Common use of Security Deposit Clause in Contracts

Security Deposit. i. The Tenant shall deposit with the Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security deposit, which total amount shall be held by Landlord as security for the faithful performance by Tenant of all the terms, covenants and conditions of this Agreement, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect to this Agreement, including but not limited to, the payment of Base or Additional Rent, Landlord may, at its option, use, apply or retain all or any part of this security deposit for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five (5) days from Landlord’s written demand, shall be a material breach of this Agreement. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iii. Within sixty (60) days after termination of this Agreement or surrender and acceptance of the Leased Premises, whichever occurs last, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenant.

Appears in 2 contracts

Sources: Lease Agreement, Lease Agreement (Advanced Cannabis Solutions, Inc.)

Security Deposit. i. The At the time of Tenant’s execution and delivery hereof, Tenant shall will deposit with Landlord a security deposit (the Landlord “Security Deposit”) in the sum amount of Eight One Hundred Twenty Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17120,000.00) to be held by Landlord for the duration of the Lease as security for the full performance by Tenant of all of the obligations on the part of Tenant hereunder. The Security Deposit shall, at the option of Landlord, be in the form of an irrevocable demand letter of credit (the “Letter of Credit”), in form and substance reasonably acceptable to Landlord, issued by an FDIC-insured commercial banking institution having offices in Massachusetts and reasonably acceptable to Landlord. If the Security Deposit, or any portion thereof, is in the form of cash, Landlord shall hold the same without liability for interest and without any obligation to segregate such cash from Landlord’s other funds. Tenant shall not mortgage, pledge, grant a security depositinterest in, which total or otherwise encumber the Security Deposit. Landlord shall have the right from time to time, without prejudice to any other remedy Landlord may have on account thereof, to apply such Security Deposit, or any part thereof, to Landlord’s damages arising from any Default of Tenant. Upon such application, Tenant shall promptly restore the Security Deposit to its original amount. Upon the full performance by Tenant of its obligations hereunder, the Security Deposit, or such amount that shall be remaining after application of the same hereunder, shall be returned to Tenant within thirty (30) days after the expiration or earlier termination of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time. If the Security Deposit is in the form of a Letter of Credit, such Letter of Credit shall, throughout the Term, be in full force and in compliance with the terms of this Lease. Tenant shall not mortgage, pledge, grant a security interest in, or otherwise encumber the Letter of Credit or the proceeds of the same. Landlord shall have the right from time to time, without prejudice to any other remedy Landlord may have on account thereof, to draw on the Letter of Credit and apply the proceeds, or any part thereof, to Landlord’s damages arising from any Default of Tenant (beyond applicable notice and cure periods) on the part of Tenant. Upon such application, Tenant shall promptly restore the Security Deposit to its original amount either by delivering cash or a new Letter of Credit complying with the provisions hereof to Landlord. In the event such Letter of Credit will expire by its terms prior to the end of the Term and Tenant fails to provide a substitute Letter of Credit at least thirty (30) days prior to such expiration, then Landlord may draw on the Letter of Credit and hold the proceeds. Any portion of the proceeds of the Letter of Credit not applied to cure a breach or default of Tenant hereunder shall be held by Landlord as security a cash Security Deposit pursuant to the provision set forth above unless Landlord shall require a new Letter of Credit complying with the provisions hereof, in which event the unapplied cash proceeds shall be promptly returned to Tenant for such purpose. Upon the faithful full performance by Tenant of all the terms, covenants and conditions of this Agreement, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect to this Agreement, including but not limited toits obligations hereunder, the payment Letter of Base Credit (or Additional Rent, Landlord may, at its option, use, apply or retain all or any part the remaining proceeds thereof if previously drawn and not applied to cure a Default of this security deposit for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five (5) days from Landlord’s written demandTenant hereunder), shall be a material breach of this Agreement. Landlord shall not be required surrendered to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iii. Within sixty within thirty (6030) days after the expiration or earlier termination of this Agreement or Lease and surrender and acceptance of possession of the Leased Premises, whichever occurs last, Premises by Tenant to Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantat such time.

Appears in 2 contracts

Sources: Lease (ConforMIS Inc), Lease Agreement (ConforMIS Inc)

Security Deposit. i. The Tenant shall has agreed to deposit with the Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security deposit, which total amount shall be held by Landlord Security Deposit as security for the faithful punctual performance by Tenant of all each and every obligation of it under this Lease. In the terms, covenants and conditions event of this Agreement, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in any default with respect to this Agreement, including but not limited to, the payment of Base or Additional Rentby Tenant, Landlord may, at its option, use, may apply or retain all or any part of this security deposit the Security Deposit to cure the default or to reimburse Landlord for the payment of any amount sum which Landlord may spend or become obligated to spend by reason of Tenant’s the default. In the case of every such application or retention, Tenant shall, on demand, pay to Landlord the sum so applied or retained which shall be added to compensate the Security Deposit so that the same shall be restored to its original amount. If at the end of the Term, Tenant shall not be in default under this Lease and shall have delivered to Landlord for evidence of final utility service readings and payment thereof, the Security Deposit or any other loss or damage which Landlord may suffer by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five (5) days from Landlord’s written demandbalance thereof, shall be a material breach returned to Tenant within [***] days. If Landlord shall sell the Shopping Center, or shall lease the Shopping Center, in either case subject to this Lease, or shall otherwise assign or dispose of this AgreementLease, Landlord may assign and turn over the Security Deposit or any balance thereof to Landlord's grantee, lessee or assignee, and Tenant hereby releases and relieves Landlord from any and all liability for the return of said deposit and shall look solely to said grantee, lessee or assignee; it being expressly agreed that this provision shall apply to each and every sale, conveyance or lease of the Shopping Center or assignment or disposition of this Lease. Landlord shall not be required to keep this security deposit separate from its general funds, place the Security Deposit in an interest-bearing account and Tenant said fund shall not be entitled to interest on such deposit. iii. Within sixty (60) days after termination of this Agreement or surrender and acceptance of the Leased Premises, whichever occurs last, Landlord shall return returned to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security depositwithout interest. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenant.---------- *** confidential treatment requested 8-4 46 ARTICLE 9

Appears in 2 contracts

Sources: Lease Agreement (Silicon Entertainment Inc /Ca/), Lease Agreement (Silicon Entertainment Inc /Ca/)

Security Deposit. i. The Upon execution of this Agreement, Tenant shall deposit with the Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security deposit$ , which total amount shall be held by Landlord as a security deposit for the faithful performance by Tenant of all the terms, covenants and conditions of this Agreement, including attorney’s fees and costs incurredhis obligations hereunder. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect to this Agreement, including but not limited to, the payment of Base or Additional Rent, Landlord may, at its option, use, apply or retain all or any part of this This security deposit for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five (5) days from Landlord’s written demand, shall be a material breach of this Agreement. Landlord shall not be required returned to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iii. Within sixty (60) days after upon termination of this Agreement or Lease and surrender and acceptance by Tenant of the Leased Premises, whichever occurs lastsubject, Landlord but not limited, to the following conditions: (a) There shall return be no damage to the Leased Premises beyond ordinary wear and tear; (b) The Leased Premises, including all appurtenances, shall be clean, and the refrigerator shall be defrosted; (c) All rent due and payable under the terms of this Lease shall be paid to Landlord; (d) All keys shall have been returned to the Landlord; (e) All debris and rubbish and discards shall have been placed in proper rubbish containers; (f) All late charges and service charges for bad checks, if any, shall have been paid; and (g) Tenant shall have left a forwarding address with the full security deposit or in the event that actual cause exists for retaining any portion of the Landlord. The security deposit, the Landlord less any deduction, with an itemized list of damages, shall provide the be returned to Tenant with a written statement listing the exact reasons for the retention within 30 days of any portion termination of the security depositthis Lease. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantIT IS SPECIFICALLY UNDERSTOOD THAT THE AFORESAID SECURITY DEPOSIT SHALL NOT BE CONSIDERED PREPAID RENT AND SHALL NOT BE APPLIED BY THE TENANT ON THE LAST MONTH’S RENT.

Appears in 2 contracts

Sources: Lease to Own Agreement, Lease to Own Agreement

Security Deposit. i. The Tenant shall deposit has deposited with the Landlord the sum of Eight Five Thousand Eight Three Hundred Sixty-One Dollars and Fifty Four and 17/100 Ninety-Two Cents Dollars ($8,854.17$ 5,361.92) as a security deposit, which total amount shall be held by Landlord as security for the full and faithful performance by Tenant of all the terms, covenants and conditions every provision of this Agreement, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iilease to be performed by Tenant. If Tenant is in default defaults with respect to any provision of this Agreementlease, including but not limited to, to the provisions relating to the payment of Base or Additional Rent, Landlord may, at its option, may use, apply or retain all or any part of this security deposit for the payment of any Rent or any other sum in default or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s 's default, or to compensate Landlord for any other loss loss, cost or damage which Landlord may suffer by reason of Tenant’s 's default, including attorney’s fees and costs incurred. Tenant’s failure to replace If any amount portion of said deposit is so used or applied, Tenant shall, within five (5) days from Landlord’s after written demanddemand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and Tenant's failure to do so shall be a material breach of this AgreementLease. Landlord shall not not, unless otherwise required by law, be required to keep this security deposit separate from its general funds, nor pay interest to its Tenant. If Landlord is required to maintain said deposit in an interest bearing account, Landlord will retain the maximum amount permitted under applicable law as a bookkeeping and administrative charge. If Tenant shall fully and faithfully perform every provision of this lease to be performed by it, the security deposit or any balance shall be returned to Tenant by Landlord (or to the last transferee of Tenant's interest hereunder) at the expiration of the lease term and upon Tenant's vacation of the Premises. In the event the Building is sold, the security deposit will be transferred to the XXXXXX. The XXX hereunder is not and shall not be entitled to interest on such deposit. iii. Within sixty (60) days after termination of this Agreement classified or surrender and acceptance of the Leased Premises, whichever occurs last, Landlord shall return to Tenant the full security deposit deemed a prepayment or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention advance payment of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, rent or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantreimbursable expense described hereunder.

Appears in 2 contracts

Sources: Sublease Agreement (Accord Networks LTD), Sublease Agreement (Accord Networks LTD)

Security Deposit. i. The Tenant shall deposit has deposited with the Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars THIRTY-ONE THOUSAND SIX HUNDRED SIXTY-SIX AND 66/HUNDREDTHS DOLLARS ($8,854.1731,666.66). In addition, a Letter of Credit, in form and substance acceptable to Landlord for an additional equivalent sum (i.e., $31,666.66) as a security deposit, which total amount will be delivered to Landlord upon written notice from Landlord to Tenant of Landlord's substantial completion of Landlord's Work Said sum and Letter of Credit shall be held by Landlord as security for the faithful performance by Tenant of all the terms, covenants covenants, and conditions of this Agreement, including attorney’s fees Lease to be kept and costs incurred. ______________ ________________ Landlord performed by Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iiduring the term hereof. If Tenant is in default defaults with respect to any provision of this AgreementLease, including including, but not limited to, to the provisions relating to the payment of Base or Additional Rentrent, Landlord may, at its option, may (but shall not be required to) use, apply or retain all or any part of this security deposit for the payment of any rent or any other sum in default, or for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s 's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s 's default. If any portion of said deposit is so used or applied, including attorney’s fees Tenant shall within seven (7) business days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and costs incurred. Tenant’s 's failure to replace any amount do so used within five (5) days from Landlord’s written demand, shall be a material breach of this AgreementLease. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iii. Within sixty If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to Tenant (60or, at Landlord's option, to the last assignee of Tenant's interest hereunder) days after at the expiration of the Lease term. In the event of termination of Landlord's interest in this Agreement or surrender and acceptance of the Leased Premises, whichever occurs lastLease, Landlord shall return transfer said deposit to Landlord's successor in interest. Provided Tenant is not then in default after expiration of any applicable cure period, at the full second (2nd) anniversary of the commencement of the term of this Lease, if Landlord determines in Landlord's reasonable discretion that Tenant has a sufficient financial condition, income, profits and net worth, Tenant's security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment reduced to $15,833.33 cash and a Letter of the difference between any Credit for an additional equivalent sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent(i.e., abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenant$15,833.33).

Appears in 2 contracts

Sources: Lease (Quokka Sports Inc), Lease (Quokka Sports Inc)

Security Deposit. i. The Tenant shall deposit with the Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security deposit, which total amount shall be held by Landlord as As security for the full and faithful performance of every covenant and condition of this Lease to be performed by ▇▇▇▇▇▇, ▇▇▇▇▇▇ has paid a security deposit to Landlord in the amount of $650.00, and Landlord acknowledges receipt of the security deposit. If Tenant shall default with respect to any covenant or condition of this Lease, including, but not limited to the payment of rent or any other amount or charge due hereunder, Landlord may apply all or any part of the termssecurity deposit to the payment of any sum in default, or any other sum which Landlord may be required to spend or incur by reason of Tenant's default, and any other sum which Landlord may in its reasonable discretion deem necessary to spend or incur on Tenant's behalf or by reason of Tenant's default. In any such event, Tenant shall within ten (10) days of demand, deposit with Landlord the amount so applied, expended, or incurred. Only if Tenant shall have fully complied with all covenants and conditions of this AgreementLease and shall have delivered the Premises to Landlord in the condition required by the terms of this Lease, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect to this Agreement, including but not limited tootherwise, the payment amount of Base the security deposit then held by Landlord shall be repaid to Tenant within thirty (30) days after the expiration or Additional Rentsooner termination of this Lease. Should Tenant fail to comply with any of the terms and conditions of this Lease or otherwise fail to deliver the Premises in the condition required under this lease, Landlord mayshall have the right to retain the security deposit, which right shall be deemed to be in addition to any and all other rights and remedies at its option, use, apply law or retain all in equity available to Landlord. Tenant shall not assign or any part of this encumber the security deposit for the payment of and neither Landlord nor its successors and assigns shall be bound by any amount which such assignment or encumbrance. Landlord may spend or become obligated to spend by reason of Tenant’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five (5) days from Landlord’s written demand, shall be a material breach of this Agreement. Landlord shall not be required to keep this commingle the security deposit separate from its general funds, with other funds and Tenant shall not be entitled to interest on such depositor other return thereon. iii. Within sixty (60) days after termination of this Agreement or surrender and acceptance of the Leased Premises, whichever occurs last, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenant.

Appears in 2 contracts

Sources: Lease Agreement, Lease Agreement

Security Deposit. i. The Concurrently with Tenant's execution of this Lease, Tenant has deposited with Landlord the sum of Eighty Four Thousand Five Hundred and No/100 Dollars ($84,500.00) ("Cash Security "Deposit"). In addition, on or before January 4, 2002, Tenant shall deposit with Landlord a letter of credit substantially in the Landlord the sum form attached hereto as Exhibit "C" ("Letter of Eight Credit") in an initial amount of Three Hundred Twenty Four Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) 324,000.00). The Cash Security Deposit and Letter of Credit are collectively referred to as a security deposit, which total amount shall be held by Landlord as security for the faithful performance by Tenant of all the terms, covenants and conditions of this Agreement, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect to this Agreement, including but not limited to, the payment of Base or Additional Rent, Landlord may, at its option, use, apply or retain all or any part of this security deposit for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five (5) days from Landlord’s written demand, shall be a material breach of this AgreementSecurity Deposit. Landlord shall not be deemed a trustee of the Security Deposit, may use the Cash Security Deposit in business, and shall not be required to keep this security deposit separate segregate the Cash Security Deposit from its general funds, and accounts. Tenant shall not be entitled to interest on such deposit. iiithe Security Deposit. Within sixty (60) days after termination of this Agreement or surrender and acceptance If Tenant defaults with respect to any provisions of the Leased PremisesLease, whichever occurs lastincluding but not limited to the provisions relating to payment of Base Monthly Rent or other charges, Landlord may, to the extent reasonably necessary to remedy Tenant's default, use any or all of the Security Deposit (provided, however, Landlord shall return use all of the Cash Deposit prior to Tenant the full security deposit drawing on all or in the event that actual cause exists for retaining any portion of the security depositLetter of Credit) towards payment of the following: (i) Base Monthly Rent or other charges in default; (ii) any other amount which Landlord actually and reasonably incurs by reason of Tenant's default hereunder including, but not limited to Tenant's failure to restore or clean the Landlord shall provide Premises following vacation thereof in accordance with the Tenant with a written statement listing the exact reasons for the retention terms of this Lease. If any portion of the security depositCash Security Deposit is so used or applied, Tenant shall, within ten (10) days after written demand from Landlord, deposit cash with Landlord in an amount sufficient to restore the Cash Security Deposit to its full original amount, and shall pay to Landlord such other sums as may be due pursuant to subsection (ii) of the immediately preceding sentence. When Tenant may not assign or encumber the statement is delivered, it Security Deposit without the consent of Landlord. Any attempt to do so shall be accompanied by payment void and shall not be binding on Landlord. The Security Deposit shall be returned to Tenant within thirty (30) days after the Expiration Date and surrender of the difference between Premises to Landlord, less any sum deposited amount deducted in accordance with this Section, together with Landlord's written notice itemizing the amounts and purposes for such deduction. Landlord shall be entitled to draw against the Letter of Credit at any time provided only that Landlord certifies to the issuer of the Letter of Credit that Tenant is in default under the Lease. Landlord shall only draw the amount necessary to cure the default unless such default is the third default that has occurred in any consecutive 18-month period during the Lease Term, in which case Landlord shall be permitted to draw the entire amount of the Letter of Credit and convert it to cash, subject to the provisions of this Lease regulating the handling of the Cash Security Deposit. Tenant shall keep the Letter of Credit in effect during the Lease Term as required herein. At least thirty (30) days prior to expiration of the Letter of Credit, the term thereof shall be renewed or extended for a period of at least one (1) year in the amount required by this Section 4. Tenant's failure to so renew or extend the Letter of Credit shall be a material default of this Lease by Tenant. In the event Landlord draws against the Letter of Credit, Tenant shall replenish the existing Letter of Credit or cause a new Letter of Credit to be issued such that the aggregate amount available to Landlord at all times during the Lease Term is the amount of the Letter of Credit then required. Notwithstanding the foregoing, and provided Tenant is not then in default of the Lease (beyond any applicable notice and cure period) and the Cash Security Deposit is at its required amount, the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section Letter of Credit shall preclude be reduced annually by $108,000.00, commencing on February 1, 2003, such reduction to continue annually until the Landlord from retaining the security deposit for nonpayment Letter of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantCredit is entirely eliminated.

Appears in 2 contracts

Sources: Lease Agreement (Zilog Inc), Lease Agreement (Zilog Inc)

Security Deposit. i. The 6.01 Tenant shall deposit with Landlord on the Landlord signing of this Lease the sum Security Deposit either in the form of Eight Thousand Eight Hundred cash or Letter of Credit (as defined and Fifty Four and 17/100 Dollars ($8,854.17) as a security depositfurther described in Section 6.02), which total amount shall be held by Landlord as security for the faithful performance and observance by Tenant of all the terms, covenants provisions and conditions of this AgreementLease. If the Security Deposit is in the form of a Letter of Credit, the remainder of this Section 6.01 through Section 6.05 shall govern and if the Security Deposit is in the form of cash, Section 6.06 shall govern. Tenant agrees that in the event (i) of the occurrence of a Default or (ii) Tenant has defaulted beyond the expiration of applicable notice and cure periods, if any, in the performance of any of its obligations under this Lease, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect to this Agreement, including but not limited to, the payment of Base or Additional any item of Rent, and the transmittal of a Notice of default by Landlord mayis barred by applicable law, at its option, Landlord may draw the entire amount of the Letter of Credit and use, apply or retain all the whole or any part of this security deposit such proceeds, to the extent required for the payment of any amount Base Rent, Additional Rent, or any other sum as to which Tenant is in Default, or for any sum that Landlord may spend reasonably expend or become obligated may be required to spend expend by reason of the Default (including any damages or deficiency accrued before or after summary proceedings or other reentry by Landlord). If Landlord applies or retains any portion or all of the proceeds of the Letter of Credit, Tenant shall forthwith restore the amount so applied or retained by delivering an additional or new Letter of Credit so that, at all times, the amount of the Security Deposit shall be the amount set forth in the Basic Lease Information. Provided there is no uncured Default, any balance of the proceeds of the Letter of Credit held by Landlord and not used, applied or retained by Landlord as above provided, and any remaining Letter of Credit, shall be returned to Tenant within forty-five (45) days after the Expiration Date and after delivery of possession of the entire Premises to Landlord in accordance with the terms of this Lease. 6.02 Tenant shall deliver to Landlord a clean, irrevocable and unconditional letter of credit (such letter of credit, and any replacement thereof as provided herein, is called a “Letter of Credit”) issued and drawn upon any commercial bank reasonably approved by Landlord with offices for banking purposes in the State of New York or Connecticut (“Issuing Bank”), which Letter of Credit shall have a term of not less than one year, be in form and content reasonably satisfactory to Landlord, be for the account of Landlord and be in the amount of the Security Deposit set forth in the Basic Lease Information. The form of letter of credit annexed to this Lease as Exhibit D is satisfactory. The Letter of Credit shall provide that: (1) The Issuing Bank shall pay to Landlord or its duly authorized representative an amount up to the face amount of the Letter of Credit upon presentation of the Letter of Credit and a sight draft in the amount to be drawn; (2) The Letter of Credit shall be deemed to be automatically renewed, without amendment, for consecutive periods of one year each during the Term, unless the Issuing Bank sends written notice (the “Non-Renewal Notice”) to Landlord by certified or registered mail, return receipt requested, at least thirty (30) days prior to the expiration date of the Letter of Credit, to the effect that it elects not to have such Letter of Credit renewed; (3) The Letter of Credit delivered in respect of the last year of the Term shall have an expiration date of not earlier than sixty (60) days after the Expiration Date; and (4) The Letter of Credit shall be transferable by Landlord as provided in Section 6.04. 6.03 Landlord, after receipt of the Non-Renewal Notice, shall have the right to draw the entire amount of the Letter of Credit and to hold the proceeds as a cash Security Deposit. Landlord shall release such proceeds to Tenant upon delivery to Landlord of a replacement Letter of Credit complying with the terms hereof. 6.04 In the event of the sale or lease of the Building or the Property, Landlord shall have the right, at no cost to Landlord, to transfer the Security Deposit, without charge for such transfer (unless such charge is payable by Tenant’s default), to the purchaser or lessee, and Landlord shall thereupon be released by Tenant from all liability for the return of such Security Deposit. In such event, Tenant agrees to look solely to the new landlord for the return of said Security Deposit. It is agreed that the provisions hereof shall apply to every transfer or assignment made of the Security Deposit to a new Landlord. Tenant shall execute such documents as may be reasonably necessary to accomplish such transfer or assignment of the Letter of Credit. 6.05 Tenant covenants that it will not assign or encumber, or attempt to compensate assign or encumber, the Security Deposit held hereunder, and that neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment, or attempted encumbrance. In the event that any bankruptcy, insolvency, reorganization or other debtor-creditor proceedings shall be instituted by or against Tenant, its successors or assigns, or any guarantor of Tenant hereunder, the security shall be deemed to be applied to the payment of the Base Rent and Additional Rent due Landlord for any other loss or damage which periods prior to the institution of such proceedings and the balance, if any, may be retained by Landlord may suffer in partial satisfaction of Landlord’s damages. 6.06 If the Security Deposit is in the form of cash, the Security Deposit shall be delivered to Landlord upon the execution of this Lease by reason Tenant and held by Landlord without liability for interest (unless required by Law) as security for the performance of Tenant’s defaultobligations. The Security Deposit is not an advance payment of Rent or a measure of damages. Landlord may use all or a portion of the Security Deposit to satisfy past due Rent or to cure any Default (defined in Section 18) by Tenant. If Landlord uses any portion of the Security Deposit, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used Tenant shall, within five (5) 5 days from Landlord’s written after demand, restore the Security Deposit to its original amount. Landlord shall be return any unapplied portion of the Security Deposit to Tenant within 45 days after the later to occur of: (a) determination of the final Rent due from Tenant; or (b) the later to occur of the Expiration Date or the date Tenant surrenders the Premises to Landlord in compliance with Section 25. Landlord may assign the Security Deposit to a material breach successor or transferee and, following the assignment, Landlord shall have no further liability for the return of this Agreementthe Security Deposit. Landlord shall not be required to keep this security deposit the Security Deposit separate from its general fundsother accounts. 6.07 Notwithstanding anything to the contrary herein, upon Tenant’s written notice to Landlord (the “Reduction Notice”) and provided no Default in then occurring under this Lease, the aggregate amount of the Security Deposit (whether in the form of cash or Letter of Credit) shall be reduced to $157,367.76 after the thirty-sixth (36th) month following the end of the Initial Base Rent Abatement Period. If Tenant provides Landlord with a Reduction Notice and Tenant is entitled a reduction of the Security Deposit as provided for herein, (i) Landlord shall not be entitled return the applicable portion of the Security Deposit to interest on such deposit. iii. Within sixty Tenant within forty-five (6045) days after termination the later to occur of this Agreement or surrender and acceptance (A) Landlord’s receipt of the Leased PremisesReduction Notice, whichever occurs last, Landlord shall return and (B) the date upon which Tenant is entitled to Tenant the full security deposit or a reduction in the event that actual cause exists for retaining any portion Security Deposit as provided above, if the Security Deposit is held in the form of cash, or (ii) Landlord, at no cost to Landlord, shall execute and deliver such documents as are reasonably necessary to reduce the amount of the security depositLetter of Credit in accordance with the terms hereof, if the Landlord shall provide Security Deposit is held in the form of a Letter of Credit. Notwithstanding anything to the contrary contained herein, if Tenant with a written statement listing has been in Default under this Lease at any time prior to the exact reasons for the retention of any portion effective date of the security deposit. When the statement is delivered, it shall be accompanied by payment reduction of the difference between Security Deposit and Tenant has failed to cure such Default within any sum deposited and applicable cure period, then Tenant shall have no right to reduce the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantSecurity Deposit as described herein.

Appears in 2 contracts

Sources: Office Lease Agreement, Office Lease Agreement (Loxo Oncology, Inc.)

