandlord shall have no obligation or liability for payment the free use of interest on the Security Depositsame. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, If Subtenant fully and provided Sublessee is not then in default of any faithfully performs all of its obligations hereunder, the Security Deposit, or then so much thereof of the deposit as had not theretofore been applied by Sublessor, remains shall be returned to Sublessee Subtenant (without payment of interest or earnings thereon) within thirty (30) days after the later of (i) expiration or sooner termination of the term of this Sublease; or (ii) Subtenant's surrender of possession of the Subleased Premises to the last assignee, if any, of Sublessee's interest hereunderSublandlord.
Appears in 2 contracts
Samples: Sublease Agreement (Advanced Semiconductor Engineering Inc), Sublease Agreement (Ase Test LTD)
Security Deposit. On the Commencement Date, Sublessee shall pay to Sublessor a security deposit with Sublessor upon execution in the amount of this Sublease $ 15,833.33 (the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("“Security Deposit"”). If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaidcharge in default, or for the payment of any other sum for which Sublessor may become obligated incurs by reason of Sublessee's default or breach’s default, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Deposit, Sublessee shall, must within ten (10) days after written demand by Sublessor, therefor deposit cash with Sublessor in an amount sufficient to restore the Security Deposit to the its full amount originally deposited, and Sublessee's ’s failure to do so shall constitute will be a default under material breach of this Sublease. Sublessor shall not not, unless otherwise required by law, be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of nor pay interest on the Security DepositDeposit to Sublessee. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much If Sublessee performs all of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee’s obligations hereunder, the Security Deposit, Deposit or so much thereof as had has not theretofore been used or applied by Sublessor, shall will be returned to Sublessee (or at Sublessor’s option, to the last assignee, if any, of Sublessee's ’s interest hereunder) at the expiration or other termination of the Sublease Term, and after Sublessee has vacated the Subleased Premises. The obligation to return the Security Deposit upon termination of the Sublease shall survive termination of this Sublease.
Appears in 2 contracts
Samples: Lease Agreement (Argos Therapeutics Inc), Lease Agreement (Argos Therapeutics Inc)
Security Deposit. Sublessee shall deposit To secure the faithful performance by Subtenant of all the covenants, conditions and agreements in this Sublease set forth and contained on the part of Subtenant to be fulfilled, kept, observed and performed, simultaneously with Sublessor upon Subtenant’s execution of this Sublease Sublease, Subtenant shall deliver to Sublandlord a security deposit in the sum amount of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars $11,164.50 ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("the “Security Deposit"”). If Sublessee fails Subtenant defaults with respect to pay rent or other charges when due under any provision of this Sublease, including without limitation the payment of any Rent, then Sublandlord may use, apply, draw upon or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any part of the Security Deposit to the extent necessary for the payment of any rent, or to compensate Sublandlord for any other loss, cost or damage that Sublandlord may suffer by reason of Subtenant’s default. If any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaidis so used, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breachapplied, or for any loss or damage sustained by Sublessor drawn upon as a result of Sublessee's default or breach. If Sublessor so uses any portion of permitted in accordance with the Security Depositterms hereof, Sublessee then Subtenant shall, within ten (10) 10 days after written demand by Sublessornotice thereof, deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount originally deposited, and Sublessee's its original amount. Subtenant’s failure to do so shall constitute a default be an automatic Event of Default under this SubleaseSublease without any additional notice. Sublessor Sublandlord shall not not, unless otherwise required by law, be required to keep the Security Deposit separate from its general accountsfunds, nor pay interest to Subtenant. If Subtenant shall fully and shall have no obligation or liability for payment faithfully perform every provision of interest on the Security Deposit. In the event Sublessor assigns its interest in this SubleaseSublease to be performed by it, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much balance thereof as had not theretofore been applied by Sublessor, (if any) shall be returned to Sublessee Subtenant (or to the last assignee, if any, transferee of Sublessee's Subtenant’s interest hereunder) after the Expiration Date (or sooner termination of this Sublease), provided that Subtenant vacates the Sublease Space in accordance with this Sublease and Subtenant surrenders possession thereof to Sublandlord in the condition required under this Sublease.
Appears in 2 contracts
Samples: Sublease Agreement, Sublease Agreement (Verrica Pharmaceuticals Inc.)
Security Deposit. Sublessee shall deposit with Sublessor upon execution and delivery of this Sublease by Sublessor the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) 61,820.39 as security for Sublessee's ’s full and faithful performance and observance of the terms, covenants and conditions of this Sublease as herein provided, including without limitation Sublessee's obligations hereunder ("Security Deposit")’s obligation to restore the Sublet Premises to its condition prior to any alteration by Sublessee. If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform defaults in the full and faithful performance and observance of any of its other obligations hereunderthe terms covenants and conditions of this Sublease beyond any applicable notice and cure period, Sublessor may use apply or apply all retain the whole or any portion part of the Security Deposit security so deposited to the extent required for the payment of any rent or other amount then due hereunder additional rent to which Sublessee is in default beyond any applicable notice and unpaid, cure period or for the payment of any other sum for which Sublessor may become obligated expend by reason of Sublessee's ’s default or breach, or for beyond any loss or damage sustained by Sublessor as a result of Sublessee's default or breachapplicable notice and cure period. If Sublessor so uses applies the whole or any portion part of the Security Depositsecurity as aforesaid, Sublessee shall, shall within ten (10) days after written demand by Sublessor, notice from Sublessor deposit with Sublessor an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Subleaseset forth herein. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation to hold the security deposit in an interest-bearing account, provided that if Sublessor is required by law to do so or liability for payment of if Sublessor elects to hold such security deposit in an interest-bearing account, Sublessee shall be entitled to interest earned on the Security Depositsecurity deposit in proportion to the amount of the security deposit not applied or retained by Sublessor pursuant to the terms hereof. In Within thirty (30) days after the event Sublessor assigns its interest in later of (i) Sublessee’s surrendering the Sublet Premises or (ii) the expiration or sooner termination of this Sublease, Sublessor shall deliver return to its assignee so much Sublessee the whole or part of the Security Deposit as is then held security deposit (and interest, if applicable) not applied or retained by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment Sublessor pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderterms hereof.
Appears in 2 contracts
Samples: Sublease Agreement, Sublease (Iomega Corp)
Security Deposit. Upon execution hereof by Sublessee, Sublessee shall deposit with pay to Sublessor upon execution of this Sublease as the "Security Deposit," the sum of Twenty One Hundred Four Thousand Two Hundred Sixty-Two Dollars and Fifty and 40/100ths Dollars Cents ($20,250.40104,262.50). Sublessor shall deposit this amount in a separate interest bearing account with the Prepaid Rent as set forth in paragraph 4(c), and Sublessor shall pay to Sublessee any accrued interest or earnings on the Security Deposit on an annual basis within thirty (30) as security for days after each anniversary of the Commencement Date of this Sublease. The Security Deposit shall secure Sublessee's faithful full and timely performance of Sublessee's all of its obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent Rent or any other charges sums as and when due under hereunder or otherwise fails to perform with respect to any provision of this Sublease, or fails to perform and such failure continues beyond any of its other obligations hereundernotice and applicable cure period, then, Sublessor may use (but shall not be obligated to) use, apply, or apply retain all or any portion of the Security Deposit for the payment of which will be reasonably necessary to pay any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessee is obligated or to compensate Sublessor for any foreseeable or unforeseeable loss or damage which Sublessor may become obligated by reason suffer thereby including, without limitation, any damage that will result in the future through the term of Sublessee's default or breachthe Sublease, to repair damage to the Subleased Premises, to clean the Subleased Premises at the end of the term or for any loss or damage sustained caused by the act or omission of Sublessee or Sublessee's officers, agents, employees, contractors or invitees. Sublessee waives the provisions of California Civil Code Section 1950.7 and all other provisions of law now in force or that become in force after the date of execution of this Sublease that provide that Sublessee 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 Subleased Premises. Any such use, application, or retention shall not constitute a waiver by Sublessor as a result of Sublessee's default its right to enforce its other remedies hereunder, at law, or breachin equity. If Sublessor so uses any portion of the Security DepositDeposit is so used, applied, or retained, Sublessee shall, within ten fifteen (1015) days after delivery of written demand by from Sublessor, restore the Security Deposit said deposit to the full amount originally deposited, and its original amount. Sublessee's failure to do so shall constitute a default under material breach of this Sublease, and in such event Sublessor may elect, among or in addition to other remedies, to terminate this Sublease. Sublessor shall not be a trustee of the Security Deposit, but shall be required to keep this deposit (along with the Security Deposit Prepaid Rent) separate from its general other accounts. If Sublessee fully and faithfully performs all of its obligations hereunder, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee then so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, remains shall be returned to Sublessee (with payment of interest or to earnings thereon) within 30 days after the last assigneelater of (i) expiration or sooner termination of the term hereof, if any, of or (ii) Sublessee's interest hereundersurrender of possession of the Subleased Premises to Sublessor.
Appears in 1 contract
Security Deposit. (a) To secure the faithful performance by Sublessee of all the covenants, conditions and agreements in this Sublease on the part of Sublessee to be fulfilled, kept, observed and performed including, but not by way of limitation, such covenants and agreements ------------------ [*] Confidential treatment requested. Redacted in this Sublease which become applicable upon the termination of the same by re-entry or otherwise, Sublessee shall deposit with Sublessor upon Sublessor, with five (5) days of execution of this Sublease Sublease, a security deposit in the sum amount of Twenty Thousand Two Hundred Fifty and 40/100ths [*] Dollars ($20,250.40[*]) as security for Sublessee's faithful performance of Sublessee's obligations hereunder (the "Security Deposit"). If The Security Deposit shall be in the form of the Letter of Credit, as described in Section 7(b) below. Sublessor and Sublessee fails agree that: (a) the Security Deposit or any portion thereof may be applied to the curing of any default that may then exist, without prejudice to any other remedy or remedies which Sublessor may have on account thereof, and upon such application Sublessee shall pay rent or other charges when due provide an additional letter of credit otherwise satisfying the terms of this Sublease to Sublessor within five (5) days of demand the amount so applied which shall be added to the Security Deposit so the same may be restored to its original amount; (b) should the Lease be assigned by Sublessor, the Security Deposit or any portion thereof not previously applied shall be assigned to Sublessor's assignee, and upon such assignee's express assumption of Sublessor's obligations under this Sublease, or fails Sublessee shall release Sublessor from any and all liability with respect to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for and/or its application or return; (c) the payment of any rent sum deposited or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breachportion thereof not previously applied, or for any loss or damage sustained by Sublessor the original Letter of Credit, as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessorapplicable, shall be returned to Sublessee or without interest within thirty (30) days following the expiration of the Term of this Sublease, except to the last assigneeextent reasonably required to cure any breach by Sublessee of any of its obligations hereunder and provided that Sublessee has vacated the Premises and surrendered possession thereof to Sublessor at the expiration of the Term; (d) in the event that Sublessor terminates this Sublease or Sublessee's right to possession by reason of an event of default under this Sublease by Sublessee, Sublessor may apply the Security Deposit against damages suffered to the date of such termination and/or may retain the Security Deposit to apply against such damages as may be suffered or shall accrue thereafter by reason of Sublessee's default; and (e) in the event any bankruptcy, insolvency, reorganization or other creditor-debtor proceedings shall be instituted by or against Sublessee, or its successors or assigns, the Security Deposit shall be deemed to be applied first to the payment of any Rent due Sublessor for all periods prior to the institution of such proceedings, and the balance, if any, of Sublesseethe Security Deposit may be retained or paid to Sublessor in partial liquidation of Sublessor's interest hereunderdamages.
(b) The letter of credit supplied by Sublessee as the Security Deposit shall be an irrevocable, unconditional, standby letter of credit in a form substantially similar to the form attached hereto as Exhibit F and incorporated herein (such letter of credit, together with any renewal or replacement letters of credit delivered or to be delivered by Sublessee under this Section, shall be referred to herein collectively as the "Letter of Credit"). The Letter of Credit shall be issued by a national money center bank mutually acceptable to Sublessor and Sublessee (the "Issuer"). The final form of the Letter of Credit and the form of any replacement Letter of Credit shall be acceptable to Sublessor in its reasonable discretion. The Letter of Credit shall be for an initial term of not less than twelve (12) months and shall be maintained in force at all times from issuance through thirty (30) days following the expiration or earlier termination of this Sublease. If Sublessee fails to deliver to Sublessor either a replacement Letter of Credit or cash in the full amount of the Security Deposit required hereunder at least thirty (30) days prior to the expiration date of an outstanding Letter of Credit, such failure shall be a default under this Sublease (without the requirement of notice) entitling Sublessor, in addition to its other ------------------ [*] Confidential treatment requested. Redacted remedies, to draw down all or part of the current Letter of Credit and to then hold such cash proceeds as the Security Deposit in accordance with Section 7(a). Sublessor shall have the right, upon a transfer or assignment of its rights as landlord under this Sublease and concurrent with the return of the original Letter of Credit, to require Sublessee to deliver a replacement Letter of Credit designating Sublessor's successor as the beneficiary, at Sublessor's sole cost and expense. No draw under the Letter of Credit shall be deemed a waiver of, or be deemed to have cured, any default by Sublessee under any provision of this Sublease except to the extent directly applied to cure such default(s).
Appears in 1 contract
Samples: Sublease Agreement (Corixa Corp)
Security Deposit. Upon execution of this Sublease, Sublessee shall ---------------- deposit with Sublessor upon execution of this Sublease the sum of Twenty Sixteen Thousand Two Eight Hundred Fifty Sixteen and 40/100ths 7l/100 Dollars ($20,250.4016,816.71) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefor deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, hereinabove stated and Sublessee's failure to do so shall constitute be a default under breach of this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, Said deposit or so much thereof as had not theretofore been applied by Sublessor, Sublessor shall be returned without payment of interest for its use, to Sublessee within ten (10) days after the expiration or to the last assigneeterm hereof or ten (10) days after the date Sublessee has vacated the Premises, if any, of Sublessee's interest hereunderwhichever is later.
