Common use of Security Deposit Clause in Contracts

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: Litronic Inc, Litronic Inc, Litronic Inc

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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 4 contracts

Samples: Idaho Sublease Agreement, Standard Sublease Agreement, Standard Sublease Agreement

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: Marimba Inc, Marimba Inc, Marimba 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 (Civitas Therapeutics, Inc.), Sublease (Civitas Therapeutics, Inc.), Acorda Therapeutics 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: Standard Sublease Agreement, Standard Sublease Agreement, Idaho Sublease Agreement

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: Lease Agreement (Maxxis Group Inc), Lease Agreement (Maxxis Group Inc), Maxxis Group 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: Cumetrix Inc, Cumetrix Data Systems Corp, Cumetrix Data Systems Corp

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: Goldenaccess Com Inc, Goldenaccess Com Inc, Goldenaccess Com Inc

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. 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: Lease Agreement (Gossamer Bio, Inc.), Lease Agreement (Gossamer Bio, 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 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: Extension Agreement (Atroad Inc), Extension Agreement (Atroad 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 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 (Ase Test LTD), Sublease Agreement (Advanced Semiconductor Engineering 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. Sublessee A. In addition, upon the execution hereof by Subtenant, Subtenant shall deposit with Sublessor upon execution Sublandlord a check in the amount of this Sublease the sum of Twenty Sixty Six Thousand Two One Hundred Fifty and 40/100ths No/100 Dollars ($20,250.4066,100.00) (“Security Deposit”) as security for Sublessee's the faithful performance and observance by Subtenant of Sublessee's obligations hereunder ("Security Deposit")the terms of this Sublease. If Sublessee fails to pay rent Subtenant defaults in the full and prompt payment or performance of any of Subtenant’s covenants and obligations under this Sublease (beyond any applicable notice and period of cure), including, but not limited to, the payment of Fixed Rent and Additional Rent, Sublandlord may, but shall not be required to, use, apply or retain the whole or any part of the security so deposited and the interest accrued thereon, if any, including for any sum which Sublandlord shall have expended by reason of Subtenant’s default in respect of any of the terms, covenants and conditions of this Sublease, whether accruing before or after summary proceedings or other charges when due re-entry by Sublandlord. If Sublandlord shall so use, apply or retain the whole or any part of the security or the interest accrued thereon, if any, Subtenant shall within ten days of written demand immediately deposit with Sublandlord a sum equal to the amount so used, applied or retained, as security as aforesaid failing which Sublandlord shall have the same rights and remedies as for the non-payment of Fixed Rent beyond the applicable notice and cure period. If Subtenant shall fully and faithfully comply with all of Subtenant’s covenants and obligations under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all the security or any portion of balance thereof, with the Security Deposit for the payment of any rent interest actually earned thereon, shall be returned 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, paid over to Subtenant within ten thirty (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 (1030) days after the Term has expired, or Sublessee has vacated date fixed as 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 end 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 (Groupon, Inc.), Sublease (Groupon, 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 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: Lease Agreement, Lease Agreement (Verrica Pharmaceuticals 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 of interest on the Security Deposit. In the event Sublessor assigns its interest in to place 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 an interest hereunderbearing account.

Appears in 2 contracts

Samples: Allurion Technologies Holdings, Inc., Allurion Technologies Holdings, 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. 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: Emulex Corp /De/, Vixel Corp

Security Deposit. Sublessee shall deposit with Sublessor the sum of One Hundred Ninety-One Thousand Seven Hundred Ninety-Three and 32/100ths Dollars ($191,793.32) (the “Security Deposit”) upon Sublessee’s execution of this Sublease as a security deposit for the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance by Sublessee of Sublessee's obligations hereunder ("Security Deposit")all of the terms, covenants and conditions of this Sublease to be kept and performed by Sublessee during the Term hereof. Sublessee expressly waives the provisions of Civil Code section 1950.7. If Sublessee fails 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 payment of Base Rent or fails to perform any of its other obligations monetary sums due hereunder, Sublessor may (but shall not be required to) use or apply all or any portion of the Security Deposit for the payment of any rent such unpaid Base Rent or other amount then due hereunder and unpaid, for the payment of or any other sum for which sums that Sublessor may become obligated spend by reason of Sublessee's ’s default or breach, or to compensate Sublessor for any other loss or damage sustained that Sublessor may suffer by Sublessor as a result reason of Sublessee's default or breach’s default. 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 Sublessortherefore, deposit cash with Sublessor in an amount sufficient to restore the Security Deposit to the full amount originally deposited, and its original amount; Sublessee's ’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, funds and Sublessee shall have no obligation or liability for payment not be entitled to interest thereon. If Sublessee shall fully and faithfully perforin every provision of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver Sublease to its assignee so much of the Security Deposit as is then held be performed 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 hereunderSublessee, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessorany balance thereof, shall be returned to Sublessee or to at the last assignee, if any, expiration of Sublessee's interest hereunderthe Term of this Sublease and after Sublessee has vacated the Subleased Premises. Under no circumstances shall the Security Deposit be interpreted as being part of Base Rent.

Appears in 2 contracts

Samples: Sublease (Invitae Corp), Sublease (Invitae Corp)

Security Deposit. Upon execution hereof, Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Three Thousand Two Eight Hundred Fifty Twenty Seven and 40/100ths 96/100 Dollars ($20,250.4023,827.96) 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 and/or fails to perform 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 for any loss or damage which Sublessor may become obligated suffer thereby and to which Sublessor may be entitled by reason law, 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, independent 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 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 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 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, then the Security Depositdeposit, or so much thereof less any amounts used by Sublessor as had permitted by this section and not theretofore been applied reimbursed by SublessorSublessee, 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.

Appears in 2 contracts

Samples: Sublease Agreement, Sublease Agreement (Blue Coat Systems 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: Virologic Inc, Diadexus 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: GenuTec Business Solutions, Inc., GenuTec Business Solutions, Inc.

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

Samples: Sublease (Chiasma, Inc), Sublease (Chiasma, Inc)

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: Covad Communications Group Inc, Covad Communications Group 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 (Advanced Semiconductor Engineering Inc), Sublease Agreement (Ase Test LTD)

Security Deposit. Sublessee shall deposit with Sublessor upon In addition to the Advance Rent and within seven (7) ---------------- days of the execution of this Sublease Sublease, Sublessee shall deliver to Sublessor an unconditional and irrevocable letter of credit in favor of Sublessor, in a form and drawn upon a financial institution reasonably acceptable to Sublessor, for the principal sum of Twenty One Hundred Forty-Three Thousand Two Three Hundred Fifty and 40/100ths Sixty-Six Dollars ($20,250.40143,366) ("Deposit") as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If the term of any letter of credit held by Sublessor will expire prior to the Expiration Date, and it is not extended or a new letter of credit for the foregoing principal sum and for an extended period of time is not substituted within thirty (30) days prior to the expiration date of the letter of credit then held by Sublessor, then Sublessor shall be entitled to draw the entire amount of the letter of credit then held by Sublessor and hold such funds in accordance with this Section 5 until the Expiration Date. At any time that Sublessee fails to pay rent Rent or any other charges when amounts due under this Subleasehereunder, or fails otherwise defaults with respect to perform any provision of its other obligations hereunderthis Sublease or the Master Lease, Sublessor may use shall be entitled to draw the entire amount of any letter of credit then held by Sublessor and use, apply or apply retain all or any portion of the Security Deposit for the payment of any rent such amounts or other amount then due hereunder and unpaid, for the payment of any other sum for amount 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, shall 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 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 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.general

Appears in 1 contract

Samples: Sublease Agreement (E Stamp Corp)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Eighty Thousand Two Hundred Fifty and 40/100ths No/100 Dollars ($20,250.4080,000.00) as security for Sublessee's faithful performance of SublesseeXxxxxxxxx'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 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.**SEE RIDER NO. 7

Appears in 1 contract

Samples: Sublease Assignment Agreement (Pemstar Inc)

Security Deposit. Sublessee The Lessee shall deposit with Sublessor upon execution the Lessor the sum specified in item 8 of the Basic Lease Provisions as security for the faithful performance by the Lessee of all covenants and conditions of this Sublease Lease concurrently with the close of escrow for the purchase by the Lessor of the land on which the Building is situated. On the commencement of the fifth (5th) lease year, provided that (i) Lessee is not at that time in default under the Lease or cures within any applicable cure period any default then existing, (ii) that Lessor has not delivered more than two (2) default notices to Lessee under this Lease and (iii) further that the balance of the security deposit remains One Hundred Fifty Thousand Dollars ($150,000), Lessor shall refund the sum of Twenty Twenty-five Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.4025,000) to Lessee. Additional Twenty-five Thousand Dollar ($25,000) reductions shall be made at the commencement of each lease year thereafter providing that conditions (i) and (ii) are satisfied and that the balance of the security deposit then equals the sum of One Hundred Fifty Thousand Dollars ($150,000) less only the sums previously released to Lessee, until such time as the balance of the security for Sublessee's faithful deposit is Fifty Thousand Dollars ($50,000) which sum Lessor shall continue to hold as the security deposit hereunder. If the Lessee shall breach or default in the performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent any covenants or other charges when due under conditions of this SubleaseLease, including the payment of rent, the Lessor may use, apply 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 such security deposit for the payment of any rent in default or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor the Lessor may become obligated spend or be required to spend by reason of Sublesseethe Lessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachdefault. If Sublessor the Lessor so uses or applies all or any portion of said deposit, the Security Deposit, Sublessee Lessee shall, within ten (10) days after written demand by Sublessortherefor, deposit cash with the Lessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, hereinabove stated and Sublesseethe Lessee's failure to do so shall constitute be a default under material breach of this SubleaseLease. Sublessor Should the Lessee comply with all covenants and conditions of this Lease, the security deposit or any balance thereof shall be returned to the Lessee (or, if applicable, to the last assignee of the Lessee's interest in this Lease) at the expiration of the term. Prior to obtaining building permits for the New Building Lessor shall not be required to keep maintain the Security Deposit security deposit in a separate from its general accountsaccount. However, and interest shall have no obligation or liability for payment of interest accrue on the Security Depositsecurity deposit at the rate payable on a standard interest-bearing account and be paid semi-annually to Lessee. In Following the event Sublessor assigns issuance of building permits the security deposit shall be maintained by Lessor in a separate interest-bearing account with all interest paid to Lessee semi-annually. Should the Lessor sell 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, the Lessor may transfer to the purchaser thereof the then unexpended or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, unappropriated deposit and provided Sublessee is not then in default of any of its obligations hereunder, thereupon the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, Lessor shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderdischarged from any liability for such funds.

Appears in 1 contract

Samples: GRC International 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 ($20,250.40) 23,000.00 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 hereunder, or otherwise defaults (beyond the applicable cure periods contained in the Lease) with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use and apply 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 breachSublessees' 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 Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefor deposit case 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 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 . 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 therefore been applied by Sublessor, Sublessor shall be returned without payment of interest for its use, to Sublessee or (or, at Sublessor's option, to the last assignee, if any, of Sublessee's interest hereunder) within ten (10) days after the expiration of the term hereof, or after Sublessee has vacated the Premises whichever is later.