Security Deposit. i. The Tenant shall deposit has this day deposited with the Landlord the sum set forth in Article 1.00(p) of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security deposit, which total amount shall be held by Landlord this Lease as security for the payment of the rent hereunder and the full and faithful performance by Tenant of all the terms, covenants and conditions on the part of this AgreementTenant to be performed. Said sum shall be returned to Tenant, including attorney’s fees without interest, after the expiration of the Term hereof, provided that Tenant has fully and costs incurredfaithfully performed all such covenants and conditions and is not in arrears in rent. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect to this Agreement, including but not limited to, During the payment of Base or Additional RentTerm hereof, Landlord may, at if Landlord so elects, have recourse to such security, to make good any default by Tenant, in which event Tenant shall, on demand promptly restore said security to its optionoriginal amount. Liability to repay said security to Tenant shall run with the reversion and title to said Demised Premises, usewhether any change in ownership thereof be by voluntary alienation or as the result of judicial sale, apply foreclosure or retain all or any part of this security deposit for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s defaultother proceedings, or to compensate Landlord for the exercise of a right of taking or entry by any other loss or damage which Landlord may suffer by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five (5) days from Landlord’s written demand, shall be a material breach of this Agreementmortgagee. Landlord shall not be required assign or transfer and security, for the benefit of Tenant, to keep this security deposit separate from its general fundsany subsequent owner or holder of the reversion or title to said Demised Premises, in which case the assignee shall become liable for the repayment thereof as herein provided, and the assignor shall be deemed to be released by the Tenant from all liability to return such security. This provision shall be applicable to every alienation or change in title and shall in no wise be deemed to permit the Landlord to retain the security after termination of Landlord’s ownership of the reversion or title. Tenant shall not be entitled to interest on such deposit. iii. Within sixty (60) days after termination of this Agreement mortgage, encumber or surrender and acceptance assign said security without the written consent of the Leased Premises, whichever occurs last, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantLandlord.

Appears in 2 contracts

Sources: Office Lease Agreement, Office Lease Agreement (Acacia Communications, Inc.)

Security Deposit. i. The 32.1. Tenant, on or before 45 days from the Effective Date, will deliver to Landlord the initial sum of $4,000,000.00 (“Security Deposit”) as security for Tenant’s full and faithful performance of all obligations under this Lease and any renewals or extensions of this Lease in the form of an irrevocable stand-by letter of credit (“Letter of Credit”) as set forth in Section 32.3 of this Lease. On the Second Phase Rent Commencement Date the amount of the Security Deposit will be increased by $1,000,000.00 (to $5,000,000.00) and on such date Tenant shall deposit with the will deliver to Landlord an amended Letter of Credit as set forth in Section 32.3 of this Lease (increased from $4,000,000.00 to $5,000,000.00) or the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars $1,000,000.00. Tenant will have the right to reduce the amount of the Security Deposit (not to exceed a maximum reduction to $8,854.173,000,000.00) as a security depositin accordance with the provisions of Section 32.4 of this Lease. Landlord, which total amount shall be held in its sole discretion, may draw upon the Security Deposit to cure any Default under this Lease. If any such application is made, upon notice by Landlord as security to Tenant, Tenant, within 10 days of Landlord’s demand, will promptly replace the amount so applied in the form of an additional letter of credit with the same terms. The Security Deposit will not be deemed an advance payment of Rent, nor a measure of damages for any default by Tenant under this Lease, nor will it be a bar or defense of any action which Landlord may at any time commence against Tenant. In the faithful performance absence of evidence reasonably satisfactory to Landlord of an assignment of the right to receive the Security Deposit or the remaining balance thereof, Landlord may return the Security Deposit to the original Tenant, regardless of one or more assignments of this Lease. Upon the transfer of Landlord’s interest under this Lease (and a copy of the written assumption by the transferee of Landlord’s obligations hereunder with respect to the Security Deposit sent by Landlord to Tenant), Landlord’s obligation to Tenant with respect to the Security Deposit will terminate upon assumption of such obligation by the transferee. 32.2. If Tenant is not in Default, the Security Deposit, or any balance thereof, will be returned to Tenant (or the Letter of Credit cancelled) within 30 days after the following: (A) the expiration of the term of this Lease; (B) the removal of Tenant and its property from the Premises; (C) the surrender of the Premises by Tenant to Landlord in accordance with this Lease; and (D) the payment by Tenant of any outstanding Rent due pursuant to the Lease as computed by Landlord. 32.3. The Security Deposit contemplated by Section 32.1 of this Lease will be in substantially similar form to the one annexed hereto as Exhibit “R”. Tenant will cooperate with Landlord to promptly execute and deliver to Landlord any and all modifications, amendments, and replacements of the termsLetter of Credit, covenants as Landlord may reasonably request to carry out the intent, terms and conditions of this AgreementArticle 32. 32.4. Provided that no Default has occurred at any time during the Term, including attorney’s fees commencing on the 4th anniversary of the First Phase Rent Commencement Date, Tenant will have the annual right (provided that no Default has occurred in the prior 12 month period) to replace the Letter of Credit with a new Letter of Credit (in accordance with requirements of this Article 32) or amend the existing Letter of Credit (and costs incurred. ______________ ________________ Landlord will cooperate reasonably, at no cost to Landlord, in connection with such a replacement or reduction) with a Letter of Credit reduced by the maximum amount of $350,000.00; provided, however, that no additional reductions will be permitted after the Letter of Credit has been reduced to the amount of $3,000,000.00 as it is the intention of Landlord and Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect to this Agreement, including but not limited tothat during the Term, the payment of Base or Additional Rent, Landlord may, at its option, use, apply or retain all or any part of this security deposit for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five (5) days from Landlord’s written demand, shall be a material breach of this Agreement. Landlord shall Security Deposit will not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such depositless than less than $3,000,000.00. iii. Within sixty (60) days after termination of this Agreement or surrender and acceptance of the Leased Premises, whichever occurs last, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenant.

Appears in 2 contracts

Sources: Lease Agreement (iCIMS Holding LLC), Lease Agreement (iCIMS Holding LLC)

Security Deposit. i. The As of the parties’ execution of this Lease, Tenant shall deposit deliver the Security Deposit in the amount of $20,000 to Landlord paid over twelve months beginning September 1, 2015 as $1,666.67 consistent with the Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) Section 1.01 as a security deposit, which total amount shall be held by Landlord as partial security for the faithful performance by Tenant of all the terms, covenants and conditions provisions of this Agreement, including attorney’s fees and costs incurredLease. ______________ ________________ Landlord In the event of any Default by Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect to under this Agreement, including but not limited to, the payment of Base or Additional RentLease, Landlord may, at its option, use, shall have the right to apply or retain all or any part portion of the Security Deposit to cure the Default and reinstate this security deposit for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s defaultLease, or to otherwise compensate Landlord for all damages sustained by Landlord resulting from or in connection with such Default. In the event of any other loss or damage which such application of the Security Deposit by Landlord, Tenant shall upon demand deliver to Landlord may suffer by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five (5) days from Landlord’s written demand, shall be a material breach of this Agreement. Landlord shall not be the sum required to keep this security deposit separate from its general funds, and restore the Security Deposit to the amount set forth in Section 1.01. Provided that Tenant shall is not be entitled to interest on such deposit. iii. Within sixty (60) days after in Default at the expiration or termination of this Agreement or surrender and acceptance of the Leased Premises, whichever occurs lastLease, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining any remaining portion of the security deposit, Security Deposit to Tenant within thirty (30) days after the date of such expiration or termination. Landlord's rights with respect to the Security Deposit are those of a trustee. Landlord shall provide be entitled to commingle the Security Deposit with Landlord's general funds and shall have no obligation to pay Tenant with interest on the Security Deposit. In the event of a written statement listing transfer of Landlord's interest in this Lease during the exact reasons Term hereof, provided Landlord transfers the then unapplied Security Deposit to the transferee and the transferee agrees and actually does deposit the check to a trust account held for the retention sole use of any portion of the security deposit. When the statement is deliveredthis provision, it Landlord shall be accompanied by payment of the difference between discharged from any sum deposited and the amount retained. The Landlord is deemed to have complied further liability with this Section by mailing said statement and any payment required respect to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantSecurity Deposit.

Appears in 2 contracts

Sources: NNN Lease Agreement (Zoned Properties, Inc.), NNN Lease Agreement (Zoned Properties, Inc.)

Security Deposit. i. The Upon execution of this Lease, Tenant shall deposit with the Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security deposit, which total Security Deposit in the amount set forth in Article 1. The Security Deposit shall be held by Landlord as security for the full and faithful performance by Tenant of all of the terms, covenants and conditions provisions of this AgreementLease during the term hereof. In no event shall Landlord be obligated to pay, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If or Tenant is in default with respect entitled to this Agreementreceive, including but not limited to, any interest or other earnings on the payment of Base or Additional Rent, Landlord may, at its option, use, apply or retain all or any part of this security deposit for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five (5) days from Landlord’s written demand, shall be a material breach of this Agreementdeposit. Landlord shall not be obligated to hold the Security Deposit in trust or in a separate account but may freely commingle the security deposit with Landlord’s other funds. In the event Tenant fails to keep and perform any of the terms, covenants or provisions of this Lease, then Landlord, at Landlord’s option, may appropriate and apply the Security Deposit, or so much thereof as may be necessary to pay any Rent or other sums due hereunder for which Tenant shall be in default of payment. Tenant, upon notice from Landlord, immediately shall remit to Landlord an amount sufficient to restore this Security Deposit to the amount required to keep be maintained in accordance with this security deposit separate from its general fundsArticle. Upon ▇▇▇▇▇▇’s full and complete performance and compliance with all of the terms, covenants and provisions of this Lease during the lease term, upon the expiration of the term and within thirty (30) days following ▇▇▇▇▇▇’s surrender of the Premises in accordance with the terms of this Lease, the Security Deposit shall be returned to Tenant. In the event of a sale of the Building, Landlord may deliver the Security Deposit to the purchaser, and Tenant shall not be entitled to interest on upon such deposit. iii. Within sixty (60) days after termination of this Agreement or surrender and acceptance of the Leased Premises, whichever occurs lastdelivery, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining be discharged from any portion of the security deposit, the Landlord shall provide the Tenant further liability with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required respect to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantSecurity Deposit.

Appears in 2 contracts

Sources: Office Lease Agreement (Alpha Healthcare Acquisition Corp Iii), Office Lease Agreement (Alpha Healthcare Acquisition Corp Iii)

Security Deposit. i. The On or before the date of execution of the lease, Tenant shall will deposit with the Landlord the total sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Five thousand Dollars ($8,854.175000.00) (hereinafter referred to as a security deposit"Security Deposit"). For the first three months the base rent will be free. The base rent, which total amount plus property taxes, fire insurance, and sales tax for the fourth month will be $5,846.62 due on the first day of the second month. Security Deposit shall be held by Landlord as security for the faithful performance by Tenant of all the terms, covenants covenants, and conditions of this Agreement, including attorney’s fees Lease to be kept and costs incurred. ______________ ________________ Landlord performed by Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iiduring the term hereof. If Tenant is in default defaults with respect to any provision of this AgreementLease, including including, but not limited to, to the provisions relating to the payment of Base or Additional Rentrent, Landlord may, at its option, may (but shall not be required to) use, apply or retain all or any part of this security deposit for the payment of any rent or any other sum in default, or for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s 's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s 's default, including attorney’s fees and costs incurred. Tenant’s failure to replace If any amount portion of said deposit is so used or applied Tenant shall, within five (5) days from Landlord’s after written demand, demand therefore deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant's failure to do so shall be a material breach of default under this AgreementLease. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iii. Within sixty If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the Security Deposit or any balance thereof shall be returned to Tenant (60or, at Landlord's option, to the last assignee of Tenant's interest hereunder) within TEN (10) days after following expiration of the Lease Term. In the event of termination of Landlord's interest in this Agreement or surrender and acceptance of the Leased Premises, whichever occurs lastLease, Landlord shall return transfer said deposit to Tenant the full security deposit or Landlord's successor in the event that actual cause exists for retaining any portion of the security deposit, the Landlord interest and shall provide the Tenant have no further obligation with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantrespect thereto.

Appears in 2 contracts

Sources: Agreement and Plan of Reorganization (Biomira Inc), Commercial Lease Agreement (Biomira CORP)

Security Deposit. i. The Concurrently with Tenant's execution of this Lease, Tenant shall deposit with the Landlord pay to Landlord, the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security depositspecified in the Basic Lease Information, which total amount sum shall be held by Landlord as a security deposit for the faithful performance by Tenant of all the terms, covenants and conditions of this AgreementLease to be kept and performed by Tenant. Tenant agrees that Landlord may apply the security deposit to remedy any failure by Tenant to repair or maintain the Premises or to perform any other terms, including attorney’s fees covenants and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iiconditions contained herein. If Tenant is in default with respect to shall perform all terms, covenants and conditions of this Agreement, including but not limited to, Lease during the payment of Base or Additional RentTerm, Landlord maywill, at its optionwithin thirty (30) days after the termination hereof, use, apply or retain all or any part of this return the security deposit for to Tenant. If Landlord shall use any portion of the payment security deposit to cure any default by Tenant hereunder, Tenant shall within ten (10) days of any written demand by Landlord replenish the security deposit to the original amount which Landlord may spend or become obligated to spend by reason of and Tenant’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s 's failure to replace any amount do so used within five (5) days from Landlord’s written demand, shall be a material breach default of this AgreementLease. Landlord shall not be required to keep this the security deposit separate from its general funds, funds and Tenant shall not be entitled to interest on any such deposit. iii. Within sixty (60) days after termination Upon the occurrence of any events of default described in Paragraph 19 of this Agreement or surrender and acceptance of the Leased Premises, whichever occurs last, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining Lease the security deposit shall become due and payable to Landlord to the extent required to compensate Landlord for nonpayment of rent, abandonment of the Leased Premisesdamages incurred, or nonpayment to reimburse Landlord as provided herein, in connection with any such event of utility charges, repair work, or cleaning contracted for by the tenantdefault.

Appears in 2 contracts

Sources: Lease Agreement (Cardionet Inc), Lease Agreement (Cardionet Inc)

Security Deposit. i. The Upon the execution of this Lease Agreement, Tenant ---------------- shall deposit with pay to the Landlord Owner the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) 19,000.00 as a security deposit. The security deposit will be returned to Tenant, which total amount less damages and other lawful deductions, within thirty (30) days of the termination of the tenancy. The Security Deposit shall be held by Landlord Owner as security for the faithful performance by Tenant of all the terms, covenants covenants, conditions and conditions provisions of this Agreement, including attorney’s fees Lease to be kept and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iiperformed or observed by Tenant. If Tenant is in default defaults with respect to any provision of this AgreementLease, including including, but not limited to, the provisions relating to the payment of Base Rent or Additional Rentany other monetary sums due herewith, Landlord may, at its option, Owner may (but shall not be required to) use, apply or retain all or any part of this security deposit the Security Deposit for the payment of any Rent or other monetary sums due herewith and/or for the payment of any other amount which Landlord Owner may spend or become obligated to spend by reason of Tenant’s 's default, or to compensate Landlord Owner for any other loss or damage which Landlord Owner may suffer by reason thereby. If any portion of the Security Deposit is so used or applied, Tenant shall, within ten (10) days after demand therefore, deposit cash with Owner in an amount sufficient to restore the Security Deposit to the full amount thereof and Tenant’s default, including attorney’s fees and costs incurred. Tenant’s 's failure to replace any amount do so used within five (5) days from Landlord’s written demand, shall be a material breach of this AgreementLease. Landlord Furthermore, whenever the Base Rent increases, Tenant shall not be required to deposit additional cash with Owner so that the amount of the Security Deposit is always at least one full months rent for the entire Leased Premises. Owner shall keep this security deposit the Security Deposit separate from its general funds, accounts and in accordance with provisions of New Hampshire law. If Tenant shall fully and faithfully perform all of its obligations hereunder, the Security Deposit, or any balance thereof that has not theretofore been applied by Owner, shall be entitled returned to interest on such deposit. iii. Within sixty Tenant, after any lawful deductions, within thirty (6030) days after termination of this Agreement or surrender and acceptance of the Leased Premises, whichever occurs last, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining any portion Termination of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantTenancy.

Appears in 2 contracts

Sources: Lease Agreement (Bottomline Technologies Inc /De/), Lease Agreement (Bottomline Technologies Inc /De/)

Security Deposit. i. The Tenant shall deposit with Landlord, upon execution of this Lease, the Landlord Security Deposit set forth in the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security deposit, which total amount shall be held by Landlord Basic Lease Provisions as security for the Tenant’s faithful performance by Tenant of all the terms, covenants and conditions of this Agreement, including attorneyTenant’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iiobligations hereunder. If Tenant is in default with respect fails to timely pay rent or other amounts due hereunder, or otherwise fails to timely observe or perform any provision of this Agreement, including but not limited to, the payment of Base Lease on Tenant’s part to be observed or Additional Rentperformed, Landlord may, at its optionwithout waiving or releasing Tenant from any obligation under this Lease, and without waiving Landlord’s right to treat such failure as a default hereof or any other right or remedy with respect thereto, use, apply apply, or retain all or any part portion of this security deposit said Security Deposit for the payment of any such rent or other amount or for the payment of any other sum to which Landlord may spend or become obligated to spend by reason of Tenant’s defaultfailure to timely observe or perform any such provision of this Lease, or to so compensate Landlord for any other loss or damage which Landlord may suffer by reason thereby. If Landlord so uses or applies all or any portion of Tenant’s defaultsaid Security Deposit, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used Tenant shall within five (5) business days from Landlordafter written demand therefor deposit cash with Landlord in an amount sufficient to restore said Security Deposit to the full amount hereinabove stated and Tenant’s written demand, failure to do so shall be a material breach of this AgreementLease. If Tenant timely and fully performs and observes all of Tenant’s obligations to perform and observe hereunder, said Security Deposit shall be returned to Tenant (or, at Tenant’s option, to the last assignee, if any, of Tenant’s interest hereunder) at the expiration of the Lease Term. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which (i) establish the time frame by which a Landlord shall not be required to keep this must refund a security deposit separate under a lease, and/or (ii) provide that a Landlord may claim from its general fundsa security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, and to repair damage caused by a Tenant shall not be entitled or to interest on such deposit. iii. Within sixty (60) days after clean the premises, it being agreed that Landlord may, in addition, claim those sums specified in this Section 4.06 and/or those sums reasonably necessary to compensate Landlord for any loss or damage caused by Tenant’s breach of this Lease, including any damages Landlord suffers following termination of this Agreement or surrender and acceptance of the Leased Premises, whichever occurs last, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantLease.

Appears in 2 contracts

Sources: Triple Net Space Lease, Triple Net Space Lease (Imprivata Inc)

Security Deposit. i. The 4.01. Tenant shall deposit has deposited with the Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security deposit, which total amount shall be held by Landlord one year’s Fixed Rent as security for the full and faithful performance and observance by Tenant of all Tenant’s covenants and obligations under this lease. If Tenant defaults in the full and prompt payment and performance of any of Tenant’s covenants and obligations under this lease, including, but not limited to, the payment of Fixed Rent and Additional Charges, and such default continues after the giving of notice and the expiration of applicable cure periods under this Lease, Landlord 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, to the extent required for the payment of any Fixed Rent and Additional Charges or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant’s default in respect of any of the terms, covenants and conditions of this Agreementlease, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect to this Agreementincluding, including but not limited to, any damages or deficiency in the payment reletting of Base the Premises, whether such damages or Additional Rent, deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord may, at its option, shall so use, apply or retain all the whole or any part of this the security or the interest accrued thereon, if any, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied or retained, as security as aforesaid failing which Landlord shall have the same rights and remedies as for the non-payment of any amount which Landlord may spend or become obligated to spend by reason Fixed Rent beyond the applicable grace period. If Tenant shall fully and faithfully comply with all of Tenant’s defaultcovenants and obligations under t this lease, the security or any balance thereof, to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five (5) days from Landlord’s written demandTenant is entitled, shall be a material breach returned or paid over to Tenant after the date fixed as the end of this Agreementlease and after delivery to Landlord of entire possession of the Premises. In the event of any sale, transfer or leasing of Landlord’s interest in the Building whether or not in connection with a sale, transfer or leasing of the Land to a vendee, transferee or lessee, Landlord shall not have the right to transfer the unapplied part of the security and the interest thereon, if any, to which Tenant is entitled, to the vendee, transferee or lessee and Landlord shall thereupon be required to keep this security deposit separate released by Tenant from its general fundsall liability for the return or payment thereof, and Tenant shall look solely to the new landlord for the return or payment of the same. The provisions of the preceding sentence shall apply to every subsequent sale, transfer or leasing of the Building, and any successor of Landlord may, upon a sale, transfer, leasing or other cessation of the interest of such successors in the Building, whether in whole or in part, pay over any unapplied part of said security to any vendee, transferee or lessee of the Building and shall thereupon be relieved of all liability with respect thereto. Except in connection with a permitted assignment of this lease, Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security or any interest thereon to which Tenant is entitled, and neither Landlord nor its successors or assigns shall be entitled to interest on bound by any such depositassignment, encumbrance, attempted assignment or attempted encumbrance. iii4.02. Within sixty (60) days after termination In lieu of cash security required hereunder, at any time during the term of this Agreement or surrender and acceptance Lease, Tenant may, at Tenant’s election, deposit with Landlord a letter of the Leased Premises, whichever occurs last, credit from a bank reasonably acceptable to Landlord shall return to Tenant the full security deposit or substantially in the event that actual cause exists for retaining any portion form annexed hereto as Exhibit D in the amount of the security depositrequired under Section 4.01 hereof, and simultaneously with delivery of such letter of credit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the cash security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed returned to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenant.

Appears in 2 contracts

Sources: Operating Agreement (New York Times Co), Operating Agreement (New York Times Co)

Security Deposit. i. The Concurrently with Tenant’s execution of this Lease, Tenant shall deposit has deposited with the Landlord the sum of Eight One Million Four Hundred Twenty Seven Thousand Eight Hundred and Fifty Four and 17/100 No/100 Dollars ($8,854.171,427,000.00) as (“Security Deposit”). Landlord shall not be deemed a security deposittrustee of the Security Deposit, which total amount may use the Security Deposit in business, and shall not be held by Landlord as security for required to segregate it from its general accounts. Tenant shall not be entitled to interest on the faithful performance by Tenant of all the terms, covenants and conditions of this Agreement, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iiSecurity Deposit. If Tenant is in default defaults with respect to this Agreementany provisions of the Lease, including but not limited to, to the provisions relating to payment of Base Monthly Rent or Additional Rentother charges, Landlord may, at its optionto the extent reasonably necessary to remedy Tenant’s default, use, apply use any or retain all or any part of this security deposit for the Security Deposit towards payment of the following: (i) Base Monthly Rent or other charges in default; (ii) any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s defaultdefault including, but not limited to Tenant’s failure to restore or clean the Premises following vacation thereof. If any portion of the Security Deposit is so used or applied, Tenant shall, within ten (10) days after written demand from Landlord, deposit cash with Landlord in an amount sufficient to compensate restore the Security Deposit to its full original amount, and shall pay to Landlord such other sums as necessary to reimburse Landlord for any other loss sums paid by Landlord. Tenant may not assign or damage which encumber the Security Deposit without the consent of Landlord. Any attempt to do so shall be void and shall not be binding on Landlord. The Security Deposit shall be returned to Tenant within thirty (30) days after the Expiration Date and surrender of the Premises to Landlord, less any amount deducted in accordance with this Section, together with Landlord’s written notice itemizing the amounts and purposes for such deduction. In the event of termination of Landlord’s interest in this Lease, Landlord may suffer by reason deliver or credit the Security Deposit to Landlord’s successor in interest in the Premises and thereupon be relieved of Tenantfurther responsibility with respect to the Security Deposit to the extent that Landlord’s defaultsuccessor assumes all obligations under this Lease. Landlord agrees that in lieu of a cash Security Deposit, including attorney’s fees and costs incurredTenant may deposit a letter of credit in a form reasonably acceptable to Landlord. Landlord shall be entitled to draw against the letter of credit at any time provided only that Landlord certifies to the issuer of the letter of credit that Tenant is in default under the Lease. Tenant shall keep the letter of credit in effect during the entire Lease Term, as the same may be extended, plus a period of four (4) weeks after expiration of the Lease Term. At least thirty (30) days prior to expiration of any letter of credit, the term thereof shall be renewed or extended for a period of at least one (1) year. Tenant’s failure to replace any amount so used within five (5) days from Landlord’s written demand, renew or extend the letter of credit shall be a material breach default of this AgreementLease by Tenant. In the event Landlord draws against the letter of credit, Tenant shall replenish the existing letter of credit or cause a new letter of credit to be issued such that the aggregate amount of letters of credit available to Landlord at all times during the Lease Term is the amount of the Security Deposit originally required. Notwithstanding the foregoing, Tenant may reduce the amount of the Security Deposit upon the following conditions: (i) after the 36th month of the Lease Term, the amount of the Security Deposit may be reduced by $713,500.00 provided Tenant has not been in monetary default under the Lease during the previous 36 months; (ii) after the 72nd month of the Lease Term, the amount of the Security Deposit may be required reduced by $583,500.00 provided Tenant has not been in monetary default under the Lease during the previous 36 months; and (iii) provided Tenant has not been in monetary default under the Lease during the Lease Term, the amount of the Security Deposit shall be reduced to keep this security deposit separate from its general funds$130,000.00 after Tenant’s parent company, Metromedia Fiber Network, Inc., has posted a net profit (before interest, tax, depreciation, and Tenant shall not be entitled to interest on such depositamortization expenses) for four (4) consecutive quarters. iii. Within sixty (60) days after termination of this Agreement or surrender and acceptance of the Leased Premises, whichever occurs last, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenant.