Appears in 1 contract
Samples: Office Lease (Agile Software Corp)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease and maintain during the Term the sum of Twenty One Hundred Nine Thousand Two Hundred Fifty and 40/100ths 00/100 Dollars ($20,250.40109,000.00) as a security deposit (the “Security Deposit”) which Sublessor shall hold as security for Sublessee's the full and faithful performance by Sublessee of Sublessee's obligations hereunder every term, provision, obligation and covenant under this Sublease. The Security Deposit shall be included in the principal amount due under that certain Replacement Promissory Note of even date herewith given by Sublessee and New Beginnings Care, LLC in favor of AdCare Health Systems, Inc. ("the “Replacement Note”). The Security Deposit")Deposit shall not be considered an advance payment of Rent (or of any other sum payable by Sublessee under this Sublease) or a measure of Sublessor’s damages in case of a default by Sublessee under this Sublease. Sublessor shall have no obligation to maintain the Security Deposit separate and apart from Sublessor’s general and/or other funds. If Sublessee fails to pay rent or other charges when due under defaults beyond the applicable notice and/or cure period in respect of any of the terms, provisions, covenants and conditions of this Sublease. Sublessor may, or fails but shall not be required to, in addition to perform and not in lieu of any of its other obligations hereunderrights and remedies available to Sublessor, Sublessor may use or apply all or any part of the Security Deposit to the payment of any sum in default, or any other sum that Sublessor may expend or be required to expend by reason of such default, including but not limited to, any damages or deficiency in reletting the Premises. Whenever, and as often as, Sublessor has applied any portion of the Security Deposit for to cure any such default beyond the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Depositapplicable notice and/or cure period hereunder, Sublessee shall, within ten (10) days after written demand by Notice from Sublessor, deposit additional money with Sublessor sufficient to restore the Security Deposit to the full amount originally depositedthen required to be deposited with Sublessor, and Sublessee's ’s failure to do so shall constitute a default under this Subleasean Event of Default without any further Notice. If Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation transfers or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in under this Sublease, Sublessor shall deliver to its assignee so much of assign the Security Deposit as is then held by Sublessor. Within ten (10) days after to the Term has expired, or Sublessee has vacated new Sublessor and thereafter Sublessor shall have no further liability for the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default return of any of its obligations hereunder, the Security Deposit, and Sublessee agrees to look solely to the new Sublessor for the return of the Security Deposit. Sublessee agrees that it will not assign or so much thereof as had not theretofore been applied by encumber or attempt to assign or encumber the Security Deposit and that Sublessor, shall be returned to Sublessee or its successors and assigns may return the Security Deposit to the last assigneeSublessee in possession of the Premises at the last address for which Notice has given by such Sublessee and that Sublessor thereafter shall be relieved of any liability therefor, if any, regardless of Sublessee's interest hereunderone or more assignments of this Sublease or any such actual or attempted assignment or encumbrances of the Security Deposit.
Appears in 1 contract
Samples: Master Sublease Agreement (Adcare Health Systems, Inc)
Security Deposit. Sublessee Subtenant shall deposit with Sublessor Sublandlord, upon ---------------- the execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars (hereof, $20,250.40) 227,360 as security for SublesseeSubtenant's faithful performance of SublesseeSubtenant's obligations hereunder ("Security Deposit")hereunder. If Sublessee Subtenant fails to pay rent Rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, and the same continues for more than five (5) days following written notice to Subtenant, Sublandlord may use, apply or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent Rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor Sublandlord may become obligated by reason of SublesseeSubtenant's default or breachdefault, or to compensate Sublandlord for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachwhich Sublandlord may suffer thereby. If Sublessor Sublandlord so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, Subtenant shall within ten five (105) days after written demand by Sublessor, therefore deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit said deposit to the full fall amount originally deposited, hereinabove stated and SublesseeSubtenant's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor Sublandlord shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Subtenant performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Subtenant's obligations hereunder, the Security Depositsaid deposit, or so much thereof as had has not theretofore been applied by SublessorSublandlord, shall be returned returned, without payment of interest or other increment for its use to Sublessee Subtenant (or at Sublandlord's option, to the last assignee, if any, of SublesseeSubtenant's interest hereunder.) at the expiration of the Sublease Term and after Subtenant has vacated the Subleased Premises. No trust relationship is created herein between Sublandlord and Subtenant with respect to said security deposit. Provided (i) pursuant to an initial public offering of Subtenant, the shares of Subtenant are sold for net proceeds of at least $25,000,000.00, and (ii) Subtenant is not then in default under this Sublease, the security deposit required hereunder shall be reduced to $113,680.00
Appears in 1 contract
Samples: Sublease Agreement (Greenwich Technology Partners Inc)
Security Deposit. Sublessee (a) Concurrently with execution of this Sublease, Subtenant shall deposit with Sublessor upon execution Sublandlord the sum of Fifty Six Thousand Four Hundred Five and 00/100 Dollars ($56,405.00), the same to be held by Sublandlord as security for the full and faithful performance of every portion of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")to be performed by Subtenant. If Sublessee fails Subtenant Defaults after the expiration of all notice and cure periods with respect to pay rent or other charges when due under any provision of this Sublease, Sublandlord may use, apply or fails retain all or any portion of this security deposit as is necessary to perform remedy such Default. If any portion of said deposit is so used or applied, Subtenant shall, within ten (10) business days after notice from Sublandlord, promptly deposit cash with Sublandlord in an amount sufficient to restore the security deposit to its other obligations hereunderoriginal amount, Sublessor may and Subtenant’s failure to do so shall be a material breach of this Sublease. Sublandlord shall not be required to keep this security deposit separate from its general funds, and Subtenant shall not be entitled to interest on such deposit. Subtenant shall have no right to use or apply all or any portion of the Security Deposit as a rental payment unless consented to by Sublandlord in writing.
(b) Provided that Subtenant is not in Default at the expiration or other termination of this Sublease, the security deposit, or any balance thereof, shall be returned to Subtenant within thirty (30) days after both the (i) Expiration Date and (ii) return of the Subleased Premises to Sublandlord in the condition required by this Sublease, less only that portion, if any, accessed and retained by Sublandlord pursuant to Paragraph 9(a) above. In the event of an assignment of the Prime Lease by Sublandlord, Sublandlord shall have the right to transfer the Security Deposit to the assignee, the assignee shall recognize Subtenant’s rights under this Sublease, and upon notice thereof to Subtenant, Sublandlord shall thereupon be released by Subtenant from all liability for the payment return of any rent such Security Deposit only after such new sublandlord or other transferee has acknowledged in writing to Subtenant that it has taken possession of the full amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore or Sublandlord provides to Subtenant other evidence reasonably satisfactory to Subtenant that such Security Deposit has been delivered to the transferee; and then Subtenant agrees to look to the new sublandlord solely for the return of said 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 sublandlord.
(c) Subtenant further covenants that it will not assign or encumber or attempt to assign or encumber the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit monies deposited herein as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, and that neither Sublandlord nor its successor or so much thereof as had not theretofore been applied by Sublessor, assigns shall be returned to Sublessee bound by any such assignment, encumbrance, attempted assignment or to the last assignee, if any, of Sublessee's interest hereunderattempted encumbrance.
Appears in 1 contract
Samples: Sublease (Intersil Corp/De)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars (hereof $20,250.40) 22,167.20 as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent Rent or other charges when changes due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent Rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore forward to Sublessor an amount sufficient to restore the Security said Deposit to the full amount originally deposited, provided for herein and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security said Deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security said Deposit, or so much thereof as had has not theretofore therefore been applied by Sublessor, shall be returned returned, without payment of interest to Sublessee (or at Sublessor's option, to the last assignee, if any, of Sublessee's interest hereunder) at the expiration of the term hereof, and after Sublessee has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to said Security Deposit.
Appears in 1 contract
Samples: Sublease Agreement (Incomnet Inc)
Security Deposit. Concurrently with the execution of this Sublease, Sublessee shall deposit with Sublessor upon execution and thereafter, during the Term of this Sublease Sublease, shall maintain on deposit with Sublessor, the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars __________________________ ($20,250.40) _______), as security for Sublessee's the full, prompt and faithful performance by Sublessee of all of Sublessee's obligations hereunder (the "Security Deposit"). If Upon the occurrence of a Sublessee fails Default, including the failure of Sublessee to pay rent the Base Rent or any other charges when sums due under this Subleasehereunder, or fails the failure of Sublessee to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent Base Rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachthen due and unpaid. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default Sublessee Default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten thirty (1030) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occurSublease Expiration Date, and provided that Sublessee is not then in default of any of its obligations hereunderunder the Sublease, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Samples: Sublease Agreement
Security Deposit. Sublessee Sublessees shall pay to Sublessor as a security deposit with Sublessor upon execution of this Sublease the sum of Twenty an amount equal to Fourteen Thousand Two Eight Hundred Fifty Seventy Nine and 40/100ths 58/100 Dollars ($20,250.4014,879.58) as security for Sublessee's Sublessees' faithful performance of Sublessee's Sublessees' obligations hereunder (the "Security Deposit"). If Sublessee fails Sublessees fail to pay rent Rent hereunder or to pay any other charges when sums due under this Sublease, or fails to perform any of its the other obligations terms and provisions of this Sublease or is otherwise in default or in breach hereunder, in each case after expiration of applicable notice and/or cure periods, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit in partial payment for the payment sums it may in its discretion advance as a result of a default or breach by any Sublessee, or to apply toward losses or expenses Sublessor may suffer or incur as a result of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breachbreach hereunder. If Sublessor uses or applies all or any portion of such Security Deposit, or for such application shall not be deemed a cure of any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, and Sublessees shall within ten five (105) business days after written demand by Sublessor, therefor deposit with Sublessor in cash an amount sufficient to restore the Security Deposit to the full amount originally depositedits original sum of Fourteen Thousand Eight Hundred Seventy Nine and 58/100 Dollars ($14,879.58), and Sublessee's the failure of Sublessees to do so so, after any applicable notice and cure period, shall constitute be a default under material breach of this SubleaseSublease by Sublessees. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, accounts and shall have no obligation or liability for payment of interest on the Security Deposit. In the event that Sublessor assigns its interest in this the Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) business days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, expired and provided Sublessee no Sublessees is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee Sublessees or to the last assignee, if any, of Sublessee's Sublessees' interest hereunder.
Appears in 1 contract
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Fourteen Thousand Two Hundred Fifty and 40/100ths Eighty-Five Dollars ($20,250.4014,285.00) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Samples: Sublease (Borealis Technology Corp)
Security Deposit. Sublessee Subtenant shall deposit with Sublessor Sublandlord a security deposit (the “Security Deposit”) in the amount of $163,057.50 upon the execution of this the Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's the faithful performance and observance by Subtenant of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under the terms, covenants and conditions of this Sublease, or fails to perform . Such Security Deposit shall be governed by the provisions of Section 6 of the Master Lease as if Subtenant were the “Tenant” thereunder and Sublandlord were the “Landlord” thereunder. Provided that Subtenant has not defaulted on any of its other obligations hereunderunder the Sublease during the Sublease Term, Sublessor may use or Sublandlord shall have the option, upon fourteen (14) days’ prior notice to Subtenant, to apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do final two (2) months of Base Rent payable under the Sublease as such Base Rent becomes due. If Sublandlord does not so shall constitute a default under this Sublease. Sublessor shall not be required to keep apply the Security Deposit separate from its general accountsagainst Base Rent, and Subtenant shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in fully performed this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much any balance thereof as had that has not theretofore been applied by SublessorSublandlord, shall be returned to Sublessee Subtenant, without payment of interest, within sixty (60) days after the expiration or earlier termination of the Sublease Term and after Subtenant has vacated the Sublease Premises. In the event of termination of Sublandlord’s interest in this Sublease, Sublandlord shall transfer the Security Deposit to Sublandlord’s successor in interest whereupon Sublandlord shall be released from all liability for the return or accounting therefor. No trust relationship is created herein between Sublandlord and Subtenant with respect to the last assignee, if any, of Sublessee's interest hereunderSecurity Deposit.
Appears in 1 contract
Samples: Sublease (Exar Corp)
Security Deposit. Sublessee Simultaneously with the execution of this Sublease, Subtenant shall deposit with Sublessor upon execution a security deposit in the amount of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars five thousand dollars ($20,250.40) as 5,000.00), to be commingled with Sublessor's other funds in an interest bearing bank account. Such security deposit shall be security for Sublesseethe performance by Subtenant of all of Subtenant's faithful performance obligations, covenants, conditions and agreements under this Sublease. Within approximately thirty (30) days after the later of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent a) the expiration or other charges when due under earlier termination of the Term of this Sublease, or fails to perform any of its other obligations hereunder(b) Subtenant's vacating the Subleased Premises, Sublessor may use shall return such security deposit to Subtenant with interest, less such portion thereof as Sublessor shall have appropriated to satisfy any default under this Sublease by Subtenant, as hereinafter provided. If there shall be any default under this Sublease by Subtenant, then Sublessor shall have the right, but shall not be obligated, after notice to Subtenant and Subtenant's failure to timely cure to use, apply or apply retain all or any portion of the Security Deposit security deposit for the payment of any rent (a) Base Rent, Additional Rent or other amount then due hereunder and unpaid, for the payment of any other sum for as to which Subtenant is in default, or (b) amount Sublessor may spend or become obligated to spend, or for the compensation of Sublessor for any losses incurred, by reason of SublesseeSubtenant's default default, including, but not limited to, any damage or breach, or for any loss or damage sustained by Sublessor as a result deficiency arising in connection with the reletting of Sublessee's default or breachthe Subleased Premises. If Sublessor so uses any portion of the Security Depositsecurity deposit is so used or applied, Sublessee shall, then within ten three (103) business days after written demand by Sublessornotice to Subtenant of such use or application, Subtenant shall deposit with Sublessor cash in an amount sufficient to restore the Security Deposit security deposit to the full amount originally depositedits original amount, and SublesseeSubtenant's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Samples: Sublease (Exe Technologies Inc)
Security Deposit. Sublessee with the parties’ execution of this Sublease, Subtenant shall deposit with Sublessor Sublandlord upon Subtenant’s execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars hereof $415,601.68 ($20,250.40“Security Deposit”) as security for Sublessee's Subtenant’s faithful performance of Sublessee's Subtenant’s obligations hereunder ("Security Deposit")in the form of a letter of credit as more particularly identified below. If Sublessee Subtenant fails to pay rent Rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, all beyond applicable notice and cure periods, Sublandlord may use, apply or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit for the payment of Rent or any rent other charge in default or other amount then due hereunder and unpaid, for the payment of any other sum for to which Sublessor Sublandlord may become obligated by reason of Sublessee's default or breachSubtenant’s default, or to compensate Sublandlord for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachwhich Sublandlord has suffered thereby. If Sublessor Sublandlord so uses or applies all or any portion of the Security Deposit, Sublessee shall, Subtenant shall within ten (10) days after written demand by Sublessor, therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the its full amount originally depositedamount, and Sublessee's Subtenant’s failure to do so shall constitute be a default under material breach of this Sublease. Sublessor Sublandlord shall not be required to keep the Security Deposit separate from its general accounts, accounts and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessorshall not bear interest. Within ten (10) days after At the expiration or earlier termination of the Term has expiredhereof and following performance of all of Subtenant’s obligations hereunder (including, or Sublessee has vacated without limitation, vacation of the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then Premises in default of any of its obligations hereunderaccordance with the provisions hereof), the Security Deposit, or so much thereof as had has not theretofore been applied by SublessorSublandlord, shall be returned returned, without payment of interest or other incurment for its use to Sublessee Subtenant (or at Sublandlord’s option, to the last assignee, if any, of Sublessee's Subtenant’s interest hereunder). No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit. Any deposit under the Master Lease which may be returned by the Master Landlord shall be the property of Sublandlord.