Appears in 1 contract

Samples: Sublease (Ultradata Corp)

Security Deposit. Sublessee Upon execution of this Sublease, Subtenant shall deposit with Sublessor upon execution of this Sublease Sublandlord the cash sum of Twenty Thousand two times the last month's rent (Two Hundred Fifty Eighty-Three Thousand Seven Hundred Seventy-Three and 40/100ths 10/100ths Dollars ($20,250.40283,773.10) as security for Sublessee's faithful performance of Sublessee's obligations hereunder (the "Security Deposit"). The Security Deposit shall be security for Subtenant's faithful performance of Subtenant's obligations hereunder. If Sublessee Subtenant fails to pay rent 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 cure periods, Sublessor Sublandlord 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 beyond any applicable cure periods or for the payment of any other sum for to which Sublessor Sublandlord may become obligated by reason of SublesseeSubtenant's default or breachbeyond any applicable cure periods, 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, hereinabove stated and SublesseeSubtenant's failure to do so shall constitute be a default under 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, said deposit or so much thereof as had not theretofore been applied by SublessorSublandlord, shall be returned without payment of interest for its use, to Sublessee or Subtenant (or, at Sublandlord's option, to the last assignee, if any, of SublesseeSubtenant's interest hereunder) within ten (10) days after the expiration of the term hereof or ten (10) days after the date Subtenant has vacated the Premises, whichever is later.

Appears in 1 contract

Samples: Letter Agreement (Vitria Technology Inc)

Security Deposit. Sublessee shall deposit Subtenant, concurrently with Sublessor upon the execution of this Sublease Sublease, has deposited with Sublandlord the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) 52,000.00, the receipt of which is hereby acknowledged by Sublandlord, which sum shall be retained by Sublandlord as security for Sublessee's the payment by Subtenant of the rents agreed to be paid by Subtenant and for the faithful performance by Subtenant of Sublesseethe terms and covenants of this Sublease. Sublandlord, at Sublandlord's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent option, may at any time apply said sum or any part thereof toward the payment of the rents and all other charges when due sums payable by Subtenant under this Sublease, or fails to perform any and towards the performance of its other obligations hereunder, Sublessor may use or apply all or any portion each and every 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 SublesseeSubtenant'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 covenants under this Sublease, but such covenants and Subtenant's liability under this Sublease including all cost for making necessary repairs to the subleased premises shall thereby be discharged only pro tanto; that Subtenant shall remain liable for any amounts that such sum shall be insufficient to pay; that Sublandlord may exhaust any or all rights and remedies against Subtenant before resorting to said sum, but nothing herein contained shall require or be deemed to require Sublandlord so to do; that, in the event this deposit shall not be utilized for any such purposes, then such deposit shall be returned by Sublandlord to Subtenant within ten days after the expiration of the term of this Sublease. Sublessor Sublandlord shall not be required to keep the Security Deposit separate from its general accounts, pay Subtenant any interest on said security deposit and may commingle it with other funds of Sublandlord. Subtenant shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Subleaseright, 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 expiredtitle, 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 interest of any of its obligations hereunder, kind with respect to Sublandlord's security deposit described in 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 hereunderLease.

Appears in 1 contract

Samples: Sublease Agreement (Flour City International Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon Upon execution of this Sublease SubLease, ------------------------------- SubTenant will deposit with SubLandlord a security deposit in the sum amount of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) 83,262.00 as security for Sublessee's faithful the performance of SublesseeSubTenant's obligations hereunder ("Security Deposit")under this SubLease. If Sublessee fails to pay rent or other charges when due under this Sublease, or SubTenant fails to perform any of its other obligations hereunderunder this SubLease within the grace period herein provided, Sublessor may use or SubLandlord may, but shall not be obligated to, apply all or any portion part of the Security Deposit security deposit for the payment of any rent amounts due or other amount then due hereunder and unpaid, for the payment of any other sum for Liabilities which Sublessor SubLandlord may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor incur as a result of Sublessee's default or breachresult. If Sublessor so uses any portion part of the Security Depositsecurity deposit is so applied, Sublessee SubTenant shall, within ten five (105) days after written demand by Sublessordemand, deposit cash with SubLandlord in an amount sufficient to restore the Security Deposit security deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Subleaseits previous amount. Sublessor shall SubLandlord need not be required to keep the Security Deposit security deposit separate from its general accounts, and shall have no obligation or liability for payment of funds. SubLandlord need not deposit the security deposit into an interest on the Security Depositbearing account. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much If SubTenant complies with all of the Security Deposit as is then held provisions of this SubLease, the unused portion of the security deposit will be returned to SubTenant after the SubLease Termination Date and the surrender of possession of the Premises to SubLandlord in the condition required by Sublessor. Within ten this SubLease within thirty (1030) days after the Term has expired, or Sublessee has vacated written request of SubTenant is received by SubLandlord. SubLandlord shall not be obligated to pay to SubTenant any interest earned on 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 hereundersecurity deposit.

Appears in 1 contract

Samples: CMG Information Services Inc

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thirty-three Thousand Two Thousand Eight Hundred Fifty forty-four -------------------------------------------------------------------- and 40/100ths No/100ths------------ Dollars ($20,250.4033,844.00) as security for Sublessee's --------------------------- --------- faithful performance of Sublessee's obligations Sublxxxxx'x xbligations 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: Lease (Universal Electronics 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: Shopping Sherlock Inc

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease hereof the sum of Twenty Eighteen Thousand Two One Hundred Fifty Seventy-seven and 40/100ths 00/100 Dollars ($20,250.4018,177.00) 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 rent, or other amount then due hereunder and unpaidcharge 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, within ten (10) 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 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 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 Depositsaid deposit, or so much thereof as had any amount not theretofore been applied by Sublessor, shall be returned without payment of interest for its use to Sublessee (or at Sublessor's option to the last assignee, if any, of Sublessee's interest hereunder) within 10 days after the expiration of the term hereof, or after Sublessee has vacated the Premises, whichever is later.

Appears in 1 contract

Samples: Lease Agreement (Jni Corp)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease Sublease, the sum of Twenty Thousand Two Hundred Fifty $294,923.46, which consists of $147,461.73 prepayment of rent and 40/100ths Dollars ($20,250.40) 147,461.73 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 when 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 Provided Sublessee is not then in default of any of its obligations hereunder, Sublessor shall apply a portion of the Security Deposit in an amount equal to Sublessee’s obligation for the last month’s Base Rent and any additional rent occurring during the Initial Term or any Renewal Term; and within ten (10) days after the Initial Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 7b hereof has been made, whichever shall last occur, and provided Sublessee 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 Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's ’s interest hereunder.

Appears in 1 contract

Samples: Lease Agreement (Marchex Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty Seven thousand fifty-nine dollars and 40/100ths Dollars sixty-seven cents ($20,250.407,059.67) 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 becomes 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 Subleasesublease. 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 delivery 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: Confederate Motors, Inc.

Security Deposit. Sublessee shall As security for Subtenant's performance of Subtenant's obligations under this Sublease, Subtenant shall, on the Execution Date, deposit with Sublessor upon execution of this Sublease the sum of Twenty Sublandlord a cash deposit in an amount equal to Five Hundred Twenty-Five Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40525,000.00) (such amount being sometimes hereinafter referred to as security for Sublessee's faithful performance of Sublessee's obligations hereunder (the "Collateral Amount" and such deposit being the "Security Deposit"). If Sublessee fails to pay rent or other charges when due under this SubleaseDuring the Sublease Term, or fails to perform any Sublandlord shall retain the Security Deposit as security for Subtenant's performance of its other Subtenant's obligations hereunder, Sublessor may use or apply all or any portion . Interest shall accrue on the then current amount of the Security Deposit for from the payment fifth (5th) business day after the date on which Sublandlord actually receives the Security Deposit through the fifth (5th) business day before the date on which the Security Deposit is actually returned to Subtenant (and/or applied by Sublandlord in accordance herewith) at the same rate Sublandlord is paying to Sublandlord's customers holding "passbook" savings accounts with Sublandlord (such interest on the Security Deposit being the "Interest"). The Security Deposit shall be returned to Subtenant, together with the Interest, within forty-five (45) days after the expiration of any rent or other amount then due hereunder the Sublease Term, if and unpaid, for to the payment of any other sum for which Sublessor may become obligated extent Sublandlord has not applied the Security Deposit (and/or the Interest) by reason of Sublesseea breach by Subtenant of Subtenant's default or breachobligations hereunder as set forth in the following sentence. Sublandlord may, or for any loss or damage sustained by Sublessor as a result of Sublesseefrom time to time, in Sublandlord's default or breach. If Sublessor so uses any portion of the Security Depositsole discretion, Sublessee shall, within ten (10) days after written demand by Sublessor, restore apply the Security Deposit to cure and/or compensate for any breach of any provisions of this Sublease by Subtenant. Notwithstanding the full amount originally depositedforegoing, and Sublessee's failure to do so shall constitute a but only provided that Subtenant is not in default under this Sublease. Sublessor Sublease (beyond any applicable notice and cure periods), the Collateral Amount shall not be required reduced to keep the Security Deposit separate from its general accounts, Two Hundred Fifty Thousand Dollars ($250,000.00) (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 excess of the Security Deposit as is over the 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, current Collateral Amount shall be promptly returned to Sublessee or to Subtenant, together with any unapplied portion of the last assignee, if any, of Sublessee's interest hereunderInterest previously accruing on such excess amount) on the date upon which Subtenant has occupied for six (6) consecutive months (and has paid all Rent for six (6) consecutive months payable for) both the First Space and the Second Space.

Appears in 1 contract

Samples: Sublease Agreement (Iconixx Corp)

Security Deposit. Upon its execution of this Sublease, Sublessee shall deposit with Sublessor upon execution of this Sublease Sublessor, a cash security deposit (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") in the amount of One Thousand Five Hundred Seventy Six and 67/100 Dollars ($1,576.67), 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 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 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 ox 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 any portion of draws on the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessorof such draw, restore Sublessee shall replenish the Security Deposit so that the amount available to Sublessor from the full Security Deposit provided hereunder is the amount originally deposited, and specified above. Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep replenish the Security Deposit separate from its general accounts, as required hereunder within the tune specified herein shall constitute an Event of Default under this Sublease and shall have no obligation or liability for payment of interest on entitle Sublessor to draw the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much full amount of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expiredin effect, in addition to any other rights at law, in equity or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been madethe Master Lease. Provided there is no uncured default on the Expiration Date, whichever shall last occur, and provided Sublessee is not then in default any balance of any of its obligations hereunder, the Security DepositDeposit not used, applied or so much thereof retained by Sublessor as had not theretofore been applied by Sublessorabove provided, shall be returned to Sublessee within fifteen days after the Sublease Expiration Date and after delivery of possession of the entire Demised Premises to Sublessor in accordance with the terms of this Sublease. Any interest that accrues on the Security Deposit shall belong to Sublessor. Sublessee covenants that it will not assign or encumber, or attempt to assign or encumber, the Security Deposit and that neither Sublessor nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment, or attempted encumbrance. In the event that any bankruptcy, insolvency, reorganization or other debtor-creditor proceedings shall be instituted by or against the Sublessee, its successors or assigns, the Security Deposit shall be deemed to be applied to the last assigneepayment of the Sublease Rent and additional rent due Sublessor for periods prior to the institution of such proceedings and the balance, if any, may be retained by Sublessor in partial satisfaction of SublesseeSublessor's interest hereunderdamages.