Appears in 2 contracts

Sources: Assignment and Assumption of Lease, Assignment and Assumption of Lease (Equinix Inc)

Security Deposit. i. The Concurrently with Tenant's execution of this Lease, Tenant shall deposit with the Landlord the sum of Eight Seven Thousand Eight Two Hundred Seventeen Dollars and Fifty Four and 17/100 Dollars Sixty Cents ($8,854.17) as a security deposit, which total amount 7,217.60). Said sum shall be held by Landlord as security a Security Deposit for the faithful performance by Tenant of all the terms, covenants covenants, and conditions of this Agreement, including attorney’s fees Lease to be kept and costs incurred. ______________ ________________ Landlord performed by Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iiduring the term hereof. If Tenant is in default defaults with respect to any provision of this AgreementLease, including including, but not limited to, the provisions relating to the payment of Base or Additional Rentrent and any of the monetary sums due herewith, Landlord may, at its option, usemay (but shall not be required to) usc, apply or retain all or any part of this security deposit Security Deposit for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, 's default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s 's default. If any portion of said Deposit is so used or applied, including attorney’s fees and costs incurredTenant shall, within ten (10) days after written demand thereof, deposit cash with Landlord in the amount sufficient to restore the Security Deposit to its original amount. Tenant’s 's failure to replace any amount do so used within five (5) days from Landlord’s written demand, shall be a material breach of this Agreementthe Lease. Landlord shall not be required to keep this security deposit Security f7Pposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iiiDeposit. Within sixty If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit or any balance thereof shall be returned to Tenant (60or al Landlord's option, to the last assignee of Tenant's interest hereunder) days at the expiration of the Lease term and after Tenant has vacated the Premises. In the event of termination of Landlord's interest in this Agreement or surrender and acceptance of the Leased Premises, whichever occurs lastLease, Landlord shall return transfer said Deposit to Landlord's successor interest whereupon Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the agrees to release Landlord shall provide the Tenant with a written statement listing the exact reasons from liability for the retention return of any portion of such Deposit or the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantaccounting therefore.

Appears in 2 contracts

Sources: Lease Agreement (Telomolecular Corp), Lease Agreement (Telomolecular Corp)

Security Deposit. i. The Tenant shall deposit with the Landlord upon execution of this Lease the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) 36,408.00 as a security deposit, deposit which total amount shall be held by Landlord Landlord, without liability to Tenant for any interest thereon, as security for the full and faithful performance by Tenant of all the termseach and every term, covenants covenant and conditions condition of this Agreement, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iiTenant. If Tenant is not in default with respect under any of the terms of this Lease at the end of twelve (12) full calendar months, Landlord shall refund the amount of $6,068.00 from the security deposit to Tenant. If Tenant is not in default under the terms of this AgreementLease at the end of twenty-four (24) full calendar months, including but not limited toLandlord shall refund the amount of $6,068.00 from the security deposit to Tenant. If any of the rents or other charges or sums 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 payment terms of Base or Additional Rentthis Lease, then Landlord may, at its option, use, appropriate and apply or retain all or any part of this security deposit for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five (5) days from Landlord’s written demand, shall be a material breach of this Agreement. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iii. Within sixty (60) days after termination of this Agreement or surrender and acceptance of the Leased Premises, whichever occurs last, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, or so much thereof as may be necessary to compensate Landlord toward the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between rents, charges or other sums due from Tenant, or towards any sum deposited loss, damage or expense sustained by Landlord resulting from such default on the part of Tenant; and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section such event Tenant shall preclude the Landlord from retaining upon demand restore the security deposit for nonpayment to the original sum deposited. In the event Tenant performs all of rentTenant’s other obligations under this Lease including return the Leased Premises to Landlord in the same condition as Landlord initially delivered possession, abandonment ordinary wear and tear excepted, the security deposit shall be returned in full to Tenant within thirty (30) days after the date of the expiration and surrender of the Leased Premises, Premises or nonpayment sooner termination of utility charges, repair work, or cleaning contracted for the term of this Lease and the surrender of the Premises by Tenant in compliance with the tenantprovisions of this Lease.

Appears in 2 contracts

Sources: Office Lease Agreement (Sensus Healthcare, Inc.), Office Lease Agreement (Sensus Healthcare, LLC)

Security Deposit. i. The Tenant shall deposit with If an amount is set forth in the Basic Lease Provisions as the Security Deposit, upon execution of this Lease, Landlord the sum acknowledges receipt of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security deposit, which total amount shall be held by Landlord as security Tenant’s Security Deposit for the full and faithful performance by Tenant of all of the terms, covenants and conditions terms of this AgreementLease required to be performed by ▇▇▇▇▇▇. Such Security Deposit shall be returned to Tenant within thirty (30) days after the expiration of this Lease provided ▇▇▇▇▇▇ has fully and faithfully carried out all of Tenant’s obligations hereunder, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect to this Agreement, including but not limited to, the payment of Base or Additional Rentall amounts due to Landlord hereunder and the surrender of the Premises to Landlord in the condition required herein. However, Landlord mayLandlord, at its ▇▇▇▇▇▇▇▇’s option, use, may apply or retain all or any part such sum on account of this security deposit for the payment of any amount which the last month’s Minimum Monthly Rental hereunder. Said sum may be commingled with other funds of Landlord may spend or become and shall not bear interest. Notwithstanding the above, if ▇▇▇▇▇▇ becomes obligated to spend pay a Late Charge or upon the occurrence of any Event of Default described in paragraph 24 below, at Landlord’s option, the Security Deposit shall become immediately due and payable in full to Landlord, to be applied against any Late Charge, damages or losses suffered by reason Landlord as a result of Tenant’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant▇▇▇▇▇▇’s failure to replace any amount so used within five (5) days from Landlord’s written demand, shall be timely pay Rental or an Event of Default. In the event of a material breach of this Agreement. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iii. Within sixty (60) days after termination of this Agreement or surrender and acceptance sale of the Leased Premises, whichever occurs lastBuilding subject to this Lease, Landlord shall transfer the Security Deposit to the purchaser to be held under the terms of this Lease, and Landlord shall thereupon be released from all liability for the return to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, Security Deposit; ▇▇▇▇▇▇ agrees to look solely to the new Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion return of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantSecurity Deposit.

Appears in 2 contracts

Sources: Commercial Lease (Credence Systems Corp), Commercial Lease (Credence Systems Corp)

Security Deposit. i. The Tenant shall deposit with the Landlord the sum Upon execution of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as this agreement, tenant agrees to pay a security deposit, which total deposit in the amount shall of $ to be held by Landlord as security for the faithful performance by Tenant of all the termsFriday Properties Management. The deposit, covenants and conditions of this Agreementless any amounts legally withheld, including attorneyany late or bad check fees, will be returned by mail to the person whom tenants desire and that person is responsible to get the deposits returned to the group. Deposits will be returned within 21 days after the tenants have vacated. Tenant’s are responsible for giving landlord his/her new address. Surrender shall not occur until tenant has physically vacated the premises and landlord has notice or knowledge that the tenant has vacated. The landlord has the right to take all unpaid fees out of the deposit. Lease is not valid until all applications are approved and costs incurredsecurity deposits cleared. ______________ ________________ Landlord Carpets must be shampooed by a commercial vendor (We use Servpro currently). This amount will be deducted from the security deposit. Tenant Lease Agreement p. also will pay for cleaners at a rate of [INSERT PAGE NUMBER] ii$27/hour for any cleaning not completed on the checkout list (given by email the last month of tenancy) when vacating the premises. If Tenant is in default with respect to this AgreementA base fee of $7 will be used for cleaning products. Upon surrender, tenant shall vacate the premises and return, any of the landlord’s property held by tenant, including but keys. There is a $50.00 fee per lock for any key that is not limited to, returned at the payment end of Base or Additional Rent, Landlord may, at its option, use, apply or the lease term. Owner acknowledges receipt of the security deposit from Tenant in the amount set forth above. Owner shall retain all or any part of this the security deposit for the payment entire term of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s defaultthis Lease, including attorney’s fees and costs incurredany extensions. Tenant’s failure to replace any amount so used within five (5) days from Landlord’s written demand, shall be a material breach of this Agreement. Landlord shall not be required to keep this Owner may use the security deposit separate from its general fundsas permitted by Minnesota law, and Tenant shall not be entitled shall, to interest on such deposit. iii. Within sixty (60) days after termination of this Agreement or surrender and acceptance of the Leased Premisesextent required by Minnesota law, whichever occurs last, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining any remaining portion of the security deposit, as well as any required interest, to Tenant following the Landlord shall provide the Tenant with termination of this Lease. If Owner uses a written statement listing the exact reasons for the retention of any portion of the security deposit. When deposit during the statement is deliveredLease to cure a default by Tenant, it Tenant shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining replenish the security deposit for nonpayment to the full amount, upon request by Owner conduct of rentany occupant, abandonment of the Leased Premisesguest, or nonpayment person under Tenant’s or any occupant’s direction or control. Tenant shall promptly notify Owner of utility chargesany conditions which may cause damage to the Premises or waste of utilities or other services provided by Owner. The Premises may not be modified, repair workaltered, improved, or cleaning contracted for by repaired without prior authorization from Owner, in writing. Modification includes but is not limited to modification of floor covering or wall covering, changing/replacing/adding fixtures or attachments, painting or anything which creates a hole or ▇▇▇▇ that cannot be remedied without expense to the tenantOwner.

Appears in 2 contracts

Sources: Rental Agreement, Rental Agreement

Security Deposit. i. The Concurrently with Tenant’s execution of this lease, Tenant shall deposit with the Landlord the sum of Eight Twenty-Two Thousand Eight Seven Hundred and Fifty Four Forty-Nine and 17/100 30/100 Dollars ($8,854.17) as a security deposit22,749.30), which total amount sum shall be held by Landlord as a security deposit for the faithful performance by Tenant of all of the terms, covenants and conditions of this Agreement, including attorney’s fees lease to be kept and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iiperformed by Tenant. If Tenant is in default defaults with respect to any provision of this Agreementlease, including but not limited to, the provisions relating to the payment of Base or Additional Rentbasic rent and common area charges, Landlord may, at its option, may (but shall not required to) use, apply apply, or retain all or any part of this security deposit for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. If any portion of said deposit is so used, including attorney’s fees and costs incurred. Tenant shall, within ten (10) days after written demand therefor, deposit cash with Landlord in the amount sufficient to restore the security deposit to its original amount; Tenant’s failure to replace any amount do so used within five (5) days from Landlord’s written demand, shall be a material breach of this Agreementlease. Landlord shall not be required to keep this security deposit separate from its general funds, funds and Tenant shall not be entitled to interest on such deposit. iii. Within sixty (60) days after If Tenant is not in default at the expiration or termination of this Agreement lease, the security deposit or surrender and acceptance any balance thereof shall be returned to Tenant after Tenant has vacated the Premises. In the event of the Leased Premises, whichever occurs lasttermination of Landlord’s interest in this lease, Landlord shall transfer said deposit to Landlord’s successor in interest, and Tenant agrees that Landlord shall thereupon be released from liability for the return to Tenant the full security of such deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantaccounting therefor.

Appears in 2 contracts

Sources: Standard Industrial Lease (Southwall Technologies Inc /De/), Standard Industrial Lease (Southwall Technologies Inc /De/)

Security Deposit. i. The Tenant shall deposit with Landlord acknowledges receipt of the Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars amount set out in 1.01 ($8,854.17j) as a security deposit, which total amount shall to be held by the Landlord as a deposit as security for the faithful payment of rent and performance by Tenant of all the terms, covenants and conditions of Tenant's obligations under this Agreement, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iiLease. If at any time rent or any other amount payable by the Tenant is in default with respect overdue and unpaid or the Tenant fails to perform any of its obligations under this Agreement, including but not limited toLease, the payment of Base or Additional Rent, Landlord may, at its option, useeither before or after terminating this Lease, apply or retain all the whole or any part of this security the deposit for to the payment of any such rent or other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, or to compensate the Landlord for any other loss or damage which expense incurred by the Landlord may suffer and such application will be without prejudice to the Landlord's right to pursue any other remedy set forth in this Lease. If the whole or any part of the deposit is applied by reason of the Landlord, the Tenant shall forthwith pay to the Landlord a sufficient amount to restore the deposit to the amount specified in Section 1.01 (j) and the Tenant’s default, including attorney’s fees and costs incurred. Tenant’s 's failure to replace any amount do so used within five (5) ten days from Landlord’s written demand, shall be after demand will constitute a material breach of this AgreementLease. If the Tenant promptly pays all rent as it falls due and performs all of its obligations under this Lease, the Landlord shall not be required will repay the deposit to keep the Tenant within 30 days after the later of: (i) termination of this Lease; or (ii) the repossession of the Leased Premises by the Landlord. The Landlord may deliver and assign the security deposit separate to any purchaser of the Landlord's interest in the Leased Premises and thereupon the Landlord will be discharged from its general funds, and Tenant shall not be entitled any further liability with respect to interest on such deposit. iii. Within sixty (60) days after termination of this Agreement or surrender and acceptance of the Leased Premises, whichever occurs last, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenant.

Appears in 2 contracts

Sources: Lease Agreement (Current Technology Corp), Lease (Spectrum Signal Processing Inc)

Security Deposit. i. The Tenant shall deposit with Landlord in advance upon Tenant’s execution of this Lease, for Landlord’s general account, the Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security deposit, which total amount shall be held by Landlord Security Deposit set forth in Section 1.01.G hereof as security for the faithful performance by Tenant of all the termseach and every term, covenants covenant, agreement and conditions condition of this Agreement, including attorney’s fees and costs incurredLease to be performed by Tenant. ______________ ________________ Landlord Tenant Lease Agreement p. In the event of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect to this Agreement, including but not limited to, the payment of Base or Additional Renta Default, Landlord may, at its option, may use, apply on Tenant’s behalf or retain (without liability for interest) during the Term all or any part of this security deposit the Security Deposit to the extent required for the payment of any amount Rent which may be owed hereunder, or for any sum which Landlord may spend or become obligated expend to spend by reason cure any Default of Tenant’s default. After each application from the Security Deposit, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s defaultTenant shall, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five (5) business days of Notice from Landlord’s written demand, shall be a material breach restore said deposit to the amount set forth in Section 1.01.G hereof. The use, application or retention of this Agreement. the Security Deposit by Landlord shall not be required to keep this security deposit separate deemed a limitation on Landlord’s recovery in any case, or a waiver by Landlord of any Default, nor shall it prevent Landlord from its general fundsexercising any other right or remedy for a Default by Tenant. If Tenant has complied with all the terms, covenants, agreements, and conditions of this Lease, the Security Deposit (less any amount applied as herein provided) shall be returned to Tenant shall not be entitled to without interest on such deposit. iii. Within sixty within thirty (6030) days after termination the Termination Date and after surrender of this Agreement or surrender and acceptance possession of the Leased Premises, whichever occurs last, Premises to Landlord shall return to Tenant in accordance with the full security deposit or in the event that actual cause exists for retaining any portion terms of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantLease.

Appears in 2 contracts

Sources: Office Lease Agreement (SI-BONE, Inc.), Office Lease Agreement (SI-BONE, Inc.)

Security Deposit. i. The Concurrently with Tenant's execution of the Lease, Tenant shall deposit with the Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security deposit, which total amount shall be held by Landlord Security Deposit specified in the Basic Lease Information as security for the full and faithful performance by Tenant of all the termseach and every term, covenants covenant and conditions condition of this Agreement, including attorney’s fees and costs incurredLease. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect to this Agreement, including but not limited to, the payment of Base or Additional Rent, Landlord may, at its option, may use, apply or retain all the whole or any part of the Security Deposit as may be reasonably necessary (a) to remedy Tenant's default in the payment of any Rent, (b) to repair damage to the Premises caused by Tenant, (c) to clean the Premises upon termination of this security deposit Lease, (d) to reimburse Landlord for the payment of any amount which Landlord may reasonably spend or become obligated be required to spend by reason of Tenant’s 's default, or (e) to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s 's default. Should Tenant faithfully and fully comply with all of the terms, including attorney’s fees covenants and costs incurred. Tenant’s failure to replace any amount so used conditions of this Lease, within five thirty (530) days from Landlord’s written demandfollowing the expiration of the Term, the Security Deposit or any balance thereof shall be a material breach returned to Tenant or, at the option of Landlord, to the last assignee of Tenant's interest in this AgreementLease. Landlord shall not be required to keep this security deposit the Security Deposit separate from its general funds, funds and Tenant shall not be entitled to any interest on such deposit. iii. Within sixty If Landlord so uses or applies all or any portion of said deposit, within five (605) days after termination of this Agreement or surrender and acceptance written demand therefor Tenant shall deposit cash with Landlord in an amount sufficient to restore the Security Deposit to the full extent of the Leased Premisesabove amount, whichever occurs lastand Tenant's failure to do so shall be a default under this Lease. In the event Landlord transfers its interest in this Lease, Landlord shall return transfer the then remaining amount of the Security Deposit to Landlord's successor in interest, and thereafter Landlord shall have no further liability to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed respect to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantsuch Security Deposit.

Appears in 2 contracts

Sources: Lease Agreement (Finisar Corp), Lease Agreement (Arthrocare Corp)

Security Deposit. i. The Tenant shall deposit the Security Deposit with Landlord on the Landlord date this Lease is executed by Tenant, which, in the sum manner described in and subject to the provisions of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ,Section ($8,854.17M) as a security depositof the Basic Lease Terms, which total amount shall be held by Landlord as security to secure Tenant’s obligations under this Lease. The Security Deposit is not an advance rental deposit or a measure of Landlord’s damages for the faithful performance by Tenant an Event of all the terms, covenants and conditions of this Agreement, including attorney’s fees and costs incurredDefault (defined below). ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect to this Agreement, including but not limited to, the payment of Base or Additional Rent, Landlord may, at its option, use, apply or retain all or any part of this security deposit for the payment of any amount which Landlord may spend or become obligated use any portion of the Security Deposit to spend by reason of satisfy Tenant’s defaultunperformed obligations under this Lease, to reimburse Landlord for performing any such obligations or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default, including attorney’s fees and costs incurred. its damages arising from Tenant’s failure to replace perform its obligations, without prejudice to any of Landlord’s other remedies. If so used, Tenant shall, upon request, pay Landlord an amount so used that will restore the Security Deposit to its original amount. The Security Deposit shall be Landlord’s property. The Security Deposit shall be maintained by Landlord in a segregated, non-interest bearing account. The unused portion of the Security Deposit will be returned to Tenant within forty-five (545) days from Landlord’s written demandfollowing the Expiration Date (or the date on which Tenant surrenders the Premises, shall be a material breach of this Agreement. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iii. Within sixty (60if later) days after or sooner termination of this Agreement Lease, provided that Tenant has vacated the Premises. In the event of a sale or surrender and acceptance other transfer of the Leased Premises, whichever occurs lastBuilding, Landlord shall return be relieved of all liability for the Security Deposit provided that Landlord transfers the same to Tenant the full security deposit purchaser or transferee, and provided that the purchaser or transferee assumes Landlord’s obligations under this Lease in writing (which may be in the event that actual cause exists for retaining any portion form of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantgeneral assignment).

Appears in 2 contracts

Sources: Commercial Industrial Lease Agreement (Li-Cycle Holdings Corp.), Commercial Industrial Lease Agreement (Li-Cycle Holdings Corp.)

Security Deposit. i. The Concurrently with Tenant's execution of this Lease, Tenant shall deposit with the Landlord the sum of Eight Seventy Five Thousand Eight Hundred and Fifty Four and 17/100 Dollars 00/100 ($8,854.1775,000.00) as a security deposit, which total amount Dollars. Said sum shall be held by Landlord as security a Security Deposit for the faithful performance by Tenant of all of the terms, covenants covenants, and conditions of this Agreement, including attorney’s fees Lease to be kept and costs incurred. ______________ ________________ Landlord performed by Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iiduring the term hereof. If Tenant is in default defaults with respect to any provision of this AgreementLease, including including, but not limited to, the provisions relating to the payment of Base or Additional Rentrent and any of the monetary sums due herewith, Landlord may, at its option, may (but shall not be required to) use, apply or retain all or any part of this security deposit Security Deposit for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, 's default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s 's default. If any portion of said Deposit is so used or applied, including attorney’s fees and costs incurredTenant shall, within ten (10) days after written demand therefor, deposit cash with Landlord in the amount sufficient to restore the Security Deposit to its original amount. Tenant’s 's failure to replace any amount do so used within five (5) days from Landlord’s written demand, shall be a material breach of this AgreementLease. Landlord shall not be required to keep this security deposit Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iiiDeposit. Within sixty If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit or any balance thereof shall be returned to Tenant (60or at Landlord's option, to the last assignee of Tenant's interest hereunder) days at the expiration of the Lease term and after Tenant has vacated the Premises. In the event of termination of Landlord's interest in this Agreement or surrender and acceptance of the Leased Premises, whichever occurs lastLease, Landlord shall return transfer said Deposit to Landlord's successor in interest whereupon Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the agrees to release Landlord shall provide the Tenant with a written statement listing the exact reasons from liability for the retention return of any portion of such Deposit or the security depositaccounting therefor. When the statement (Paragraph 4F is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenant.continued below)

Appears in 2 contracts

Sources: Lease Agreement (Intuit Inc), Lease Agreement (Intuit Inc)

Security Deposit. i. The Tenant shall deposit with the Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security deposit, which total amount shall be held by Landlord as As additional security for the faithful full and prompt performance by Tenant of all the terms, terms and covenants and conditions of this AgreementLease, including attorney’s fees Tenant has deposited with Landlord a sum of Thirty Thousand Nine Hundred and costs incurredTwenty Nine Dollars and seventeen cents ($28,525.00) at the time of lease execution, which shall not constitute rent for any month unless so applied by Landlord on account of Tenant's default. ______________ ________________ To the extent that Landlord Tenant Lease Agreement p. has not applied the Security Deposit on account of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect to this Agreement, including but not limited toa default, the payment of Base or Additional Rent, Landlord may, at its option, use, apply or retain all or any part of this security deposit for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five (5) days from Landlord’s written demand, Security Deposit shall be a material breach of this Agreement. Landlord shall not be required returned to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iii. Within sixty within thirty (6030) days after termination of this Agreement or surrender and acceptance Lease. In the event Tenant fails to take possession of the Leased PremisesDemised Premises on the Lease Commencement Date or vacates or abandons the Demised Premises during the Term, whichever occurs lastthe Security Deposit shall not be deemed to be liquidated damages, and such application of the Security Deposit shall not preclude Landlord from recovering from Tenant all additional damages incurred by Landlord. If Tenant fails at any time to perform its obligations, Landlord may at its option apply said deposit, or so much thereof as is required, to cure Tenant's default, but if prior to the termination of this lease Landlord depletes said deposit in whole or in part, Tenant shall immediately restore the amount so used by Landlord. Following termination of this lease and satisfaction of all Tenant obligations thereunder, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining any unused portion of the security depositSecurity Deposit. Upon execution of the Lease, the Landlord Tenant shall also provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by its first (1st) monthly rental payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantdue hereunder.

Appears in 2 contracts

Sources: Office Lease Agreement (Technest Holdings Inc), Office Lease Agreement (Technest Holdings Inc)

Security Deposit. i. The Tenant shall deposit with has paid Landlord at the Landlord execution hereof the sum amount of Eight Seventy-Two Thousand Eight Nine Hundred and Fifty Four and 17/100 Thirty-Six Dollars ($8,854.1772,936) as a security deposit(the “Security Deposit”) for the performance of the terms hereof by Tenant, which total amount shall be held by returned to Tenant within thirty (30) days after the termination of the Lease if it has discharged its obligations to Landlord in full, although Fifty-Four Thousand Seven Hundred Dollars ($54,700) of the Security Deposit may be returned earlier as security for provided in the faithful performance by Tenant of all the terms, covenants and conditions last sentence of this Agreement, including attorneysection. In the event of Tenant’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect to this Agreement, including but not limited to, the payment of Base or Additional Rentdefault, Landlord may, at its option, use, apply or retain all or any part of the deposit to cure such default in whole or in part. Landlord may, in its sole discretion, resort to any or all rights and remedies against Tenant before applying such deposit. Use of such deposit shall not prevent Landlord from exercising other rights or remedies provided by this security Lease or at law or in equity. Throughout the term of this Lease, Tenant shall replenish any portion of the deposit used, applied or retained within ten (10) days of written demand therefor by Landlord. Landlord may commingle and invest the deposit without obligation to pay interest on or account for the payment of any amount which deposit. Landlord may spend or become obligated assign the deposit to spend any successor in interest, thereby releasing Landlord from liability therefor. Tenant may not assign the deposit without Landlord’s prior written consent. At such time as Tenant provides Landlord with a true and complete balance sheet, certified for accuracy and completeness by reason of Tenant’s defaultchief financial officer, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of fairly depicts Tenant’s default, including attorney’s fees and costs incurred. net worth (defined as Tenant’s failure to replace any amount so used within five tangible net assets, reasonably valued, less its liabilities) as depicted on Tenant’s balance sheet exceeds Nine Million Dollars (5$9,000,000) days from Landlord’s written demand, shall be a material breach of and provided Tenant is not otherwise in default under this Agreement. Landlord shall Lease (and would not be required to keep this security deposit separate from its general fundsin default with the passage of time or the giving of notice or both), and Tenant shall not be entitled to interest on such deposit. iii. Within sixty (60) days after termination of this Agreement or surrender and acceptance of the Leased Premises, whichever occurs last, then Landlord shall return to Tenant Fifty-Four Thousand Seven Hundred Dollars ($54,700) of the full security deposit Security Deposit. Tenant may from time to time substitute a standby letter of credit for all or in the event that actual cause exists for retaining any a portion of the security depositSecurity Deposit, the Landlord shall provide the Tenant with in form and from a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed financial institution reasonably satisfactory to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantLandlord.