Appears in 1 contract
Security Deposit. Sublessee Lessee shall transfer the security deposit being held by Lessor from the following properties: - 0000 Xxxx Xxxxxxxxx Blvd., Eagan, MN Security deposit - $9,600.00 38,400 s.f. Lease dated March 16, 1998 - 0000 Xxxxx Xxxxxxxxxx Blvd., Xxxxx, MN Security deposit - $7,200.00 28,800 s.f. Lease dated August 14, 1998 - 0000 Xxxxx Xxxx Xxxx, Xxxxxxx Xxxxxxx, XX Security deposit - $11,560.00 38,400 s.f. Lease dated October 28, 1998 Lessee shall deposit an additional $44,879.50 of which $22,439.75 shall be deposited with Sublessor Lessor upon execution hereof and the balance of this Sublease $22,439.75 deposited with Lessor upon taking occupancy of the sum space for a total of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) 73,239.50 as security for SublesseeLessee's faithful performance of Sublessee's its obligations hereunder ("Security Deposit")hereunder. Provided however if Lessee has failed its obligations as outlined in article 5 of the above leases then Lessor may withhold the appropriate portion and lessee shall be obligated to increase the security deposit for this lease proportionally. If Sublessee Lessee fails to pay rent or other charges when due under this Subleasehereunder, or fails otherwise defaults with respect to perform any provision of its other obligations hereunderthis Lease, Sublessor Lessor may use use, apply, or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor Lessor may become obligated by reason of SublesseeLessee's default or breachdefault, or to compensate Lessor for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachthat Lessor may suffer thereby. If Sublessor Lessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, Lessee shall within ten (10) days after written demand by Sublessor, therefor deposit cash with Lessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally depositedthen required of lessee. If the monthly rent increases, and Sublessee's failure from time to do time, during the term of this Lease, Lessee shall, at the time of such increase, deposit with Lessor additional money as a security deposit so that the total amount of the security deposit held by Lessor shall constitute a default under at all times bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent set forth in paragraph 4 with the exception of the rental increases outlined in this SubleaseLease. Sublessor Lessor shall not be required to keep the Security Deposit said security deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any If Lessee performs all of its obligations hereunder, the Security Depositsaid deposit, or so much thereof as had has not theretofore been applied by SublessorLessor, shall be returned returned, without payment of interest or other increment for its use, to Sublessee or Lessee (or, at Lessor's option, to the last assignee, if any, of SublesseeLessee's interest hereunder) within 30 days the expiration of the term hereof, and after Lessee has vacated the Premises. No trust relationship is created herein between Lessor and Lessee with respect to said security deposit.
Appears in 1 contract
Security Deposit. Upon execution hereof, Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Sixty-Six Thousand Two One Hundred Fifty and 40/100ths One Dollars ($20,250.4066,101.00) as security and for a Security Deposit to secure Sublessee's faithful full and timely performance of Sublessee's all of its obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent Rent or any other charges sums as and when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use (but shall not be obligated to) use, apply, or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessee is obligated or which will compensate Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained which Sublessor may suffer thereby. Any such use, application, or retention shall not constitute a waiver by Sublessor as a result of Sublessee's default its right to enforce its other remedies hereunder, at law, or breachin equity. If Sublessor so uses any portion of the Security Depositsaid deposit is so used, applied, or retained, Sublessee shall, within ten (10) 10 days after delivery of written demand by from Sublessor, restore the Security Deposit said deposit to the full amount originally deposited, and its original amount. Sublessee's failure to do so shall constitute a default under material breach of this Sublease, and in such event Sublessor may elect, among or in addition to other remedies, to terminate this Sublease. Sublessor shall not be a trustee of such deposit, and shall not be required to keep the Security Deposit this deposit separate from its general accounts, . Sublessor alone shall be entitled to any interest or earnings thereon and Sublessor shall have no obligation or liability for payment the free use of interest on the Security Depositsame. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or If Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, fully and provided Sublessee is not then in default of any faithfully performs all of its obligations hereunder, the Security Deposit, or then so much thereof of the deposit as had not theretofore been applied by Sublessor, remains shall be returned to Sublessee (without payment of interest or to earnings thereon) within 30 days after the last assigneelater of (i) expiration or sooner termination of the term hereof, if any, of or (ii) Sublessee's interest hereundersurrender of possession of the Premises to Sublessor.
Appears in 1 contract
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty hereof Seven Thousand Two Five Hundred Fifty and 40/100ths 00/100 Dollars ($20,250.407,500.00) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said security deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid security deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said security deposit to the full amount originally deposited, hereinabove stated and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit said security deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Depositsaid security deposit, or so much thereof as had has not theretofore been applied by Sublessor, shall be returned returned, without payment of interest or other increment for its use to Sublessee or at the expiration of the term hereof, and after Sublessee has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to the last assignee, if any, of Sublessee's interest hereundersaid Security Deposit.
Appears in 1 contract
Samples: Sublease (Balanced Care Corp)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) 0.00 as security for Sublessee's ’s faithful performance of Sublessee's ’s obligations hereunder ("“Security Deposit"”). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's ’s default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's ’s default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's ’s failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's ’s interest hereunder.
Appears in 1 contract
Security Deposit. Sublessee Concurrently with SUBTENANT's execution of this Sublease, SUBTENANT shall deposit with Sublessor upon execution SUBLANDLORD the sum of Two Hundred Thirty Six Thousand Nine Hundred Seventy Seven Dollars and 20/100 ($236,977.20). Said sum shall be held by SUBLANDLORD as a Security Deposit for the faithful performance by SUBTENANT of all the terms, covenants and conditions of this Sublease to be kept and performed by SUBTENANT during the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")term hereof. If Sublessee fails SUBTENANT defaults with respect to pay rent or other charges when due under any provision of this Sublease, or fails including, but not limited to, the provisions relating to perform the payment of Rent and any of its other obligations hereunderthe monetary sums due herewith, Sublessor SUBLANDLORD may use (but shall not be required to) use, apply or apply retain all or any portion part of the this Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor SUBLANDLORD may become obligated spend by reason of SublesseeSUBTENANT's default or breach, or to compensate SUBLANDLORD for any other loss or damage sustained which SUBLANDLORD may suffer by Sublessor as a result reason of SublesseeSUBTENANT's default or breachdefault. If Sublessor so uses any portion of the Security Depositsaid Deposit is so used or applied, Sublessee SUBTENANT shall, within ten (10) days after written demand by Sublessortherefor, deposit cash with SUBLANDLORD in that amount sufficient to restore the Security Deposit to the full amount originally deposited, and Sublesseeits original amount. SUBTENANT's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor SUBLANDLORD shall not be required to keep the this Security Deposit separate from its general accountsfunds, and SUBTENANT shall have no obligation or liability for payment of not be entitled to interest on the Security such Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so So much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expirednot been properly used, applied, or Sublessee retained hereunder shall be returned to SUBTENANT (or at SUBLANDLORD's option, to the last assignee of SUBTENANT's interest hereunder) at the expiration of the Sublease term and after SUBTENANT has vacated the Premises. If SUBTENANT, or any final adjustment pursuant during the term of the Sublease, successfully completes an Initial Public Offering (IPO) and can provide proof and evidence thereof, SUBLANDLORD shall reimburse to Subsection 6.2 hereof has been madeSUBTENANT one-half of the security deposit, whichever shall last occur, One Hundred Eighteen Thousand Four Hundred Eighty Eight and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder60/100 ($118,488.60).
Appears in 1 contract
Samples: Sublease Agreement (Netro Corp)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this the Sublease the sum of Twenty Thousand Two Hundred Fifty fourteen thousand nine hundred sixty eight dollars and 40/100ths Dollars eighty cents ($20,250.4014,968.80) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or of damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Security Deposit. Upon execution hereof, Sublessee shall deposit the Security Deposit with Sublessor. The Security Deposit shall secure Sublessee's obligations under this Sublease to pay Base Rent and other monetary amounts, to maintain the Premises and repair damages thereto, to surrender the Premises to Sublessor in clean condition and repair upon execution termination of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for to discharge Sublessee's faithful performance other obligations hereunder. Sublessor may use and commingle the Security Deposit with other funds of Sublessee's obligations hereunder ("Security Deposit")Sublessor. If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other Sublessee's obligations hereunder, Sublessor may use or may, but without any obligation to do so, apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason towards fulfillment of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachunperformed obligations. If Sublessor does so uses apply any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, Sublessee's failure to remit to Sublessor a sufficient amount in cash to restore the Security Deposit to the full original amount originally deposited, and Sublesseewithin five (5) days after receipt of Sublessor's failure written demand to do so shall constitute a default under this Subleasean event of default. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment Upon termination of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or if Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default performed all of any of its Sublessee's obligations hereunder, Sublessor shall return the Security Deposit, or so much thereof as had not theretofore been whatever amount remains of the Security Deposit after Sublessor applied by Sublessorall or a portion of the Security Deposit to perform Sublessee's obligations hereunder, shall be returned to Sublessee or to the last assignee, if any, without payment of Sublessee's interest hereunderinterest.
Appears in 1 contract
Security Deposit. 5.1 Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Twelve Thousand Two Hundred Fifty Seventy Five and 40/100ths 00/100 Dollars ($20,250.4012,275.00) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent Rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit deposit for the payment of any rent Rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor Sublessee may become obligated to Sublessor by reason of Sublessee's default or breach, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositdeposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, deposit cash with Sublessor in an amount sufficient to restore the Security Deposit to the full amount originally deposited, deposit and Sublessee's failure to do so shall constitute be a default under of this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or If Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any performs all of its obligations hereunder, the Security Depositdeposit, or so much thereof as had has not theretofore been applied by Sublessor, shall be returned returned, without payment of interest, to Sublessee or to at the last assigneeexpiration of the Term, if any, of Sublessee's interest hereunderand after Sublessee has vacated the Leased Premises.
Appears in 1 contract
Security Deposit. Sublessee shall deposit with Sublessor Sublessor, upon execution of this Sublease Sublease, the sum of Twenty Five Thousand Two Four Hundred Fifty Ninety-two Dollars and 40/100ths Dollars 67/100 ($20,250.405,492.67) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage (including attorney's fees) sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) 10 days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, . Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) 30 days after the Term term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant pursuance to Subsection 6.2 6.3 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore therefore been applied by Sublessor, shall be returned to Sublessee Sublessee, or to the last assignee, assignee if any, of Sublessee's interest hereunder.
Appears in 1 contract
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease hereof the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) 70,200 as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent Rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or and fails to perform any commence a cure of its other obligations hereundersuch default within the time provided therefor in this Sublease, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent Rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessortherefore, deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally depositedherein above stated, and Sublessee's failure to do so shall constitute be a default under this Sublease, and Sublessor may at its option terminate this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Depositsaid deposit, or so much thereof as had has not theretofore been applied by Sublessor, shall be returned without payment of interest for its use to Sublessee within ten (10) days after the expiration of the Term hereof, or after Sublessee has vacated the Subleased Premises, whichever is later. Sublessee's Security deposit shall not bear interest unless the Master Lessor pays interest under the Master Lease to the last assigneeSublessor for Sublessor's security deposit, if any, of in which case Sublessee's security deposit with the Sublessor shall bear interest hereunderat the same rate under this Sublease as Sublessor's Security Deposit bears interest under the Master Lease.