Appears in 1 contract

Samples: Sublease Agreement (Valesc Inc)

Security Deposit. Sublessee shall deposit Concurrently with Sublessor upon Lessee's execution of this Sublease hereof, Lessee has deposited with Lessor the sum of Twenty Thousand Two Hundred Fifty and 40/100ths SIX THOUSAND TWO HUNDRED FIFTY Dollars ($20,250.40) 6,250.00), the receipt of which is hereby acknowledged, as security for Sublessee's faithful performance the payment by Lessee of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay the rent or other charges when due under to be paid and for the faithful performance by Lessee of all of the terms, conditions and covenants of this SubleaseLease. If at any time during the term of this Lease, Lessee shall be in default in the performance of any provisions of this Lease, Lessor shall have the right to use the security deposit, or fails to perform so much thereof as is necessary, in payment of rental or other charges in default, reimbursement of any expenses incurred by Lessor, and in payment of its other obligations hereunder, Sublessor may use or apply all or any damages incurred by Lessor by reason of Lessee's default. If any portion of the Security Deposit for the payment of any rent said deposit is so used or other amount then due hereunder and unpaidapplied, 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 Lessee shall, within ten (10) days after written demand by Sublessortherefore from Lessor, remit to Lessor a sufficient amount out restore the Security Deposit 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 Depositoriginal amount. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit security deposit has not been utilized 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 hereunderaforesaid, the Security Depositsecurity deposit, or so much thereof as had has not theretofore been applied by Sublessorutilized for such purposes, shall be returned refunded to Sublessee or Lessee, without interest, upon full performance of all of the terms of this Lease by Lessee, within ten (10) days of the termination of this Lease. Lessor shall have the right to commingle the security deposit with other funds of Lessor. Lessor shall have the right to deliver the security deposit to any successor in interest to Lessor's interest in the Demised Premises. Thereupon, Lessor shall be discharged from further liability with respect to such security deposit provided assignee assumes all responsibilities (past and future) of Lessor. If claims of Lessor exceed the security deposit, Lessee shall remain liable for the balance of such claims. Lessee may not assign its right to the last assignee, if any, of Sublessee's interest hereundersecurity deposit in whole or in part.

Appears in 1 contract

Samples: Lanvision Systems Inc

Security Deposit. Sublessee Upon execution of this Sublease, Subtenant shall deposit with Sublessor upon execution of this Sublease Sublandlord the sum of Twenty One Hundred Twenty-Three Thousand Two Nine Hundred Fifty Twelve and 40/100ths 75/100 Dollars ($20,250.40123,912.75) in cash as security for Sublessee's Subtenant’s full, timely and faithful performance of Sublessee's all of Subtenant’s obligations hereunder under this Sublease ("the “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 and does not cure such failure within the applicable notice and cure periods for a default by Subtenant under this Sublease, 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 Sublessee's Subtenant’s default or breach, or for any loss or damage sustained by Sublessor Sublandlord as a result of Sublessee's Subtenant’s default or breach. If Sublessor Sublandlord so uses any portion of the Security Deposit, Sublessee Subtenant shall, within ten five (105) business days after written demand by SublessorSublandlord, restore the Security Deposit to the full amount originally deposited, and Sublessee's Subtenant’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 sixty (1060) 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 hereunderExpiration Date, the Security Deposit, less any amount that has been or so much thereof as had not theretofore been can be applied by SublessorSublandlord as a result of any uncured default by Subtenant under this Sublease, shall be returned to Sublessee Subtenant or to the last assignee, if any, of Sublessee's Subtenant’s interest hereunder; provided, however, that Sublandlord may withhold from such amount a sum equal to Sublandlord’s reasonable estimate of Subtenant’s share of any unbilled amount of Additional Rent, and shall refund to Subtenant any excess withheld promptly following Master Landlord’s reconciliation of such Additional Rent under the Master Lease, which obligations shall survive the expiration or earlier termination of this Sublease. Subtenant 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 to the extent they 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 Sublease 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

Samples: Sublease (Mobileiron, Inc.)

Security Deposit. The Sublessee shall has delivered to Sublessor a security deposit with Sublessor upon execution in the, amount of $76,835.70 as a security deposit for the full and faithful Performance Of each and every provision of this Sublease to be performed by Sublessee, on the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars understanding that ($20,250.40a) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("the 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 Deposit or any portion of thereof not previously applied or from time to time, such one or more portions thereof, may be applied to cure 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 Sublessor on demand the amount so applied which shall be added to the Security Deposit for so the payment of any rent or other amount then due hereunder and unpaid, for same may be restored to its original amount; (b) should 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 Ontario Sublease be assigned by Sublessor, restore the Security Deposit or any portion thereof not previously applied may be paid to the full amount originally depositedSublessor's assignee and if the same is paid as aforesaid, Sublessee hereby releases Sublessor from any and Sublessee's failure all liability with respect to do so shall constitute a default under this Sublease. the Security Deposit and/or its application or return; (c) if permitted by law, Sublessor or its successor shall not be required obligated to keep hold the Security Deposit as a separate from fund, but on the contrary may commingle the same with its general accountsother funds; (d) if Sublessee shall faithfully perform and observe all of the terms, covenants, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest conditions in this Sublease, Sublessor shall deliver the Ontario Sublease and in the Prime Lease to its assignee so much of the Security Deposit as is then held be fulfilled, kept, performed and observed 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 hereunderSublessee, the Security Deposit, sum deposited or so much the portion thereof as had not theretofore been applied by Sublessorpreviously applied, shall be returned to Sublessee without interest no later than thirty (30) days after the expiration of the Term of this Sublease or any renewal or extension thereof, provided Sublessee has vacated the Subleased Premises and surrendered possession thereof to Sublessor at the expiration of the Term or any extension or renewal thereof as provided herein; (e) in the event that Sublessor terminates this Sublease or Sublessee's right to possession by reason of a Default by Sublessee, Sublessor may apply the Security Deposit against damages suffered to the last assigneedate 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; (f) 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 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 hereunder.damages,

Appears in 1 contract

Samples: Asset Purchase Agreement (Techies Com Inc)

Security Deposit. Sublessee shall deposit Subtenant has deposited with Sublessor upon execution Sublandlord on the signing of this Sublease a security deposit in the sum amount of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars $513,760.00 ($20,250.40the “Security Deposit”) in the form of a letter of credit attached hereto as Exhibit F (the “Letter of Credit”) 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, provisions and conditions of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion . Subtenant agrees that in the event of the Security Deposit occurrence of a default by Subtenant hereunder beyond the expiration of all applicable notice and cure periods, Sublandlord may draw so much of the Letter of Credit as is required to cure the default then occurring and use, apply or retain the such proceeds, to the extent required for the payment of any rent delinquent Rent, or other amount then due hereunder and unpaid, for the payment of any other sum for as to which Sublessor may become obligated by reason of Sublessee's default or breachSubtenant is in default, or for any loss sum that Sublandlord is entitled to expend by reason of the default (including any damages or damage sustained deficiency accrued before or after summary proceedings or other re-entry by Sublessor as a result Sublandlord). In addition, Sublandlord may make multiple partial draws upon the Letter of Sublessee's default or breachCredit. If Sublessor so uses Sublandlord applies any portion or all of the proceeds of the Letter of Credit, Subtenant shall forthwith restore the amount so applied by delivering an additional or new Letter of Credit so that, at all times, the amount of the Letter of Credit and any proceeds retained by the Sublandlord shall not be less than the amount of the Security Deposit, Sublessee shall, . Subtenant's failure to restore the amount so applied or retained within ten (10) days Business Days after written demand by Sublessor, restore Sublandlord has drawn upon the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so Letter of Credit shall constitute a default an Event of Default under this Sublease. Sublessor shall Provided there is no uncured default, any balance of the proceeds of the Letter of Credit held by Sublandlord and not be required to keep the Security Deposit separate from its general accountsused, applied or retained by Sublandlord as above provided, and shall have no obligation or liability for payment any remaining Letter 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 SublessorCredit, shall be returned to Sublessee or Subtenant within thirty (30) days after the expiration of the Sublease Term and after delivery of possession of the entire Premises to Sublandlord in accordance with the last assignee, if any, terms of Sublessee's interest hereunderthis Sublease.

Appears in 1 contract

Samples: Sublease (Magnite, Inc.)

Security Deposit. Within five (5) days following Landlord's approval ---------------- of this Sublease, but in any event prior to the date Sublessee takes possession of the Subleased Premises, Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars $198,017.64 in cash ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder (the "Security Deposit"), as security for the performance by Sublessee of its obligations under this Sublease. If Such Security Deposit as held by Sublessor shall be deemed to constitute "cash collateral" within the meaning of applicable Federal and State bankruptcy and insolvency laws and regulations. In the event Sublessee fails to pay rent or other charges when due defaults under this Sublease, or fails and such default continues beyond the notice and cure period available therefor, if any, Sublessor, in addition to perform any its right to recoup possession and control of its other obligations hereunderthe Subleased Premises, shall have the right to take and collect the Security Deposit as liquidated damages for Sublessee's breach in accordance with Article 12. Provided that Landlord determines on advice of counsel that the enforceability of the liquidated damages provisions of this Sublease will not be adversely impacted thereby, Sublessor may use or agrees to apply all or any a portion of the Security Deposit for from time to time to cure Sublessee's defaults hereunder which are curable by the payment of any rent or other an amount then due hereunder less than $5,000 for an individual default and unpaid$50,000 for all defaults in the aggregate; provided however, for the payment of any other sum for which that Sublessor may become obligated shall have no obligation to apply such funds if Sublessee fails to approve in writing such application upon written request therefor by reason Sublessor (but Sublessor shall have no obligation to request such approval) and provided further that within five (5) business days of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as learning of Sublessor's application of a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security DepositDeposit to cure a default by Sublessee, Sublessee shall, within ten (10) days after written demand by Sublessor, shall forward to Sublessor such amounts as are necessary to restore the Security Deposit to the its full amount originally deposited, of $198,017.64 and Sublessee's failure to do so shall will constitute a an event of default under this SubleaseSublease without any further notice, demand or opportunity to cure. The Security Deposit need not be segregated by Sublessor from other funds of Sublessor and Sublessee shall not be required entitled to keep any interest thereon. In no event shall the Security Deposit separate from its general accountsconstitute or be deemed to constitute rent payment or rent prepayment, and shall have no obligation and, if applied by Sublessor as contemplated hereunder, will not constitute or liability for payment be deemed to constitute a cure of interest on Sublessee's default. Notwithstanding the Security Deposit. In the event Sublessor assigns its interest in this Subleaseforegoing, Sublessor shall deliver agrees to its assignee so much of apply 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.follows:

Appears in 1 contract

Samples: Sublease Agreement (Multilink Technology Corp)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty three thousand seven hundred sixteen and 40/100ths 00/100 Dollars ($20,250.403,716.00) 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 as much thereof as had not the 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: Endocare Inc