Appears in 2 contracts

Sources: Office Lease (Nimblegen Systems Inc), Office Lease (Nimblegen Systems Inc)

Security Deposit. i. The Tenant shall deposit with Landlord upon execution hereof the Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security deposit, which total amount shall be held by Landlord Security Deposit set forth in paragraph 1 above as security for the Tenant's faithful performance by Tenant of all the terms, covenants and conditions of this Agreement, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iiTenant's obligations hereunder. If Tenant is in default fails to pay Rent or any other charges payable by Tenant hereunder, or otherwise defaults with respect to any provision of this Agreement, including but not limited to, the payment of Base or Additional RentLease, Landlord may, may at its option, option use, apply or retain all or any part portion of this security deposit for the Security Deposit (i) to remedy Tenant's defaults in the payment of Rent or any amount which Landlord may spend or become obligated other sums payable by Tenant pursuant to spend by reason of Tenant’s defaultthe terms hereof, (ii) to repair any damage to the Premises, (iii) to clean and otherwise maintain the Premises, or (iv) to compensate Landlord for any other loss or damage which Landlord may suffer by reason thereby. If Landlord so uses or applies all or any portion of the Security Deposit, Tenant shall, within ten (10) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to the full amount hereinabove stated and Tenant’s default, including attorney’s fees and costs incurred. Tenant’s 's failure to replace any amount do so used within five (5) days from Landlord’s written demand, shall be a material breach of and a default under this AgreementLease. Landlord shall not be required to keep this security deposit the Security Deposit separate from its general fundsaccounts. If Tenant performs all of Tenant's obligations hereunder, and Tenant the Security Deposit, or so much thereof as has not theretofore been applied by Landlord, shall not be entitled to returned, without payment of interest on such deposit. iii. Within sixty (60) days after termination of this Agreement or surrender and acceptance of the Leased Premisesother increment for its use, whichever occurs last, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit(or, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is deliveredat Landlord's option, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address assignee, if any, of Tenant's interest hereunder) at the expiration of the Tenant. Nothing in this Section shall preclude Term hereof, after Tenant has vacated the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenant.

Appears in 2 contracts

Sources: Multi Tenancy Industrial Lease (Maxam Gold Corp), Lease Agreement (New Directions Manufacturing Inc)

Security Deposit. i. The Tenant shall deposit TENANT has deposited with the Landlord LANDLORD the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security deposit, which total amount shall be held by Landlord $ -0- as security for the full and faithful performance by Tenant of all the terms, covenants and conditions every provision of this Agreement, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iito be performed by TENANT. If Tenant is in default TENANT defaults with respect to any provision of this AgreementLease, including but not limited to, to the provisions relating to the payment of Base or Additional Rent, Landlord may, at its option, LANDLORD may use, apply or retain all or any part of this security deposit for the payment of any Rent or other sum in default or for the payment of any other amount which Landlord LANDLORD may spend or become obligated to spend by reason of Tenant’s TENANT’S default, or to compensate Landlord LANDLORD for any other loss loss, cost or damage which Landlord LANDLORD may suffer by reason of Tenant’s TENANT’S default, including attorney’s fees and costs incurred. Tenant’s failure to replace If any amount portion of said deposit is so used or applied, TENANT shall, within five (5) days from Landlord’s after written demanddemand therefore, deposit cash with LANDLORD in an amount sufficient to restore the security deposit to its original amount and TENANT’S failure to do so shall be constitute a material breach of this AgreementLease. Landlord LANDLORD shall not not, unless required by law, be required to keep this pay interest on the security deposit separate from its general fundsto the TENANT. If TENANT shall fully and faithfully perform every provision of this Lease, and Tenant the security deposit or any balance thereof shall not be entitled returned to TENANT (or at LANDLORD’S option, to the last transferee of TENANT’S interest on such deposit. iii. Within sixty hereunder) within fifteen (6015) days after termination of this Agreement or surrender and acceptance the expiration of the Leased PremisesLease term, whichever occurs last, Landlord shall return to Tenant provided TENANT has vacated the full security deposit or in premises. In the event that actual cause exists for retaining any portion of the security depositbuilding is sold, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of will be transferred to the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantnew owner.

Appears in 2 contracts

Sources: Lease Agreement, Lease Agreement (Bankrate Inc)

Security Deposit. i. The 11.1. Tenant shall deposit with Landlord on or before the Landlord Execution Date the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars set forth in Section 2.6 ($8,854.17) as a security depositthe “Security Deposit”), which total amount sum shall be held by Landlord as security for the faithful performance by Tenant of all of the terms, covenants and conditions of this Agreement, including attorney’s fees Lease to be kept and costs incurred. ______________ ________________ Landlord performed by Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iiduring the Term. If Tenant is in default Defaults (as defined below) with respect to any provision of this AgreementLease, including but not limited to, any provision relating to the payment of Base or Additional Rent, then Landlord may, at its option, may (but shall not be required to) use, apply or retain all or any part of this security deposit the Security Deposit for the payment of any amount which Landlord may spend Rent or become obligated to spend by reason of Tenant’s any other sum in default, or to compensate Landlord for any other loss or damage which that Landlord may suffer by reason of Tenant’s default. If any portion of the Security Deposit is so used or applied, including attorney’s fees then Tenant shall, within ten (10) days following demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount, and costs incurred. Tenant’s failure to replace any amount do so used within five (5) days from Landlord’s written demand, shall be a material breach of this AgreementLease. The provisions of this Article shall survive the expiration or earlier termination of this Lease. TENANT HEREBY WAIVES THE REQUIREMENTS OF SECTION 1950.7 OF THE CALIFORNIA CIVIL CODE, AS THE SAME MAY BE AMENDED FROM TIME TO TIME. 11.2. In the event of bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and other charges due Landlord for all periods prior to the filing of such proceedings. 11.3. Landlord may deliver to any purchaser of Landlord’s interest in the Premises the funds deposited hereunder by Tenant, and (provided such purchaser assumes Landlord’s obligations under this Lease) thereupon Landlord shall be discharged from any further liability with respect to such deposit. This provision shall also apply to any subsequent transfers. 11.4. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, then the Security Deposit, or any balance thereof, shall be returned to Tenant (or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder) within thirty (30) days after the expiration or earlier termination of this Lease. 11.5. [Intentionally omitted] 11.6. If the Security Deposit shall be in cash, Landlord shall hold the Security Deposit in an account at a banking organization selected by Landlord; provided, however, that Landlord shall not be required to maintain a separate account for the Security Deposit, but may intermingle it with other funds of Landlord. Landlord shall be entitled to all interest and/or dividends, if any, accruing on the Security Deposit. Landlord shall not be required to keep this credit Tenant with any interest for any period during which Landlord does not receive interest on the Security Deposit. 11.7. The Security Deposit may be in the form of cash, a letter of credit or any other security deposit separate from instrument acceptable to Landlord in its general fundssole discretion. Tenant may at any time, except when Tenant is in Default (as defined below), deliver a letter of credit (the “L/C Security”) as the entire Security Deposit, as follows: (a) If Tenant elects to deliver L/C Security, then Tenant shall provide Landlord, and Tenant shall not be entitled maintain in full force and effect throughout the Term and until the date that is six (6) months after the then-current Term Expiration Date, a letter of credit in the form of Exhibit E issued by an issuer reasonably satisfactory to interest on such deposit. iii. Within sixty (60) days after termination of this Agreement or surrender and acceptance Landlord, in the amount of the Leased PremisesSecurity Deposit, whichever occurs lastwith an initial term of at least one year. Landlord may require the L/C Security to be re-issued by a different issuer at any time during the Term if Landlord reasonably believes that the issuing bank of the L/C Security is or may soon become insolvent; provided, however, Landlord shall return the existing L/C Security to Tenant the full security deposit or in the event that actual cause exists for retaining any portion existing issuer immediately upon receipt of the security depositsubstitute L/C Security. If any issuer of the L/C Security shall become insolvent or placed into FDIC receivership, then Tenant shall immediately deliver to Landlord (without the requirement of notice from Landlord) substitute L/C Security issued by an issuer reasonably satisfactory to Landlord, and otherwise conforming to the requirements set forth in this Article. As used herein with respect to the issuer of the L/C Security, “insolvent” shall mean the determination of insolvency as made by such issuer’s primary bank regulator (i.e., the state bank supervisor for state chartered banks; the OCC or OTS, respectively, for federally chartered banks or thrifts; or the Federal Reserve for its member banks). If, at the Term Expiration Date, any Rent remains uncalculated or unpaid, then: (i) Landlord shall provide with reasonable diligence complete any necessary calculations; (ii) Tenant shall extend the Tenant with a written statement listing the exact reasons for the retention expiry date of any portion such L/C Security from time to time as Landlord reasonably requires; and (iii) in such extended period, Landlord shall not unreasonably refuse to consent to an appropriate reduction of the security depositL/C Security. When the statement is delivered, it Tenant shall be accompanied by payment reimburse Landlord’s reasonable and actual legal costs incurred in handling Landlord’s acceptance of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, L/C Security or nonpayment of utility charges, repair work, its replacement or cleaning contracted for by the tenantextension.

Appears in 2 contracts

Sources: Lease (Shotspotter, Inc), Lease (Shotspotter, Inc)

Security Deposit. i. The Tenant shall deposit with the Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as 2.1 ▇▇▇▇▇▇ agrees to pay a security deposit, which total amount shall deposit of $0.00 at the time of signing this lease. The security deposit will be held by Landlord as security for the faithful performance payment of all rent and other amounts due from Tenant to Landlord, for the Tenant’s perform- ance of this lease, and against any damages caused to the premises or any other part of Landlord’s property by ▇▇▇▇▇▇ and ▇▇▇▇▇▇’s family and guests. Tenant understands and agrees that the security deposit may not be applied as rent or against any other amount due from Tenant to Landlord, and that the monthly rent will be paid each month, including the last month of the lease term. Within 30 days following termination of this lease, ▇▇▇▇▇▇▇▇ will return to Tenant the security deposit, less any deductions for amounts owed by Tenant of to Landlord, by one check payable to all the termspersons signing this lease, covenants and conditions mailed to a for- warding address that must be furnished by ▇▇▇▇▇▇ in writing before termination of this Agreement, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iilease. If Tenant fails to furnish to Landlord a forwarding address in writing on or before the termination of this lease, Landlord may (but is in default with respect not required to) forward the balance of the security deposit, if any, to ▇▇▇▇▇▇’s last known address. 2.2 During the term of this Agreement, including but not limited to, the payment of Base or Additional Rentlease, Landlord may, at its option, use, apply or retain use all or any part of this the security deposit for to remedy any default or violation of this lease by Tenant. If, during the payment term of this lease, any amount which Landlord may spend or become obligated to spend by reason portion of Tenant’s default, security deposit is used by Landlord to remedy any default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five (5) days from Landlord’s written demand, shall be a material breach violation of this Agreement. lease by Tenant, Tenant will, within 10 days after written demand by Landlord, deposit additional monies with Landlord shall not be required in an amount sufficient to keep this cause the amount of the security deposit separate from its general funds, and Tenant shall not monies then on deposit with Landlord to be entitled equal to interest on such deposit. iii. Within sixty (60) days after termination of this Agreement or surrender and acceptance the original amount of the Leased Premises, whichever occurs last, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of set forth above. If Tenant fails to make timely payment sufficient to fully replenish the security deposit, the Tenant shall be in default under this Lease and Landlord shall provide have the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed same remedies as if ▇▇▇▇▇▇ had failed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantpay rent when due.

Appears in 2 contracts

Sources: Lease Agreement, Lease Agreement

Security Deposit. i. The Concurrently with Tenant's execution of this Lease, Tenant shall deposit with the Landlord the sum of Eight Seventy-Four Thousand Eight Hundred Eighty and Fifty Four and 17/100 No/100 Dollars ($8,854.17) as a security deposit, which total amount 74,880.00). Said sum shall be held by Landlord as security a Security Deposit for the faithful performance by Tenant of all of the terms, covenants and conditions of this Agreement, including attorney’s fees Lease to be kept and costs incurred. ______________ ________________ Landlord performed by Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iiduring the term hereof. If Tenant is in default defaults with respect to any provision of this AgreementLease, including including, but not limited to, the provisions relating to the payment of Base or Additional Rentrent and any of the monetary sums due herewith, Landlord may, at its option, may (but shall not be required to) use, apply or retain all or any part of this security deposit Security Deposit for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, 's default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s 's default. If any portion of said Deposit is used or applied, including attorney’s fees and costs incurredTenant shall, within ten (10) days after written demand therefor, deposit cash with Landlord in the amount sufficient to restore the Security Deposit to its original amount. Tenant’s 's failure to replace any amount do so used within five (5) days from Landlord’s written demand, shall be a material breach of this AgreementLease. Landlord shall not be required to keep this security Security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iiiDeposit. Within sixty If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit or any balance thereof shall be returned to Tenant (60or at Landlord's option, to the last assignee of Tenant's interest hereunder) days at the expiration of the Lease term and after Tenant has vacated the Premises. In the event of termination of Landlord's interest in this Agreement or surrender and acceptance of the Leased Premises, whichever occurs lastLease, Landlord shall return transfer said Deposit to Landlord's successor in interest whereupon Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the agrees to release Landlord shall provide the Tenant with a written statement listing the exact reasons from liability for the retention return of any portion of such Deposit or the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantaccounting therefor.

Appears in 2 contracts

Sources: Lease Agreement (PLX Technology Inc), Lease Agreement (PLX Technology Inc)

Security Deposit. i. The Tenant shall Sublessee will deposit with the Landlord Sublessor upon the sum execution of Eight Thousand Eight this Sublease a security deposit (the "Security Deposit") in the amount of Two Hundred Forty-Three Thousand, Two Hundred Fifty-Two and Fifty Four and 17/100 00/100 Dollars ($8,854.17243,252.00) to be held by Sublessor for the duration of this Sublease as security for the full performance by Sublessee of all the obligations on the part of Sublessee hereunder. The Security Deposit shall, at the option of Sublessee, be in the form of either cash or an irrevocable demand letter of credit (the "Letter of Credit"), in form and substance reasonably acceptable to Sublessor, issued by Fleet Bank, N.A. or other FDIC-insured banking institution reasonably acceptable to Sublessor (the "Issuing Bank"). a. If the Security Deposit, or any portion thereof, is in the form of cash, Sublessor shall hold the same without liability for interest or to segregate such cash from Sublessor's other funds. Sublessee shall not mortgage, pledge, grant a security depositinterest in, which total or otherwise encumber the Security Deposit. Sublessor shall have the right from time to time, without prejudice to any other remedy Sublessor may have on account thereof, to apply such Security Deposit, or any part thereof, to Sublessor's damages arising from any default (beyond applicable notice and cure periods) on the part of Sublessee. Upon such application, Sublessee shall promptly restore the Security Deposit to its original amount. Upon the full performance by Sublessee of its obligations hereunder, the Security Deposit, or such amount that shall be remaining after application of the same hereunder, shall be returned by Sublessor to Sublessee upon the expiration or earlier termination of this Sublease and surrender of possession of the Premises by Sublessee to Sublessor at such time. If the Security Deposit is in the form of a Letter of Credit, such Letter of Credit shall, throughout the Term, be in full force and in compliance with the terms of this Sublease. Sublessee shall not mortgage, pledge, grant a security interest in, or otherwise encumber the Letter of Credit or the proceeds of the same. Sublessor shall have the right from time to time, without prejudice to any other remedy Sublessor may have on account thereof, to draw on the Letter of Credit and apply the proceeds, or any part thereof, to Sublessor's damages arising from any default (beyond applicable notice and cure periods) on the part of Sublessee. Upon such application, Sublessee shall promptly restore the Security Deposit to its original amount by either delivering cash or a new Letter of Credit complying with the provisions hereof to Sublessor. In addition, in the event that (i) Sublessor shall transfer its interest under the Main Lease to a third party and the Issuing Bank does not consent to the transfer of Sublessor's beneficial interest to such third party or issue a replacement Letter of Credit in identical form to such third party, or (ii) such Letter of Credit will expire by its terms prior to the end of the Term, and Sublessee fails to provide a substitute Letter of Credit at least thirty (30) days prior to such expiration, then Sublessor may draw on the Letter of Credit. Any portion of the proceeds of the Letter of Credit not applied to cure a default by Sublessee hereunder, shall be held by Landlord Sublessor as security for a cash Security Deposit pursuant to the faithful performance by Tenant provisions of all subparagraph A above, unless Sublessee shall deliver to Sublessor a new Letter of Credit complying with the termsprovisions hereof, covenants and conditions of this Agreement, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect to this Agreement, including but not limited to, which event the payment of Base or Additional Rent, Landlord may, at its option, use, apply or retain all or any part of this security deposit for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five (5) days from Landlord’s written demand, unapplied cash proceeds shall be a material breach of this Agreement. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iii. Within sixty (60) days after termination of this Agreement or surrender and acceptance of the Leased Premises, whichever occurs last, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenant.promptly returned to

Appears in 2 contracts

Sources: Sublease Agreement (Color Kinetics Inc), Sublease Agreement (Smartbargains, Inc.)

Security Deposit. i. The 31.01 Tenant shall deposit has deposited with the Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security deposit, which total amount shall be held by Landlord 361,732.00 as security (the “Security”) for the faithful performance by Tenant of all the terms, covenants and conditions terms of this AgreementLease. Landlord may use any part of the Security to satisfy any default of Tenant after notice and the expiration of any applicable cure periods, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect to this Agreementany expenses arising from such default, including but not limited toto legal fees and any damages or rent deficiency before or after re-entry by Landlord. Tenant shall, upon demand, deposit with Landlord the full amount so used, and/or any amount not so deposited by Tenant, in order that Landlord shall have the full Security deposit on hand at all times during the term of this Lease. If Tenant shall comply fully with the terms of this Lease, the payment Security shall be returned to Tenant after the date fixed as the end of Base the Lease. In the event of a sale or Additional Rentlease of the Building containing the Premises, Landlord mayshall transfer or credit the Security to the purchaser or tenant, at its option, use, apply or retain and Landlord shall thereupon be released from all or any part of this security deposit liability for the payment return of any amount which Landlord may spend the Security. This provision shall apply to every transfer, credit or become obligated assignment of the Security to spend by reason of Tenant’s default, a new Landlord. Tenant shall have no legal power to assign or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five encumber the Security herein described. 31.02 Upon at least thirty (530) days notice to Landlord given at any time after the third (3rd) anniversary of the Rent Commencement Date, Tenant may reduce the amount of the Security by the sum of $51,676.00, so that the amount of the Security held by Landlord from Landlord’s written demand, and after the effective date of such notice through the Expiration Date shall be a material breach of this Agreement. Landlord shall not be required to keep this security deposit separate from its general funds$310,056.00, provided and on condition that Tenant shall not be entitled to interest on such deposit. iii. Within sixty (60) days be, or have been in, default in any of its monetary or material non-monetary obligations under this Lease after termination of this Agreement or surrender notice and acceptance of beyond the Leased Premises, whichever occurs last, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention expiration of any portion applicable cure period at any time during the Term through the effective date of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantsuch notice.

Appears in 2 contracts

Sources: Lease Agreement (Schrodinger, Inc.), Lease Agreement (Schrodinger, Inc.)

Security Deposit. i. The At the time of signing this Lease Tenant shall deposit with the Landlord the sum of Forty Eight Thousand Eight Hundred and Fifty Four and 17/100 Two Dollars ($8,854.1748,052.33) as a security deposit, which total amount shall to be held retained by Landlord as cash security for the faithful performance and observance by Tenant of all the termscovenants, covenants agreements and conditions of this Agreement, including attorney’s fees and costs incurredLease. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is Notwithstanding anything to the contrary contained in default with respect to this Agreement, including but not limited to, the payment of Base any law or Additional Rent, Landlord may, at its option, use, apply statute now existing or retain all or any part of this security deposit for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five hereafter passed (5i) days from Landlord’s written demand, shall be a material breach of this Agreement. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to any interest whatever on such deposit. the cash security, (ii) Landlord shall not be obligated to hold the cash security in trust or in a separate account and (iii) Landlord shall have the right to commingle the cash security with its other funds. Within sixty (60) days after termination Landlord may use, apply or retain the whole or any part of the cash security to the extent required for the payment of any minimum rent, any additional rent or any other sums payable hereunder as to which Tenant is in default or to the extent required for the reimbursement to Landlord of any sum which Landlord may expend or may be required to expend by reason of Tenant’s default in respect to any of the covenants, agreements or conditions of this Agreement or surrender Lease which remains uncured past any applicable notice and acceptance cure periods. If Tenant shall fully and faithfully comply with all of the Leased Premisescovenants, whichever occurs lastagreements and conditions of this Lease, the cash security shall be returned to Tenant after the Expiration Date and surrender of the Premises to Landlord. If the Premises are sold to a bona fide purchaser, Landlord shall return have the right to Tenant transfer the full aforesaid cash security deposit or in the event that actual cause exists for retaining any portion of the security depositto such purchaser, the by which transfer Landlord shall provide be released from all liability and Tenant shall look solely to the Tenant with a written statement listing the exact reasons new landlord for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining return thereof so long as liability for the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for is expressly assumed by the tenantsuch purchaser.

Appears in 2 contracts

Sources: Lease Agreement, Lease Agreement (Faro Technologies Inc)

Security Deposit. i. The Tenant shall deposit has deposited with the Landlord the sum of Eight Three Thousand Eight Hundred seven hundred thirty seven dollars and Fifty Four and 17/100 fifty cents Dollars ($8,854.17$ 3,737.50) as a security deposit, which total amount shall be held by Landlord as security for the full and faithful performance by Tenant of all the terms, covenants and conditions every provision of this Agreement, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iito be performed by Tenant. If Tenant is in default defaults with respect to any provision of this AgreementLease, including but not limited to, to the provisions relating to the payment of Base or Additional Rent, Landlord may, at its option, may use, apply or retain all or any part of this security deposit for the payment of any Rent or any other sum in default or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, or to compensate Landlord for any other loss loss, cost or damage which Landlord landlord may suffer by reason of Tenant’s default. If any portion of said deposit is so use or applied, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used Tenant shall, within five (5) days from Landlordafter written demand therefore, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and Tenant’s written demand, failure to do so shall be a material breach of this AgreementLease. Landlord shall not not, unless otherwise required by law, be required to keep this security deposit separate from its general funds, nor pay interest to Tenant. If Landlord is required to maintain said deposit in an interest bearing account, Landlord will retain the maximum amount permitted under applicable law as a bookkeeping and administrative charge. If Tenant shall not be entitled to interest on such deposit. iii. Within sixty (60) days after termination fully and faithfully perform every provision of this Agreement or surrender and acceptance of Lease to be performed by it, the Leased Premises, whichever occurs last, Landlord shall return to Tenant the full security deposit or in any balance thereof shall be returned to Tenant (or, at Landlord’s option, to the last transferee of Tenant’s interest hereunder) at the expiration of the Lease term and upon Tenant’s vacation of the Premises. In the event that actual cause exists the Building is sold, the security deposit will be transferred to the new owner and the new owner will be solely responsible for retaining any portion the return of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required deposit to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenant.

Appears in 2 contracts

Sources: Office Lease (Alimera Sciences Inc), Office Lease (Alimera Sciences Inc)

Security Deposit. i. The Concurrent with Tenant's execution of this Lease Tenant shall deposit with the Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as Miramar a security deposit, which total deposit (the "Security Deposit") in the amount set forth in Section 8 of the Summary. The Security Deposit shall be held by Landlord Miramar as security for the faithful performance by Tenant of all the terms, covenants covenants, and conditions of this Agreement, including attorney’s fees Lease to be kept and costs incurred. ______________ ________________ Landlord performed by Tenant during the Lease Agreement p. of [INSERT PAGE NUMBER] iiTerm. If Tenant is in default defaults with respect to any provisions of this AgreementLease, including but not limited to, the provisions relating to the payment of Base or Additional Rent, Landlord Miramar may, at its optionbut shall not be required to, use, apply or retain all or any part of this security deposit the Security Deposit for the payment of any Rent or any other sum in default, or for the payment of any amount which Landlord that Miramar may spend or become obligated to spend by reason of Tenant’s 's default, or to compensate Landlord Miramar for any other loss or damage which Landlord that Miramar may suffer by reason of Tenant’s 's default. If any portion of the Security Deposit is so used or applied, including attorney’s fees Tenant shall, within ten (10) days after written demand therefor, deposit cash with Miramar in an amount sufficient to restore the Security Deposit to its original amount, and costs incurred. Tenant’s 's failure to replace do so Initial Here: Tenant: -------------- Landlord: ------------ shall be a default under this Lease. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the Security Deposit, or any amount so used within five (5) days from Landlord’s written demandbalance thereof, shall be a material breach returned to Tenant, or, at Miramar's option, to the last assignee of this AgreementTenant's interest hereunder, within sixty (60) days following the expiration of the Lease Term. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to any interest on such depositthe Security Deposit. iii. Within sixty (60) days after termination of this Agreement or surrender and acceptance of the Leased Premises, whichever occurs last, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenant.

Appears in 1 contract

Sources: Office Lease (Discovery Investments Inc)

Security Deposit. i. The Tenant shall agrees to deposit with the Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security deposit, which total deposit in the amount shall be held by Landlord specified in the Basic Lease Information as security for the faithful performance by Tenant of all the terms, Tenant's covenants and conditions obligations under this Lease, it being expressly understood and agreed that such deposit is not an advance rental deposit, not the last month's rent nor a measure of this Agreement, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. Landlord's damages in the event of [INSERT PAGE NUMBER] iiTenant's default. If Tenant is in default with respect shall at any time fail to make any payment or fail to keep or perform any term, covenant, or condition on Tenant's part to be made or performed or kept under this Agreement, including but not limited to, the payment of Base or Additional RentLease, Landlord may, at its optionbut shall not be obligated to, useand without waiving or releasing Tenant from any obligation under this Lease, apply or retain all the whole or any part of this security deposit for the payment Security Deposit (a) to the extent of any amount which Landlord may spend sum due to Landlord; or become obligated (b) to spend by reason of make any required payment on Tenant’s default, 's behalf; or (c) to compensate Landlord for any other loss loss, damage, attorneys' fees, or damage which expense sustained by Landlord may suffer by reason of due to Tenant’s 's default. In such event, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used Tenant shall, within five (5) days from of receipt of written demand by Landlord’s written demand, remit to Landlord sufficient funds to restore the Security Deposit to its original sum; Tenant's failure to do so shall be a material breach of this AgreementLease. Landlord shall not be required to keep this security deposit the Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iii. Within sixty Should Tenant comply with all of the terms, covenants, and conditions of this Lease and at the end of the term of this Lease leave the Premises in the condition required by this Lease, then the Security Deposit, less any sums owing to Landlord, shall be returned to Tenant (60or, at Landlord's option to the last assignee of Tenant's interests hereunder) within 30 days after the termination of this Agreement or surrender Lease and acceptance vacancy of the Leased Premises, whichever occurs last, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied Premises by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenant.