Appears in 1 contract
Security Deposit. 8.1 Sublessee shall deposit with Sublessor upon execution has delivered to Company a Security Deposit of Twenty-Nine Thousand Seven Hundred Fifty ($29,750.00) Dollars representing four (4) months rent at $7,437.50 per month as set forth in Section 5.1 herein. Upon the Commencement of the Term of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this SubleaseAgreement, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Company shall hold said Security Deposit for the payment duration of the Term of this Sublease. The Security Deposit shall be held by the Company as security for the full and faithful performance by Sublessee of all the Sublessee's terms, covenants and conditions of this Sublease Agreement, which Deposit shall be returned to Sublessee upon the expiration of this Sublease Agreement, provided Sublessee has faithfully performed all of the Sublessee's terms, covenants and conditions set forth in this Sublease Agreement and the Prime Lease. The Security Deposit shall be transferable to the benefit of any rent successor or other amount then due hereunder and unpaid, for assignee of Sublessee or the payment of any other sum for which Sublessor may become obligated by reason Company. In the event of Sublessee's default or breachfailure to perform the terms, covenants or conditions of this Sublease Agreement or Prime Lease, the Company may draw upon the Security Deposit to recover any costs, liabilities or other amounts due and owing by the Sublessee. In the event Company draws upon the Security Deposit for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion such purpose, Sublessee shall replenish the full amount of the Security Deposit, Sublessee shall, Deposit within ten (10) days after of Sublessee’s receipt of written demand by Sublessor, restore the notice from Company. The Security Deposit shall be segregated from Company funds in a separate interest bearing account and Sublessee and Company shall split the interest 50/50 at the end of the term. Within thirty (30) days from the end of the Term, any amount of the security deposit not used to pay sums due and owing by Sublessee or used to make necessary repairs to the full amount originally depositedleased premises, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall should be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Security Deposit. Sublessee SUBLESSEE will pay and SUBLESSOR shall hold during the Term, a security deposit with Sublessor upon execution ("Deposit") in the amount of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths $100,000 Dollars ($20,250.40) as security for Sublessee's faithful SUBLESSEE'S performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of all its other obligations hereunder, Sublessor . SUBLESSOR may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant part, to Subsection 6.2 hereof has been madeSUBLESSOR'S damages arising from SUBLESSEE'S default without prejudice to any other SUBLESSOR remedy. If any part of the Deposit is applied, whichever SUBLESSEE immediately shall last occurrestore the Deposit to its original amount. Upon written request, SUBLESSOR shall return the remaining Deposit to SUBLESSEE on the Termination Date and provided Sublessee SUBLESSEE'S surrender of possession of the DEMISED PREMISES to SUBLESSOR, so long as SUBLESSEE is not then in default of any of hereunder. SUBLESSOR shall have no obligation to pay interest on the Deposit and may commingle the Deposit with SUBLESSOR'S funds. If SUBLESSOR conveys its obligations hereunderinterest under this SUBLEASE, the Security Deposit, or so much thereof as had any part not theretofore been applied by Sublessorpreviously, shall may be returned to Sublessee or turned over to the last assignee, if any, new SUBLESSOR. SUBLESSOR shall obtain a receipt for said security deposit and shall give such receipt to SUBLESSEE. SUBLESSEE shall look solely to the new SUBLESSOR for proper application and the return of Sublessee's interest hereunderthe Deposit.
Appears in 1 contract
Security Deposit. Sublessee shall deposit with Sublessor upon execution and maintain during the Term the cash sum of Sixty-Five Thousand and 00/100 Dollars ($65,000.00) as a security deposit (the “Security Deposit”) which Sublessor shall hold as security for the full and faithful performance by Sublessee of every term, provision, obligation and covenant under this Sublease and subject to the terms and conditions of this Sublease. The Security Deposit shall be paid to Sublessor as follows: (i) $21,666.67 on the Commencement Date, (ii) $21,667.67 on December 1, 2014 and (iii) $21,666.66 on January 2, 2015. The Security Deposit may be deposited by Sublessor into an interest-bearing account, which interest shall accrue for the sole benefit of Sublessor and not Sublessee. The Security Deposit shall not be considered an advance payment of Rent (or of any other sum payable by Sublessee under this Sublease) or a measure of Sublessor’s damages in case of a default by Sublessee. Sublessor shall have no obligation to maintain the Security Deposit separate and apart from Sublessor’s general and/or other funds. If Sublessee defaults in respect of any of the terms, provisions, covenants and conditions of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"or if there is a default under any agreement or instrument with which this Sublease is cross-defaulted). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or may, but shall not be required to, in addition to and not in lieu of any other rights and remedies available to Sublessor, apply all or any part of the Security Deposit to the payment of any sum in default, or any other sum that Sublessor may expend or be required to expend by reason of Sublessee’s default, including but not limited to, any damages or deficiency in reletting the Premises. Whenever, and as often as, Sublessor has applied any portion of the Security Deposit for the payment of to cure Sublessee’s default hereunder or under any rent or other amount then due hereunder and unpaid, for the payment of any other sum for agreement with which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Depositthis Sublease is cross-defaulted, Sublessee shall, within ten (10) days after written demand by Notice from Sublessor, deposit additional money with Sublessor sufficient to restore the Security Deposit to the full amount originally depositedthen required to be deposited with Sublessor, and Sublessee's ’s failure to do so shall constitute a default under this Subleasean Event of Default without any further Notice. If Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation transfers or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in under this Sublease, Sublessor shall deliver to its assignee so much of assign the Security Deposit as is then held by Sublessor. Within ten (10) days after to the Term has expired, or Sublessee has vacated new Sublessor and thereafter Sublessor shall have no further liability for the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default return of any of its obligations hereunder, the Security Deposit, and Sublessee agrees to look solely to the new Sublessor for the return of the Security Deposit. Sublessee agrees that it will not assign or so much thereof as had not theretofore been applied by encumber or attempt to assign or encumber the HNZW//3583-1 (Xxxxxxxxx) Security Deposit and that Sublessor, shall be returned to Sublessee or its successors and assigns may return the Security Deposit to the last assigneeSublessee in possession of the Premises at the last address for which Notice has given by such Sublessee and that Sublessor thereafter shall be relieved of any liability therefor, if any, regardless of Sublessee's interest hereunderone or more assignments of this Sublease or any such actual or attempted assignment or encumbrances of the Security Deposit.
Appears in 1 contract
Security Deposit. Sublessee On or before December 31, 2008, Subtenant shall deposit with Sublessor upon execution of this Sublease Sublandlord the sum of Twenty Thousand Two Hundred Fifty and 40/100ths $69,169.11 Dollars ($20,250.40“Security Deposit”) as security for Sublessee's the faithful performance and observance by Subtenant of Sublessee's obligations hereunder ("Security Deposit")all of the terms, covenants and conditions of this Sublease on Subtenant’s part to be performed and observed. If Sublessee fails to pay rent Sublandlord may use, apply or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all retain the whole or any portion part of the Security Deposit to the extent required for the payment of any rent or other amount then due hereunder Rent and unpaid, for the payment of any other sums as to which Subtenant may be in default hereunder beyond the expiration of applicable grace and notice periods and for any sum for which Sublessor Sublandlord may become obligated expend or may be required to expend by reason of Sublessee's Subtenant’s default or breachbeyond the expiration of applicable grace and notice periods in respect of any of the terms, or for covenants and conditions of this Sublease. In the event Subtenant is not in default of any loss or damage sustained Subtenant covenant hereunder, past any applicable grace and notice periods, then the Security Deposit shall be applied, in equal amounts, to the last three installments of the Base Sublease Rent due and owing hereunder by Sublessor as a result of Sublessee's default or breachSubtenant. If Sublessor so uses Sublandlord may commingle the Security Deposit with Sublandlord’s other funds Following any portion application of the Security Deposit, Sublessee shallSubtenant, on demand, shall restore the Security Deposit to its original amount and Subtenant’s failure to do so within ten (10) days after of written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so notice from Sublandlord shall constitute be a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposithereunder. In the event Sublessor assigns its interest in that Subtenant shall fully and faithfully comply with all of the terms, provisions, covenants and conditions of this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had shall not theretofore have been applied by SublessorSublandlord as aforesaid, shall be returned to Sublessee Subtenant promptly following the expiration date of the S&N Sublease or date of earlier termination and delivery of the entire possession of the Premises to the last assignee, if any, of Sublessee's interest hereunderSublandlord.
Appears in 1 contract
Security Deposit. Sublessee Prior to the Commencement Date, Subtenant shall deposit with Sublessor upon execution pay to Sublandlord the amount of $12,900.00 as security for the full and punctual performance by Subtenant of all of the terms and conditions of this Sublease (such amount, together with any interest earned thereon, if any, and/or any funds drawn by Sublandlord thereunder being called the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). .
A. If Sublessee fails Subtenant defaults hereunder beyond the expiration of any applicable grace, notice or cure period, Sublandlord may use, apply to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all retain the whole or any portion part of the Security Deposit to the extent required for the payment of any rent Base Rent or other amount then due hereunder and unpaid, for the payment of any other sum sum(s) as to which Subtenant is in default or for any sum(s) which Sublessor Sublandlord may become obligated expend or may be required to expend by reason of SublesseeSubtenant's default pursuant hereto, including any damages or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion deficiency with respect to the reletting of the Security DepositPremises, Sublessee whether accruing before or after summary proceedings or other re-entry by Sublandlord. In the case of every such use, application or retention, Subtenant shall, within ten (10) days after written demand by Sublessoron demand, restore pay to Sublandlord the sum so used, applied or retained such that the Security Deposit shall be replenished to its former amount.
B. If Subtenant shall fully and punctually comply with all of the full amount originally deposited, terms and Sublessee's failure to do so shall constitute a default under conditions of this Sublease. Sublessor shall not be required to keep , then the Security Deposit separate from its general accounts, (or portion thereof to which Subtenant is entitled) shall be returned or paid over to Subtenant (i) once half (1/2) within fifteen days after the expiration or termination of this Sublease and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much surrender of the Security Deposit as is then held by Sublessor. Within ten Premises to Sublandlord in accordance herewith and (10ii) one half (1/2) within ninety (90) days after the Term has expired, expiration or Sublessee has vacated termination of this Sublease and the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default surrender of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or Premises to the last assignee, if any, of Sublessee's interest hereunderSublandlord in accordance herewith.
Appears in 1 contract
Samples: Sublease (Ion Networks Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Eight Thousand Two Seven Hundred Fifty Fifty-Three and 40/100ths 55/100 Dollars ($20,250.408,753.55) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder [ILLEGIBLE] hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Samples: Sublease (Imageware Systems Inc)
Security Deposit. Sublessee On or before the Commencement Date, Sublessee, at its sole cost and expense, shall deposit with Sublessor upon execution a clean, irrevocable and unconditional standby letter of this Sublease credit in a form acceptable to Sublessor in its reasonable discretion (“Letter of Credit”) issued by a bank approved by Sublessor in its reasonable judgment (hereinafter referred to as the sum “Bank”) in favor of Sublessor, in the amount of One Hundred Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40120,000) (“Security Deposit”) as security for Sublessee's the faithful performance and observance by Sublessee of the terms, conditions and provisions of this Sublease, including without limitation the surrender of possession of the Premises to Sublessor as herein provided. The Letter of Credit shall have a term which expires no sooner than the Expiration Date, or Sublessee may deliver a Letter of Credit with a one (1) year term which by its terms automatically, for the remainder of the Sublease Term, renews for successive one (1) year periods unless the Bank provides no less than thirty (30) days written notice to Sublessor that such Letter of Credit shall not be renewed, in which event Sublessor shall have the right to draw down the entire amount of the Letter of Credit unless Sublessee substitutes, not less than ten days prior to the expiration of such Letter of Credit, a new Letter of Credit which meets the requirements of this Paragraph 5. On the first day of the twenty-fourth (24th) month of the Sublease Term, provided Sublessee is not then in default under the terms of this Lease, such Letter of Credit shall be reduced in half (1/2) to Sixty Thousand Dollars ($60,000) (Sublessee shall provide Sublessor with a new Letter of Credit in such amount, and upon receipt, Sublessor shall return the $120,000 Letter of Credit to Sublessee or Bank, as directed by Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent Rent or other charges when due otherwise defaults under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply draw upon all or any portion of the Security Deposit Letter of Credit for the payment of any rent or other amount then due hereunder and unpaidSublessor or to reimburse or compensate Sublessor for any liability, for the payment of any other sum for cost, expense, loss or damage (including attorney’s fees) which Sublessor may become obligated suffer or incur by reason thereof (including without limitation any requirement that Sublessor repay any amounts previously paid by Sublessee to Sublessor because such amounts are determined to be preferential transfers under applicable bankruptcy law). The use or application of Sublessee's default the Letter of Credit or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of thereof shall not prevent Sublessor from exercising any other right or remedy provided under this Sublease and shall not be construed as liquidated damages. Sublessee shall on demand pay Sublessor the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, amount so used or applied or restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under required by this SubleaseParagraph 5. Sublessor shall not be required to keep all or any part of the Security Deposit separate from its general accounts. Sublessor shall, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten within fifteen (1015) days after the Term has expired, expiration or earlier termination of this Sublease and after Sublessee has vacated the Premises, return to Sublessee that portion of the Security Deposit not used or applied by Sublessor. No part of the Security Deposit shall be considered to be held in trust, to bear interest, or to be prepayment for any final adjustment pursuant monies to Subsection 6.2 hereof has been madebe paid by Sublessee under this Sublease, whichever shall last occurexcept as provided herein. Notwithstanding anything to the contrary contained in this Sublease, and provided Sublessee is not then in default the event Sublessor files for bankruptcy (voluntarily or involuntarily) or makes a general assignment for the benefit of any of its obligations hereundercreditors, the Security Deposit, or so much thereof as had Deposit shall not theretofore been applied by Sublessor, be considered part of the assets of Sublessor and shall be immediately returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Samples: Sublease (Digirad Corp)
Security Deposit. Sub-Sublessee shall deposit with Sub-Sublessor upon execution of this Sublease on the effective Date the sum of Twenty Thirty Five Thousand Two One Hundred Fifty and 40/100ths Seventy Eight Dollars ($20,250.40) 35,178.00), as security for Sub-Sublessee's faithful performance of Sublessee's its obligations hereunder (the "Security Deposit"). If Sub-Sublessee fails to pay rent Rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sub-Sublease, or fails to perform any of its other obligations hereunder, Sub-Sublessor may use use, apply or apply retain all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sub-Sublessor may become obligated by reason of Sub-Sublessee's default or breachdefault, or to compensate Sub-Sublessor for any loss or damage sustained by which Sub-Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sub-Sublessor so uses or applies all or any portion of the Security Deposit, Sub-Sublessee shall, within ten (10) days after its receipt of Sub-Sublessor's written demand by Sublessordemand, deposit cash with Sub-Sublessor in an amount sufficient to restore the Security Deposit to the full amount originally deposited, and set forth above. Sub-Sublessee's failure to do so shall constitute be a default under material breach of this Sub-Sublease. Sub-Sublessor shall not be required to keep the Security Deposit separate from its general accounts. If Sub-Sublessee performs all of its obligations hereunder, following the Termination Date and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sub-Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever Sub-Sublessor shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, return the Security Deposit, Deposit (or so much the portion thereof as had which has not theretofore been applied by Sub-Sublessor) to Sub-Sublessee (or at Sub-Sublessor's option, shall be returned to Sublessee or to the last assignee, if any, of Sub-Sublessee's interest hereunderin the Sub-Sublease). No trust relationship is created herein between Sub-Sublessor and Sub-Sublessee with respect to the Security Deposit. No payment of interest or other incremental charge shall be payable to Sub-Sublessee for Sub-Sublessor's use of the Security Deposit.