Security Deposit. Concurrently with Sublessee's execution of the Sublease, ---------------- Sublessee shall deposit with Sublessor upon execution a security deposit ("Security Deposit") in the amount of this Sublease the sum of Twenty Eighteen Thousand Two Six Hundred Fifty and 40/100ths Dollars ($20,250.4018,600). The Security Deposit shall be held (and/or applied or returned) by Sublessor as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder, and not as prepayment of rent. If Sublessee fails shall at any time fail to pay rent keep or other charges when due under perform any term, covenant or condition of this Sublease, including, without limitation, the payment of Rents or fails those provisions requiring Sublessee to perform any repair damage to the Premises caused by Sublessee or to surrender the Premises in the condition required pursuant to the Sublease, upon expiration of its other obligations hereundersuch time period as is provided hereunder for Sublessee to cure such failure, Sublessor may use may, but shall not be obligated to and without waiving or releasing Sublessee from any obligation under the Sublease, use, apply all or retain the whole or any portion part of the Security Deposit reasonably necessary 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 spend by reason of Sublessee's default or breach, or as necessary to compensate Sublessor for any loss or damage sustained which Sublessor may suffer by Sublessor as a result reason of Sublessee's default default. In the event Sublessor uses or breach. If Sublessor so uses applies any portion of the Security Deposit, Sublessee shall, within ten fifteen (1015) days after written demand by SublessorSublessor specifying the amount and the reasons for application of all or a portion of the Security Deposit, remit to Sublessor sufficient funds to restore the Security Deposit to the full amount originally deposited, and Sublessee's failure its original sum. Failure by Sublessee to do so remit funds shall constitute be a default by Sublessee 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 The Security Deposit, or so much thereof as had not theretofore been applied by Sublessoris left after Sublessor cures any then outstanding defaults, shall be returned to Sublessee or (or, at Sublessee's option, to the last assignee, if any, of Sublessee's interest hereunder) within fourteen (14) days after termination of the Sublease and surrender of the Premises by Sublessee; provided, however, if any portion of the Security Deposit is to be applied to repair damages to the Premises caused by Sublessee, to clean the Premises or to remove alterations and restore the Premises pursuant to the terms of this Sublease, then the balance of the Security Deposit shall be returned to Sublessee no later than thirty (30) days from the date Sublessor receives possession of the Premises. In the event Sublessee receives from Lessor all or any portion of the security deposit paid by Sublessor to Lessor under the Lease pursuant to the last sentence of Paragraph 4 of the Lease, Sublessee shall immediately deliver the same to Sublessor, except to the extent that Sublessor has failed to return the Security Deposit (or such portion thereof not previously applied by Sublessor to cure outstanding defaults of Sublessee) as and when required hereunder.

Appears in 1 contract

Samples: Power Integrations 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 $ zero 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 1 contract

Samples: American National Financial Inc

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

Samples: Sublease Agreement (Dor Biopharma Inc)

Security Deposit. Sublessee shall The Lessee will deposit with Sublessor upon execution Lessor the amount of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) 3,489.75, which shall be held as security for Sublessee's faithful performance all the Lessee’s obligations under this Lease and refunded to the Lessee at the expiration of Sublessee's obligations hereunder ("Security Deposit")the Term, subject to the Lessee’s satisfactory compliance with the conditions hereof. If Sublessee the Lessee fails to pay rent or other charges when due hereunder or otherwise defaults under this SubleaseLease, the Lessor 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 security deposit for the payment of any rent or other amount then due hereunder and unpaid, charge or for the payment of any other sum for to which Sublessor the Lessor may become obligated by reason of Sublessee's the Lessee’s default or breach, or to compensate the Lessor for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachwhich the Lessor may suffer thereby. If Sublessor the Lessor so uses or applies all or any portion of the Security Depositsecurity deposit, Sublessee the Lessee shall, within ten (10) days after written demand by Sublessortherefore, restore the Security Deposit security deposit to the full amount originally deposited, herein described and Sublessee's the Lessee’s failure to do so shall constitute a default be material breach of the Lease. No trust relationship is created hereby between the Lessor and the Lessee with respect to the security deposit, and the Lessor shall not hold the Security Deposit in an interest-bearing account. If the Lessor conveys the Lessor’s interest under this SubleaseLease, the deposit, or any part thereof not previously applied, shall be turned over by the Lessor to the Lessor’s grantee, and the Lessee agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section 4. Sublessor The Lessee agrees that the Lessee will not assign, encumber or pledge, attempt to assign, encumber or pledge the moneys deposited herein as security, and that neither the Lessor, not its successors and assigns, shall be bound by any such attempted assignment, attempted pledge, or attempted encumbrance. The holder of a mortgage of property which includes the Premises shall not be required responsible to keep the Security Deposit separate from its general accountsLessee for the return or application of any such deposit, and whether or not it succeeds to the position of the Lessor hereunder, unless such deposit shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest been received in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held hand 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 hereundersuch holder.

Appears in 1 contract

Samples: Lease Agreement (Allurion Technologies Holdings, Inc.)

Security Deposit. Sublessee shall deposit with Sublessor upon On the date of execution of this Sublease by Sublessee, Sublessee at its sole cost and expense shall deliver to Sublessor, in a form and from a financial institution acceptable to Sublessor, an irrevocable, unconditional standby letter of credit in the sum amount of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars $36,667.00 ($20,250.40) the "Letter of Credit"), as security for Sublessee's the full and faithful performance and observance by Sublessee of Sublessee's covenants and obligations hereunder under this Sublease (the "Security Deposit"). If Sublessee fails shall be solely responsible for all costs and expenses of obtaining, amending, renewing, replacing and/or transferring 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. Upon the occurrence of an Event of Default, including, but not limited to, the non-payment of Rent specified in Paragraph 4 hereof, Sublessor may, without giving notice to pay rent Sublessee, draw upon the Letter of Credit to the extent required for the payment of any Rent or any other charges when due under sums as to 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 the terms, covenants and conditions of this Sublease, including, but not limited to, any damages or fails to perform any deficiency in the reletting of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent 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 so uses draws upon the Letter of Credit to cure any portion of the Security Depositdefault, Sublessee shall, shall cause the Letter of Credit to be restored to its original amount and failure to do so within ten (10) days after receiving written demand notice from Sublessor shall be deemed an Event of 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. In the event of any transfer of Sublessor's interest in the Premises, restore Sublessor shall either return the Security Deposit to Sublessee 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; 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 or encumber the Security Deposit separate from and neither Sublessor nor its general accounts, and shall have no obligation successors 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 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: BG Medicine, Inc.

Security Deposit. Upon execution hereof, Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Fifty-Two Thousand Two Hundred Fifty and 40/100ths Sixty Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder (52,060)(the "Security Deposit"), in cash, as security for the performance by Sublessee of the terms and conditions of this Sublease. If Sublessee fails to pay rent Rent or other charges when due under this Sublease 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 breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachhas suffered thereby. 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 SublessorSublessor therefor, 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 may commingle the Security Deposit with its own funds and Sublessee 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 Upon the event Sublessor assigns its interest expiration of this Sublease and Sublessee's vacation of the Subleased Premises, provided Sublessee is not in default under the terms of 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 hereunderdefaults.

Appears in 1 contract

Samples: Sublease (Eclipse Surgical Technologies Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon Upon the execution of this Sublease Lease, Lessee shall pay to the sum Lessor the amount of Twenty Fifty Thousand Two Hundred Fifty and 40/100ths 00/100 Dollars ($20,250.4050,000.00) which shall be added to the Five Thousand and 00/100 Dollars ($5,000.00) already being held by Lessor so as to total Fifty-Five Thousand and 00/100 Dollars ($55,000.00). This amount, together with interest thereon at the rate of two percent (2%) per annum which shall be credited by Lessor to Lessee, shall be held as a security deposit hereunder. In lieu of said cash security deposit, Lessee, at Lessee's option, may deliver to Lessor at the time this Lease is executed an unconditional, irrevocable Letter of Credit in the amount of Seventy-Five Thousand and 00/100 Dollars (U.S. $75,000.00) naming Lessor as beneficiary, which Letter of Credit shall be issued by a United States bank approved by Lessor and shall otherwise be in form acceptable to Lessor. Said Letter of Credit shall have a term at least equal in length to the Lease Term or if for a term shorter than the Lease Term, shall provide that if the Letter of Credit is not extended or renewed at least forty-five (45) days prior to its then expiration date, Lessor shall have the unconditional right to draw upon it in full. Said Letter of Credit shall constitute the security deposit and may be drawn upon either by Lessor's certification that Lessor is entitled to the security deposit under the terms of this Section 7 or in the event of a failure to extend or renew it as specified in the immediately preceding sentence. The security deposit shall be held as a security for Sublessee's faithful the due performance of Sublessee's obligations hereunder ("Security Deposit")each and every obligation of Lessee as in this Lease provided. 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 Lessor may use or apply all or any portion of commingle the Security Deposit for in one or more bank accounts with other funds of Lessor. Lessor may use the Security Deposit to cure any default by Lessee under the terms of this Lease, and Lessee shall immediately pay to Lessor on demand, as Additional Rent, the amount so expended and any additional amount as is required to cause the security deposit at all times to equal the amount set forth above. Lessor shall assign the security deposit to any successor owner of the Building, and thereafter Lessor shall have no further responsibility therefor or liability on account thereof. Upon the expiration (or any earlier termination) of the Lease Term, Lessor shall inspect the Premises, make such deductions from the security deposit as Lessor reasonably estimates may be required to cure any default by Lessee under the terms of this Lease, and pay the balance of the security deposit, if any, to Lessee within thirty (30) days of such expiration or termination. The security deposit may not be used by Lessee in lieu of rent payment(s) including, but not limited to, the last months' Base Rent payments or 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 hereunderAdditional Rent.

Appears in 1 contract

Samples: Lease Agreement (Idenix Pharmaceuticals Inc)

Security Deposit. Within three (3) days of Walnut Creek Design Review Commission's approval of Sublessee's planned improvements of the Premises, Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Sixteen Thousand Two Hundred Fifty and 40/100ths 00/100 Dollars ($20,250.4016,000.00) 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 Sublease term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has adjustments 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 heretofore 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: Pyramid Breweries Inc

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

Samples: Sublease Agreement (Adcare Health Systems, Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thirty-three Thousand Two Eight Hundred Fifty forty-four and 40/100ths No/100ths Dollars ($20,250.40$ 33,844.00) 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 8.2 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 Interest hereunder.

Appears in 1 contract

Samples: Lease (Universal Electronics Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Two Thousand Two Four Hundred Fifty Ninety Seven and 40/100ths 69/100 Dollars ($20,250.40$ 2,497.69) as security for SublesseeXxxxxxxx's faithful performance of SublesseeXxxxxxxxx'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 SublesseeSublease's interest hereunder.

Appears in 1 contract

Samples: Hiway Technologies Inc

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease hereof the sum of Twenty One Hundred Ten Thousand Two Nine Hundred Fifty and 40/100ths Dollars Sixty Three ($20,250.40110,963.00) Dollars as security First Month’s Rent and Security Deposit equal to the last month’s rent for Sublessee's ’s faithful performance of Sublessee's ’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 rent, or other amount then due hereunder and unpaidcharge in default, or for the payment of any other sum for to which Sublessor may become obligated 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 Depositsaid deposit, Sublessee 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 depositedhereinabove stated, and Sublessee's ’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 Depositsaid deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned without payment of interest for its use to Sublessee (or at Sublessor’s option to the last assignee, if any, of Sublessee's ’s interest hereunder), within ten (10) days after the expiration of the term hereof, or after Sublessee has vacated the Premises, whichever is later.