Appears in 1 contract

Sources: Industrial Lease (Papa Johns International Inc)

Security Deposit. i. The Tenant shall deposit has deposited with the Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars set forth in Article l i. as the security deposit ($8,854.17) as a security deposit, which total amount "Security Deposit"). The Security Deposit shall be held by Landlord as security for the faithful performance by Tenant of all the terms, covenants and conditions of this Agreement, including attorney’s fees Lease to be kept and costs incurred. ______________ ________________ Landlord performed by Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iiduring the Term. If Tenant is in default defaults with respect to any provision of this AgreementLease, including including, but not limited to, to the provisions relating to the payment of Base Rentals or Additional Rentthe condition of the Premises at Lease Termination, Landlord may, at its option, may (but shall not be required to) use, apply or retain all or any part of this security deposit the Security Deposit for the payment of any Rental or any other sum in default, or for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s 's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s 's default, including attorney’s fees and costs incurred. Tenant’s failure to replace If any amount portion of the Security Deposit is so used or applied, Tenant shall within five (5) days from Landlord’s after written demanddemand therefore, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant's failure to do so shall be a material breach of this AgreementLease. Landlord shall not be required to keep this security deposit the Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on the Security Deposit. Landlord is not a trustee of the Security Deposit and may use it in ordinary business, transfer it or assign it, or use it in any combination of such deposit. iiiways. Within sixty (60) days after termination If Tenant fully and faithfully performs every provision of this Agreement or surrender and acceptance Lease to be performed by it, the remaining portion of the Leased Premises, whichever occurs last, Landlord Security Deposit shall return be returned to Tenant (or, at Landlord's option, to the full security deposit last assignee of Tenant's interests hereunder) within two (2) weeks after Lease Termination and vacation of the Premises by Tenant or in the event that actual cause exists for retaining its last assignee; provided, however if any portion of the security depositSecurity Deposit is to be applied to repair damages to the Premises caused by Tenant or Tenant's Agents or to clean the Premises, then the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion balance of the security deposit. When the statement is delivered, it Security Deposit shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed returned to have complied with this Section by mailing said statement and any payment required Tenant (or, at Landlord's option to the last known address assignee of Tenant's interest hereunder) no later than thirty (30) days after the date Landlord receives possession of the Premises. Tenant shall not transfer or encumber the Security Deposit nor shall Landlord be bound by Tenant's attempt to do so. Nothing If Landlord's interest in this Section Lease is terminated, Landlord shall preclude transfer the Security Deposit to Landlord's successor in interest, and upon such transfer Landlord shall be released from retaining any liability to Tenant with respect to the security deposit Security Deposit and Tenant shall look only to the transferee for nonpayment of rent, abandonment any return of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantSecurity Deposit to which Tenant may be entitled.

Appears in 1 contract

Sources: Office Lease (QCS Net Corp)

Security Deposit. i. The Except as otherwise set forth herein, Tenant shall deposit with Landlord no later than ninety (90) days prior to the Landlord expiration of the Term the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security deposit16,523.36, which total amount sum Landlord shall be held by Landlord retain as security for the faithful performance by Tenant of all each of its obligations hereunder (the terms"Security Deposit"). Landlord shall provide written notice to Tenant of such obligation thirty (30) days prior to the due date of said Security Deposit. The Security Deposit shall not bear interest. If, covenants and conditions of this Agreementat any time, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect fails to this Agreementperform its obligations, including but not limited to, the payment of Base or Additional Rent, then Landlord may, at its option, useapply the Security Deposit, apply or retain all or any part portion thereof required to cure Tenant's default; provided, however, if prior to the Expiration Date or any termination of this security deposit for Lease, Landlord depletes the payment Security Deposit, in whole or in part, then immediately following such depletion, Tenant shall restore the amount so used by Landlord. Landlord agrees to give Tenant notice of its inspection of the Premises, allow Tenant to be present thereat and to conduct same within seven (7) days of the Expiration Date, or any amount which termination of this Lease. Unless Landlord may spend or become obligated uses the Security Deposit to spend by reason cure a default of Tenant’s default, or to compensate Landlord for any other loss or damage restore the Premises to the condition to which Landlord may suffer by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five (5) days from Landlord’s written demand, shall be a material breach of this Agreement. Landlord shall not be Tenant is required to keep this security deposit separate from its general fundsleave the Premises upon the Expiration Date or any termination of the Lease, and Tenant shall not be entitled to interest on such deposit. iii. Within sixty then Landlord shall, within thirty (6030) days after the Expiration Date or any termination of this Agreement or surrender and acceptance of the Leased PremisesLease, whichever occurs last, Landlord shall return refund to Tenant the full security deposit or any funds remaining in the event that actual cause exists for retaining Security Deposit. Tenant may not credit against or deduct the Security Deposit from any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantmonth's Rent.

Appears in 1 contract

Sources: Lease (Metavante Corp)

Security Deposit. i. Tenant concurrently with the execution of this Lease shall pay to Landlord the Security Deposit. The Security Deposit may be applied by Landlord to cure any default of Tenant under this Lease, and upon notice by Landlord of such application, Tenant shall replenish the Security Deposit in full by paying to Landlord within ten (10) days of demand the amount so applied. Landlord shall not pay any interest on the Security Deposit. The Security Deposit shall not be deemed an advance payment of Rent, nor a measure of damages for any default by Tenant under this Lease, nor shall it be a bar or defense of any action which Landlord may at any time commence against Tenant. In the absence of evidence satisfactory to Landlord of an assignment of the right to receive the Security Deposit or the remaining balance thereof, Landlord may return the Security Deposit to the original Tenant, regardless of one or more assignments of this Lease. Upon the transfer of Landlord’s interest under this Lease, Landlord’s obligation to Tenant with respect to the security deposit with shall terminate upon assumption of such obligation by the transferee. Further, to the extent Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a maintains tenant security deposit, which total amount shall be held by Landlord as security deposits for the faithful performance by Building in an interest bearing account, the Security Deposit will be similarly maintained with interest credited to Tenant of to the same extent interest is credited to other tenants. If Tenant shall fully and faithfully comply with all the terms, covenants provisions, covenants, and conditions of this Agreement, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect to this Agreement, including but not limited toLease, the payment of Base or Additional RentSecurity Deposit, Landlord may, at its option, use, apply or retain all or any part of this security deposit for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five (5) days from Landlord’s written demandbalance thereof, shall be a material breach returned to Tenant after the following: (a) the expiration of the Term of this Agreement. Landlord shall not be required to keep this security deposit separate Lease; (b) the removal of Tenant and its property from its general funds, and Tenant shall not be entitled to interest on such deposit.the Premises; iii. Within sixty (60c) days after termination of this Agreement or the surrender and acceptance of the Leased Premises, whichever occurs last, Premises by Tenant to Landlord shall return to in accordance with this Lease; and (d) the payment by Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is deliveredoutstanding Rent, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required including, without limitation, all Rent Adjustments due pursuant to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for Lease as computed by the tenantLandlord.

Appears in 1 contract

Sources: Office Lease (Amber Road, Inc.)

Security Deposit. i. The Concurrently with Tenant's execution of this Lease, Tenant shall deposit with the Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ONE HUNDRED THIRTY FIVE THOUSAND AND NO/100 ($8,854.17135,000.00) as a security deposit, which total amount Dollars. Said sum shall be held by Landlord as security a Security Deposit for the faithful performance by Tenant of all of the terms, covenants covenants, and conditions of this Agreement, including attorney’s fees Lease to be kept and costs incurred. ______________ ________________ Landlord performed by Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iiduring the term hereof. If Tenant is in default defaults with respect to any provision of this AgreementLease, including including, but not limited to, the provisions relating to the payment of Base or Additional Rentrent and any of the monetary sums due herewith, Landlord may, at its option, may (but shall not be required to) use, apply or retain all or any part of this security deposit Security Deposit for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, 's default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s 's default. If any portion of said Deposit is so used or applied, including attorney’s fees and costs incurredTenant shall, within ten (10) days after written demand therefor, deposit cash with Landlord in the amount sufficient to restore the Security Deposit to its original amount. Tenant’s 's failure to replace any amount do so used within five (5) days from Landlord’s written demand, shall be a material breach of this AgreementLease. Landlord shall not be required to keep this security deposit Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iiiDeposit. Within sixty If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit or any balance thereof shall be returned to Tenant (60or at Landlord's option, to the last assignee of Tenant's interest hereunder) days at the expiration of the Lease term and after Tenant has vacated the Premises, in the event of termination of Landlord's interest in this Agreement or surrender and acceptance of the Leased Premises, whichever occurs lastLease, Landlord shall return transfer said Deposit to Landlord's successor in interest whereupon Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the agrees to release Landlord shall provide the Tenant with a written statement listing the exact reasons from liability for the retention return of any portion of such Deposit or the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantaccounting therefor.

Appears in 1 contract

Sources: Lease Agreement (Neoforma Com Inc)

Security Deposit. i. The Section 5 of the Lease is hereby amended in ----------------- its entirety to read as follows: Within 15 days from the execution of the Second Amendment to Industrial Lease Agreement dated as of August 17, 2005 between DCT DFW, LP, as Landlord, and Tenant ("Second Amendment"), Tenant shall deposit with Landlord a Security Deposit in the Landlord the sum amount of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security deposit19,934, which total amount shall be held by Landlord as security for the full and faithful performance of Tenant's obligations under this Lease. The parties agree that, unless otherwise required by law, Landlord shall not be required to keep said Security Deposit separate from its general funds, nor pay any interest thereon to Tenant. Such Security Deposit shall not be construed as an advance payment of Base Rent or as a measure of Landlord's damages in the event of an Event of Default by Tenant under this Lease. In the event of an Event of Default by Tenant under this Lease, Landlord may apply all the terms, covenants and conditions or a portion of this Agreement, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect to this Agreement, including but not limited to, said Security Deposit for the payment of Base any sum or Additional Rent, Landlord may, at its option, use, apply or retain all or any part of this security deposit for the payment of any amount which Landlord may spend or become obligated to spend expends by reason of Tenant’s defaultsuch Event of Default. If any portion of said Security Deposit is so applied, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s defaultTenant shall deposit with Landlord, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five (5) days from after receipt of Landlord’s 's written demand, shall be a material breach an amount sufficient to restore said Security Deposit to its original amount. Upon the expiration of this Agreement. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iii. Within sixty (60) days after termination of this Agreement or surrender and acceptance of the Leased Premises, whichever occurs lastLease, Landlord shall return said Security Deposit to Tenant; provided that Tenant has paid to Landlord all sums owing to Landlord under this Lease, Tenant has performed all of its obligations hereunder and Tenant has returned the full security deposit or Demised Premises to Landlord in the event that actual cause exists for retaining any portion of the security depositas good and satisfactory condition as when Tenant took possession, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited excepting normal wear and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenanttear.

Appears in 1 contract

Sources: Industrial Lease Agreement (Rockwell Medical Technologies Inc)

Security Deposit. i. The Tenant shall deposit has deposited with the Landlord the sum of Eight Thousand Eight Eighty Thousand, Five Hundred Sixty-Three and Fifty Four and 17/100 20/100 Dollars ($8,854.17) as a security deposit80,563.20), which total amount shall be held by Landlord as security for the full and faithful performance of Tenant's obligations under this Lease. The parties agree that, unless otherwise required by Tenant law, Landlord shall not be required to keep said security deposit separate from its general funds, nor pay any interest thereon to Tenant. Such security deposit shall not be construed as an advance Rent payment, or as a measure of all Landlord's damages in the terms, covenants and conditions event of this Agreement, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iia Default by Tenant. If Tenant is should be placed in default Default with respect to any provision of this AgreementLease, including but not limited to, Landlord may apply all or a portion of said security deposit for the payment of Base any sum in Default or Additional Rent, Landlord may, at its option, use, apply or retain all or any part of this security deposit for the payment of any amount which Landlord may spend or become obligated to spend expends by reason of Tenant’s defaultsuch Default. If any portion of said deposit is so applied, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s defaultTenant shall deposit with Landlord, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five (5) days from after receipt of Landlord’s 's written demand, shall be a material breach an amount sufficient to restore said security deposit to its original amount. Upon the expiration of this Agreement. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iii. Within sixty (60) days after termination of this Agreement or surrender and acceptance of the Leased Premises, whichever occurs lastLease, Landlord shall return to Tenant the full said security deposit or to Tenant, provided Tenant has paid to Landlord all sums owing to Landlord under this Lease, and Tenant has returned the Premises to Landlord in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the as good order and satisfactory condition as when Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenanttook possession.

Appears in 1 contract

Sources: Office/Warehouse Lease (Aradigm Corp)

Security Deposit. i. The On the Commencement Date, Tenant shall deposit with the pay to Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars $_____ ($8,854.17the "Security Deposit") as a security deposit, which total amount shall be held by Landlord as security for the faithful performance by Tenant of all the terms, Tenant's covenants and conditions of obligations under this AgreementLease, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect to this Agreement, including but it being expressly understood that the Security Deposit shall not limited to, the be considered an advance payment of Base Rent or Additional Renta measure of Landlord's damage in case of Default hereunder by Tenant, and shall be held by Landlord may, at its option, use, apply or retain all or any part of this security deposit for the without payment of any amount which interest thereon. Upon the occurrence of any Event of Default by Tenant under this Lease, without prejudice to any other remedy, Landlord from time to time may spend or become obligated use the Security Deposit to spend by reason the extent necessary to make good any arrears of Tenant’s default, Rents or to compensate repair any damage or injury or pay any expense or liability incurred by Landlord for as a result of an Event of Default or breach of covenant, and any other loss or damage which Landlord may suffer by reason remaining balance of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five (5) days from Landlord’s written demand, the Security Deposit shall be a material breach of this Agreement. returned by Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iii. Within sixty (60) days after upon the termination of this Agreement or surrender and acceptance of the Leased Premises, whichever occurs last, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining Lease. If any portion of the Security Deposit is so used or applied, Tenant shall deposit with Landlord, upon ten (10) days' Notice from Landlord, by cash or cashier's check an amount sufficient to restore the Security Deposit to its original amount. The Security deposit may be assigned and transferred by Landlord to the Successor Landlord, and upon acknowledgment by such Successor Landlord of receipt of such security depositand its assumption of the obligation to account to Tenant for such security in accordance with the terms of this Lease, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention thereby be discharged of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantfurther obligation relating thereto.

Appears in 1 contract

Sources: Training Center and Fractional Ownership Agreement (Training Devices International Inc)

Security Deposit. i. The Concurrently with Tenant's execution of this Lease, Tenant shall deposit the Security Deposit with the Landlord the Landlord. Said sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security deposit, which total amount shall be held by Landlord as security for the faithful performance by Tenant of all the terms, covenants covenants, and conditions of this Agreement, including attorney’s fees Lease to be kept and costs incurred. ______________ ________________ Landlord performed by Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iihereunder. If Tenant is in default defaults with respect to any provision of this AgreementLease, including including, but not limited to, to the provisions relating to the payment of Base or Additional RentRents, Landlord may, at its option, may (but shall not be required to) use, apply apply, or retain all or any part of this security deposit for the payment of any Rents in default, or for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s 's default, or to compensate Landlord for any other loss or damage damage, direct or indirect, which Landlord may suffer by reason of Tenant’s 's default, including attorney’s fees and costs incurred. Tenant’s failure to replace If any amount portion of said deposit is so used or applied, then Tenant shall, within five (5) days from Landlord’s after written demanddemand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount, and Tenant's failure to do so shall be a material breach of default under this AgreementLease. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iii. Within sixty (60) days after termination If Tenant shall fully and faithfully perform every provision of this Agreement or surrender and acceptance of Lease to be performed by it, the Leased Premises, whichever occurs last, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it balance thereof shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed returned to have complied with this Section by mailing said statement and any payment required Tenant (or, at Landlord's option, to the last known address assignee of Tenant's interest hereunder) within thirty (30) days following expiration of the TenantLease Term. Nothing If a termination of Landlord's interest in this Section Lease occurs, then Landlord shall preclude the Landlord from retaining the security transfer said deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantto Landlord's successor in interest.

Appears in 1 contract

Sources: Lease Agreement (Ultimate Sports Entertainment Inc)

Security Deposit. i. The Upon execution of this Lease, Tenant shall deposit with the pay to Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security deposit, which total amount shall be held by Landlord Security Deposit specified in Paragraph 2.d. above as security for the faithful Tenant's performance by Tenant of all the terms, of Tenant's covenants and conditions of obligations under this AgreementLease; provided, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant however, that the security Deposit is in default with respect to this Agreement, including but not limited to, the payment of Base an advance rent deposit or Additional Rent, Landlord may, at its option, use, apply or retain all or any part of this security deposit for the an advance payment of any amount which Landlord may spend or become obligated to spend by reason other kind, nor a measure of Landlord's damages upon Tenant’s 's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five (5) days from Landlord’s written demand, shall be a material breach of this Agreement. Landlord shall not be required to keep this security deposit separate segregate the Security Deposit from its general funds, other funds and no interest shall accrue or be payable to Tenant with respect thereto. Landlord may (but shall not be entitled required to) use the Security Deposit or any portion thereof to interest on cure any Event of Default or to compensate Landlord for any damage Landlord incurs as a result of Tenant's failure to perform any of its covenants or obligations hereunder, it being understood that any use of the Security Deposit shall not constitute a bar or defense to any of Landlord's remedies under this Lease or at law. In such deposit. iiievent and upon written notice from Landlord to Tenant specifying the amount of the Security Deposit so utilized by Landlord and the particular purpose for which such amount was applied, Tenant shall immediately deposit with Landlord an amount sufficient to return the Security Deposit to an amount equal to one hundred percent (100%) of the amount specified in Paragraph 2.d. Within sixty as the same may have been increased by prior applications of this Paragraph 6. Tenant's failure to make such payment to Landlord within five (605) days after of Landlord's notice shall constitute an Event of Default. If no Event of Default (or default under this Lease that subsequently matures into an Event of Default) is outstanding at, the expiration or termination of this Agreement or surrender and acceptance of the Leased Premises, whichever occurs lastLease, Landlord shall return to Tenant the full security deposit Security Deposit or the balance thereof then hold by Landlord; provided, however, that in no event shall any such return be construed as an admission by Landlord that Tenant has performed all of its covenants and obligations hereunder. No holder of a Superior Interest (as defined in Paragraph 21 below), nor any purchaser at any judicial or private foreclosure sale of the event that actual cause exists for retaining Real Property or any portion thereof, shall be responsible to Tenant for the Security Deposit unless and only to the extent such holder or purchaser shall have actually received the same. Notwithstanding the foregoing, provided no default under this Lease by Tenant has occurred prior thereto, Landlord shall return Nine Thousand Thirty-Nine Dollars ($9,039.00) of the security depositSecurity Deposit to Tenant upon Tenant's written request to Landlord given any time after the first (1st) anniversary of the Commencement Date; provided, however, if any default under this Lease subsequently occurs, the amount required to be deposited by Landlord shall provide pursuant to the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it immediately preceding paragraph shall be accompanied by payment of the difference between any sum deposited and based on the amount retainedoriginally specified in Paragraph 2.d. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to not the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for amount reduced by the tenantamount so returned by Landlord.

Appears in 1 contract

Sources: Office Lease (Lionbridge Technologies Inc /De/)

Security Deposit. i. The Not later than the Rent Commencement Date, Tenant shall deposit with the Landlord the sum of Eight Twenty-Six Thousand Eight Two Hundred Sixty-Five and Fifty Four and 17/100 42/100 Dollars ($8,854.1726,265.42) as a security deposit, which total amount shall . Interest will be held paid to the Tenant by the Landlord as security for annually at a rate of 3 percent on the faithful performance Security Deposit. Upon the occurrence of any event of default by Tenant of all the terms, covenants and conditions of this Agreement, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect to this Agreement, including but not limited to, the payment of Base or Additional RentTenant, Landlord may, at its optionfrom time to time, use, apply or retain all or without prejudice to any part of this other remedy use the security deposit for paid to Landlord by Tenant as herein provided to the payment extent necessary to make good any arrears of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, or to compensate Landlord for Basic Rent and any other loss damage, injury, expense or damage which Landlord may suffer by reason liability caused to Landlord. If any portion of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount said deposit is so used or applied, Tenant shall, within five (5) days from Landlord’s after written demanddemand therefore, shall be a material breach of this Agreement. deposit cash with Landlord shall not be required in an amount sufficient to keep this restore the security deposit separate from to its general funds, and original amount. Tenant shall not be entitled to interest on the security deposit. Tenant shall not grant anyone a security interest of any kind in such deposit. iiisecurity deposit and no such security agreement shall be binding on Landlord. Within sixty (60) days after termination If Tenant fully and faithfully performs every provision of this Agreement or surrender and acceptance of the Leased PremisesLease to be performed by it, whichever occurs last, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, or any balance thereof remaining, shall be returned to Tenant at the expiration of the Lease Term and upon Tenant’s vacation of the Premises. Such security deposit shall not be considered an advance payment of Basic Rent or a measure of Landlord’s damages in case of default by Tenant. In the event Landlord should have good cause to doubt the full and faithful performance of every provision of this Lease by Tenant, Landlord shall provide have the right to demand that Tenant with a written statement listing post an additional security deposit in the exact reasons for same amount as the retention of any portion of the original security deposit. When Upon the statement showing by Tenant that this full and faithful performance is deliveredno longer in doubt, it the additional security deposit shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed returned to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenant.

Appears in 1 contract

Sources: Modification of Lease (Luna Innovations Inc)

Security Deposit. i. The Tenant shall deposit provide Landlord with the Landlord the sum a ---------------- letter of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) credit as a security depositspecified below, which total amount letter of credit shall be held by Landlord as a security deposit for the faithful performance by Tenant of all of the terms, covenants and conditions of this Agreement, including attorney’s fees lease to be kept and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iiperformed by Tenant. If Tenant is in default defaults with respect to any provision of this Agreementlease, including but not limited to, to the provisions relating to the payment of Base or Additional Rentbasic rent and direct expenses, Landlord may, at its option, may (but shall not be required to) use, apply or retain all or any pay part of this security deposit for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, 's default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s 's default. If any portion of said deposit is so used, including attorney’s fees and costs incurred. Tenant shall, within ten (10) days after written demand therefor, deposit cash with Landlord in the amount sufficient to restore the security deposit to its original amount; Tenant’s 's failure to replace any amount do so used within five (5) days from Landlord’s written demand, shall be a material breach of this Agreementlease. Landlord shall not be required to keep this security deposit separate from its general funds, funds and Tenant shall not be entitled to interest on such deposit. iii. Within If Tenant is not in default as the expiration or termination of this lease, the security deposit or any balance thereof shall be returned to Tenant after Tenant has vacated the Premises. In the event of termination of Landlord's interest in this lease, Landlord shall transfer said deposit to Landlord's successor in interest, and Tenant agrees that Landlord shall thereupon be released from liability for the return of such deposit or any accounting therefor. Tenant shall deliver to Landlord concurrent with Tenant's execution of this lease an unconditional irrevocable letter of credit in the amount of Two Hundred Thousand Six Hundred Eighty-Nine and 00/100 Dollars ($200,689.00) in favor of Landlord to secure the faithful performance by Tenant of al of the terms, covenants and conditions of this lease to be kept and performed by Tenant. Provided Tenant is not then in default and the Lease is then in full force and effect, the amount of the letter of credit shall be reduced in accordance with the following schedule: Reduction Date Letter of Credit Amount Reduced To: -------------- ---------------------------------- On the first day of the 13th lease month $160,551.20 of the Base Security Deposit Amount On the first day of the 25th lease month $120,413.40 of the Base Security Deposit Amount On the first day of the 37th lease month $80,275.60 of the Base Security Deposit Amount On the first day of the 49th lease month $40,137.80 of the Base Security Deposit Amount Said letter of credit shall be available by draft at sight, subject only to receipt by the bank of a notarized statement from ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇ or ▇▇▇▇▇▇ ▇. ▇▇▇▇ stating the amount demanded as due and owing to Landlord, and shall otherwise be in a form reasonably satisfactory to Landlord and Landlord's attorney and drawn upon such bank as Landlord may approve. Said letter of credit shall by its terms expire not less than one (1) year from the date issued, provided that unless Tenant deposits with Landlord a cash security deposit of like amount, the letter of credit shall be renewed for successive periods of not less than one (1) year each to and including the date which is 10 days after the expiration of the term of this lease. The bank's written renewal of the letter of credit shall be delivered to Landlord not less than sixty (60) days after termination prior to the expiration of such letter of credit. If Landlord does not receive such written renewal at least sixty (60) days prior to the expiration date of the letter of credit, then Landlord shall be entitled to make demand for the principal amount of said letter of credit and, thereafter, hold or apply such funds in accordance with the first paragraph of this Agreement or surrender and acceptance paragraph 4(e). Tenant's failure to so deliver, renew (including specifically but not limited to the delivery to Landlord of such renewal not less than sixty (60) days prior to expiration of the Leased Premisesletter of credit) and maintain such letter of credit shall be a material breach of this lease. If Tenant defaults in the performance of any provision of this lease to be performed by Tenant, whichever occurs lastincluding without limitation the timely payment of basic rent and direct expenses and other amounts due Landlord, Landlord shall return may immediately and without further notice resort to Tenant said letter of credit (or the full security deposit funds received therefrom) and use or in apply all or any part of same to compensate Landlord for any loss or expense occasioned thereby and for the event that actual cause exists for retaining payment of any amount due Landlord under the terms o this lease. If any portion of said letter of credit (or the security depositfunds received therefrom) is so used as specified above, Tenant shall, within ten (10) days after written demand therefor, restore the Landlord letter of credit (or the funds received therefrom) to its original amount, and Tenant's failure to do so shall provide the Tenant with be a written statement listing the exact reasons for the retention material breach of any portion this lease. Landlord's resort to said letter of credit (or use of the security deposit. When the statement is delivered, it funds received therefrom) shall be accompanied in no way or manner constitute an acceptance of or waiver of such default by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section ; nor shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premisessuch resort or use terminate, or nonpayment of utility charges, repair workpermit Tenant to terminate, or cleaning contracted for constitute a forfeiture of, or be construed as an election by Landlord to terminate, this lease; nor shall such resort or use affect Landlord's remedies otherwise available under this lease or at law. If there is a substantial change in Tenant's financial condition, after the tenantfirst lease year Tenant may request that Landlord review Tenant's financial condition (but not more than two requests per year) and upon such request Landlord will review the requirement of a letter of credit and Landlord may, at Landlord's sole discretion and without any obligation to do so, agree to reduce or eliminate the requirement of a letter of credit.