Appears in 1 contract
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars (hereof $20,250.40) 6,171.00 as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If hereunder, if Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, hereinabove stated and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Depositsaid deposit, or so much thereof as had has not theretofore been applied by Sublessor, shall be returned returned, without payment of Interest or other Increment for its use to Sublessee (or at Sublessor's option, to the last assignee, if any, of Sublessee's interest Interest hereunder) at the expiration of the term hereof, and after Sublessee has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to said Security Deposit.
Appears in 1 contract
Samples: Sublease Agreement (Vista Medical Technologies Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty hereof One hundred thousand dollars and 40/100ths Dollars no/cents ($20,250.40100,000.00) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under this Subleasehereunder, or fails otherwise defaults with respect to perform any provision of its other obligations hereunderthis Lease, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, for charge in default of the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefor deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Subleaseamount. Sublessor shall not be required to keep the Security Deposit said security deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security DepositSaid deposit, or so much thereof as had has not theretofore been applied by Sublessor, shall 3 be returned returned, without payment of interest, to Sublessee or (or, at Sublessor's option, to the last assignee, if any, of Sublessee's interest hereunder) at the expiration or early termination of the term hereof, and after Sublessee has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to said Security Deposit.
Appears in 1 contract
Security Deposit. Sublessee Upon execution of this Sublease, Subtenant shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as Sublandlord a cash security for Sublessee's faithful performance of Sublessee's obligations hereunder deposit ("Security Deposit") in the amount of $40,896.23 (the "Deposit Amount"). If Sublessee fails additional Rentable Area is added to pay rent the Subleased Premises, the Deposit Amount shall be adjusted so that it is equal to the Basic Rent plus estimated Tenant's Share of Operating Expenses for the last month of the Sublease Tenn. The Security Deposit shall be held by Sublandlord as security for Subtenant's performance of its obligations under this Sublease and may be applied, at Sublandlord's sole discretion, against any obligation incurred by Subtenant in connection with this Sublease that is not timely paid or performed (as the case may be), including the payment of Basic Rent and Additional Rent, the repair of any damage that is Subtenant's responsibility, and all other charges when due obligations of Subtenant under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of Sublandlord debits the Security Deposit, Sublessee shallSublandlord shall notify Subtenant of the occurrence and amount of the debit, within ten (10) days after written demand by Sublessor, and Subtenant shall promptly pay to Sublandlord the amount necessary to restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this SubleaseDeposit Amount. Sublessor shall Sublandlord is not be required to keep the Security Deposit separate from its general accounts, funds and shall have no obligation or liability for payment of Subtenant is not entitled to interest on the Security Deposit. In the event Sublessor assigns If Subtenant performs each of its interest in obligations under this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessorany then-remaining balance thereof, shall be returned to Sublessee Subtenant within 30 days after the later of (i) the expiration of the Sublease Term or to the last assigneetermination of this Sublease, if any, of Sublessee's interest hereunder.and
Appears in 1 contract
Samples: Sublease Agreement (Blue Nile Inc)
Security Deposit. Sublessee Concurrently with Subtenant's execution of this Sublease, Subtenant shall deposit with Sublessor upon execution of this Sublease Sublandlord the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars $72,460.80 ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder (the "Security Deposit"). The Security Deposit shall be held by Sublandlord as security for the faithful performance by Subtenant of all the provisions of this Sublease to be performed or observed by Subtenant. If Sublessee Subtenant fails to pay rent or other charges when sums due under hereunder, or otherwise defaults with respect to any provisions of this Sublease, Sublandlord may use, apply or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, sum in default or for the payment of any other sum for to which Sublessor Sublandlord may become obligated by reason of SublesseeSubtenant's default or breachdefault, or to compensate Sublandlord for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachwhich Sublandlord may suffer thereby. If Sublessor Sublandlord so uses or applies all or any portion of the Security Deposit, Sublessee shall, Subtenant shall within ten (10) days after written demand by Sublessor, therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount originally deposited, thereof and SublesseeSubtenant's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor Sublandlord shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment . If Subtenant performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Subtenant's obligations hereunder, the Security Deposit, or so much thereof as had has not theretofore been applied by SublessorSublandlord, shall be returned returned, without interest, to Sublessee or Subtenant (or, at Sublandlord's option, to the last assignee, if any, of SublesseeSubtenant's interest hereunder) within forty-five (45) days following the later to occur of (x) the expiration of the Term, and (y) the date upon which Subtenant has vacated the Subleased Premises. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit. Sublandlord shall not be required to keep the Security Deposit separate from its other accounts. Subtenant hereby waives any and all rights under and the benefits of Section 1950.7 of the California Civil Code, and all other provisions of law now in force or that become in force after the date of execution of this Sublease, that provide that Sublandlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of Rent, to repair damage caused by Subtenant, or to clean the Subleased Premises. Sublandlord and Subtenant agree that Sublandlord may, in addition, claim those sums reasonably necessary to compensate Sublandlord for any other foreseeable or unforeseeable loss or damage caused by the act or omission of Subtenant or Subtenant’s officers, agents, employees, independent contractors, or invitees.
Appears in 1 contract
Security Deposit. Sublessee Concurrently with the Sublease Commencement Date Subtenant shall deposit with Sublessor upon execution of this Sublease Sublandlord the sum of Twenty Ninety-One Thousand Six Hundred Seventy-One and No/100 Dollars ($91,671.00), and on the Sublease Rent Commencement Date Subtenant shall deposit with Sublandlord the sum of Thirty Thousand Five Hundred Fifty-Seven and No/100 Dollars ($30,557.00), for a total deposit of One Hundred Twenty-Two Thousand Two Hundred Fifty Twenty-Eight and 40/100ths No/100 Dollars ($20,250.40122,228.00) ("Deposit"), which shall be held by Sublandlord as security for Sublessee's the full and faithful performance by Subtenant of Sublessee's its covenants and obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease. The Deposit is not an advance Rent deposit, an advance payment of any other kind, or fails a measure of Sublandlord's damage in case of Subtenant's default. If Subtenant defaults in the full and timely performance of any or all of Subtenant's covenants and obligations set forth in this Sublease, then Sublandlord may, from time to perform time, without waiving any of its other obligations hereunderremedy available to Sublandlord, Sublessor may use or apply all the Deposit, or any portion of it, to the Security Deposit for extent necessary to cure or remedy the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, to compensate Sublandlord for all or for any loss or damage a part of the damages sustained by Sublessor as a result of SublesseeSublandlord resulting from Subtenant's default or breachdefault. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, Subtenant shall immediately pay to Sublandlord within ten five (105) days after written demand by Sublessorfollowing demand, the amount so applied in order to restore the Security Deposit to the full amount originally depositedits original amount, and SublesseeSubtenant's failure to immediately do so shall constitute a default under this Sublease. Sublessor Sublandlord shall return the Deposit (less any amounts retained by Sublandlord under the terms of this Section following an Event of Default) to Subtenant after the expiration or earlier termination of this Sublease. Sublandlord's obligations with respect to the Deposit are those of a debtor and not a trustee. Sublandlord shall not be required to keep maintain the Security Deposit separate and apart from its Sublandlord's general accounts, or other funds and Sublandlord may commingle the Deposit with any of Sublandlord's general or other funds. Subtenant shall have no obligation or liability for payment of not at any time be entitled to interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Samples: Sublease Agreement (Planetout Inc)
Security Deposit. On January 1, 2005, the cash security deposit then currently held by Sublessor for the Subleased Premises shall be released to Sublessee and exchanged for a letter of credit in accordance with the following: Sublessee at its sole cost and expense shall deposit with Sublessor upon execution deliver to Sublessor, in a form and from a financial institution acceptable to Sublessor, an irrevocable, unconditional standby letter of this Sublease credit in the sum amount of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars $130,527.00 ($20,250.40) the “Letter of Credit”), as security for Sublessee's the full and faithful performance and observance by Sublessee of Sublessee's ’s covenants and obligations hereunder under this Sublease ("the “Security Deposit"”). Sublessee shall be solely responsible for all costs and expenses of obtaining, amending, renewing or replacing such Letter of Credit. The Letter of Credit shall have an expiration date not earlier than thirty (30) days following the expiration of the Term of this Sublease. If Sublessee fails to pay rent or other charges when due defaults in the full and prompt payment and performance of any of Sublessee’s covenants and obligations under this Sublease, including, but not limited to, the payment of Rent specified in Paragraph 4 hereof, Sublessor may, after the giving of any required notices and the lapse of any cure period, but without giving any other notice to Sublessee, draw upon the Letter of Credit to the extent required for the payment of any Rent or fails any other sums as to perform which Sublessee is in default or for any sum which Sublessor may expend or may be required to expend by reason of Sublessee’s default in respect of any of its other obligations hereunderthe terms, Sublessor may use covenants and conditions of this Sublease, including, but not limited to, any damages or apply deficiency in the reletting of all or any portion of the Security Deposit for the payment of any rent Subleased Premises, whether such damages or deficiency accrue before or after summary proceedings or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated re-entry by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachSublessor. If Sublessor draws upon the Letter of Credit to cure any default, Sublessee shall cause the Letter of Credit to be restored to its original amount (or shall make a cash security deposit with Sublessor in said amount) within fifteen (15) days of such drawing and failure to do so uses any portion shall be deemed a default hereunder. Sublessee understands that its potential liability under this Sublease is not limited to the amount of the Security Deposit. Use of said Security Deposit by Sublessor shall not constitute a waiver, but is in addition to other remedies to Sublessor under this Sublease and under law (except to the extent of the amount so applied). In the event of any sale of Sublessor’s interest in the Premises, Sublessor shall either return the Security Deposit to Sublessee shall, within ten (10) days after written demand by Sublessor, restore or assign its interest in the Security Deposit to the full amount originally deposited, transferee or assignee and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall thereupon be released by Sublessee from all liability for the return or payment thereof; and Sublessee shall look solely to the new sublessor for the return or payment of the same delivered to the new sublessor; and the provisions hereof shall apply to every transfer or assignment made of the same to a new sublessor. Sublessee shall not be required assign or encumber or attempt to keep assign of encumber the Security Deposit separate from and neither Sublessor nor its general accountssuccessors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance. Sublessee waives the provisions of California Civil Code Section 1950.7, and shall have no obligation all other provisions of law now in force or liability for that become in force after the date of execution of this Sublease that provide that Sublessor may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this SubleaseRent, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held repair damage caused by Sublessor. Within ten (10) days after the Term has expiredSublessee, or Sublessee has vacated to clean the Subleased Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Samples: Sublease (Fluidigm Corp)
Security Deposit. Sublessor and Sublessee shall deposit with Sublessor upon execution of this Sublease hereby agree that the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as Security Deposit is security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")under this Sublease. If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provisions of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the said Security Deposit Deposit, as applicable, for the payment of any rent Rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the said Security Deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, hereinabove stated and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Depositsaid deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned returned, without payment of interest or other increment for its use to Sublessee (or at Sublessor's option, to the last assignee, if any, of Sublessee's interest hereunder) at the expiration of the term hereof, and after Sublessee has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to said Security Deposit.
Appears in 1 contract
Samples: Sublease Agreement (Flexiinternational Software Inc/Ct)
Security Deposit. On or prior to the Commencement Date, Sublessee shall deposit with Sublessor upon execution the sum of $230,033.33 as security for the full and faithful performance of every provision of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for to be performed by Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails defaults, with respect to pay rent or other charges when due under any provision of this Sublease, or fails including but not limited to perform any the provisions relating to the payment of its other obligations hereunderRent, Sublessor may use use, apply or apply retain all or any portion part of the Security Deposit said security deposit for the payment of any rent Rent and any other sum in default or other amount then due hereunder and unpaid, for the payment of any other sum for amount which Sublessor may spend or become obligated to spend by reason of Sublessee's default or breach, or to compensate Sublessor for any other loss or damage sustained which Sublessor may suffer by Sublessor as a result reason of Sublessee's default or breachdefault. Provided Sublessor does not deposit the security deposit in an interest bearing account, Sublessee shall not be entitled to interest on any security deposit. If Sublessor so uses any portion of elects to deposit the Security Depositsecurity deposit in an interest bearing account, Sublessee shallshall be entitled to the accrued interest. If Sublessee shall fully and faithfully perform every provision of this Sublease to be performed by it, within ten or shall timely cure any and all defaults, said security deposit or any balance thereof shall be returned to Sublessee upon the date which is thirty (1030) days after written demand by Sublessor, restore the Security Deposit to expiration of the full amount originally deposited, Sublease Term and Sublessee's failure to do so shall constitute a default under this Subleasevacation of the Premises. Notwithstanding the forgoing and provided that (i) Sublessor shall has not be required to keep the Security Deposit separate from its general accountsthen used, and shall have no obligation applied or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much retained any part of the Security Deposit as is then held by Sublessor. Within ten provided under the terms of this Sublease and (10ii) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default under this Sublease, Sublessee shall be entitled to receive partial refunds of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to Deposit in the last assignee, if any, amount of Sublessee's interest hereunder$57,508.33 on the first and third anniversaries of the Commencement Date.
Appears in 1 contract
Security Deposit. 8.1 Sublessee shall deposit with Sublessor in the attorney trust account maintained by the attorney for Sublessor, upon execution of this Sublease the Sublease, the sum of Twenty Thousand Two Nine Thousand, Seven Hundred Fifty and 40/100ths Thirty Dollars ($20,250.409,730.00) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). .
8.2 If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten thirty (1030) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee (without interest) or to the last assignee, if any, of Sublessee's interest hereunder.
8.3 In the event that Sublessee pays Sublessor the Rent and Additional Rent when due under this Sublease, and Sublessor then fails to pay the Landlord the Rent and Additional Rent when due under the Lease, the attorney for Sublessor, upon written demand by Sublessee shall return the Security Deposit to Sublessee.