Appears in 1 contract

Samples: Sublease Agreement (AeroVironment Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease on the Effective Date the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) 63,819.00 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 hereunder.in the Sublease). No trust relationship is created herein between Sublessor and Sublessee with respect to the Security Deposit. No payment of interest or other

Appears in 1 contract

Samples: Microcide Pharmaceuticals Inc

Security Deposit. Sublessee shall deposit with Sublessor pay to Sublessor, upon execution of this Sublease Sublease, the sum of Twenty Three Hundred Fifty-Four Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) 354,000), in cash or in the form of a letter of credit in form and from a bank reasonably acceptable to Sublessor, which shall be held as a security for Sublessee's faithful performance of Sublessee's obligations hereunder deposit under this Sublease (the "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, 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 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 breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachhas suffered thereby. 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 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 Depositstated above. In the event Sublessor assigns its interest in that Sublessee defaults under this Sublease, Sublessor Sublessee shall deliver to its assignee so much immediately thereafter deposit and maintain the Security Deposit in cash. Provided Sublessee has not defaulted under this Sublease, the amount of the Security Deposit as is then held by Sublessor. Within ten shall be reduced to One Hundred Seventy-Seven Thousand Dollars (10$177,000) days after the Term has expired, or upon Sublessee's presentation of evidence reasonably satisfactory to Sublessor that Sublessee has vacated experienced a profit in two (2) consecutive fiscal quarters, including, without limitation, financial statements certified by the PremisesChief Financial Officer of Sublessee and, or any final adjustment pursuant if audited financial statements are available, certified by an independent certified public accountant. Notwithstanding the foregoing, if audited financial statements are not available at the time Sublessee receives a reduction in its Security Deposit as set forth herein, Sublessee shall deliver to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessor financial statements for the applicable period certified by an independent certified public accountant as soon as audited financial statements are available. If such audited financial statements do not show that Sublessee is not then experienced a profit in default of any of its obligations hereundertwo (2) consecutive fiscal quarters, the amount of the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, Deposit shall immediately be returned to Three Hundred Fifty-Four Thousand Dollars ($354,000) and Sublessee or shall promptly deposit with Sublessor funds adequate to restore the last assignee, if any, amount of Sublessee's interest hereunderthe Security Deposit to Three Hundred Fifty-Four Thousand Dollars ($354,000).

Appears in 1 contract

Samples: Agreement Regarding Sublease (Informatica Corp)

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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. 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.

Appears in 1 contract

Samples: Sublease Agreement (Cytokinetics Inc)

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.

Appears in 1 contract

Samples: Sublease Agreement (First Virtual Holding Inc)

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.

Appears in 1 contract

Samples: Sublease Agreement (Roxio Inc)

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: Borealis Technology 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) 56,250.00 as security Security for Sublessee's the faithful performance and observance by Sublessee of the terms, provisions and conditions of this Sublease. It is agreed that in the event Sublessee defaults in respect of any of the terms, provisions and conditions of this Sublease, including, but not limited to, the payment of rent and additional rent, Sublessor may use, apply or retain the whole or any part of the Security so deposited to the extent required for the payment of any rent and additional rent or any other sum as to which Sublessee is in default or for any sum which Sublessor may expend or may be required to expend by reason of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under default in respect of any of the terms, covenants and conditions of this Sublease, including, but not limited to, any damages or fails deficiency in the re-letting of the Subleased Premises, whether such damages or deficiency accrued before or after legal proceedings or other re-entry by Sublessor. In the event that Sublessee shall fully and faithfully comply with all of the terms, provisions, covenants and conditions of this Sublease, the Security shall be returned to perform Sublessee after the date fixed as the end of the Sublease and after delivery of entire possession of the Subleased Premises to Sublessor. Sublessee further covenants that it will not assign or encumber or attempt to assign or encumber the monies deposited herein as Security and that neither Sublessor nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance. In lieu of a cash security deposit as contemplated by this Article, Sublessee may deposit with Sublessor a transferable, irrevocable standby letter of credit (said letter of credit and any replacement thereof, the "Letter of Credit") in the amount of FIFTY-SIX THOUSAND TWO HUNDRED FIFTY and NO/100 DOLLARS ($56,250.00). The Letter of Credit and each replacement Letter of Credit (a "Replacement Letter of Credit") shall (a) be a transferable, irrevocable standby letter of credit, issued by a bank acceptable to Sublessor, (b) be transferable any number of times without charge to transferor or transferee, (c) expire not sooner than the expiration date of the Sublease, or one year after its other obligations issuance if for a shorter period, (d) provide that if the expiry date is sooner than the Sublease expiration date, its expiry date shall automatically be extended for an additional year after its expiry date and each extended expiry date unless, at least sixty (60) days prior to any expiry date, the issuer notifies Sublessor and others entitled to notice hereunder by certified mail at their current addresses for notices hereunder, that the expiry date shall not be extended, and (e) provide that drawings may be made by presentation of a sight draft without any additional documents or requirements. Sublessor may use or apply shall have the right, without notice, to, draw all or any portion of the Security Deposit for Letter of Credit if (i) in the payment event that the expiry date is anytime prior to the Sublease expiration date, a notice is received that the expiry date of the Letter of Credit will not be extended and a Replacement Letter of Credit is not received by Sublessor at least thirty (30) days before the expiry date of the Letter of Credit, (ii) Sublessor reasonably believes that the Letter of Credit may not be honored upon a drawing and a Replacement Letter of Credit is not received by Sublessor within fifteen (15) days of notice thereof, (iii) Sublessor would be permitted pursuant to this Article to apply or retain 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 breachsecurity if same had been a cash security deposit thereunder, or (iv) for any loss or damage sustained reason the Letter of Credit is to expire within thirty (30) days and a Replacement Letter of Credit has not been received by Sublessor. Any funds received by Sublessor upon any drawing upon a Letter of Credit shall be "security" and shall be held, applied and retained, as a result of Sublessee's provided in this Article. Provided Sublessee is not in default or breach. If hereunder, if Sublessor so uses shall hold any portion of the Security Depositcash security deposit pursuant to this Article, Sublessee shallmay deliver to Sublessor a Replacement Letter of Credit in the amount required hereby and Sublessor, promptly after receipt thereof, shall remit to Sublessee said cash security deposit then held by Sublessor. In addition, Sublessee may replace the Letter of Credit or a Replacement Letter of Credit with a cash security deposit at any time. Sublessee agrees not to seek to enjoin any drawing upon the Letter of Credit and agrees, within ten (10) days after written demand of demand, to deposit with Sublessor as security as provided in this Article any sums applied or retained by SublessorSublessor pursuant to this Article, restore the Security Deposit but any such additional deposit shall not be deemed to the full amount originally deposited, and Sublessee's failure to do so shall constitute be a cure or waiver or any 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 (First Marblehead Corp)

Security Deposit. Sublessee shall deposit with Sublessor upon Within ten (10) business days after the execution of this Sublease Sublease, Sublessee shall pay to Sublessor the first month's rent due and provide Sublessor with security in the sum of Twenty Nine Thousand Two Four Hundred Fifty Seven and 40/100ths 14/100 Dollars ($20,250.409,407.14) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). The Security Deposit may, at Sublessee's option, either be in the form of a Letter of Credit or cash held in an escrow account. The Letter of Credit shall be issued by a financial institution selected by Sublessee doing business in the state of Washington, and shall allow Sublessor to draw up to the amount of the Security Deposit upon submitting to the financial institution a written notice copied to Sublessee stating that Sublessee is in default and stating the amount to be disbursed to cure the default. Sublessee may likewise select the escrow agent, and the terms of the escrow shall allow Sublessor to receive a disbursement from the escrow agent up to the amount of the Security Deposit upon submitting to the escrow agent a written notice copied to Sublessee stating that Sublessee is in default and stating the amount necessary to cure the default. 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 the 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 depositeddeposited less any amounts applied to the first months' rent, 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 If Sublessor assigns its interest in this Sublease, Sublessor shall deliver assign to its assignee so much Sublessor's interest in the Letter of Credit or escrow account, as the Security Deposit as is then held by Sublessorcase may be. 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 therefore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderinterest.

Appears in 1 contract

Samples: Document Sublease Agreement (Sunhawk Com Corp)

Security Deposit. (a) Sublessee shall deposit with deliver to Sublessor upon at the time of execution of this Sublease by Sublessee a security deposit equal to $1,100,687.84 (i.e., two (2) months’ Base Rent at the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) average rate per square foot), as security for Sublessee's ’s faithful performance of Sublessee's ’s obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under defaults (which term, including the singular, shall, wherever used in this Sublease, or fails mean any default that continues after notice to perform Sublessee thereof and application of the applicable cure period) with respect to any provision of its other obligations hereunderthis Sublease, Sublessor may (but shall have no obligation to) use or apply all or any portion of the Security Deposit said deposit for the payment of any rent Base Rent or other amount then charge due hereunder and unpaid, for the payment of to pay any other sum for to which Sublessor may become obligated by reason of Sublessee's ’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 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 its 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. So long as no default then exists, 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 shall not theretofore then have been applied by Sublessor, shall be returned returned, without payment of interest or other amount for its use, to Sublessee within a reasonable time after the expiration of the term hereof, and after Sublessee has vacated and delivered the Sublease Premises as required hereunder. Sublessor may retain an amount reasonably calculated to be sufficient to pay any final amount of additional rent for the year in which the Term ends, with a reconciling refund or payment to be made promptly after the last assigneeactual amount thereof has been determined. No trust relationship is created herein between Sublessor and Sublessee with respect to said security deposit. Sublessee acknowledges that the security deposit is not an advance payment of any kind or a measure of or limit on Sublessor’s damages in the event of Sublessee’s default. Any application of the security deposit by Sublessor shall be without prejudice to any other right or remedy Sublessor may have. If Sublessor conveys Sublessor’s interest under this Sublease, the security deposit, or any part thereof not previously applied, shall be turned over by Sublessor to Sublessor’s grantee, and, when so turned over, Sublessee agrees to look solely to such grantee for proper application of the security deposit in accordance with the terms of this Section 8, and the return thereof in accordance herewith. Sublessee hereby waives the provisions of any law which is inconsistent with this Section 8. Sublessor and Sublessee agree that, instead of a cash security deposit, Sublessee will satisfy the security deposit requirement under this Sublease by delivering to Sublessor, at the time of execution of this Sublease by Sublessee, a clean irrevocable standby letter of credit in favor of Sublessor in the amount of the security deposit referred to above. Any such letter of credit shall be drawn on Silicon Valley Bank, Bank of America, N.A., or another bank reasonably approved by Sublessor from time to time, and shall be in form and substance reasonably acceptable to Sublessor. In the event of a material adverse change in the financial position of any bank which has issued a letter of credit hereunder, Sublessor reserves the right, on any scheduled expiration or renewal date of any such letter (or, in the event that Sublessor reasonably determines that the condition of the issuing bank is in imminent danger of insolvency, upon ten (10) business days’ notice), to request that Sublessee change the issuing bank to another bank reasonably approved by Sublessor. Regardless of whether Sublessor shall have previously requested that Sublessee change issuing banks, if anythe bank on which the original letter of credit or any replacement letter is drawn is declared insolvent or placed into conservatorship or receivership, Sublessee shall, within twenty (20) days thereafter, replace the then-outstanding letter of Sublessee's interest hereundercredit with a like letter of credit from another bank reasonably acceptable to Sublessor. The letter of credit shall be assignable by Sublessor at any time and from time to time to any successor or successors, without cost or charge to Sublessor.