Appears in 1 contract

Sources: Sublease (Ebay Inc)

Security Deposit. i. The Tenant shall deposit hereby deposits with the Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security depositSecurity Deposit, which total amount shall be held by Landlord as security for the prompt, full and faithful performance by Tenant of all the terms, covenants each and conditions every provision of this Agreement, including attorney’s fees Lease and costs incurred. ______________ ________________ Landlord of all obligations of Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iihereunder. If Tenant is in default with respect to this Agreement, including but not limited to, the payment an Event of Base or Additional RentDefault occurs, Landlord may, at its option, may use, apply or retain all the whole or any part of this security deposit the Security Deposit (OR DRAW DOWN THE ENTIRE AMOUNT OF ANY LETTER OF CREDIT) for the payment of (i) any amount Basic Rent or Additional Charges which Tenant shall not have paid or which may become due after the occurrence of such Event of Default, (ii) any sum expended by Landlord on Tenant's behalf in accordance with the provisions of this Lease or (iii) any sum which Landlord may spend expend or become obligated be required to spend expend by reason of Tenant’s 's default, including Tenant's default, including damages or to compensate 18 20 deficiency in the reletting of the Leased Premises as provided in Section 15 hereof. The use, application or retention of the Security Deposit, or any portion thereof, by Landlord for shall not prevent Landlord from exercising any other loss right or damage remedy provided by this Lease or by law and shall not operate as a limitation on any recovery to which Landlord may suffer otherwise be entitled. If any portion of the Security Deposit is used, applied or retained by reason Landlord for the purposes set forth above, Tenant agrees, within 10 days after a written demand therefor is made by Landlord, to deposit cash (OR REPLACE ANY DRAWN DOWN LETTER OF CREDIT) with Landlord in an amount sufficient to restore the Security Deposit to its original amount. If Tenant shall fully and faithfully comply with all of Tenant’s defaultthe provisions of this Lease, including attorney’s fees and costs incurred. Tenant’s failure to replace the Security Deposit, or any amount so used within five (5) days from Landlord’s written demandbalance thereof, shall be a material breach timely returned to Tenant after the expiration of the Term, without interest. In the absence of evidence satisfactory to Landlord of any permitted assignment of the right to receive the Security Deposit, or the remaining balance thereof, Landlord may return the same to Tenant, regardless of one or more assignments of Tenant's interest in this AgreementLease or the Security Deposit. In such event, upon the return of the Security Deposit (or balance thereof) to Tenant, Landlord shall not be required to keep completely relieved of liability under this security deposit separate from its general funds, and Tenant shall not be entitled to Section 18. In the event of a transfer of Landlord's interest on such deposit. iii. Within sixty (60) days after termination of this Agreement or surrender and acceptance of in the Leased Premises, whichever occurs lastLandlord shall have the right to transfer the Security Deposit to the transferee thereof. In such event, upon the delivery by Landlord to Tenant of such transferee's written acknowledgement of its receipt of such Security Deposit, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with been released by Tenant from all liability or obligation for the return of such Security Deposit, and Tenant agrees to look solely to such transferee for the return of the Security Deposit and the transferee shall be bound by all provisions of this Section by mailing said statement and any payment required Lease relating to the last known address return of the TenantSecurity Deposit. Nothing The Security Deposit shall not be mortgaged, assigned or encumbered in this Section shall preclude any manner whatsoever by Tenant without the Landlord from retaining the security deposit for nonpayment prior written consent of rentLandlord. FINALLY, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantTENANT SHALL REPLACE ANY EXPIRING LETTER OF CREDIT AT LEAST THIRTY (30) DAYS PRIOR TO EXPIRATION.

Appears in 1 contract

Sources: Office Lease Agreement (Template Software Inc)

Security Deposit. i. The Upon the execution of this Lease, Tenant shall deposit has deposited with the Landlord the full sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars SEVEN THOUSAND NINETY-TWO AND NO/100 DOLLARS ($8,854.177,092.00) as a security deposit, which total amount shall be held by Landlord ("Security Deposit") as security for the full and faithful performance by Tenant of all the terms, covenants and conditions every provision of this AgreementLease to be performed by Tenant, including attorney’s fees which Security Deposit was paid under the existing Lease and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iihereby acknowledged by Landlord. If Tenant is defaults in default with respect to the performance of any provision of this AgreementLease, including but not limited to, to the provisions relating to the payment of Base or Additional Rent, Landlord may, at its option, may use, apply or retain all or any part of this security deposit Security Deposit for the payment of any Rent or any other sum in default or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, 's default or to compensate Landlord for any other loss loss, cost or damage which Landlord may suffer by reason of Tenant’s 's default, including attorney’s fees and costs incurred. Tenant’s failure to replace If any amount portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days from Landlord’s after written demanddemand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant's failure to do so shall be a material breach of this AgreementLease. Landlord shall not not, unless otherwise required by law, be required to keep this security deposit Security Deposit separate from its general funds, nor pay interest to Tenant. If Landlord is required to maintain the Security Deposit in an interest bearing account, Landlord will retain the maximum amount permitted under applicable law as a bookkeeping and administrative charge. If Tenant shall not be entitled to interest on such deposit. iii. Within sixty (60) days after termination fully and faithfully perform every provision of this Agreement Lease to be performed by it, the Security Deposit or surrender and acceptance of the Leased Premises, whichever occurs last, Landlord any balance thereof shall return be returned to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit(or, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is deliveredat Landlord's option, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address transferee of Tenant's interest hereunder) at the expiration of the Lease Term and upon Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment 's vacation of the Leased Premises. Landlord shall have the right to transfer any Security Deposit held to any purchaser of the Building. Upon such transfer, or nonpayment Tenant shall look solely to such purchaser for return of utility charges, repair work, or cleaning contracted for by the tenantSecurity Deposit; and Landlord shall be released from any liability with respect to the Security Deposit.

Appears in 1 contract

Sources: Office Lease (Education Lending Group Inc)

Security Deposit. i. The Tenant shall deposit has deposited $4,901.38 with Landlord (the Landlord the “Security Deposit”) which sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security deposit, which total amount shall be held by Landlord as security for the faithful performance by Tenant of all the terms, covenants and conditions terms of this AgreementLease to be observed and performed by Tenant. Tenant shall not mortgage, including attorneyassign, transfer or encumber the Security Deposit and any such act on Tenant’s fees part shall be without force and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iieffect and shall not be binding on Landlord. If Tenant is in default with respect fails to perform any of the terms of this AgreementLease, including but not limited to, the payment of Base or Additional Rent, then Landlord may, at its optionLandlord’s option and without notice or prejudice to any other remedy which Landlord may have on account thereof, useappropriate and apply the entire Security Deposit, apply or retain all or any part of this security deposit for so much thereof as may be necessary, toward the payment of any amount which Landlord may spend due hereunder but unpaid or become obligated to spend by reason of Tenant’s default, or to compensate Landlord for any other loss or damage which sustained by Landlord may suffer due to such breach by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five (5) days from Landlord’s written demand, shall be a material breach of this Agreement. Landlord shall not be required to keep this security deposit separate from its general funds, ; and Tenant shall not be entitled to interest on such deposit. iii. Within sixty within ten (6010) days of demand restore the Security Deposit to the original amount deposited. So long as Tenant is not in default under this Lease (i.e., after termination of this Agreement or surrender and acceptance of the Leased Premisesapplicable notice and/or cure period, whichever occurs lastif any, as provided in Section 23), Landlord shall return the Security Deposit, or so much thereof as shall have not theretofore been applied in accordance with the terms hereof (and less any amount Landlord shall estimate shall be due from Tenant on account of Operating Costs and Taxes), to Tenant promptly following the full security deposit expiration or earlier termination of the Term and the surrender of possession of the Premises by Tenant in accordance with the terms of this Lease. While Landlord holds the Security Deposit, Landlord shall have no obligation to pay interest on it and may commingle it with other funds. If Landlord conveys its interest in the event that actual cause exists Premises, the Security Deposit, or any part thereof not previously applied, will be turned over to the transferee, and Tenant will look solely to such transferee for retaining any portion proper application and return of the security deposit, Security Deposit in accordance with the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantterms hereof.

Appears in 1 contract

Sources: Lease (Vidara Therapeutics International LTD)

Security Deposit. i. The Upon the execution of this Lease in addition to payment of the 13th, 14th and 15th months’ Base Rent and applicable taxes, Tenant shall deposit with Landlord a cash Security Deposit in the Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security depositamount set forth in Section 1.10 above, which total amount shall be held by Landlord as security for the faithful full performance by Tenant of all the terms, covenants and conditions of this Agreement, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iiits obligations hereunder. If Tenant is in default with respect to this Agreement, including but not limited to, the payment of Base or Additional Rentdefaults under any provision hereof, Landlord mayshall be entitled, at its option, use, to apply or retain all or any part of this security deposit the Security Deposit for the payment of any Base Rent, Additional Rent, Tenant’s Pro Rata Share, other sum owing by Tenant to Landlord, or any amount which Landlord may spend or become obligated to spend by reason because of Tenant’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason because of Tenant’s default. Notwithstanding the foregoing, including attorney’s fees and costs incurred. Landlord shall only be entitled to retain such portion of the Security Deposit as necessary to compensate Landlord for Tenant’s failure to replace default in accordance herewith. If any amount portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days from Landlordafter written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount. Tenant’s written demand, failure to do so shall be a material breach of default under this AgreementLease. Landlord shall not be required to keep this security deposit the Security Deposit separate from its general funds, other accounts and no trust relationship is created with respect to the Security Deposit. Tenant shall not be entitled to interest on such deposit. iiithe Security Deposit. Within sixty (60) days after termination If Tenant fully performs every provision of this Agreement Lease to be performed by it, the Security Deposit or surrender and acceptance any balance thereof shall be returned to Tenant at the expiration of the Leased Premisesterm of this Lease or any period of holding over. Landlord’s rights with respect to the Security Deposit shall be in addition to and shall not preclude concurrent, whichever occurs last, Landlord shall return to Tenant the full security deposit alternative or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention successive exercises of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed other rights or remedies available to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantLandlord.

Appears in 1 contract

Sources: Office Lease (VectoIQ Acquisition Corp.)

Security Deposit. i. The Tenant shall deposit has deposited with the Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17TWENTY-SIX THOUSAND NINE HUNDRED FIFTY AND NO/100* - - - - - - - - -($26,950.00) as a security deposit, which total amount shall Dollars. Said sum snail be held by Landlord as security for the faithful performance by Tenant of all the terms, covenants covenants, and conditions of this Agreement, including attorney’s fees Lease to be kept and costs incurred. ______________ ________________ Landlord performed by Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iiduring the term hereof. If Tenant is in default defaults with respect to any provisions of this AgreementLease, including including, but not limited to, to the provisions relating to the payment of Base or Additional Rentrentals, Landlord may, at its option, may (but shall not be required to) use, apply or retain all or any part of this security deposit for the payment of any rental or any other sum in default, or for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s 's default, or to compensate Landlord for any other *Plus $9,688.00 which has been deposited with Landlord as a Security Deposit pursuant to that certain Lease dated March 9, 1988, for a total Security Deposit of $36,638.00. loss or damage which Landlord may suffer by reason of Tenant’s 's default, including attorney’s fees and costs incurred. Tenant’s failure to replace If any amount portion of said deposit is so used or applied, Tenant shall within five (5) days from Landlord’s after written demanddemand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and Tenant's failure to do so shall be a material breach of this AgreementLease. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iii. Within sixty If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to Tenant (60or, at Landlord's option, to the last successor to Tenant' s interest hereunder) days after at the expiration of the Lease term. In the event of termination of Landlord's interest in this Agreement or surrender and acceptance of the Leased Premises, whichever occurs lastLease, Landlord shall return transfer said deposit to Tenant the full security deposit or Landlord's successor in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantinterest.

Appears in 1 contract

Sources: Lease Agreement (Synon Corp)

Security Deposit. i. The Tenant shall deposit with the Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security deposit, which total amount shall be held by Landlord as An additional security for the faithful performance by Tenant of all of the terms and conditions upon Tenant's part to be performed, Tenant has deposited with Landlord a security deposit (the "Security Deposit") in the amount specified in the Basic Lease Information. Such amount shall be returned to Tenant, without interest, on the day herein set forth for the expiration of the Lease Term if Tenant has fully and faithfully carried out all of the terms, covenants and conditions of this Agreement, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect on its part to this Agreement, including but not limited to, the payment of Base or Additional Rent, Landlord may, at its option, use, apply or retain all or any part of this security deposit for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five (5) days from Landlord’s written demand, shall be a material breach of this Agreementperformed. Landlord shall not be required to keep this security deposit the Security Deposit separate from its general funds. Landlord 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 additional rent, or to satisfy any other covenant or obligation of Tenant hereunder, and Tenant shall not be entitled pay to interest Landlord on such deposit. iii. Within sixty (60) days after termination demand a sum sufficient to restore the Security Deposit to its original amount, and upon the failure of this Agreement or surrender and acceptance Tenant to do so, Landlord may exercise any of the Leased remedies available to it as provided in Article 14 hereof. If Landlord transfers its interest in the Premises, whichever occurs lastLandlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of such Security Deposit, Landlord and it is agreed that the provisions hereof shall return apply to Tenant the full security deposit every transfer or in the event that actual cause exists for retaining any portion assignment made of the security depositto each successive landlord. Tenant further covenants that it will not assign or encumber or attempt to assign or encumber the monies deposited herein as security and that neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance. In the absence of evidence satisfactory to Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion an assignment of the security deposit. When right to receive the statement is deliveredSecurity Deposit or the remaining balance thereof, it shall be accompanied by payment of Landlord may return the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required Security Deposit to the last known address original Tenant, regardless of the one or more assignments of this Lease by Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenant.

Appears in 1 contract

Sources: Shopping Center Lease (Total Entertainment & Restaurant Corp)

Security Deposit. i. The Concurrently with Tenants execution of this Lease, if applicable Tenant shall deposit with the Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security deposit, which total amount shall Security Deposit to be held by Landlord as security for the faithful faithful, performance by Tenant of all the terms, covenants covenants, and conditions of this AgreementLease, including attorney’s fees to be kept and costs incurred. ______________ ________________ Landlord performed by Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iiduring the term hereof. If Tenant is in default tenant defaults with respect to this Agreementany provision of the Lease, including including, but not limited to, the provisions relating to the payment of Base or Additional Rentrent and any of the monetary sums due herewith, Landlord may, at its option, may (but shall not be required to) use, apply or retain all or any part of this security deposit Security Deposit for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, Tenants default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s tenants default. If any portion of Security Deposit is so used or applied, including attorney’s fees and costs incurred. Tenant’s Tenant shall, within ten (10) days after written demand therefor, deposit with Landlord in an amount sufficient to restore the Security Deposit to its original amount; Tenants failure to replace any amount do so used within five (5) days from Landlord’s written demand, shall be a material breach of this AgreementLease. Landlord shall not be required to keep this security deposit Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iii. Within sixty If tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the Security Deposit or any balance thereof shall be returned to Tenant (60or at Landlord option, to the last assignee of Tenants interest hereunder) days at the expiration of the Lease term and after Tenant has vacated the Premises. In the event of termination of Landlord interest in this Agreement or surrender and acceptance of the Leased Premises, whichever occurs lastLease, Landlord shall transfer said Security Deposit to Landlord, successor in interest, whereupon Tenant agree, to release landlord from all for the return to Tenant the full security of such deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantaccounting therefor.

Appears in 1 contract

Sources: Lease Agreement (Network Holdings International Inc)

Security Deposit. i. The Concurrently with Tenant's execution of this ---------------- lease, Tenant shall deposit with the Landlord the sum of Seventy-Eight Thousand Eight Two Hundred Sixty-Two and Fifty Four and 17/100 80/100 Dollars ($8,854.17) as a security deposit78,262 82), which total amount sum shall be held by Landlord as a security deposit for the faithful performance by Tenant of all of the terms, covenants and conditions of this Agreement, including attorney’s fees lease to be kept and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iiperformed by Tenant. If Tenant is in default defaults with respect to any provision of this Agreementlease, including but not limited to, the provisions relating to the payment of Base or Additional Rentbasic rent and common area charges, Landlord may, at its option, may (but shall not be required to) use, apply apply, or retain all or any part of this security deposit for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, 's default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of default. If any portion of said deposit is so used, Tenant shall, within ten (10) days after written demand therefor, deposit cash with Landlord in the amount sufficient to restore the security deposit to its original amount; Tenant’s default, including attorney’s fees and costs incurred. Tenant’s 's failure to replace any amount do so used within five (5) days from Landlord’s written demand, shall be a material breach of this Agreementlease. Landlord shall not be required to keep this security deposit separate from its general funds, funds and Tenant shall not be entitled to interest on such deposit. iii. Within If Tenant is not in default at the expiration or termination of this lease, the security deposit or any balance thereof shall be returned to Tenant within fifteen (15) days after Tenant has vacated the Premises. In the event of termination of Landlord's interest in this lease, Landlord shall transfer said deposit to Landlord's successor in interest, and Tenant agrees that Landlord shall thereupon be released from liability for the return of such deposit or any accounting therefor; provided Landlord's successor assumes the obligations of the Landlord under this lease. In addition to the above cash security deposit, Tenant shall deliver to Landlord within ten (10) days following Tenant's execution of this lease an unconditional irrevocable letter of credit in the amount of Three Hundred Thousand Dollars ($300,000.00) in favor of Landlord to secure the faithful performance by Tenant of all of the terms, covenants and conditions of this lease to be kept and performed by Tenant. Said letter of credit shall be available by draft at sight, subject only to receipt by the bank of a notarized statement from ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇ or ▇▇▇▇▇▇ ▇. ▇▇▇▇ stating the amount demanded as due and owing to Landlord, and shall otherwise be in a form reasonably satisfactory to Landlord and Landlord's attorney and drawn upon such bank as Landlord may approve. Said letter of credit shall by its terms expire not less than one ( 1 ) year from the date issued, provided that unless Tenant deposits with Landlord a cash security deposit of like amount, the letter of credit shall be renewed for an additional period of not less than one (1) year. The amount of the letter of credit shall be reduced by $60,000 at the end of each lease year, such that the amount of the letter of credit during the term of the lease shall be as follows: Year 1 $ 300,000 Year 2 $ 240,000 Year 3 $ 180,000 Year 4 $ 120,000 Year 5 $ 60,000 The bank's written renewal of the letter of credit shall be delivered to Landlord not less than sixty (60) days after termination prior to the expiration of such letter of credit. If Landlord does not receive such written renewal at least sixty (60) days prior to the expiration date of the letter of credit, then Landlord shall be entitled to make demand for the principal amount of said letter of credit and, thereafter, hold such funds in accordance with the first paragraph of this Agreement or surrender and acceptance paragraph 4(e). Tenant's failure to so deliver, renew (including specifically but not limited to the delivery to Landlord of such renewal not less than sixty (60) days prior to expiration of the Leased Premisesletter of credit) and maintain such letter of credit shall be a material breach of this lease. If Tenant defaults in the performance of any provision of this lease to be performed by Tenant, whichever occurs lastincluding without limitation the timely payment of basic rent and direct expenses and other amounts due Landlord, Landlord shall return may immediately and without further notice resort to Tenant said letter of credit (or the full security deposit funds received therefrom) and use or in apply all or any part of same to compensate Landlord for any loss or expense occasioned thereby and for the event that actual cause exists for retaining payment of any amount due Landlord under the terms of this lease. If any portion of said letter of credit (or the security depositfunds received therefrom) is so used as specified above, Tenant shall, within ten (10) days after written demand therefor, restore the Landlord letter of credit (or the funds received therefrom) to its original amount, and Tenant's failure to do so shall provide the Tenant with be a written statement listing the exact reasons for the retention material breach of any portion this lease. Landlord's resort to said letter of credit (or use of the security deposit. When the statement is delivered, it funds received therefrom) shall be accompanied in no way or manner constitute an acceptance of or waiver of such default by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section ; nor shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premisessuch resort or use terminate, or nonpayment of utility charges, repair workpermit Tenant to terminate, or cleaning contracted for constitute a forfeiture of, or be construed as an election by the tenantLandlord to terminate, this lease; nor shall such resort or use affect Landlord's remedies otherwise available under this lease or at law.

Appears in 1 contract

Sources: Lease (Exodus Communications Inc)

Security Deposit. i. The Tenant Lessee shall pay as a security deposit with the Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 No/100 Dollars ($8,854.17$ ) as a security deposit(“Security Deposit”), receipt of which total amount shall is hereby acknowledged, to be held by Landlord Lessor as security for the faithful performance by Tenant Lessee of all the terms, covenants and conditions of this AgreementLease to be kept and performed by Lessee during the Lease Term, including attorneyor an Extended Term, if applicable. This deposit does not limit Lessor’s fees rights or Lessee’s obligations. Lessee understands that all or a portion of the deposit may be retained by Lessor upon termination of the tenancy and costs incurred. ______________ ________________ Landlord Tenant that a refund of any portion of the deposit to the Lessee is conditioned on the following: a) Lessee shall clean and restore the Premises to its condition at the commencement of this Lease, less normal wear and tear. b) Lessee shall have remedied or repaired any damage to the Premises to Lessor’s satisfaction. c) Lessee shall have complied with all of the provisions of this Lease Agreement p. of [INSERT PAGE NUMBER] iiand with such other rules and regulations as the Lessor may deem necessary. If Tenant is in default Lessee defaults with respect to any provision of this AgreementLease, including but not limited to, to the provisions relating to the payment of Base or Additional Rentrent and any of the monetary sums due herewith, Landlord may, at its option, Lessor may (but shall not be required to) use, apply or retain all or any part of this security deposit the Security Deposit for the payment of any other amount which Landlord Lessor may spend or become obligated to spend by reason of Tenant’s default, Lessee's default or to compensate Landlord Lessor for any other loss or damage which Landlord Lessor may suffer by reason of Tenant’s Lessee's default. If any portion of the Security Deposit is so used or applied, including attorney’s fees and costs incurredLessee shall, within ten (10) days after written demand therefor, deposit cash with Lessor in an amount sufficient to restore the Security Deposit to its original amount. Tenant’s Lessee's failure to replace any amount do so used within five (5) days from Landlord’s written demand, shall be a material breach of this AgreementLease. Landlord Lessor shall not be required to keep this security deposit Security Deposit separate from its his general funds, and Tenant Lessee shall not be entitled to interest on such deposit. iii. Within sixty (60) days after termination If Lessee shall fully and faithfully perform every provision of this Agreement or surrender and acceptance of the Leased Premises, whichever occurs last, Landlord shall return Lease to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security depositbe performed by him, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of Security Deposit or any portion of the security deposit. When the statement is delivered, it balance thereof shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed returned to have complied with this Section by mailing said statement and any payment required Lessee (or at Lessor's option, to the last known address assignee of Lessee's interests hereunder) at the expiration of the Tenant. Nothing in this Section shall preclude Lease Term or an Extended Term, if applicable, and after Lessee has vacated the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenant.

Appears in 1 contract

Sources: Lease Agreement

Security Deposit. i. The At the time of execution hereof, Tenant shall deposit with the Landlord the sum of Eight Sixty Thousand Eight Hundred and Fifty Four and 17/100 and.00/100 Dollars ($8,854.1760,000.00) in cash, as and for a security deposit, which total amount shall be held by Landlord as security deposit for the full and faithful performance by Tenant of all each and every term, provision, covenant and condition of this Lease. In the event that Tenant defaults with respect to any of the terms, provisions, covenants and conditions of this AgreementLease, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect to this Agreementincluding, including but not limited to, the payment of Base any rentals or Additional Rentother charges or items to be paid or provided for by Tenant, Landlord may, at its option, may use, apply or retain all the whole or any part of this the security deposit so deposited for the payment of any amount such rentals in default or for any other sum which Landlord may spend expend or become obligated be required to spend expend by reason of Tenant’s 's default, including, but not limited to, any damages or to compensate Landlord for any other loss deficiency in the reletting of the Premises, whether such damages or damage which Landlord deficiency may suffer accrue before or after re-entry by reason of Tenant’s default, including attorney’s fees and costs incurredLandlord. Tenant’s failure to replace any amount so used within five (5) days from Landlord’s written demand, shall be a material breach of this Agreement. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to any interest on the security deposit. It is expressly understood and agreed that such deposit is not an advance rental deposit or a measure of Landlord's damages in case of Tenant's default and shall not be considered to be held in trust by Landlord for the benefit of Tenant. Upon application of any part of the deposit by Landlord as provided herein, Tenant shall pay to Landlord on demand the amount so applied in order to restore the security deposit to its original amount. Any application of the deposit by Landlord shall not be deemed to have cured Tenant's default by reason of which the application is made. In the event of a bona fide sale of the Building, Landlord shall have the right to transfer the security deposit to its vendee for the benefit of Tenant, and thereafter Landlord shall be released of all liability for the return of such deposit and Tenant agrees to look to said vendee for the return of its security deposit. iii. Within sixty (60) days after It is agreed that this provision shall apply to every transfer or assignment made of the security deposit to any new landlord. This security deposit shall not be assigned or encumbered by Tenant. It is expressly understood that the re-entry of the Premises by Landlord for any default on the part of Tenant prior to the expiration of the term of this Lease shall not be deemed a termination of this Agreement or surrender and acceptance of the Leased Premises, whichever occurs last, Landlord shall return Lease so as to entitle Tenant the full security deposit or in the event that actual cause exists for retaining any portion of to recover the security deposit, and the security deposit shall be retained and remain in the possession of Landlord until the termination of this Lease. Actions by Landlord against Tenant for breach of this Lease shall provide in no way be limited or restricted by the amount of this security deposit and resort to such security deposit shall not waive any other rights or constitute an election of remedies which Landlord may have. If Tenant shall fully and faithfully comply with a written statement listing all the exact reasons for the retention terms, provisions, covenants and conditions of any portion of this Lease, the security deposit. When the statement is delivered, it or any balance thereof, shall be accompanied by payment returned to Tenant within thirty (30) days after the termination of this Lease and after the removal of Tenant and surrender of possession of the difference between any sum deposited and the amount retained. The Landlord is deemed Premises to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantLandlord.