Appears in 1 contract
Security Deposit. Sublessee Upon execution hereof, Sub-sublessee shall deposit ---------------- with Sublessor upon execution of this Sublease Sub-sublessor the sum of Twenty Thirty Thousand Two Three Hundred Fifty and 40/100ths Ninety Eight Dollars ($20,250.4030,398.00) as security and for Sublesseea Security Deposit to secure Sub-sublessee's faithful full and timely performance of Sublessee's all of its obligations hereunder ("Security Deposit")hereunder. If Sublessee Sub-sublessee fails to pay rent Rent or any other charges sums as and when due under this Subleasehereunder, or fails otherwise defaults with respect to perform any provision of its other obligations hereunderthis Sub-sublease, Sublessor Subsublessor may use (but shall not be obligated to) use, apply, or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become Sub-sublessee is obligated by reason of Sublessee's default or breach, or which will compensate Sub-sublessor for any loss or damage sustained which Sub-sublessor may suffer thereby. Any such use, application, or retention shall not constitute a waiver by Sublessor as a result Sub-sublessor-of Sublessee's default its right to enforce its other remedies hereunder, at law, or breachin equity. If Sublessor so uses any portion of the Security Depositsaid deposit is so used, Sublessee applied, or retained, Sub-sublessee shall, within ten (10) 10 days after delivery of written demand by from Sublessor, restore the Security Deposit said deposit to the full amount originally deposited, and Sublesseeits original amount. Sub-sublessee's failure to do so shall constitute a default under material breach of this SubleaseSub-sublease, and in such event Subsublessor may elect, among or in addition to other remedies, to terminate this Sub-sublease. Sublessor Sub-sublessor shall not be a trustee of such deposit, and shall not be required to keep the Security Deposit this deposit separate from its general accounts, . Sub-sublessor alone shall be entitled to any interest or earnings thereon and Sub-sublessor shall have no obligation or liability for payment the free use of interest on the Security Depositsame. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, If Sub-sublessee fully and provided Sublessee is not then in default of any faithfully performs all of its obligations hereunder, the Security Deposit, or then so much thereof of the deposit as had not theretofore been applied by Sublessor, remains shall be returned to Sublessee Sub-sublessee (without payment of interest or earnings thereon) within 30 days after the later of (i) expiration or sooner termination of the term hereof, or (ii) Sub-sublessee's surrender of possession of the Premises to the last assignee, if any, of Sublessee's interest hereunderSub-sublessor.
Appears in 1 contract
Security Deposit. Upon execution hereof, Sublessee shall deposit the Security Deposit with Sublessor. The Security Deposit shall secure Sublessee's obligations under this Sublease to pay Base Rent and other monetary amounts, to maintain the Sublet Space and repair damages thereto, to surrender the Sublet Space to Sublessor in clean condition and repair upon execution termination of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for to discharge Sublessee's faithful performance other obligations hereunder. Sublessor may use and commingle the Security Deposit with other funds of Sublessee's obligations hereunder ("Security Deposit")Sublessor. If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other Sublessee's obligations hereunder, Sublessor may use or may, but without any obligation to do so, apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason towards fulfillment of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachunperformed obligations. If Sublessor does so uses apply any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, Sublessee's failure to remit to Sublessor a sufficient amount in cash to restore the Security Deposit to the full original amount originally deposited, and Sublesseewithin five (5) days after receipt of Sublessor's failure written demand to do so shall constitute a default under this Subleasean event of default. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment Upon termination of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or if Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default performed all of any of its Sublessee's obligations hereunder, Sublessor shall return the Security Deposit, or so much thereof as had not theretofore been whatever amount remains of the Security Deposit after Sublessor applied by Sublessorall or a portion of the Security Deposit to perform Sublessee's obligations hereunder, shall be returned to Sublessee or to the last assignee, if any, without payment of Sublessee's interest hereunderinterest.
Appears in 1 contract
Samples: Sublease Agreement (Yahoo Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Twelve Thousand Two Hundred Fifty Seventeen and 40/100ths 20/100 Dollars ($20,250.4012,217.20) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Ten Thousand Two Five Hundred Fifty and 40/100ths Dollars ($20,250.4010,500.00) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten 10 (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Samples: Sublease (Qorus Com Inc)
Security Deposit. Sublessee (a) Simultaneously with the execution of this Sublease, Subtenant shall deposit with Sublessor upon Sublandlord an unconditional and irrevocable letter of credit ("Letter of Credit") in the amount of $1,225,800.00 in the form attached hereto as Schedule 7(a). The Letter of Credit shall be issued by a bank satisfactory to Sublandlord and having an office in the Cities of Boston or Cambridge, Massachusetts. Subtenant shall ensure that at all times after the execution and delivery of this Sublease until forty-five (45) days after the sum expiration of Twenty Thousand Two Hundred Fifty the term of the Sublease an unexpired Letter of Credit in the amount of $1,225,800.00 shall be in the possession of Sublandlord. The Letter of Credit shall have a term ending no earlier than forty-five (45) days after the expiration of the Term and 40/100ths Dollars shall not be canceled unless the issuing bank delivers forty five ($20,250.4045) days' prior written notice to Sublandlord. Subtenant shall deliver to Sublandlord, no later than thirty (30) days prior to the expiry date of the then outstanding and expiring Letter of Credit, if any, a replacement Letter of Credit. Sublandlord shall be entitled to draw on the Letter of Credit (i) if Subtenant fails to deliver any replacement Letter of Credit as security required, in which event Sublandlord shall be permitted to retain the entire proceeds of such Letter of Credit for Sublessee's faithful performance of Sublessee's obligations application as a cash Security Deposit hereunder (on the terms set forth below), (ii) to cure or attempt to cure, in whole or in part, any default by Subtenant under this Sublease following any and all applicable notice and cure periods, in which event Subtenant shall replenish the amount so drawn upon demand by Sublandlord, and (iii) if the credit rating of the long-term debt of the issuer of the Letter of Credit (according to Xxxxx'x or similar national rating agency) is downgraded to a grade below investment rate, or if the issuer of the Letter of Credit shall enter into any supervisory agreement with any governmental authority, or if the issuer of the Letter of Credit shall fail to meet any capital requirements imposed by applicable law, unless Subtenant delivers to Sublandlord a replacement Letter of Credit complying with the terms of this Sublease within thirty (30) days after demand therefor from Sublandlord. Failure by the issuer to honor a draw request on the Letter of Credit shall be a default under the terms of this Sublease entitling Sublandlord to exercise its remedies hereunder. Each Letter of Credit shall be for the benefit of Sublandlord and its successors and assigns and shall entitle Sublandlord or its successors or assigns to draw from time to time under the Letter of Credit in portions or in whole upon presentation of a sight draft and statement by Sublandlord that Sublandlord is entitled to draw thereunder pursuant to the terms and provisions of this Sublease. Sublandlord shall have an unrestricted right to transfer the Letter of Credit at any time and to any successor or lender selected by Sublandlord. Subtenant shall pay any transfer commission (fee) and all other costs (hereinafter collectively referred to as the "Transfer Fee") which may be imposed by the bank issuing the Letter of Credit for the transfer of the Letter of Credit by Sublandlord. Subtenant's failure to pay the Transfer Fee shall constitute an Event of Default, and Sublandlord shall have the right to pursue any and all remedies provided Sublandlord under this Sublease, in equity and at law.
(b) Any cash held by Sublandlord following a draw on the Letter of Credit pursuant to the immediately preceding paragraph, and not otherwise applied towards the cure of an Event of Default (as defined below), shall be held as a cash security deposit (a "Security Deposit"). If Sublessee fails to pay rent or other charges when due ) until such time as Subtenant replaces the Letter of Credit as security for the performance by Subtenant of Subtenant's covenants and obligations under this Sublease, or fails Sublease (at which time such cash deposit shall be returned to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, Subtenant within ten (10) days after written demand by Sublessordays), restore it being expressly understood that the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep considered an advance payment of Rent or a measure of Subtenant's liability for damages in case of default by Subtenant. Sublandlord shall hold the Security Deposit separate from its general accounts, and throughout the term of this Sublease as security for the performance by Subtenant of all obligations on the part of Subtenant hereunder. Sublandlord shall have no obligation the right from time to time, without prejudice to any other remedy Sublandlord may have on account thereof, to apply such deposit, or liability for payment any part thereof, to Sublandlord's damages arising from, or to cure, any Event of interest on the Security DepositDefault by Subtenant. In the event Sublessor assigns its interest in this Sublease, Sublessor Sublandlord shall deliver to its assignee so much of the return any Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security DepositSublandlord, or so much thereof as had shall not have theretofore been applied in accordance with the terms of this paragraph, to Subtenant on the expiration or earlier termination of the term of this Sublease and surrender of possession of the Subleased Premises by SublessorSubtenant to Sublandlord at such time, provided that if there is then existing an Event of Default (or any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default), Sublandlord shall retain a portion of the Security Deposit sufficient to cure such Event of Default and shall return the remainder of the Security Deposit to Subtenant. While Sublandlord holds such deposit, Sublandlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Sublandlord's other funds.
(c) In the event of a sale, assignment or other transfer of Sublandlord's interest in this Sublease, Sublandlord shall have the right to transfer the security to the transferee ("New Sublandlord") and upon such transfer Sublandlord shall thereupon be released by Subtenant from all liability for the return of such security; and Subtenant agrees to look to the New Sublandlord solely for the return of said security. The provisions hereof shall apply to every transfer or assignment made of the security to a New Sublandlord. Subtenant further covenants that it will not assign or encumber or attempt to assign or encumber the Letter of Credit or the Security Deposit, and that neither Sublandlord nor its successors or assigns shall be returned to Sublessee bound by any assignment, encumbrance, attempted assignment or to attempted encumbrance of the last assignee, if any, Letter of Sublessee's interest hereunderCredit or the Security Deposit.
Appears in 1 contract
Samples: Assignment of Sublease and Sub Sublease (CRISPR Therapeutics AG)
Security Deposit. Sublessee (a) On or before the Commencement Date, Sub-Subtenant shall deposit with Sublessor upon execution of this Sublease Sub-Sublandlord a security deposit equal to $254,409.50 for the sum of Twenty Thousand Two Hundred Fifty full and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's Sub-Subtenant’s obligations hereunder under this Sublease. The security deposit shall be held by Sub-Sublandlord in a segregated interest bearing account ("Security Deposit")or sub-account) and in compliance with applicable laws (interest earned, after deduction of permitted statutory administration fees) shall, provided Sub-Subtenant is not then in default under the terms of this Sublease, be paid to Sub-Subtenant not more frequently than annually after written demand therefore from Sub-Subtenant to Sub-Sublandlord. If Sublessee fails In the event Sub-Subtenant defaults in respect of any of the terms, provisions, and conditions of this Sublease, including but not limited to pay rent or the payment of Fixed Rent and other charges when due provided for herein, Sub-Sublandlord may use, apply or retain the whole or any part of the security deposit to the extent required to cure Sub-Subtenant’s default, for Fixed Rent, Additional Rent, additional charges, or any other obligation, and Sub-Subtenant shall restore the security deposit to the original sum deposited. Provided there has been no default at any time under this Sublease, Sub-Landlord agrees to reduce the security deposit requirement to $127,204.75 effective March 29, 2012. Any such reduction amounts shall be credited by Sub-Sublandlord against the next rental payments due by Sub-Subtenant hereunder. Provided Sub-Subtenant is not in default, the security deposit (less any portions used, applied or fails retained pursuant to perform any the foregoing) shall be returned to Sub-Subtenant upon the termination of its other obligations hereunderthis Sublease, Sublessor may use or apply as provided for herein. In the event Sub-Sublandlord assigns this Sublease, Sub-Subtenant shall release Sub-Sublandlord from all or any portion liability for the return of such security and Sub-Subtenant shall look solely to the new Sub-Sublandlord for such return of the Security Deposit security; provided, that the provisions hereof shall apply to every transfer or assignment made of the security to a new Sub-Sublandlord.
(b) In lieu of the cash security deposit provided for in Section 10(a) hereof, Sub-Subtenant may at any time during the payment Term or upon the execution and delivery of this Sublease by the parties hereto deliver to Sub-Sublandlord and shall thereafter, except as otherwise provided herein, maintain in effect at all times during the Term, a clean, irrevocable letter of credit, in form and substance reasonably satisfactory to Sub-Sublandlord, (provided that the form of such letter of credit shall be delivered to and approved by Sub-Sublandlord in draft form prior to its issuance), in the amount of the security required pursuant to this Section 10, issued by a commercial bank reasonably satisfactory to Sub-Sublandlord and having its principal place of business or its duly licensed branch or agency in the City of New York where drafts on the letter of credit may be presented for payment. Draws may be made under such letter of credit without any additional instruments or documentation other than a simple draft. Such letter of credit shall have an expiration date no earlier than the first anniversary of the date of issuance thereof and shall be automatically renewed from year to year unless terminated by the issuer thereof by notice to Sub-Sublandlord given by certified or registered mail, return receipt requested not less than thirty (30) days prior to the expiration thereof. Except as otherwise provided in this Section 10, Sub-Subtenant shall, throughout the Term deliver to Sub-Sublandlord, in the event of the termination of any rent such letter of credit, replacement letters of credit in lieu thereof (each such letter of credit and such extensions or other replacements thereof, as the case may be, is hereinafter referred to as a “Security Letter”) no later than thirty (30) days prior to the expiration date of the preceding Security Letter. The term of each such Security Letter shall be not less than one (1) year and shall be automatically renewable from year to year as aforesaid. If Sub-Subtenant shall fail to obtain any replacements of a Security Letter within the time limits set forth in this Section 10(b), Sub-Sublandlord may draw down the full amount then due hereunder of the existing Security Letter and unpaid, for retain the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or same as security hereunder. Sub-Subtenant shall have the right to substitute for any loss or damage sustained Security Letter then being held by Sublessor as Sub-Sublandlord a result of Sublessee's default or breach. If Sublessor so uses any portion substitute Security Letter which satisfies all of the requirements of this Section 10(b), provided that Sub-Sublandlord shall not be obligated to relinquish the Security DepositLetter then being held by Sub-Sublandlord until such new Security Letter has been delivered to Sub-Sublandlord. Should Sub-Sublandlord be entitled to draw upon a Security Letter, Sublessee shallthe proceeds thereof may be applied to the same extent as if a cash security deposit had been posted. Should Sub-Sublandlord be entitled to draw upon a Security Letter, then within ten (10) days after written of demand by Sublessortherefor, restore the Sub-Subtenant shall provide either cash, a new Security Deposit Letter or an amendment to the full existing Security Letter so that the Sub-Sublandlord shall be holding in cash security or the undrawn amounts of Security Letters, the amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep set forth above as the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. original security deposit.