Appears in 1 contract

Samples: Sublease (Momenta Pharmaceuticals Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon On the date of execution of this Sublease by Sublessee, Sublessee at its sole cost and expense shall deliver to Sublessor, in a form and from a financial institution acceptable to Sublessor, an irrevocable, unconditional standby letter of credit in the sum amount of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars $36,667.00 ($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"). If Sublessee fails shall be solely responsible for all costs and expenses of obtaining, amending, renewing, replacing and/or transferring 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. Upon the occurrence of an Event of Default, including, but not limited to, the non-payment of Rent specified in Paragraph 4 hereof, Sublessor may, without giving notice to pay rent Sublessee, draw upon the Letter of Credit to the extent required for the payment of any Rent or any other charges when due under sums as to 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 the terms, covenants and conditions of this Sublease, including, but not limited to, any damages or fails to perform any deficiency in the reletting of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent 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 so uses draws upon the Letter of Credit to cure any portion of the Security Depositdefault, Sublessee shall, shall cause the Letter of Credit to be restored to its original amount and failure to do so within ten (10) days after receiving written demand notice from Sublessor shall be deemed an Event of 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. In the event of any transfer of Sublessor’s interest in the Premises, restore Sublessor shall either return the Security Deposit to Sublessee 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; 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 or encumber the Security Deposit separate from and neither Sublessor nor its general accounts, and shall have no obligation successors 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 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: Disturbance and Attornment Agreement (BG Medicine, Inc.)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Twelve Thousand Two Nine Hundred Fifty Ninety-One and 40/100ths 65/100 Dollars ($20,250.4012,991.65) 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: C2i Solutions Inc

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty hereof Forty-Five Thousand Two Eight Hundred Fifty and 40/100ths No/100ths Dollars ($20,250.4045,850.00) 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 therefore 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: Hall Kinion & Associates 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 eighty-nine thousand two hundred seventy-five dollars twenty cents ($20,250.4089,275.20) 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 thirty (1030) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof this Sublease 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 or to the last assignee, if any, of Sublessee's ’s interest hereunder.

Appears in 1 contract

Samples: Omniture, Inc.

Security Deposit. Sublessee shall deposit with Sublessor upon contemporaneously with the execution of this Sublease an amount equal to the sum of Twenty One Hundred Twenty-one Thousand Two Seven Hundred Fifty Seventy-three and 40/100ths No/100 Dollars ($20,250.40US$121,773.00) (the "Security Deposit") as security for Sublessee's faithful the full performance of Sublessee's obligations hereunder ("Security Deposit")this Sublease. If Sublessee fails to pay rent or other charges when due defaults under any provision of this Sublease, Sublessor shall be entitled, at Sublessor's option and in addition to all other rights and remedies available to Sublessor, to apply 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 for the payment of any rent or any other amount then charge due hereunder and unpaid, for the payment of Sublessor or any other sum for which that Sublessor 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 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 Sublessordemand, 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 this Subleaseits original amount. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, funds and Sublessee shall have no obligation or liability for payment of not 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 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, shall be returned to Sublessee or after Sublessor is able to determine the last assignee, if any, final amounts of Sublessee's obligations upon the expiration or termination of this Sublease. If Sublessor transfers Sublessor's interest hereunderin the Premises during the term of this Sublease, Sublessor may transfer the Security Deposit to any subsequent owner and Sublessee hereby releases Sublessor from all liability for the return of the Security Deposit, provided the transferee assumes Sublessor's obligations hereunder with respect -------- to the Security Deposit. Sublessee shall not assign, pledge, mortgage, or otherwise hypothecate its interest in the Security Deposit.

Appears in 1 contract

Samples: Lease Agreement (Cost U Less 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 Four thousand six hundred six dollars ($20,250.404,606) as security for ------------------------------------- Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). Security shall be placed in an interest bearing account with proceeds enuring to the Sublessee. 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: Network Access Solutions Corp

Security Deposit. Within twenty-one (21) days after the execution of this Sublease, Sublessee shall deposit with Sublessor upon the sum of Six Hundred Thousand Five Hundred One and 32/100 ($600,501.32) Dollars (the “Security Deposit”), as security for the performance by Sublessee of the terms and conditions of this Sublease by delivery of a standby letter of credit issued by a bank and in a form reasonably acceptable to Sublessor. If said letter of credit is not received by Sublessor within twenty-one (21) days after execution of this Sublease Sublease, Sublessee will promptly deposit with Sublessor the sum Security Deposit in cash. At Sublessee’s earliest availability, Sublessee shall replace the cash Security Deposit with the letter of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as credit and, upon receiving the letter of credit, Sublessor shall promptly return the cash security for deposit to Sublessee's faithful performance of Sublessee's obligations hereunder ("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 and such failure or default continues beyond applicable notice and cure periods set forth in 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, without prejudice to any other remedy provided herein or by Sublessor as a result of Sublessee's default or breachlaw. If Sublessor so uses or applies all or any portion of the Security Deposit, Sublessee shallthen Sublessee, within ten (10) business days after written demand by Sublessortherefor, shall deposit cash a replacement letter of credit 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 stated above. Provided Sublessee is not then in default under this Sublease. Sublessor shall not be required to keep , the Security Deposit separate from its general accounts, shall be reduced to Four Hundred Fifty Thousand Three Hundred Seventy-Five and shall have no obligation or liability for payment of interest 99/100 Dollars ($450,375.99) on the Security Depositsecond annual anniversary of the Sublease Commencement Date. In such event, upon written notice to Sublessor, Sublessee may reduce the event Sublessor assigns its interest in Security Deposit amount by either replacing or amending the letter of credit then held by Sublessor. Within thirty (30) days immediately following the expiration of 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 Sublessor, shall be returned Sublessor pursuant to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderthis Section 5.

Appears in 1 contract

Samples: Sublease (Lyra Therapeutics, Inc.)

Security Deposit. Sublessee shall deposit with Sublessor upon execution and maintain during the Term the cash sum of Thirty Thousand and 00/100 Dollars ($30,000.00) 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 HNZW/493109_4.doc/3583-95 (Greenfield) Exhibit 99.4 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 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: Sublease Agreement (Adcare Health Systems, Inc)

Security Deposit. Sublessor acknowledges receipt from Sublessee shall deposit of $60,900.00 (together with Sublessor upon execution of this Sublease interest earned thereon, 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 held in a segregated account by Sublessor as security (with any interest thereon being payable to Sublessor), for and during the Sublease Term, to be returned to Sublessee within thirty (30) days after the expiration of the Term or the termination of this Sublease provided there exists no breach of any undertaking of Sublessee. Upon the occurrence of any default by Sublessee hereunder, Sublessee agrees that Sublessor may apply all or any part of the Security Deposit to any obligation of Sublessee hereunder. 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 is applied to any obligation of any rent or other amount then due hereunder and unpaidSublessee hereunder, 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 Sublessee shall immediately upon request 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 Subleaseits original amount. Sublessor Sublessee shall not be required have the right to keep the Security Deposit separate from its general accounts, and shall have no obligation call upon Sublessor to apply all 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 part of the Security Deposit as is then held by to cure any default or fulfill any obligation of Sublessee, but such use shall be solely in the discretion of Sublessor. Within ten (10) days after Upon any conveyance of the Term has expiredPremises by Sublessor to Sublessor's grantee or transferee, the Security Deposit shall be delivered by Sublessor to Sublessor's grantee or transferee. Upon any such delivery, 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 hereby releases Sublessor herein named of any of its obligations hereunder, and all liability with respect to the Security Deposit, its application and return, and Sublessee agrees to look solely to such grantee or so much thereof as had not theretofore been applied by Sublessor, transferee. It is further understood that this provision shall be returned also apply to Sublessee or to the last assignee, if any, of Sublessee's interest hereundersubsequent grantees and transferees.

Appears in 1 contract

Samples: Sublease (Momenta Pharmaceuticals Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon the execution of this Sublease hereof the sum of Twenty Sixty-one Thousand Two Hundred Fifty and 40/100ths No/100ths Dollars ($20,250.4061,250.00) as security for Sublessee's faithful performance of Sublessee's obligations hereunder hereunder. If Sublessee completes a public offering of the stock of Sublessee within the first twelve ("Security Deposit")12) months of the term, then within thirty (30) days after Sublessee provides Sublessor with reasonable evidence that such public offering has been completed, Sublessor shall refund Thirty Thousand Six Hundred Twenty-five and No/100ths Dollars ($30,625.00) of the security deposit to Sublessee. 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, after the expiration of any applicable cure period provided to Sublessee pursuant to Paragraph 42 of the Master Lease, 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 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 1 contract

Samples: Lease (Accelgraphics Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon On the date of execution of this Sublease Sub-sublease by Subtenant #2, Subtenant #2 will pay to Subtenant #1 a security deposit in the sum amount of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security 5,332.71 for SublesseeSubtenant #2's faithful performance of SublesseeSubtenant #2's obligations obligation hereunder (hereinafter "Security Deposit"). If Sublessee Subtenant #2 fails to pay rent or other charges when due under this SubleaseSub-sublease, or fails to perform any of its other obligations hereunder, Sublessor Subtenant #1 may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount amounts then due hereunder and unpaid, for the payment of any other sum for which Sublessor Subtenant #1 may become obligated by reason of SublesseeSubtenant #2's default or breach, or for any loss or damage sustained by Sublessor Subtenant #1 as a result of SublesseeSubtenant #2's default or breach. If Sublessor Subtenant #1 so uses any portion of the Security Deposit, Sublessee Subtenant #2 shall, within ten (10) days after written demand by SublessorSubtenant #1, restore the Security Deposit to the full amount originally deposited, and SublesseeSubtenant #2's failure to do so shall constitute a default under this SubleaseSub-sublease. Sublessor Subtenant #1 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 Subtenant #1 assigns its interest in this SubleaseSub-sublease, Sublessor Subtenant #1 shall deliver to its assignee so much of the Security Deposit as is then held by SublessorSubtenant #1. Within ten (10) days after the Term has expired, or Sublessee Subtenant #2 has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 Paragraph 5(b) hereof has been made, whichever shall last occur, and provided Sublessee Subtenant #2 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 SublessorSubtenant #1, shall be returned to Sublessee Subtenant #2 or to the last assignee, if any, of SublesseeSubtenant #2's interest hereunder.