Appears in 1 contract

Sources: Sublease Agreement (Pluralsight, Inc.)

Security Deposit. i. SECURITY DEPOSIT The Tenant shall deposit with pay to the Landlord on execution of this Lease by the Tenant the sum of Eight One Hundred Twenty-Six Thousand Eight Two Hundred Eighty-Seven and Fifty Four and 17/100 18/100 Dollars ($8,854.17126,287.18) as a security deposit, which total amount shall be held by deposit to the Landlord to stand as security for the faithful payment by the Tenant of any and all present and future debts and liabilities of the Tenant to the Landlord and for the performance by the Tenant of all of its obligations arising under or in connection with this Lease (the terms"Debts, covenants Liabilities and conditions of this Agreement, including attorney’s fees and costs incurredObligations"). ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect to this Agreement, including but not limited to, the payment of Base or Additional Rent, Landlord may, at its option, use, apply or retain all or any part of this security deposit for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five (5) days from Landlord’s written demand, shall be a material breach of this Agreement. The Landlord shall not be required to keep this security the deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iii. Within sixty (60) days after termination of this Agreement or surrender and acceptance In the event of the Leased Premises, whichever occurs last, Landlord shall return to Tenant the full security deposit or disposing of its interest in the event that actual cause exists for retaining any portion of the security depositthis Lease, the Landlord shall provide credit the deposit to its successor and thereupon shall have no liability to the Tenant with a written statement listing the exact reasons for the retention of any portion of to repay the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed deposit to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing Subject to the foregoing and to the Tenant not being in default under this Section shall preclude Lease, the Landlord from retaining shall repay the security deposit for nonpayment of rent, abandonment to the Tenant without interest at the end of the Leased PremisesTerm or sooner termination of the Lease provided that all Debts, or nonpayment Liabilities and Obligations of utility chargesthe Tenant to the Landlord are paid and performed in full, repair workfailing which the Landlord may on notice to the Tenant elect to retain the security deposit and to apply it in reduction of the Debts, or cleaning contracted Liabilities and Obligations and the Tenant shall remain fully liable to the Landlord for by payment and performance of the tenantremaining Debts, Liabilities and Obligations.

Appears in 1 contract

Sources: Lease Agreement (Nx Networks Inc)

Security Deposit. i. The Tenant shall deposit concurrently with the execution of this Sublease has deposited with Landlord a deposit (the sum "Security Deposit") in the amount of Eight Twelve Thousand Eight One Hundred and Fifty Four and 17/100 88/100 Dollars ($8,854.1712,100.88) as a security deposit, which total amount shall to be held by Landlord without interest as security for the faithful performance and observance by Tenant of all the terms, covenants conditions and provisions of this Sublease, including without limitation the surrender of possession of the Premises to Landlord as herein provided. Landlord shall not be required to maintain the Security Deposit in a separate account. It is agreed that in the event Tenant defaults in respect of any of the terms, provisions and conditions of this AgreementSublease, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect to this Agreementincluding, including but not limited to, the payment of Base or Rent and Additional Rent, Landlord may, at its option, use, may apply or retain all the whole or any part of this security deposit the Security Deposit to the extent required for the payment of any amount Base Rent and Additional Rent or any other sum as to which Tenant is in default or for any sum which Landlord may spend expend or become obligated may be required to spend expend by reason of Tenant’s default's default in respect of any of the terms, covenants and conditions of this Sublease, including but not limited to, any damages or deficiency in the reletting of the Premises, whether such damages or deficiency accrue or accrues before or after summary proceedings or other reentry by Landlord. The Security Deposit is not to be used or applied by Tenant as a substitute for rent due any month, but may be so applied by Landlord at any time at Landlord's option. The use, application or retention of the Security Deposit, or to compensate any portion thereof, by Landlord for shall not prevent Landlord from exercising any other loss right or damage remedy provided by this Sublease or by law and shall not operate as a limitation on any recovery to which Landlord may suffer otherwise be entitled. If Landlord applies or retains any part of the Security Deposit, Tenant, upon written demand therefor by reason of Tenant’s defaultLandlord, including attorney’s fees and costs incurred. Tenant’s failure to replace any shall deposit cash with Landlord in such amount so used within five (5) days from Landlord’s written demandthat Landlord shall have the full deposit on hand at all times during the Term. If Tenant shall fully and faithfully comply with all of the terms, provisions, covenants and conditions of this Sublease, the balance of the Security Deposit, if any, shall be a material breach of this Agreement. Landlord shall not be required returned to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iii. Within sixty within thirty (6030) days after termination of this Agreement or surrender the Expiration Date and acceptance after the delivery of the Leased Premises, whichever occurs last, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining any portion entire possession of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed Premises to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantLandlord.

Appears in 1 contract

Sources: Sublease Agreement (Sonus Networks Inc)

Security Deposit. i. The Tenant shall deposit with An irrevocable standby letter of credit from a financial institution reasonably acceptable to Landlord in the Landlord the sum amount of Eight One Million Five Hundred Twenty Thousand Eight Hundred and Fifty Four and 17/100 No/100 Dollars ($8,854.171,520,000.00) as a security deposit(the “Security Deposit”) has been delivered on behalf of Tenant to Landlord, which total amount Security Deposit shall be held by Landlord serve as security for the Tenant’s faithful performance by Tenant of all of Tenant’s obligations under this Agreement and each Related Tenant’s faithful performance of all of such Related Tenant’s obligations under the termsRelated Lease, covenants and conditions for so long as such Related Lease 1240817 shall continue to be a Related Lease hereunder. If Tenant fails to pay Rent or Additional Charges due hereunder, fails to fund the Reserve, or otherwise defaults with respect to any provision of this Agreement, including attorney’s fees then in addition to and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. not exclusive of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect to any other remedies available under this Agreement, including but not limited to, Landlord may draw upon the payment of Base or Additional Rent, Landlord may, at its option, Security Deposit and use, apply or retain all or any part portion of this security deposit the funds drawn upon for the payment of any amount Rent, the funding of Additional Charges or the Reserve or other charges in default, or for the payment of any sum to which Landlord may spend or become obligated to spend by reason of Tenant’s default. If Landlord so uses or applies all or any portion of the Security Deposit, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s defaultTenant shall, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to the full amount of the Security Deposit or Tenant shall deliver to Landlord either (i) an amendment to the letter of credit restoring it to the full amount, or (ii) an irrevocable standby letter of credit from Landlord’s written demand, shall be a material breach of this Agreementfinancial institution reasonably acceptable to Landlord in an amount equal to the shortfall in Security Deposit. No trust relationship is created herein between Landlord and Tenant with respect to the Security Deposit. Landlord shall not be required to keep this security deposit the Security Deposit separate from its general funds, accounts and Tenant may commingle the Security Deposit with other funds of Landlord and Landlord shall not be entitled obligated to interest on invest such deposit. iii. Within sixty (60) days after termination Security Deposit for the benefit of this Agreement or surrender and acceptance of the Leased PremisesTenant or, whichever occurs lastexcept as may be required pursuant to Applicable Law, Landlord shall return pay over to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantinterest earned thereon.

Appears in 1 contract

Sources: Lease Agreement (CNL Lifestyle Properties Inc)

Security Deposit. i. The Concurrently with Tenant's execution of this Lease, Tenant shall deposit with the Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars SIXTY THREE THOUSAND NINETY TWO AND 40/100 ($8,854.1763,092.40) as a security deposit, which total amount Dollars. Said sum shall be held by Landlord as security a Security Deposit for the faithful performance by Tenant of all of the terms, covenants covenants, and conditions of this Agreement, including attorney’s fees Lease to be kept and costs incurred. ______________ ________________ Landlord performed by Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iiduring the term hereof. If Tenant is in default defaults with respect to any provision of this AgreementLease, including including, but not limited to, the provisions relating to the payment of Base or Additional Rentrent and any of the monetary sums due herewith, Landlord may, at its option, may (but shall not be required to) use, apply or retain all or any part of this security deposit Security Deposit for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, 's default or to compensate Landlord for any other loss or damage which with Landlord may suffer by reason of Tenant’s 's default. If any portion of said Deposit is so used or applied, including attorney’s fees and costs incurredTenant shall, within ten (10) days after written demand therefor, deposit cash with Landlord in the amount sufficient to restore the Security Deposit to its original amount. Tenant’s 's failure to replace any amount do so used within five (5) days from Landlord’s written demand, shall be a material breach of this AgreementLease. Landlord shall not be required to keep this security deposit Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iiiDeposit. Within sixty If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit or any balance thereof shall be returned to Tenant (60or at Landlord's option, to the last assignee of Tenant's interest hereunder) days at the expiration of the Lease term and after Tenant has vacated the Premises. In the event of termination of Landlord's interest in this Agreement or surrender and acceptance of the Leased Premises, whichever occurs lastLease, Landlord shall return transfer said Deposit to Landlord's successor in interest whereupon Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the agrees to release Landlord shall provide the Tenant with a written statement listing the exact reasons from liability for the retention return of any portion of such Deposit or the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantaccounting therefor.

Appears in 1 contract

Sources: Lease Agreement (Neoforma Com Inc)

Security Deposit. i. The Concurrently with Tenant's execution of this lease, ---------------- Tenant shall deposit with the Landlord the sum of Eight Twenty-six Thousand Eight Seven Hundred Fifty-six Dollars and Fifty Four and 17/100 Dollars Sixty Cents ($8,854.1726,756.60) as a security deposit, which total amount sum shall be held by Landlord as a security deposit for the faithful performance by Tenant of all of the terms, covenants and conditions of this Agreement, including attorney’s fees lease to be kept and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iiperformed by Tenant. If Tenant is in default defaults with respect to any provision of this Agreementlease, including but not limited to, the provisions relating to the payment of Base or Additional Rentbasic rent and common area charges, Landlord may, at its option, may (but shall not be required to) use, apply apply, or retain all or any part of this security deposit for the payment of any reasonable amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, 's default or to compensate Landlord for any other actual loss or damage which Landlord may suffer by reason of default. If any portion of said deposit is so used, Tenant shall, within ten (10) days after written demand therefor, deposit cash with Landlord in the amount sufficient to restore the security deposit to its original amount; Tenant’s default, including attorney’s fees and costs incurred. Tenant’s 's failure to replace any amount do so used within five (5) days from Landlord’s written demand, shall be a material breach of this Agreementlease. Landlord shall not be required to keep this security deposit separate from its general funds, funds and Tenant shall not be entitled to interest on such deposit. iii. Within sixty If Tenant is not in default at the expiration or termination of this lease, the security deposit or any balance thereof shall be returned to Tenant not later than thirty (6030) days after Tenant has vacated the Premises. In the event of termination of Landlord's interest in this Agreement or surrender and acceptance of the Leased Premises, whichever occurs lastlease, Landlord shall transfer said deposit to Landlord's successor in interest, and Tenant agrees that Landlord shall thereupon be released from liability for the return to Tenant the full security of such deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantaccounting therefor.

Appears in 1 contract

Sources: Lease (Atmi Inc)

Security Deposit. i. The Tenant shall deposit with the Landlord the sum amount set forth in Article 1 ("Security Deposit"), upon Tenant's execution and submission of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security deposit, which total amount this Lease. The Security Deposit shall be held by Landlord serve as security for the prompt, full and faithful performance by Tenant of all the terms, covenants terms and conditions provisions of this Agreement, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iiLease. If Tenant is in default with respect commits a Default, or owes any amounts to Landlord upon the expiration or earlier termination of this Agreement, including but not limited to, the payment of Base or Additional RentLease, Landlord may, at its option, use, may use or apply or retain all the whole or any part of this security deposit the Security Deposit for the payment of Tenant's obligations hereunder. The use or application of the Security Deposit or any amount which portion thereof shall not prevent Landlord may spend or become obligated to spend by reason of Tenant’s default, or to compensate Landlord for from exercising any other loss right or damage which remedy provided hereunder or under any Law and shall not be construed as liquidated damages. In the event the Security Deposit is reduced by such use or application, Tenant shall deposit with Landlord may suffer by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five ten (510) days from Landlord’s written demandafter notice, shall be a material breach an amount sufficient to restore the full amount of this Agreementthe Security Deposit. Landlord shall not be required to keep this security deposit the Security Deposit separate from its Landlord's general funds, and Tenant shall not be entitled to funds or pay interest on such deposit. iiithe Security Deposit. Within Any remaining portion of the Security Deposit shall be returned to Tenant (or, at Landlord's option, to the last assignee of Tenant's interest in this Lease) within sixty (60) days after termination Tenant (or such assignee) has vacated the Premises in accordance with Article 23. If the Premises shall be expanded at any time, or if the Term shall be extended at an increased rate of Rent, the Security Deposit shall thereupon be proportionately increased. Tenant shall not assign, pledge or otherwise transfer any interest in the Security Deposit except as part of an assignment of this Agreement or surrender Lease approved by Landlord under Article 13, and acceptance of the Leased Premises, whichever occurs last, Landlord shall return any attempt to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it do so shall be accompanied by payment of the difference between any sum deposited null and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantvoid.

Appears in 1 contract

Sources: Office Lease (Ydi Wireless Inc)

Security Deposit. i. The At the time of signing this lease Tenant shall deposit with the Landlord the sum of Eight Forty Thousand Eight Nine Hundred Thirty-Two and Fifty Four and 17/100 No/100 Dollars ($8,854.1740,932.00) as a security deposit, which total amount shall to be held retained by Landlord as cash security for the faithful performance and observance by Tenant of all the termscovenants, covenants agreements and conditions of this AgreementLent. Notwithstanding anything to the contrary contained in any law or statute now existing or hereafter passed (i) Tenant shall not be en-titled to any interest whatever on the cash security, including attorney’s fees (ii) Landlord shall not be obligated to hold the cash security in trust or in a separate account, and costs incurred(iii) Landlord shall have the right to commingle the cash security with its other funds. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect to this Agreement, including but not limited to, the payment of Base or Additional Rent, Landlord may, at its option, may use, apply or retain all the whole or any part of this the cash security deposit to the extent required for the payment of any amount minimum rent, any additional rent or any other sums payable hereunder as to which Tenant is in default or to the extent required for the reimbursement to Landlord of any sum which Landlord may spend expend or become obligated may be required to spend expend by reason of Tenant’s default's default in respect to any of the covenants, agreements or to compensate Landlord for any other loss or damage which Landlord may suffer by reason conditions of Tenant’s defaultthis lease. If Tenant shall fully and faithfully comply with all of the covenants, including attorney’s fees agreements and costs incurred. Tenant’s failure to replace any amount so used within five (5) days from Landlord’s written demandconditions of this lease, the cash security shall be returned to Tenant after the Expiration Date and surrender of the Premises to Landlord. If the Premises are sold to a material breach of this Agreement. bona fide purchaser, Landlord shall not have the right to transfer the aforesaid cash security to such purchaser, by which transfer Landlord shall be required to keep this security deposit separate released from its general fundsall liability, and Tenant shall not be entitled look solely to interest on such deposit. iii. Within sixty (60) days after termination of this Agreement or surrender and acceptance of the Leased Premises, whichever occurs last, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons new landlord for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantreturn thereof.

Appears in 1 contract

Sources: Lease Agreement (Iomega Corp)

Security Deposit. i. The Tenant shall deposit has deposited with the Landlord the sum of Eight One Thousand Eight Five Hundred and Fifty Four and 17/100 00/100 Dollars ($8,854.171,500.00) as a security deposit, which total amount shall be held by Landlord as security for the full and faithful performance by Tenant of all the terms, covenants and conditions every provision of this Agreement, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iilease to be performed by Tenant. If Tenant is in default defaults with respect to any provision of this Agreementlease, including but not limited to, to the provisions relating to the payment of Base or Additional Rent, Landlord may, at its option, may use, apply or retain all or any part of this security deposit for the payment of any Rent or any other sum in default or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s 's default, or to compensate Landlord for any other loss loss, cost or damage which Landlord may suffer by reason of Tenant’s 's default, including attorney’s fees and costs incurred. Tenant’s failure to replace If any amount portion of said deposit is so used or applied, Tenant shall, within five (5) days from Landlord’s after written demanddemand therefore, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and Tenant's failure to do so shall be a material breach of this Agreementlease. Landlord shall not not, unless otherwise required by law, be required to keep this security deposit separate from its general funds, nor pay interest to Tenant. If Landlord is, required to maintain said deposit in an interest-bearing account, Landlord will retain the maximum amount permitted under applicable law as a bookkeeping and administrative charge. If Tenant shall not be entitled to interest on such deposit. iii. Within sixty (60) days after termination fully and faithfully perform every provision of this Agreement or surrender and acceptance of lease to be performed by it, the Leased Premises, whichever occurs last, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it balance thereof shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed returned to have complied with this Section by mailing said statement and any payment required Tenant (or, at Landlord's option, to the last known address transferee of Tenant's interest hereunder) at the expiration of the lease term and upon Tenant's vacation of the Premises. Nothing in this Section shall preclude In the Landlord from retaining event the Building is sold, the security deposit for nonpayment of rent, abandonment of will be transferred to the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantnew owner.

Appears in 1 contract

Sources: Lease (EVO Transportation & Energy Services, Inc.)

Security Deposit. i. The 5.01 Upon execution of this Lease, ▇▇▇▇▇▇▇ ▇▇▇▇ shall sign a Limited Guarantee in the form attached hereto as Exhibit G. Landlord shall have the right to assign its rights under the Limited Guarantee to the purchaser of Landlord's interest in the Building. At the end of the fifth year of this Lease, said Guarantee shall be released by Landlord if Tenant shall deposit with the delivers to Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security depositdeposit in the amount of $75,000.00. ▇▇▇▇▇▇▇ ▇▇▇▇ shall provide to Landlord a certified statement of his assets, which total amount liabilities and net worth as of August 1995. Thereafter, as long as the Guarantee is in effect, upon Landlord's request (not more than once each year) ▇▇▇▇▇▇▇ ▇▇▇▇ shall be held by Landlord provide an updated financial statement as security for described above. 5.02 In the faithful performance by event of the failure of Tenant to keep and perform any of all the terms, covenants and conditions of this AgreementLease to be kept and performed by Tenant, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect to this Agreement, including but not limited to, the payment of Base or Additional Rent, Landlord maythen Landlord, at its option, usemay appropriate and apply the entire Security Deposit or so much thereof as may be necessary, apply to compensate the Landlord for loss or retain all damage sustained or suffered by Landlord due to such breach on the part of Tenant. Should the entire Security Deposit, or any part of this security deposit portion thereof, be appropriated and applied by Landlord for the payment of any overdue rent or other sums due and payable to Landlord by Tenant hereunder, then Tenant shall, upon the written demand of Landlord, forthwith remit to Landlord a sufficient amount which Landlord may spend or become obligated in cash to spend by reason of restore the Security Deposit to the original sum deposited, and Tenant’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s 's failure to replace any amount do so used within five (5) days from Landlord’s written demand, after receipt of such demand shall be constitute a material breach of this AgreementLease. Landlord shall not be required to keep this security deposit separate from its general fundsShould Tenant comply with all of the terms, covenants and conditions and promptly pay all of the rent herein provided for as it falls due, and all other sums payable by Tenant to Landlord hereunder, the Security Deposit shall not be entitled returned in fun to interest on such deposit. iii. Within sixty (60) days after Tenant at the end of the term of this Lease, or upon the earlier termination of this Agreement Lease. 5.03 Landlord may deliver the Limited Guarantee or surrender and acceptance the Security Deposit to the purchaser of Landlord's interest in the Leased Premises, whichever occurs last, Landlord shall return to Tenant the full security deposit or Building in the event that actual cause exists for retaining any portion of the security depositsuch interest be sold, the and thereupon Landlord shall provide the Tenant be discharged from any further liability with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required respect to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantSecurity Deposit.

Appears in 1 contract

Sources: Lease (Synapse Group Inc)

Security Deposit. i. The Tenant Tenant, concurrently with the execution of this Lease, shall deposit with the Landlord the sum of Eight Thirteen Thousand Eight Two Hundred and Fifty Four and 17/100 00/100 Dollars ($8,854.17) as a security deposit13,200.00), which total amount sum shall be held by Landlord as security for against a Default by Tenant, pursuant to the faithful performance by Tenant of all the terms, covenants and conditions terms of this AgreementLease. The deposit (which shall not bear interest to Tenant) may be applied by Landlord in order to cure any Default. The deposit shall be returned to Tenant by the Landlord, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect after deducting therefrom any sums owed to this AgreementLandlord, including but not limited to, the payment of Base or Additional Rent, Landlord may, at its option, use, apply or retain all or any part pursuant to provisions of this security deposit for Lease, upon the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five (5) days from Landlord’s written demand, shall be a material breach of this Agreement. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iii. Within sixty (60) days after termination of this Agreement Lease, provided such termination is not caused by Tenant. A mortgagee in possession of the Premises, or surrender and any interest therein, through public or private foreclosure or the acceptance of the Leased Premisesa deed in lieu thereof, whichever occurs last, Landlord shall return have no liability to Tenant the full security deposit for return of all or in the event that actual cause exists for retaining any portion of the security deposit, unless, and then only to the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention extent that, such mortgagee has acknowledged receipt of all or any portion of the security Tenant's deposit. When In the statement is deliveredevent Landlord applies the deposit in whole or in part against a Default by Tenant, it Tenant shall, upon demand by Landlord, deposit sufficient funds to maintain the deposit in the initial amount. Failure of Tenant to deposit additional funds as security shall be accompanied by constitute a Default hereunder and entitle Landlord to avail itself of the remedies as provided in this Lease for non-payment of Minimum Rent by Tenant. Upon the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address expiration of the Tenant. Nothing in this Section term hereof, Landlord shall preclude retain the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premisesdeposit, or nonpayment so much as has not been applied in accordance with the provisions hereof, until such time as all of utility charges, repair work, or cleaning contracted for by the tenantTenant's obligations to pay any Additional Rent have been fully paid and satisfied.

Appears in 1 contract

Sources: Lease Agreement (Community Bank Shares of Indiana Inc)

Security Deposit. i. The Prior to or upon Tenant's execution of this Lease, Tenant shall deposit with the Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 one thousand four hundred thirty & 00/100 Dollars ($8,854.17) as a security depositl,430), which total amount shall to be held by Landlord as security for the Tenant's faithful performance by Tenant of all the terms, covenants and conditions and of this Agreement, including attorney’s fees Lease to be kept and costs incurred. ______________ ________________ Landlord performed by Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iiduring the term thereof. If Tenant is in default defaults with respect to any provision of this AgreementLease, including but not limited to, to the provisions relating to the payment of Base or Additional Rentrent, Landlord may, at its optionbut shall not be required to, use, apply or retain all or any part of this security deposit for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s 's default, or to compensate Landlord for Tenant's default. If any other loss or damage which Landlord may suffer by reason portion of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount the security deposit is so used or applied, Tenant shall, within five (5) days from Landlord’s after written demanddemand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount, and Tenant's failure to do so shall be constitute a material breach of default under this AgreementLease. Landlord shall not be required to keep this security deposit separate from its general funds, funds and Tenant shall not be entitled to interest on such the security deposit. iii. Within sixty (60) days after termination If Tenant shall fully and faithfully perform every provision of this Agreement or surrender and acceptance of the Leased PremisesLease to be performed by it, whichever occurs last, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of or any portion of the security deposit. When the statement is deliveredbalance thereof, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed returned to have complied with this Section by mailing said statement and any payment required Tenant (or, at Landlord's option, to the last known address assignee of Tenant's interest hereunder) within ten (10) days following the expiration of the TenantLease term. Nothing In the event of termination of Landlord's interest in this Section Lease, Landlord shall preclude the Landlord from retaining the security be entitled to transfer said deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantto Landlord's successor-in-interest.

Appears in 1 contract

Sources: Lease Amendment (Zix Corp)

Security Deposit. i. The Upon execution of this Lease, Tenant shall deposit with the Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security deposit, which total amount shall be held by Landlord Security Deposit set forth in Section 1.10 as security for the prompt, full and faithful performance by Tenant of all the terms, covenants each and conditions every provision of this AgreementLease. Landlord is not required to hold the Security Deposit in any special or trust account, including attorney’s fees and costs incurredbut may commingle the Security Deposit with other funds of Landlord. ______________ ________________ Landlord No interest shall be paid to Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iion the Security Deposit. If Tenant is in default with respect fails to perform any of its obligations under this Agreement, including but not limited to, the payment of Base or Additional RentLease, Landlord may, at its optionbut shall not be obligated to, use, apply or retain all the whole or any part of this security deposit the Security Deposit for the payment of (i) any amount which Rent or other sums of money due from Tenant hereunder, (ii) any sum expended by Landlord may spend on Tenant's behalf in accordance with the provisions of this Lease, and/or (iii) any costs or become obligated to spend expenses incurred by reason Landlord as a result of Tenant’s 's default. The use, application or to compensate Landlord for retention of the Security Deposit or any other loss or damage which Landlord may suffer portion thereof by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five (5) days from Landlord’s written demand, shall be a material breach of this Agreement. Landlord shall not be required to keep prevent Landlord from exercising any other right or remedy provided by this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iiiLease against the Security Deposit. Within sixty (60) days after termination of this Agreement or surrender and acceptance of the Leased Premises, whichever occurs last, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining If any portion of the security depositSecurity Deposit is used, applied or retained by Landlord for the purposes set forth above, Tenant agrees, within ten (10) days after the written demand from Landlord, to deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount. If Tenant shall fully and faithfully comply with all of the provisions of this Lease, the Security Deposit or any balance thereof shall be returned to Tenant after the expiration or termination of this Lease after Tenant has surrendered the Premises to Landlord in accordance with this Lease and paid all amounts due and owing to Landlord. In no event shall provide Tenant be permitted to use or designate the Tenant with a written statement listing the exact reasons Security Deposit for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenant.