(c) In the event Sublessor assigns its interest in this of a sale, transfer or assignment of the Original Sublease, Sublessor Sub-Sublandlord shall have the right to require Sub-Subtenant to deliver a replacement Security Letter naming the new Sub-Sublandlord as beneficiary and, if Sub-Subtenant shall fail to its assignee so much of timely deliver the Security Deposit as is then held by Sublessor. Within same within ten (10) Business Days after written request therefor, to draw down the existing Security Letter and retain the proceeds as security hereunder until a replacement Security Letter is delivered. Sub-Subtenant hereby acknowledges and agrees that in connection with any transfer by Sub-Sublandlord or its successors or assigns hereunder of Sub-Sublandlord’s interest in the Security Letter, and the delivery of a replacement Security Letter as provided herein, Sub-Subtenant shall be solely liable to pay any transfer fees charged by the issuing bank to Sub-Sublandlord or the transferee in connection with any such transfer of the Security Letter, as Additional Rent hereunder, within twenty (20) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant delivery to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default Sub-Subtenant of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderan invoice therefor.
Appears in 1 contract
Security Deposit. Sublessee Ah-ha shall deposit with Sublessor MyFamily upon execution of this Sublease Sublease, the sum of Twenty Thousand Two Hundred Fifty $11,250.00, which is prepayment of the first month’s rent, and 40/100ths Dollars ($20,250.40) 11,250.00 as security for Sublessee's Ah-ha’s faithful performance of Sublessee's Ah-ha’s obligations hereunder ("“Security Deposit"”). On December 1, 2002, Ah-ha shall deposit an additional $5062.50 as Security Deposit in relation to the additional space added to the Premises on that date. If Sublessee Ah-ha fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor MyFamily may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then when due hereunder and unpaid, for the payment of any other sum for which Sublessor MyFamily may become obligated by reason of Sublessee's Ah-ha’s default or breach, or for any loss or damage sustained by Sublessor MyFamily as a result of Sublessee's Ah-ha’s default or breach. If Sublessor MyFamily so uses any portion of the Security Deposit, Sublessee Ah-ha shall, within ten (10) days after written demand by SublessorMyFamily, restore the Security Deposit to the full amount originally deposited, and Sublessee's Ah-ha’s failure to do so shall constitute a default under this Sublease. Sublessor MyFamily shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor MyFamily assigns its interest in this Sublease, Sublessor MyFamily shall deliver to its assignee so much of the Security Deposit as is then held by SublessorMyFamily. Within Provided Ah-ha is not then in default of any of its obligations hereunder, MyFamily shall apply a portion of the Security Deposit in an amount equal to Ah-ha’s obligation for the last month’s Base Rent; and within ten (10) days after the Sublease Term has expired, or Sublessee Ah-ha has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 6b hereof has been made, whichever shall last occur, and provided Sublessee Ah-ha is not then in default of any of its obligations hereunder, so much of the Security Deposit, or so much thereof Deposit as had not theretofore been applied by SublessorMyFamily, shall be returned to Sublessee Ah-ha or to the last assignee, if any, of Sublessee's Ah-ha’s interest hereunder.
Appears in 1 contract
Samples: Sublease (Marchex Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars (hereof $20,250.40) 30,392.60 as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under this Subleasehereunder, or fails otherwise defaults with respect to perform any provision of its other obligations hereunderthis Sublease beyond any applicable notice and cure periods, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, for the charge in default or payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore deposit cash with Sublessor in an amount sufficient to restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under said material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event that Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much performs all of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its 's obligations hereunder, the Security Depositsaid deposit, or so much thereof as had has not theretofore been applied by Sublessor, shall be returned returned, without payment of interest or other increment for its use to Sublessee (or at Sublessor's option, to the last assignee, if any, of Sublessee's interest hereunder) at the expiration of the term hereof and after Sublessee has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to said security deposit.
Appears in 1 contract
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) 44,642.00 as security for Sublessee's ’s faithful performance of Sublessee's ’s obligations hereunder ("“Security Deposit"”). Sublessee may deliver the Security deposit in the form of a letter of credit in accordance with the terms set forth herein. If Sublessee fails to pay rent or other charges when due under this Subleasesublease, or fails to perform any of its other obligations hereunder, after the expiration of any applicable notice and cure periods set forth herein, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's ’s default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's ’s default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's ’s failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten thirty (1030) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest ’s Interest hereunder. Sublessee may deliver the Security deposit in the form of a letter of credit (the “Letter of Credit”). The Letter of Credit shall be in the form of a clean, irrevocable, non-documentary and unconditional letter of credit issued by and drawable upon a commercial bank which is reasonably satisfactory to Landlord (the “Sublessor”). The Letter of Credit shall (a) name Sublessor as beneficiary, (b) have a term of not less than one year, (c) permit multiple drawings, (d) be fully transferable by Sublessor without the payment of any fees or charges by Sublessor, and (e) otherwise be in form and content reasonably satisfactory to Sublessor. If upon any transfer of the Letter of Credit, any fees or charges shall be so imposed, then such fees or charges shall be payable solely by Sublessee. The Letter of Credit shall provide that it shall be deemed automatically renewed, without amendment, for consecutive periods of one year each thereafter during the Term (and in no event shall the Letter of Credit expire prior to the 30th day following the Expiration Date) unless the Issuing Bank sends duplicate notices (the “Non-Renewal Notice”) to Sublessor by certified mail, return receipt requested, not less than 30 days next preceding the then expiration date of the Letter of Credit stating that the Issuing Bank has elected not to renew the Letter of Credit.
Appears in 1 contract
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the a sum of Twenty equal to one months rent of, Thirteen Thousand Two Nine Hundred Fifty Eighty Five Dollars and 40/100ths Dollars Sixty-Three Cents ($20,250.4013,985.63) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, . Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, Sublessor restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. , Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Security Deposit. Sublessee shall deposit with Sublessor upon execution and maintain during the Term the cash sum of Sixty Thousand and 00/100 Dollars ($60,000.00) as a security deposit (the “Security Deposit”) which Sublessor shall hold as security for the full and faithful performance by Sublessee of every term, provision, obligation and covenant under this Sublease and subject to the terms and conditions of this Sublease. The Security Deposit shall be paid to Sublessor on the Commencement Date. The Security Deposit may be deposited by Sublessor into an interest-bearing account, which interest shall accrue for the sole benefit of Sublessor and not Sublessee. The Security Deposit shall not be considered an advance payment of Rent (or of any other sum payable by Sublessee under this Sublease) or a measure of Sublessor’s damages in case of a default by Sublessee. Sublessor shall have no obligation to maintain the Security Deposit separate and apart from Sublessor’s general and/or other funds. If Sublessee defaults in respect of any of the terms, HNZW/478508_3.docx/3583-1 provisions, covenants and conditions of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"or if there is a default under any agreement or instrument with which this Sublease is cross-defaulted). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or may, but shall not be required to, in addition to and not in lieu of any other rights and remedies available to Sublessor, apply all or any part of the Security Deposit to the payment of any sum in default, or any other sum that Sublessor may expend or be required to expend by reason of Sublessee’s default, including but not limited to, any damages or deficiency in reletting the Premises. Whenever, and as often as, Sublessor has applied any portion of the Security Deposit for the payment of to cure Sublessee’s default hereunder or under any rent or other amount then due hereunder and unpaid, for the payment of any other sum for agreement with which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Depositthis Sublease is cross-defaulted, Sublessee shall, within ten (10) days after written demand by Notice from Sublessor, deposit additional money with Sublessor sufficient to restore the Security Deposit to the full amount originally depositedthen required to be deposited with Sublessor, and Sublessee's ’s failure to do so shall constitute a default under this Subleasean Event of Default without any further Notice. If Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation transfers or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in under this Sublease, Sublessor shall deliver to its assignee so much of assign the Security Deposit as is then held by Sublessor. Within ten (10) days after to the Term has expired, or Sublessee has vacated new Sublessor and thereafter Sublessor shall have no further liability for the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default return of any of its obligations hereunder, the Security Deposit, and Sublessee agrees to look solely to the new Sublessor for the return of the Security Deposit. Sublessee agrees that it will not assign or so much thereof as had not theretofore been applied by encumber or attempt to assign or encumber the Security Deposit and that Sublessor, shall be returned to Sublessee or its successors and assigns may return the Security Deposit to the last assigneeSublessee in possession of the Premises at the last address for which Notice has given by such Sublessee and that Sublessor thereafter shall be relieved of any liability therefor, if any, regardless of Sublessee's interest hereunder.one or more assignments of this Sublease or any such actual or attempted assignment or encumbrances of the Security Deposit
Appears in 1 contract
Security Deposit. Sublessee Lessee shall deposit with Sublessor upon execution of this Sublease Lessor the sum of Twenty One Hundred Forty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40140,000) upon Lessee's occupancy of all or any portion of the Premises for other than construction purposes (including installation of fixtures, equipment and furnishings), as security for SublesseeLessee's faithful performance of SublesseeLessee's obligations hereunder (the "Security Deposit"). If Sublessee Lessee fails to pay rent or other charges when due under this Subleasehereunder, or fails otherwise defaults with respect to perform any provision of its other obligations hereunderthis Lease, Sublessor Lessor may use use, apply or apply retain all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor Lessor may become obligated by reason of SublesseeLessee's default or breachdefault, or to compensate Lessor for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachwhich Lessor may suffer thereby. If Sublessor Lessor so uses or applies all or any portion of the Security Deposit, Sublessee shall, Lessee shall within ten (10) days after written demand by Sublessor, therefor deposit cash with Lessor in an amount sufficient to restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so then required of Lessee. Lessor shall constitute a default under this Sublease. Sublessor shall not be required to keep deposit the Security Deposit separate from its general accountsin an interest bearing account in the name of Lessor and with the tax identification number of Lessee, and, so long as no Event of Default then exists hereunder, shall pay on maturity of the investment or, if such investment has no maturity, semi-annually to Lessee any interest earned on such account. The Security Deposit shall be deposited with any "A" rated bank chosen by Lessor and shall have be invested initially in one (1) year certificates of deposit, or such other investments as may be mutually agreed to by the parties. In no obligation or event shall Lessor incur any liability for the failure of the lending institution to make any payment of interest, Lessor's only obligation being to pay to Lessee any interest on the Security Depositpaid to Lessor. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much If Lessee performs all of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Lessee's obligations hereunder, the Security Deposit, or so much thereof as had has not theretofore been applied by SublessorLessor, shall be returned returned, to Sublessee or Lessee (or, at Lessor's option, to the last assignee, if any, of SublesseeLessee's interest hereunder) after the expiration of the term hereof, and after Lessee has vacated the Premises. No trust relationship is created herein between Lessor and Lessee with respect to the Security Deposit.
Appears in 1 contract
Samples: Single Tenant Industrial Lease Agreement (Western Digital Corp)
Security Deposit. Sublessee Upon Subtenant's execution hereof, Subtenant shall deposit with Sublessor upon execution Sublandlord a security deposit in the amount of this Sublease the sum of Twenty Ninety One Thousand Two Hundred Fifty Sixty Three and 40/100ths 00/100 Dollars ($20,250.4091,263.00) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"), as security for Subtenant's faithful performance of Subtenant's obligations hereunder. If Sublessee Subtenant fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, Sublandlord may use, apply or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for which Sublessor may become obligated Sublandlord incurs by reason of SublesseeSubtenant's default or breachdefault, or to compensate Sublandlord for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachwhich Sublandlord may suffer thereby. If Sublessor so Sublandlord uses or applies all or any portion of the Security Deposit, Sublessee shall, Subtenant shall within ten (10) days after written demand by Sublessor, therefore deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the its full amount originally deposited, and SublesseeSubtenant's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor Sublandlord shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment . If Subtenant performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Subtenant's obligations hereunder, the Security Deposit, or so much thereof as had has not theretofore been used or applied by SublessorSublandlord, shall be returned returned, to Sublessee Subtenant (or at Subtenant's option, to the last assignee, if any, of SublesseeSubtenant's interest hereunder) at the expiration of the term hereof, and after Subtenant has vacated the Subleased Premises. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit. Any deposit under the Master Lease which may be returned by the Master Landlord shall be the property of Sublandlord.
Appears in 1 contract
Samples: Sublease (Optio Software Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease hereof the sum of Twenty Ten Thousand Two Five Hundred Fifty Forty Nine and 40/100ths 38/100 Dollars ($20,250.4010,549.38) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally depositedhereinabove stated, and Sublessee's failure to do so shall constitute be a default under breach of this Sublease, and Sublessor may at its option terminate this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Deposit, said deposit or so much thereof as had has not theretofore been applied by Sublessor, shall be returned returned, without payment of interest or other increment for its use, to Sublessee or (or, at Sublessor's option, to the last assignee, if any, of or Sublessee's interest hereunder) within fifteen (15) days after the expiration of the term hereof, or after Sublessee has vacated the Premises, whichever is later.
Appears in 1 contract
Security Deposit. Sublessee Simultaneously with Subtenant's execution hereof, Subtenant shall place with Sublandlord a security deposit with Sublessor upon execution in the amount of this Sublease $131,404. Such security deposit shall bear simple interest at the sum rate of Twenty Thousand Two Hundred Fifty five percent (5%) per annum and 40/100ths Dollars ($20,250.40) shall be considered as security for Sublesseethe payment and performance by Subtenant of all of Subtenant's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due obligations, covenants, conditions and agreements under this Sublease. Upon condition that W Subtenant has not previously defaulted any payment obligation under this Sublease (even though such default may have been cured within the applicable grace period) , and (ii) Subtenant is not then in default under the provisions hereof, Sublandlord shall return such security deposit, together with interest thereon, to Subtenant on June 1, 1999. If such security deposit is not returned to Subtenant on June 1, 1999 because of a failure of a condition set forth in either clause W or fails (ii) of the previous sentence, upon the expiration of the term of this Sublease, Sublandlord shall (provided that Subtenant is not then in default under the provisions hereof), return such security deposit (plus interest thereon) to perform Subtenant, less such portion thereof as Sublandlord shall have retained to make good any default by Subtenant with respect to any of its other obligations Subtenant's aforesaid obligations, covenants, conditions or agreements. In the event of any default by Subtenant hereunder, Sublessor may use or Sublandlord shall have the right, but shall not be obligated, to apply all or any portion of the Security Deposit security deposit to compensate Sublandlord (whether in whole or in part) for such default, in which event, within fifteen (15) days thereafter, Subtenant shall be obligated to deposit with Sublandlord the amount necessary to restore the security deposit to its original amount; provided, however, neither the application of the security deposit as set forth above nor the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's Subtenant to restore such security deposit shall operate to cure such default or breach, or for to estop Sublandlord from pursuing any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit remedy to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not which Sublandlord would otherwise be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderentitled.