Appears in 1 contract

Samples: Lease Agreement (Maxxis Group 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

Samples: Measurement Specialties 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) 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

Samples: Soaring Eagle Acquisition 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) 3,190.25 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 breach. If may suffer thereby if Sublessor so uses sues or applies all or any portion of the Security Deposit, said 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 1 contract

Samples: Virtual Gaming Technologies Inc

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

Samples: Sublease Agreement (Flashnet Communications Inc)

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

Samples: Anchor Pacific Underwriters Inc

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

Samples: Sublease Agreement (MLC Holdings Inc)

Security Deposit. Upon execution hereof, Sublessee shall deposit with ---------------- Sublessor upon execution a certificate of this Sublease deposit ("CD") issued by a by a money-center bank (a bank which accepts deposits, maintains accounts, has a local Silicon Valley office, and whose deposits are insured by the sum of Twenty FDIC) in an amount equal to three (3) months' Base Rent, or One Hundred Fourteen Thousand Two Eight Hundred Fifty Twenty- Nine and 40/100ths 80/Dollars ($20,250.40) 114,829.80), as security for Sublesseethe performance by Sublessee of the terms and conditions of this Sublease. The CD shall be for a period not less than one hundred eighty (180) days, issued in Sublessor's faithful performance of Sublessee's obligations hereunder name and renewable by Sublessor ("Security Deposit")but not beyond the Term hereof) on the applicable renewal date. 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 CD 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 breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachhas suffered thereby. If Sublessor so uses or applies all or any portion of the Security DepositCD, then Sublessee shall, within ten (10) days after written demand by therefor, deposit cash with Sublessor in the amount required to restore Sublessor, restore the Security Deposit 's security 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 the Security Deposit separate from its general accounts, and shall have no obligation or liability liable for payment of any penalties or lost interest on due to Sublessor's draw upon the Security DepositCD pursuant to the provisions hereof; provided, however, that all interest thereon shall accrue to the benefit of Sublessee if Sublessor does not draw upon the CD pursuant to the provisions hereof. In Within five (5) days after demand by Sublessor, Sublessee shall increase the event Sublessor assigns its interest in amount of the CD to an amount not less than three (3) months' Rent then payable under the terms of the Sublease. Upon the expiration of this Sublease, Sublessor shall deliver return the CD to its assignee Sublessee, or so much of the Security Deposit CD 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 cure Sublessee's defaults. Notwithstanding anything to the last assigneecontrary contained in this Lease, if anyat any time during the Term that Sublessee completes a financing raising not less than Ten Million Dollars ($ 10,000,000.00), provided that Sublessee has not been in default prior to such date, beyond applicable cure periods, of any obligation to pay money hereunder, Sublessee shall so notify Sublessor in writing of the completion of such financing and provide such reasonable verification as Sublessor shall require. Upon the next CD renewal date, Sublessor shall draw down the sum of Thirty-Eight Thousand Two Hundred Seventy-Six and 60/100 Dollars ($38,276.60) and promptly return such sum to Sublessee. Sublessor shall "roll over" the remaining CD sum (and all interest thereon) for the remainder of the Term as Sublessor's interest hereundersecurity pursuant to the provisions of this Paragraph.

Appears in 1 contract

Samples: Lease Agreement (Clarent Corp/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 ($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 Landlord also acknowledges receipt from Tenant of the Security Deposit for the payment of any rent or other amount then due hereunder to be held as collateral security and unpaidnot prepaid rent, for the payment of Monthly Base Rent and Additional Rent and for the faithful performance by Tenant of all other covenants, conditions and agreements of this Lease. Landlord shall maintain the Security Deposit in a separate interest-bearing account, which Security Deposit shall be repaid to Tenant, with such interest as is earned thereon in such account, after the termination of this Lease, provided Tenant shall have made all such payments and performed all such covenants and agreements of this Lease; provided, however, that (i) the Security Deposit shall be reduced by Three Hundred Fifty-Nine Thousand Three Hundred Forty and 66/100 Dollars ($359,340.66) upon the expiration of sixty (60) days following the later to occur of (a) occupancy by Tenant and its approved subtenants of all of the Demised Premises or (b) the Lease Commencement Date, if as of such sixtieth (60th) day there has not occurred any Event of Default on the part of Tenant under this Lease between the date of execution hereof and such sixtieth (60th) day and there is not then pending any Pending Default, which shall mean any circumstance which, with the giving of notice, the passage of time or both would constitute an Event of Default, and (ii) upon the expiration of the fifth (5th) Lease Year, the Security Deposit shall be further reduced by One Hundred Seventy-Nine Thousand Six Hundred Seventy and 33/100 Dollars ($179,670.33) if there has not been any Event of Default on the part of Tenant under this Lease between the date of execution hereof and the expiration of said fifth (5th) Lease Year and there is not then pending any Pending Default; provided, however, that if at the time that any reduction in the Security Deposit is scheduled to occur all other conditions as set forth above concerning the scheduled reduction in the Security Deposit have been satisfied, then the scheduled reduction in the Security Deposit shall be deferred until the Pending Default has been cured, at which time such scheduled reduction in the Security Deposit shall occur. The Security Deposit shall not be mortgaged, assigned, transferred or encumbered by Tenant without the prior written consent of Landlord and any such act on the part of Tenant shall be without force and effect and shall not be binding upon Landlord. If any of the Rent payable by Tenant to Landlord shall be overdue and unpaid, or should Landlord make payments on behalf of Tenant, or should Tenant fail to perform any of the terms of this Lease, then Landlord, at its option and without prejudice to any other sum for remedy which Sublessor Landlord may become obligated by reason have on account thereof, may appropriate and apply the entire Security Deposit or so much thereof as may be necessary to compensate Landlord toward the payment of Sublessee's default Monthly Base Rent or breach, Additional Rent or for any loss or damage sustained by Sublessor as a result Landlord due to such breach on the part of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written Tenant; and Tenant upon demand by Sublessor, shall restore the Security Deposit to the full amount originally original sum 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 Subleaseof bankruptcy or other creditor-debtor proceedings against Tenant, 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 deemed to Sublessee or be applied first to the last assignee, if any, payment of Sublessee's interest hereunderMonthly Base Rent and any Additional Rent due Landlord under the terms and conditions contained in this Lease.

Appears in 1 contract

Samples: Lease Agreement (Lecg Corp)

Security Deposit. Sublessee shall Subtenant agrees to deposit with Sublessor Sublessor, upon the execution of this Sublease Sublease, $297,454.50 in cash (the sum "Cash Security Deposit") and $594,909.00 in the form of Twenty Thousand Two Hundred Fifty an irrevocable letter of credit issued by a bank acceptable to Sublessor in form and 40/100ths Dollars substance satisfactory to Sublessor ($20,250.40) the "Letter of Credit")(the "Cash Security Deposit" and the "Letter of Credit" are sometimes hereinafter collectively referred to as security for Sublessee's faithful performance of Sublessee's obligations hereunder (the "Security Deposit"), which Security Deposit is security for the full and faithful performance by Subtenant of every term, provision, covenant, and condition of this Sublease. If Sublessee fails The Cash Security Deposit will be held by Sublessor, provided however, that Sublessor will have no obligation to pay rent segregate the amount from Sublessor's other funds. Upon the occurrence of a Default by Subtenant in respect to any of the terms, provisions, covenants, or other charges when due under conditions of this Sublease, or fails to perform any including, but not limited to, payment of its other obligations hereunderRent, Sublessor may use use, apply, or apply all retain the whole or any portion part of the Cash Security Deposit so deposited 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 breachsuch Rent in default, or for any loss other sum which Sublessor may expend or be required to expend by reason of Subtenant's Default, including, without limitation, any damage sustained or deficiency in the reletting of the Premises, whether such damage or deficiency accrued before or after any reentry by Sublessor as a result of Sublessee's default or breachSublessor. If Sublessor so uses any portion of the Cash Security DepositDeposit is so used, Sublessee shallSubtenant, within ten (10) days after on written demand by Sublessor, will promptly pay to Sublessor such additional sum as may be necessary to restore the Security Deposit 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.original amount

Appears in 1 contract

Samples: Suit Lease Agreement (Software Net Corp)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease hereof the sum of Twenty Five Thousand Two Five Hundred Fifty Seventy Three and 40/100ths Dollars 00/100ths ($20,250.405,573.00) Dollars as security for Sublessee's ’s faithful performance of Sublessee's ’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 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 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 ’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 note 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 heretofore been applied by Sublessor, Sublessor shall be returned without payment of interest for its use, to Sublessee or (or, at Sublessor’s option, to the last assignee, if any, of Sublessee's ’s interest hereunder) within ten (10) days after the expiration of the term hereof, or after Sublessee has vacated the Premises, whichever is later.

Appears in 1 contract

Samples: Sublease Agreement (Digital Music Group, Inc.)

Security Deposit. Sublessee shall agrees to deposit with Sublessor an amount equal to four (4) months rent ($30,580.00) 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")hereunder. Interest at a commercially reasonable rate shall be paid to Sublessee on a quarterly basis by Sublessor. 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 fifteen (1015) days after the Term has expired, or Sublessee has vacated the Subleased Premises, or and if any final adjustment pursuant to Subsection 6.2 Articles Eight and Thirteen hereof has of the Prime Lease 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 hereunder.

Appears in 1 contract

Samples: Sublease Agreement (Ebix Com Inc)

Security Deposit. Sublessee (a) Lessee shall deposit with Sublessor Lessor upon execution of this Sublease hereof (1) the sum of One Hundred Forty-Five Thousand Three Hundred Ninety-Nine and Twenty Thousand Two Hundred Fifty and 40/100ths Hundreths Dollars ($20,250.40145,399.20) in cash, and (2) an unconditional irrevocable standby letter of credit issued by a bank with a banking office in San Mateo County, California (the “Bank”) in the amount of One Hundred Forty-Five Thousand Three Hundred Ninety-Nine and Twenty Hundreths Dollars ($145,399.20) in favor of Lessor as beneficiary with an expiration date of one (1) year from the date of issuance (collectively, the “Security Deposit”), as security for Sublessee's Lessee’s faithful performance of Sublessee's Lessee’s obligations hereunder ("Security Deposit")under this Lease. If Sublessee Lessee fails to pay rent Monthly Base Rent or other Additional Rent or charges when due hereunder, or otherwise defaults under this SubleaseLease (as defined in Paragraph 22), Lessor 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 said Security Deposit for to the payment of any rent or other amount then due hereunder and unpaidextent reasonably necessary to cure the default, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default amount due Lessor, and to reimburse or breach, or compensate Lessor for any liability, cost, expense, loss or damage sustained (including attorneys’ fees) which Lessor may suffer or incur by Sublessor as a result of Sublessee's default or breachreason thereof. If Sublessor so Lessor uses or applies all or any of the cash portion of the Security Deposit, Sublessee shall, Lessee shall within ten (10) days after written demand by Sublessor, request therefor deposit moneys with Lessor sufficient to restore the cash portion of the Security Deposit to the full original amount originally deposited, and Sublessee's failure to do so shall constitute a default under required by this SubleaseLease. Sublessor Lessor shall not be required to keep all or any part of the cash portion of the Security Deposit separate from its general accounts. The letter of credit shall provide that the Bank shall pay the amount of the letter of credit (or such lesser amount as Lessor shall specify) to Lessor upon receipt by the Bank of a letter signed by a Manager of Lessor certifying (1) that an event of default by Lessee under this Lease (as defined in Paragraph 22) has occurred and is continuing, and shall have no obligation or liability for payment of interest on (2) the Security Depositamount reasonably estimated by Lessor to cure such default. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much The form 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 letter of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, credit shall be returned subject to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderLessor’s reasonable approval.