Appears in 1 contract
Samples: Sublease (Hagler Bailly Inc)
Security Deposit. Sublessee has paid to Insured Aircraft Title Service, Inc., 0000 X.X. 00xx Xxxxxx, Xxxxxxxx Xxxx, Xxxxxxxx 00000, Attention Xxxx Xxxxxx, Telephone (000) 000-0000, Facsimile (000) 000-0000 (the "Escrow Agent"), the sum of One Hundred Thousand Dollars ($100,000.00) to be held in an interest bearing escrow account, as a security deposit to secure all obligations of Sublessee hereunder, and to secure that upon the expiration or earlier termination of this Sublease, the Aircraft shall deposit with be returned to Sublessor upon execution in a condition that conforms in all respects to the "return conditions" for the Aircraft, as set forth in Paragraph 18 of this Sublease (the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Sublease Deposit"). Interest shall accrue on the Sublease Deposit for the benefit of the Sublessee, but shall become a part of the Sublease Deposit available to Sublessor as provided herein. Sublessor shall have the right to direct the Escrow Agent to disburse funds from the Sublease Deposit as follows:
(a) If Sublessee fails to pay Rent to Sublessor, after five (5) days advance written notice to Sublessee and Escrow Agent, Sublessor may demand and receive payment of the delinquent Rent from Escrow Agent, without any consent of Sublessee being required; and
(b) If Sublessee fails to pay any of its other financial obligations under this Sublease when due, and Sublessor makes payment of such obligations on behalf of Sublessee, then after five (5) days advance written notice to Sublessee and Escrow Agent, Sublessor may demand and receive payment of the delinquent amounts from Escrow Agent, without any consent of Sublessee being required; and
(c) If on return of the Aircraft, whatever the cause, the Aircraft does not conform to the conditions set forth in Paragraph 18 of this Sublease and Sublessor is required to incur expense in order to correct such deficiencies, then Sublessor shall invoice Sublessee for all such expenses. If Sublessee fails to pay rent or other charges any such invoices when due under this Subleasedue, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten after five (105) days after advance written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned notice to Sublessee or to the last assigneeand Escrow Agent, if any, of Sublessee's interest hereunder.then Sublessor
Appears in 1 contract
Samples: Aircraft Sublease Agreement (Terayon Communication Systems)
Security Deposit. (A) Upon its execution of this Sublease, Sublessee shall deposit with Sublessor, and shall maintain with Sublessor upon execution throughout the Term of this Sublease Sublease, the sum of Twenty One Hundred and Fifty-Four Thousand Two Seven Hundred Fifty and 40/100ths Fifty-Six and 80/100 Dollars ($20,250.40154,756.80) as security for Sublessee's faithful performance of Sublessee's obligations hereunder. Sublessor shall not be required to keep said deposit separate from its general accounts, and no trust relationship is created herein between Sublessor and Sublessee with respect to said security deposit.
(B) Notwithstanding the foregoing, Sublessee may, at its option, substitute for the cash described in subparagraph (a) above, an original irrevocable standby letter of credit (the "Letter of Credit") in the amount of One Hundred and Fifty-Four Thousand Seven Hundred and Fifty-Six and 80/100 Dollars ($154,756.80), which Sublessor may draw upon to cure any default under this Sublease continuing beyond any applicable notice and cure periods or to compensate Sublessor for any damage Sublessor incurs as a result of Sublessee's failure to perform any of its obligations under this Sublease, which failure continues beyond any applicable notice and cure periods. The Letter of Credit shall (i) be issued by a major commercial bank reasonably acceptable to Sublessor, (ii) have an expiration date one year following its issue, to be automatically renewed annually throughout the term of the Sublease for a period of not less than one year (unless Sublessor receives written notice of non- renewal from the issurer of the Letter of Credit at least thirty (30) days prior to the expiration date), (iii) provide for payment to Sublessor upon the issuer's receipt of a sight draft from Sublessor together with Sublessor's certificate certifying that a default has occurred and continued beyond any applicable notice and cure periods under this Sublease and that the requested sum is due and payable from Sublessee, and with no other conditions, (iv) be transferable by Sublessor without cost, and (v) otherwise be in form and content reasonably satisfactory to Sublessor's counsel. If Sublessor draws on the Letter of Credit pursuant to the terms hereof, within ten (10) days of such draw, Sublessee shall replenish the Letter of Credit or provide Sublessor with an additional letter of credit conforming to the requirements of this Paragraph so that the amount available to Sublessor from the Letter of Credit(s) provided hereunder is the amount specified above. Sublessee's failure to deliver any replacement, additional or extension of the Letter of Credit, or evidence of renewal of the Letter of Credit, within the time specified herein shall constitute an Event of Default under this Sublease and shall entitle Sublessor to draw the full amount of the Letter of Credit then in effect.
("Security Deposit"). C) If Sublessee fails to pay rent or other charges when due under this Subleasehereunder, or fails otherwise defaults with respect to perform any provision of its other obligations hereunderthis Sublease beyond any applicable notice and cure periods, Sublessor may use use, apply, or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefor deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, hereinabove stated and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment .
(D) If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Depositsaid security deposit, or so much thereof as had has not theretofore been applied by Sublessor, shall be returned returned, without payment of interest or other increment for its use to Sublessee or (or, at Sublessor's option, to the last permitted assignee, if any, of Sublessee's interest hereunder) at the expiration of the term hereof and after Sublessee has vacated the Subleased Premises.
Appears in 1 contract
Samples: Sublease (Annuncio Software Inc)
Security Deposit. Sublessee shall deposit with Sublessor Sublessor, upon execution of this Sublease hereof, the sum of Twenty Three Thousand Two Four Hundred Fifty Forty Six and 40/100ths No/100 Dollars ($20,250.403,446.00) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by any reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, within ten (10) days after written demand by Sublessortherefor, deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, hereinabove stated and Sublessee's failure to do so shall constitute be a default under breach of this Sublease, and Sublessor may at its option, terminate this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Deposit, said deposit or so much thereof as had not theretofore been applied by Sublessor, Sublessor shall be returned to Sublessee or to credited, without payment of interest for its use, against the last assignee, if any, of Sublesseemonth's interest hereunderrent.
Appears in 1 contract
Samples: Sublease (Shopping Sherlock Inc)
Security Deposit. Sublessee shall Subtenant will deposit with Sublessor upon Sublandlord on execution of this Sublease the sum of Twenty Thirty Eight Thousand Two Hundred Fifty and 40/100ths Ninety Seven Dollars ($20,250.4038,297.00) as security for SublesseeSubtenant's faithful performance of SublesseeSubtenant's obligations hereunder under this Sublease ("Security DepositSECURITY DEPOSIT"). If Sublessee Subtenant fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunderunder this Sublease, Sublessor Sublandlord may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor Sublandlord may become obligated by reason because of SublesseeSubtenant's default or breach, or for any loss or damage sustained by Sublessor Sublandlord as a result of SublesseeSubtenant's default or breach. If Sublessor so Sublandlord uses any portion of the Security Deposit, Sublessee shallSubtenant will, within ten (10) days after written demand by SublessorSublandlord, restore the Security Deposit to the full amount originally deposited, and Sublessee. Subtenant's failure to do so shall will constitute a default under this Sublease. Sublessor shall Sublandlord will not be required to keep the Security Deposit separate from its general accounts, and shall will have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor If Sublandlord assigns its interest in this Sublease, Sublessor shall Sublandlord will deliver to its assignee so as much of the Security Deposit as is Sublandlord then held by Sublessorholds. Within ten (10) days after the Term has expired, expired or Sublessee Subtenant has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunderoccurs last, the Security Deposit, or so as much thereof as had remains that has not theretofore been applied by SublessorSublandlord, shall will be returned to Sublessee Subtenant or to the last assignee, if any, of SublesseeSubtenant's interest hereunderunder this Sublease.
Appears in 1 contract
Samples: Sublease (Artisan Components Inc)
Security Deposit. Concurrently herewith, Sublessee shall deposit One Hundred Four Thousand One Hundred Eighty-eight Dollars and Fifty Cents ($104,188.50) with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's its obligations hereunder ("under the terms of this Sublease. Sublessor shall not be required to keep any cash portion of the Security Deposit")Deposit separate from its general funds, or to pay any interest thereon. The Security Deposit shall be held by Sublessor and may be applied by Sublessor in accordance with the provisions of Article 18 of the Master Lease. If Sublessee fails defaults with respect to pay rent or other charges when due under any provision of this Sublease, or fails including, without limitation, the provisions relating to perform any the payment of its rental and other obligations sums due hereunder, Sublessor may use shall have the right, but shall not be required, to use, apply or apply retain all or any portion part of the Security Deposit for the payment of rental or any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may spend or become obligated to spend by reason of Sublessee's default or breach, or to compensate Sublessor for any other loss or damage sustained which Sublessor may suffer by Sublessor as a result reason of Sublessee's default or breachdefault. If Sublessor so uses any portion of the Security DepositDeposit is so used or applied, Sublessee shall, within ten (10) days after written demand by Sublessortherefor, deposit cash with Sublessor in an amount sufficient to restore the Security Deposit to the full amount originally deposited, required hereunder and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not If Sublessee fully and faithfully performs every provision of this Sublease to be required to keep the Security Deposit separate from its general accountsperformed by it, and shall have no obligation or liability for payment of interest on the Security Deposit, or any balance thereof, shall be returned to Sublessee or, at Sublessor's option, to the last assignee of Sublessee's interest hereunder, at the expiration of the term of this Sublease and after Sublessee has vacated the Premises. In the event Sublessor assigns its of termination of Sublessor's interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is transfer all deposits then held by Sublessor under this Section to Sublessor. Within ten (10) days after 's successor in interest, whereupon Sublessee agrees to release Sublessor from all liability for the Term has expired, return of such deposit or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderaccounting thereof.
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Security Deposit. Sublessee shall deposit Concurrent with Sublessor upon the execution of this Sublease, Sublessee shall pay a security deposit equal to the amount of the rent payment for the last month of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.404,000.00) and the amount of the first rent payment due hereunder ($4,000.00). The security deposit shall be held by Sublessor without liability for interest and as security for Sublessee's faithful the performance by Sublessee of Sublessee's covenants and obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, it being expressly understood that the security deposit shall not be considered an advance payment of rental or fails to perform any a measure of its other obligations hereunder, Sublessor's damages in case of a default by Sublessee. Sublessor may commingle the security deposit with Sublessor's other funds and may hold same in an interest bearing account, with such interest to accrue to Sublessor's benefit. Sublessor may, from time to time, without prejudice to any other remedy, use the security deposit to the extent necessary to make good any arrearages of rent or apply all to satisfy any other covenant or obligation of Sublessee hereunder. following any portion such application of the Security Deposit for security deposit, sublessee shall pay to sublessor on demand the payment amount so applied in order to restore the security deposit to its original amount. If Sublessee is not in default at the termination of this Sublease, the balance of the security deposit remaining after any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained such application shall be returned by Sublessor as a result of to Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns transfers its interest in the Premises during the term of this Sublease, Sublessor shall deliver to its assignee so much of may assign the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or security deposit to the last assignee, if any, transferee and thereafter Sublessor shall have no further liability for the return of Sublessee's interest hereundersuch security deposit.
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Security Deposit. Upon execution hereof, Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Two Hundred Six Thousand Two Hundred Fifty and 40/100ths no/100 Dollars ($20,250.40206,250.00) as security and for a Security Deposit to secure Sublessee's faithful ’s full and timely performance of Sublessee's all of its obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent Rent or any other charges sums as and when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use (but shall not be obligated to) use, apply, or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessee is obligated or which will compensate Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained which Sublessor may suffer thereby including, without limitation, any damage that will result in the future through the term of the Sublease, to repair damage to the Subleased Premises or to clean the Subleased Premises at the end of the term. Any such use, application, or retention shall not constitute a waiver by Sublessor as a result of Sublessee's default its right to enforce its other remedies hereunder, at law, or breachin equity. If Sublessor so uses any portion of the Security Depositsaid deposit is so used, applied, or retained, Sublessee shall, within ten (10) days after delivery of written demand by from Sublessor, restore the Security Deposit said deposit to the full amount originally deposited, and its original amount. Sublessee's ’s failure to do so shall constitute a default under material breach of this Sublease, and in such event Sublessor may elect, among or in addition to other remedies, to terminate this Sublease. Sublessor shall not be a trustee of such deposit, and shall not be required to keep the Security Deposit this deposit separate from its general accounts, . Sublessor alone shall be entitled to any interest or earnings thereon and Sublessor shall have no obligation or liability for payment the free use of interest on the Security Depositsame. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or If Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, fully and provided Sublessee is not then in default of any faithfully performs all of its obligations hereunder, the Security Deposit, or then so much thereof of the deposit as had not theretofore been applied by Sublessor, remains shall be returned to Sublessee (without payment of interest or earnings thereon) within 30 days after the later of (i) expiration or sooner termination of the term hereof, or (ii) Sublessee’s surrender of possession of the Subleased Premises to the last assignee, if any, of Sublessee's interest hereunderSublessor.
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Samples: Sublease Agreement (Roxio Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease hereof the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars NINE THOUSAND NINE HUNDRED EIGHTY-FOUR AND NO/100 DOLLARS ($20,250.40) 9,984.00), as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally depositedhereinabove stated, and Sublessee's failure to do so shall constitute be a default under breach of this Sublease, and Sublessor may at its option terminate this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Deposit, said deposit or so much thereof as had has not theretofore been applied by Sublessor, shall be returned returned, without payment of interest or other increment for its use, to Sublessee or (or, at Sublessor's option, to the last assignee, if any, of or Sublessee's interest hereunder) within fifteen (15) days after the expiration of the term hereof, or after Sublessee has vacated the Premises, whichever is later.
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