Appears in 1 contract

Samples: Lease (Depomed 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 twenty-eight thousand, two hundred seventy six dollars ($20,250.4028,276.00) 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 Sublessortherefore, 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 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 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 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: Chippac LTD

Security Deposit. Upon the oral acceptance of this Sublease by Master Lessor, Sublessee shall deposit with Sublessor upon execution Sublessor, in immediately available funds, a security deposit in the amount of this Sublease the sum of Twenty Seventeen Thousand Two Hundred Fifty Fifty-Six dollars and 40/100ths Dollars 00/100 ($20,250.4017,056.00) as security for Sublessee's faithful performance of Sublessee's obligations hereunder (the "Security Deposit"), which Security Deposit shall be held by Sublessor as security for the faithful performance by Sublessee of each of every term, covenant and condition of this Sublease applicable to Sublessee, and not as prepayment of Rent, provided, however, that should Sublessee be in material compliance with the terms of this Sublease on November 1, 2006, the rent due November 1, 2006 shall be deducted from the Security Deposit held by Sublessor. Sublessee shall not be entitled to receive any interest on the Security Deposit. The Security Deposit shall be deposited in the Sublessor's attorney's trust account. If Sublessee fails shall at any time fail to pay rent keep or perform any term, covenant or payment of Rent or any other charges when amounts due under this Sublease, hereunder or fails otherwise fail to perform any of its other obligations hereunder, Sublessor may use may, but shall not be obligated to and without waiving or releasing Sublessee from any obligation under this Sublease, use, apply all or retain the whole or any portion part of the Security Deposit necessary 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 incur by reason of Sublessee's default or breach, or as necessary to compensate Sublessor for any loss or damage sustained which Sublessor may suffer by Sublessor as a result reason of Sublessee's default default. In the event Sublessor uses or breach. If Sublessor so uses applies any portion of the Security Deposit, Sublessee shall, within ten five (105) days after written demand by Sublessor, remit to Sublessor sufficient funds to restore the Security Deposit to the full amount originally deposited, and its original sum. Sublessee's failure to do so remit funds to Sublessor shall constitute a default by Sublessee under this Sublease. Sublessor shall not be required In the event Sublessee complies with all of the terms, covenants and conditions of the Sublease applicable to keep Sublessee, 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 within thirty (30) days from the last assignee, if any, date Sublessor receives possession of the Sublease Premises from Sublessee's interest hereunder.

Appears in 1 contract

Samples: Sublease Agreement (Amazing Technologies Corp.)

Security Deposit. Sublessee shall Tenant has paid a full deposit with Sublessor upon execution of this Sublease Blackstone Management in the sum of Twenty One Thousand Two Nine Hundred Fifty and 40/100ths Dollars Seventy-Five 00/100 ($20,250.401,975.00), which sum does not exceed two (2) month’s rent which is to be held as collateral security for Sublessee's faithful performance and applied on any charge that may remain due and owing at the expiration of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails this agreement, and extension or holding over period or applied on any damages to pay rent the premises caused by the Tenant, his family, invitees, employees, trades people or pets, 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 expenses suffered by 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 Landlord as a result of Sublessee's default a breach of any covenant of this lease. Tenant may not utilize the security deposit as rent nor shall he deduct the same from the last month’s rent not require a the Landlord to indemnify itself from said sum of money or breach. If Sublessor so uses any portion part of the Security Depositsaid security deposit shall have been utilized by Agent on behalf of the Landlord in accordance with the terms hereof or applicable law, Sublessee shallthe Tenant shall upon the delivery of notice of same immediately deposit with the Agent, the amount so applied by Agent so that Agent shall have the full deposit on have at all times during the term of this Lease and any renewal or holding over. The Agent acknowledges receipt of the aforesaid deposit which shall be deposited in an interest bearing escrow account and which deposit shall be made within ten thirty (1030) days after receipt of said funds in a bank or saving system with the State of Maryland and which account shall be devoted exclusively to security deposits. The Agent shall, upon written demand request, promptly provide the Tenant with a written list of all existing damages. Said request by Sublessorthe Tenant must be made within seven (7) days of the Tenants occupancy. Within forty-five (45) working days after the end of tenancy the Agent shall return the deposit, restore less any damages rightfully withheld. However, in the Security Deposit event the Tenant has been evicted or ejected for non- payment of rent or for breach of a condition or covenant of the Lease prior to the full amount originally depositedtermination of tenancy, or in the even the Tenant has abandoned the premises prior to the termination of the tenancy the Tenant must first demand return of the security deposit by giving to the Agent written notice by first class mail within forty-five (45) days of being evicted, or ejected, or of abandoning the premises. The notice shall specify the Tenant’s new address and Sublessee's failure not a P.O. Box address. Within thirty (30) days of receipt of the notice from the damages claimed by the Agent, the Agent shall send written notice to do so Tenant by first class mail which contains a written list of damages claimed by the Agent as allowed by law, together with a statement of the costs actually incurred. Within forty-five (45) working days of the receipt of the written notice from the Tenant to the Agent, Agent shall constitute a default under this Sublease. Sublessor shall not be required return the security deposit to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security DepositTenant less damage rightly withheld. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of a sale of the Security Deposit as property which this premises is then situated on the transfer or assignment by the Landlord/Agent of this lease, the Landlord/Agent shall have the right to transfer the security deposit and the Tenant shall look solely to the new Landlord/Agent for the return of his security deposit. It is agreed that the foregoing shall apply to every transfer or assignment made on the security to a new Landlord/Agent. In the event of any rightful or permitted assignment of the Lease by the Tenant to any assignee or sublease, the security deposit shall be deemed to be held by Sublessorthe Agent as a deposit made by the assignee and the Agent shall have no further liability with respect to return of such security deposit to the assignor. Within ten Security deposit or any portion thereof may be withheld for unpaid rent, damages due to breach of lease or damages to the premises. Tenant has the right to be present at the time of inspection to determine if any damage were done to the premises if Tenant notifies landlord by certified mail or his intention to move, date of moving and new address. The notice shall be mailed at least fifteen (1015) days prior to the date of moving. Upon receipt of notice, landlord shall notify Tenant by certified mail of time and date when premise are to be inspected. The date shall occur with five (5) before or five (5) days after date of moving as designated in Tenant’s notice. Tenant acknowledge that this paragraph constitutes written notice to him at time of payment of security deposit of his rights under subsection 8-203 of 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 Real Property articles of any of its obligations hereunder, the Security Deposit, or so much thereof Maryland (as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderamended 1979).

Appears in 1 contract

Samples: www.blackstoneam.com

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Twenty-Five Thousand Two Hundred Fifty and 40/100ths No/1 00 Dollars ($20,250.4025,000) 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 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 to the last assignee, if any, of Sublessee's interest hereunder.as

Appears in 1 contract

Samples: Agreement (Corillian Corp)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Ten Thousand Two Hundred Fifty Dollars and 40/100ths no cents. Dollars ($20,250.4010,000.00) 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: Bernstein Leibstone Associates Inc /Ny/

Security Deposit. Prior to commencement of the Sublease Term, ---------------- Sublessee shall deposit with Sublessor a security deposit in the amount of $640,188 (the "Deposit Amount"). The security deposit may be applied, at Sublessor's discretion, against any obligation incurred by Sublessee in connection with this Sublease Agreement that is not timely paid or performed (as the case may be), including the payment of Base Rent and Additional Rent, the repair of any damage that is Sublessee's responsibility, and all other obligations of Sublessee under this Sublease Agreement. If Sublessor debits the security deposit, Sublessor shall notify Sublessee of the occurrence and amount of the debit, and Sublessee shall promptly pay to Sublessor the amount necessary to restore the security deposit to the full Deposit Amount. Sublessor shall accept, in lieu of the security deposit, an unconditional and irrevocable letter of credit in the amount of the Deposit Amount issued by a commercial bank acceptable to Sublessor and having a teller window for the transaction of business in King County, Washington. The letter of credit shall provide for the unconditional right of Sublessor to withdraw up to the Deposit Amount without prior notice to Sublessee upon execution presentation of Sublesssor's certificate stating that it is entitled to do so, and shall be otherwise in form and content acceptable to Sublessor. From time to time throughout the term of this Sublease, Sublessee may replace and/or renew the Letter of Credit then acting as the Security Deposit pursuant to this section, provided that: (i) such replacement Letter of Credit or renewal shall be delivered to Sublessor on or before the thirtieth (30th) day prior to the expiration of the Letter of Credit then held by Sublessor as the Security Deposit under this Section; and (ii) such replacement Letter of Credit or renewal shall otherwise comply with all terms and conditions of this paragraph pertaining to the original Letter of Credit. Failure to deliver such a replacement Letter of Credit and/or renewal within thirty (30) days prior to the expiration of the Letter of Credit then held as the Security Deposit (except where the term of this Sublease shall expire prior to or simultaneously with the sum expiration of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars the Letter of Credit) shall constitute a Default under this Sublease ($20,250.40) as that term is defined in paragraph 21 below). Sublessor shall have the right, but not the obligation, to accept another form of 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 Sublease Agreement. Provided Sublessee has not been in Default (as that term is defined in paragraph 21 below) beyond the applicable cure period at any of its other obligations hereunder, Sublessor may use or apply all or any portion time during the first twenty- four full calendar months 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 depositedSublease Term, and Sublessee's failure to do so shall constitute a default under this Sublease. that Sublessor shall has 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.given more than four

Appears in 1 contract

Samples: Office Lease Agreement (Drugstore Com Inc)

Security Deposit. Sublessee (a) Subtenant shall deposit have deposited with Sublessor upon Sublandlord simultaneously with the execution of this Sublease Sublease, the sum of Twenty Four Hundred Sixty Nine Thousand Two One Hundred Fifty Ninety-Six and 40/100ths Dollars 88/100 DOLLARS ($20,250.40469,196.88) (the “Security Deposit”), by Letter of Credit (as hereinafter defined) in the form as Sublandlord shall approve in its sole and absolute discretion, as security for Sublesseethe faithful performance, observance and compliance with all of the terms, covenants and conditions of this Sublease on Subtenant's faithful performance part to perform, observe or comply with. Subtenant agrees that, in the event that Subtenant defaults under any of Sublesseethe terms, covenants or conditions in this Sublease on Subtenant's obligations hereunder part to observe, perform or comply with ("Security Deposit"including, without limitation, the payment of any installment of Fixed Rent or any amount of Additional Rent). If Sublessee fails to pay rent or other charges when due , which default continues after any notice and applicable grace periods required under this SubleaseSublease and the expiration of any applicable cure period, Sublandlord may notify the Issuing Bank (as hereinafter defined) and thereupon receive all of the monies represented by the said Letter of Credit and use, apply, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all retain the whole or any portion part of such proceeds, or both, as the Security Deposit case may be, to the extent required for the payment of any rent Fixed Rent, Additional Rent, or other amount then due hereunder and unpaid, for the payment of any other sum for sums as to which Sublessor may become obligated by reason of Sublessee's default or breachSubtenant is in default, or for any loss sum that Sublandlord may expend or damage sustained may be required to expend by Sublessor as a result reason of Sublessee's any such default (including any damages or breachdeficiency accrued before or after summary proceedings or other re-entry by Sublandlord). If Sublessor so uses In the event that Sublandlord applies or retains any portion or all of such Letter of Credit, the amount not so used, applied or retained shall continue to be treated as Subtenant's Security Deposit, Sublessee shall, and Subtenant shall restore the amount so applied or retained by delivering a substitute Letter of Credit to Sublandlord within ten three (103) days after written Sublandlord's demand therefor, so that, at all times, the amount held by Sublessor, restore the Security Deposit to Sublandlord shall be 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 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 not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assigneethat portion, if any, of Sublessee's interest hereunderthe Letter of Credit not used, applied or retained shall be returned to Subtenant no later than sixty (60) days after the later of (x) Expiration Date (or such earlier date upon which the Sublease may terminate) and (y) delivery of possession of the Sublease Premises to Sublandlord, in accordance with, and subject to, the applicable provisions of this Sublease.

Appears in 1 contract

Samples: Agreement of Sublease (Value Line Inc)

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