Appears in 1 contract

Sources: Office Lease (Coronado Industries Inc)

Security Deposit. i. The Tenant shall deposit Contemporaneously, with the execution of this Lease, Tenant will pay Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security deposit, which total amount shall be held by Landlord set forth in Section 1.9 as security for the faithful performance by Tenant of all the terms, covenants and conditions of under this Agreement, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iiLease. If Tenant is in default defaults with respect to any provision of this AgreementLease (beyond the expiration of any applicable notice, including grace and opportunity to cure provisions) Landlord may but will not limited be required to, the payment of Base or Additional Rent, Landlord may, at its option, use, apply or retain all or any part of this security deposit the Security Deposit for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or may become obligated to spend by reason of Tenant’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five (5) days from Landlord’s written demand, shall be a material breach of this Agreement. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iii. Within sixty (60) days after termination of this Agreement or surrender and acceptance of the Leased Premises, whichever occurs last, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining If any portion of the security depositSecurity Deposit is so used or applied, Tenant will, upon demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to the original amount. The unused balance of the Security Deposit will be returned to Tenant within thirty (30) days after the Expiration Date. Tenant will not assign or encumber Tenant’s interest in the Security Deposit and neither Landlord nor Landlord’s successors or assigns will be bound by any such attempted assignment or encumbrance of the Security Deposit. Tenant shall maintain the Security Deposit at all times during this Lease until Tenant delivers to Landlord financial statements reflecting and net worth of at least Two Million Five Hundred Thousand Dollars ($2,500,000.00). After Tenant’s delivery to Landlord of audited financial statements evidencing the satisfaction of such financial requirements, Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement ▇▇▇▇▇ all Base Rental next accruing under this Lease until Tenant’s Security Deposit is delivered, it shall be accompanied by payment of the difference between any sum deposited reduced to Four Thousand Eight Hundred Forty Five and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantNo/100 Dollars ($4,845.00).

Appears in 1 contract

Sources: Office Building Lease (Heartland Payment Systems Inc)

Security Deposit. i. The Tenant shall will deposit with Landlord upon taking possession of the Landlord premises the sum of Eight Thousand Eight Hundred twenty five thousand seventy-two dollars ---------------------------------------- and Fifty Four and 17/100 Dollars 24/100 ($8,854.17) as a security deposit, which total amount 25,072.24). Said sum shall be held by Landlord as security for the ----------------------- faithful performance by Tenant of all the terms, covenants covenants, and conditions of this Agreement, including attorney’s fees Lease to be kept and costs incurred. ______________ ________________ Landlord performed by Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iiduring term hereof. If Tenant is in default defaults with respect to any provision of this AgreementLease, including including, but not limited to, to the provisions relating to the payment of Base or Additional Rentrent, Landlord may, at its option, may (but shall not be required to) use, apply or retain all or any part of this security deposit for the payment of any rent or any other sum in default, or for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s 's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s 's default, including attorney’s fees and costs incurred. Tenant’s failure to replace If any amount portion of said deposit is so used or applied, Tenant shall within five (5) days from Landlord’s after written demanddemand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and Tenant's failure to do so shall be a material breach of this AgreementLease. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iii. Within sixty If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to Tenant (60or, at Landlord's option, to the last assignee of Tenant's interest hereunder) days after at the expiration of the Lease term. In the event of termination of Landlord's interest in this Agreement or surrender and acceptance of the Leased Premises, whichever occurs lastLease, Landlord shall return transfer said deposit to Landlord's successor in interest. Tenant the full security deposit or in the event understands and agrees that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit is not prepaid rent and, specifically, that such security deposit may not be applied by Tenant as rent for nonpayment of rent, abandonment the last month of the Leased Premises, or nonpayment term of utility charges, repair work, or cleaning contracted for by the tenantthis Lease.

Appears in 1 contract

Sources: Office Building Lease (Industrial Training Corp)

Security Deposit. i. The 5.1 Concurrently with execution of this Lease, Tenant shall deposit with the will pay to Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars amount set forth in Section 1.11 ($8,854.17) as a security deposit"Security Deposit"), which total amount shall be held by Landlord as security for Tenant's performance of the faithful performance by Tenant of all the terms, covenants and conditions terms of this AgreementLease. Landlord shall not be required to keep this Security Deposit separate from its general funds, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iishall not be entitled to interest thereon. If Tenant is in default defaults with respect to any provision of this AgreementLease, including including, but not limited to, the provisions relating to the payment of Base or Additional Rentrent, Landlord may, at its option, may (but shall not be required to) use, apply or retain all or any part of this security deposit Security Deposit of the payment of any rent or any other sums in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, 's default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s 's default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five (5) days from Landlord’s written demand, shall be a material breach of this Agreement. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iii. Within sixty (60) days after termination of this Agreement or surrender and acceptance of the Leased Premises, whichever occurs last, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining If any portion of the security depositSecurity Deposit is so used or applied, Tenant shall, within ten (10) days after demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount, and Tenant's failure to do so shall constitute a default hereunder by Tenant. If Tenant fully and faithfully performs each of its obligations under this Lease, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of Security Deposit or any portion of the security deposit. When the statement is delivered, it balance thereof shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed returned to have complied with this Section by mailing said statement and any payment required Tenant (or, at Landlord's opting, to the last known address assignee of Tenant's interest hereunder) within fourteen (14) days following the expiration of the TenantLease Term, provided that Landlord may retain the Security Deposit until such time as any amount due from Tenant in accordance with Article 4 hereof has been determined and paid in full. Nothing If Landlord sells its interest in this Section the Premises during the term hereof and if Landlord deposits with the purchaser the balance of such Security Deposit, Landlord shall preclude the Landlord be discharged from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantany further liability with respect to such Security Deposit.

Appears in 1 contract

Sources: Lease Agreement (Equidyne Corp)

Security Deposit. i. The Upon ▇▇▇▇▇▇’s execution of this Lease, Tenant shall deposit with the Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) Security Deposit, as a security deposit, which total amount shown on the Lease Summary. The Security Deposit shall be held by Landlord serve as security for the prompt, full, and faithful performance by Tenant of all its obligations under this Lease. In the termsevent that ▇▇▇▇▇▇ is in Default hereunder, covenants and conditions or in the event that Tenant owes any amounts to Landlord upon the expiration of this Agreement, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect to this Agreement, including but not limited to, the payment of Base or Additional RentLease, Landlord may, at its option, use, may use or apply or retain all the whole or any part of this security deposit the Security Deposit for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, obligations hereunder. The use or to compensate application of the Security Deposit or any portion thereof shall not prevent Landlord for from exercising any other loss right or damage which Landlord may suffer remedy provided hereunder or under any Law and shall not be construed as liquidated damages. In the event the Security Deposit is reduced by reason of Tenant’s defaultsuch use or application, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used Tenant shall deposit with Landlord, within five ten (510) days from Landlord’s written demandafter notice, shall be a material breach an amount sufficient to restore the full amount of this Agreementthe Security Deposit. Landlord shall not be required to keep this security deposit the Security Deposit separate from its Landlord’s general funds, and Tenant shall not be entitled to funds or pay interest on such deposit. iiithe Security Deposit. Within sixty (60) days after termination Provided Tenant has performed all of its obligations under this Agreement or surrender and acceptance of the Leased PremisesLease, whichever occurs last, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining any remaining portion of the security depositSecurity Deposit shall be returned to Tenant within thirty (30) days subsequent to the Expiration Date. No trust or fiduciary relationship is created herein between Landlord and Tenant with respect to the Security Deposit. If Landlord transfers the Premises during the Term of this Lease, Landlord may pay the Security Deposit to Landlord’s successor-in-interest, in which event the transferring Landlord shall provide the Tenant with a written statement listing the exact reasons be released from all liability for the retention of any portion return of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantSecurity Deposit.

Appears in 1 contract

Sources: Office Lease (Eargo, Inc.)

Security Deposit. i. The Tenant shall deposit has deposited with Lessor the Landlord the sum amount of Eight Twenty Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.1720,000) as a security deposit, which total amount shall deposit ("the Security Deposit") to be held by Landlord Lessor as security for the faithful performance by Tenant of (i) all the terms, covenants and conditions of this Agreement, including attorney’s fees Lease and costs incurred. ______________ ________________ Landlord Tenant (ii) those of that Lease Agreement p. of [INSERT PAGE NUMBER] iibetween the Parties, dated the same date as this Lease, for Leased Premises located at 4600 West 76th Street, Edina, Minn▇▇▇▇▇, ▇▇ ▇▇ ▇▇▇, ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇y Tenant during the Lease Term. The Security Deposit shall be maintained in a separate account (which may include the security deposit for the Leased Premises located at 4600 West 76th Street, and Tenant ▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇ ▇▇ interest thereon at passbook rates. If Tenant is in default defaults with respect to any provision of this AgreementLease, including including, but not limited to, to the provisions relating to the payment of Base or Additional Rent, Landlord may, at its option, Lessor may but shall not be required to use, apply or retain all or any part of this said security deposit for the payment of any Rent or any other sum in default, or for the payment of any amount which Landlord Lessor may spend or become obligated to spend by reason of Tenant’s 's default, or to compensate Landlord Lessor for any other loss or damage which Landlord Lessor may suffer by reason of Tenant’s 's default, including attorney’s fees and costs incurred. Tenant’s failure to replace If any amount portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days from Landlord’s after written demanddemand therefor, deposit cash with Lessor in an amount sufficient to restore said security deposit to its original amount, and Tenant's failure to do so shall be a material breach of this AgreementLease. Landlord shall not be required to keep this security deposit separate from its general funds, and If Tenant shall not be entitled to interest on such deposit. iii. Within sixty (60) days after termination fully and faithfully perform every provision of this Agreement Lease to be performed by it, the Security Deposit or surrender and acceptance any balance thereof shall be returned to Tenant (or, at Lessor's option, to the assignee of Tenant's interest hereunder) at the expiration of the Leased Premises, whichever occurs last, Landlord shall return to Tenant the full security deposit or in Lease Term. In the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing Lessor assigns its interest in this Section Lease, Lessor shall preclude transfer the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantSecurity Deposit to Lessor's successor in interest.

Appears in 1 contract

Sources: Lease Agreement (Northwest Teleproductions Inc)

Security Deposit. i. The Tenant shall deposit TENANT has deposited with the Landlord LANDLORD the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security deposit, which total amount shall be held by Landlord $ -0- as security for the full and faithful performance by Tenant of all the terms, covenants and conditions every provision of this Agreement, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iito be performed by TENANT. If Tenant is in default TENANT defaults with respect to any provision of this AgreementLease, including but not limited to, to the provisions relating to the payment of Base or Additional Rent, Landlord may, at its option, LANDLORD may use, apply or retain all or any part of this security deposit for the payment of any Rent or other sum in default or for the payment of any other amount which Landlord LANDLORD may spend or become obligated to spend by reason of TenantTENANT’s default, or to compensate Landlord LANDLORD for any other loss loss, cost or damage which Landlord LANDLORD may suffer by reason of TenantTENANT’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace If any amount portion of said deposit is so used or applied, TENANT shall, within five (5) days from Landlordafter written demand therefor, deposit cash with LANDLORD in an amount sufficient to restore the security deposit to its original amount and TENANT’s written demand, failure to do so shall be constitute a material breach of this AgreementLease. Landlord LANDLORD shall not not, unless required by law, be required to keep this pay interest on the security deposit separate from its general fundsto the TENANT. If TENANT shall fully and faithfully perform every provision of this Lease, and Tenant the security deposit or any balance thereof shall not be entitled returned to TENANT (or at LANDLORD’s option, to the last transferee of TENANT’s interest on such deposit. iii. Within sixty hereunder) within fifteen (6015) days after termination of this Agreement or surrender and acceptance the expiration of the Leased PremisesLease term, whichever occurs last, Landlord shall return to Tenant provided TENANT has vacated the full security deposit or in premises. In the event that actual cause exists for retaining any portion of the security depositbuilding is sold, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of will be transferred to the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantnew owner.

Appears in 1 contract

Sources: Lease Agreement (Bankrate Inc)

Security Deposit. i. The Concurrently with Tenant's execution of this Lease, Tenant shall deposit with the Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as by certified or cashier's check a security deposit, which total deposit (the "Security Deposit") in the amount set forth in Section 8 of the Summary. The Security Deposit shall be held by Landlord as security for the faithful performance by Tenant of all the terms, covenants covenants, and conditions of this Agreement, including attorney’s fees Lease to be kept and costs incurred. ______________ ________________ Landlord performed by Tenant during the Lease Agreement p. of [INSERT PAGE NUMBER] iiTerm. If Tenant is in default defaults with respect to any provisions of this AgreementLease, including including, but not limited to, the provisions relating to the payment of Base or Additional Rent, Landlord may, at its optionbut shall not be required to, use, apply or retain all or any part of this security deposit the Security Deposit for the payment of any Rent or any other sum in default, or for the payment of any amount which that Landlord may spend or become obligated to spend by reason of Tenant’s 's default, or to compensate Landlord for any other loss or damage which that Landlord may suffer by reason of Tenant’s 's default, including attorney’s fees and costs incurred. Tenant’s failure to replace If any amount portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days from Landlord’s after written demanddemand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount, and Tenant's failure to do so shall be a default under this Lease. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the Security Deposit, or any balance thereof, shall be a material breach returned to Tenant, or, at Landlord's option, to the last assignee of this AgreementTenant's interest hereunder, within sixty (60) days following the expiration of the Lease Term. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to any interest on such depositthe Security Deposit. iii. Within sixty (60) days after termination of this Agreement or surrender and acceptance of the Leased Premises, whichever occurs last, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenant.

Appears in 1 contract

Sources: Office Lease (Specialty Laboratories Inc)

Security Deposit. i. The Tenant As security for Guest's faithful performance of its obligations hereunder. Guest shall (a) deposit with Host upon execution hereof the Landlord the sum amount of Eight Thousand Eight Hundred thirty-one thousand, seven hundred and Fifty Four and 17/100 Dollars forty-three ($8,854.1731,743) as Dollars, and (b) deliver a letter to First Properties Associates Limited Partnership ("FPALP") instructing FPALP to pay to Host the security depositdeposit in the amount of fifty-two thousand, which total amount shall be five hundred ($52,500) Dollars currently held by Landlord FPALP pursuant to a lease between FPALP and Guest for certain premises at 2301 ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇., ▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇ the time said lease is terminated; together such amounts are hereinafter referred to as security for the faithful performance by Tenant of all the terms, covenants and conditions of this Agreement, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii"deposit". If Tenant is in default Guest fails to pay the rent or otherwise defaults with respect to any provision of this AgreementLease, including but not limited to, the payment of Base or Additional Rent, Landlord may, at its option, Host may use, apply or retain all or any part portion of this security said deposit for the payment of any amount rent or other charge in default, or for the payment of any other sum to which Landlord Host may spend or become obligated to spend by reason of Tenant’s default, Guest's default or to compensate Landlord Host for any other loss or damage which Landlord Host may suffer by reason thereby. Said deposit shall not be a limitation on Host's damages or other rights under this Lease, or a payment of Tenant’s defaultliquidated damages or an advance payment of the rent. If Host so uses or applies all or any portion of said deposit, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used Guest shall, within five (5) days from Landlord’s after written demanddemand thereof, deposit cash with Lessor in an amount sufficient to restore said deposit to the full amount hereinabove stated and Guest's failure to do so shall be a material breach of this AgreementLease. Landlord Host shall not be required to keep this security said deposit separate from its general fundsaccounts. If Guest performs all of Guest's obligations hereunder, said deposit, or so much thereof as has not theretofore been applied by Host, shall be returned, without payment of interest or other increment for its use, to Guest at the expiration of the term hereof and Tenant shall not be entitled after Guest has vacated the Premises. No trust relationship is created herein between Host and Guest with respect to interest on such said security deposit. iii. Within sixty (60) days after termination of this Agreement or surrender and acceptance of the Leased Premises, whichever occurs last, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenant.

Appears in 1 contract

Sources: Lease Agreement (Mechanical Dynamics Inc \Mi\)

Security Deposit. i. The Tenant shall deposit with Upon the execution of this Lease, ▇▇▇▇▇▇ agrees to pay Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars One dollar ($8,854.17) as a security deposit1.00), which total amount sum shall be held retained by Landlord without liability for interest as security for the payment by Tenant of the Rent and for the faithful performance by Tenant of all the terms, covenants and conditions of this Agreement, including attorney’s fees Lease. Tenant has previously deposited the sum of $.00 with Landlord. The remainder of the Security Deposit shall be due and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. payable upon execution of [INSERT PAGE NUMBER] iithis Lease. If at any time Tenant is shall be in default with respect under any of the provisions of this Lease, Landlord shall have the right to this Agreementuse the security deposit, including but not limited toor so much thereof as may be necessary in payment of any Rent or of any damages incurred by Landlord by reason of such default by ▇▇▇▇▇▇, or at the Landlord's option, the payment same may be retained by Landlord in liquidation as part of Base or Additional Rent, the damages suffered by Landlord may, at its option, use, apply or retain by reason of default by the Tenant. Should all or any part portion of the security deposit be appropriated and applied by Landlord under the terms of this security deposit for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s defaultSection 6, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s defaultTenant shall, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five (5) days from following written demand by Landlord’s written demand, remit to Landlord a sufficient amount of cash to restore the security deposit to the original sum deposited. If Tenant shall have fully and faithfully performed all of its obligations under this Lease, the security deposit shall be a material breach of this Agreement. Landlord shall refunded to Tenant not be required to keep this security deposit separate later than 30 days from its general funds, and Tenant shall not be entitled to interest on such deposit. iii. Within sixty (60) days after termination of this Agreement or surrender and acceptance the expiration of the Leased PremisesLease Term or Tenant's complete move-out, whichever occurs lastis later. In the event of a sale or transfer of Landlord's interest in the Property, Landlord shall have the right to transfer the security deposit to such purchaser or transferee, in which event Tenant shall look only to the new Landlord for the return of the security deposit and Landlord shall thereupon be released from all liability to Tenant for the full security deposit or in the event that actual cause exists for retaining any portion return of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenant.

Appears in 1 contract

Sources: Lease Agreement

Security Deposit. i. The Tenant shall deposit Tenant, concurrently with the execution of this Lease, has deposited $11,176.00 with Landlord (the sum "Security Deposit"), the receipt of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security deposit, which total amount is hereby acknowledged. Said Security Deposit shall be held retained by Landlord as security for the payment by Tenant to the monies herein agreed to be paid by Tenant, and for the faithful performance by Tenant of all the termsten-nw and covenants of the Lease. In the event of any default by Tenant, covenants and conditions of this Agreement, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect to this Agreement, including but not limited to, the payment of Base or Additional Rent, Landlord mayLandlord, at its option, usemay at any time apply said sum, apply or retain all or any part of this security deposit for thereof, (a) toward the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s all rent or other monies payable under this Lease that are in default, or (b) so as to compensate Landlord for cure any other loss or damage which Landlord may suffer by reason default of Lessee, but Tenant’s 's liability under this Lease shall thereby be discharged but only to the extent that Security Deposit covers the amount in default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five (5) days from Landlord’s written demand, shall be a material breach of this Agreement. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall remain liable for any amounts that such sum shall bee insufficient to pay. Landlord is not required to exhaust any or all rights and remedies available at law or equity against Tenant before resorting to the Security Deposit. Tenant's failure to restore any of the Security Deposit used by Landlord within ten (10) days of Landlord's request for same shall be an act of default hereunder. In the event this Security Deposit shall not be entitled utilized for any purposes herein permitted and provided Tenant is not in default at the expiration of the Lease Term or any Option Term as applicable, then each Security Deposit shall be returned by Landlord to interest on such deposit. iii. Within sixty Tenant within thirty (6030) days after termination of this Agreement or surrender and acceptance the expiration of the Leased PremisesLease Term or Option Term, whichever occurs last, as applicable. Landlord shall return to pay Tenant interest on said Security Deposit. Upon execution of the full security deposit or in lease, the event that actual cause exists for retaining any portion payment of the security depositdeposit and proof of liability insurance in the amount of $3,000,000.00, naming the Landlord as an additional insured, the Landlord Tenant shall provide the Tenant with have a written statement listing the exact reasons for the retention right of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of entry onto the Leased PremisesPremises as of October 13, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenant1998.

Appears in 1 contract

Sources: Lease Agreement (Village Financial Corp)

Security Deposit. i. The Tenant shall deposit It is agreed that Tenant, concurrently with the Landlord execution of this Lease, has deposited with Landlord, and will keep on deposit at all times during the term hereof, the sum of Eight Thousand Eight Hundred Ten thousand eight hundred and Fifty Four fifty nine and 17/100 63/100 Dollars ($8,854.17) as a security deposit10,859.63), the receipt of which total amount shall be held by Landlord is hereby acknowledged, as security for the payment of Tenant of the rent and all other sums herein agreed to be paid and for the faithful performance by Tenant of all the terms, conditions and covenants and conditions of this AgreementLease. If, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. at any time during [illegible] default in the performance of any provisions of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect illegible] but shall not be obligated, to this Agreement, including but not limited to, the payment of Base or Additional Rent, Landlord may, at its option, use, apply or retain all or any part of this security use said deposit for the [illegible] payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s rent in default, or reimbursement [illegible] in payment of any damages incurred by the [illegible] such event, Tenant shall, on written demand [illegible] sufficient amount in cash to compensate restore said deposit Landlord [illegible] deposit has not been utilized as aforesaid, [illegible] been utilized for any other loss or damage which Landlord may suffer by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five (5) days from Landlord’s written demandsuch purposes, shall be a material breach of this Agreement. Landlord shall not be required returned to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iii. Within within sixty (60) days after the termination of this Agreement or surrender Lease [illegible] by Tenant and acceptance vacation of the Leased Premises, whichever occurs last, Premises by Tenant. Landlord shall return [illegible] to commingle said deposit with other funds of Landlord. Landlord may deliver any funds deposited herein by Tenant to any purchaser of Landlord's interest in the full security deposit or Premises in the event that actual cause exists for retaining any portion such interest is sold, and thereupon Landlord shall be discharged from further liability with respect to such deposit. If the claims of Landlord exceed the security amount of said deposit, the Landlord Tenant shall provide the Tenant with a written statement listing the exact reasons remain liable for the retention balance of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantsuch claims.

Appears in 1 contract

Sources: Office Building Lease (Canmax Inc /Wy/)

Security Deposit. i. The Tenant shall deposit Concurrently with the execution of this Lease, Tenant has deposited with Landlord one month’s Base Rent in the sum amount of Eight Eighteen Thousand Eight Five Hundred and Fifty Four and 17/100 no\100 Dollars ($8,854.17) as a security deposit18,500.00), which total amount shall be held by Landlord as security for the faithful performance by Tenant of all of the terms, covenants covenants, conditions and conditions agreements of this AgreementLease. Landlord shall not be required to separate such security from Landlord’s general funds and no interest shall be payable thereon. In the event Tenant shall default in any of such terms, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect to this Agreementcovenants, including conditions, or agreements, including, but not limited to, the payment of Base or Additional Rent, any Rent thereunder. Landlord may, at its option, may use, apply or retain all the whole or any part of this the security deposit required for the payment of any amount which Rent or any other sum expended by Landlord may spend or become obligated to spend by reason of Tenant’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used , within five (5) days from after written demand by Landlord’s written demand, shall be replenish the security or any portion hereof so used or applied by Landlord; Tenant’s failure to restore such security shall constitute a material breach of this Agreementthe Lease. Landlord The security deposit shall not be required to keep deemed an advance payment of Rent. If Lessee shall faithfully comply with all terms, covenants, conditions and agreements of this Lease, any balance of the security deposit separate from its general funds, and Tenant then due shall not be entitled to interest on such deposit. iii. Within sixty returned within fourteen (6014) days after termination of this Agreement or surrender and acceptance Lease, but only after delivery of entire possession of the Leased Premises, whichever occurs lastPremises to Landlord and other performance by Tenant of all obligations required hereunder. In the event of sale of the Premises or of a sale of Landlord’s interest in this Lease, Landlord shall return have the right to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining transfer the security deposit to its transferee, and upon such transfer, Landlord shall be released by Tenant form all liability with regard thereto, Tenant looking solely to the new landlord for nonpayment the return of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantsaid security.

Appears in 1 contract

Sources: Industrial Building Lease (Bway Corp)

Security Deposit. i. The Tenant shall pay to Landlord a security deposit with in the Landlord the sum amount of Eight 0ne Hundred Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security deposit100,000), which total amount shall to be held in a non-interest bearing account insured by Landlord the FDIC in the Landlord's name in the Tenant's Bank as security for the faithful performance by Tenant of all the terms, covenants and conditions provisions of this AgreementLease. In addition, including attorney’s fees and costs incurredTenant shall pay to Landlord on demand a sum equal to the portion of the security deposit expended or applied by Landlord as provided in this Section to maintain the security deposit in the sum initially deposited with Landlord; provided, however, that Tenant may draw down the Security Deposit by no more than Forty thousand Dollars to pay for a portion or all (whichever is applicable) of Tenant's last five (5) months of Base Monthly Rent. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in default Landlord's obligations with respect to this Agreementthe security deposit are those of a debtor and not a trustee. Landlord may use the deposit or any portion thereof, and may claim from the deposit such amounts as are reasonably necessary to remedy Tenant defaults of any kind including but not limited to, in the payment of Base or Additional Rentrent, to repair damages to the Premises caused by Tenant, to compensate Landlord may, at its option, use, apply or retain all or any part of this security deposit for the payment of any amount which Landlord may spend or become obligated to spend damages sustained by reason of Tenant’s 's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason clean the Premises upon termination of the tenancy, and to comply with all of Tenant’s default's obligations under Section 7.1, including attorney’s fees below to remove the basement vault, if Landlord so elects.. Except as otherwise specifically set forth in this section 3.4, the security deposit is not applicable to the last month's rent unless Landlord elects in writing to so apply it. If Tenant shall fully and costs incurred. Tenant’s failure faithfully perform every provision of this Lease to replace be performed by it, the security deposit or any amount so used balance thereof shall be returned to Tenant within five thirty (530) days from Landlord’s written demand, shall be a material breach following expiration of this Agreementthe Lease Term. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iii. Within sixty (60) days after In the event of termination of Landlord's interest in this Agreement or surrender and acceptance of the Leased Premises, whichever occurs lastLease, Landlord shall return transfer said deposit to Tenant the full security deposit or Landlord's successor in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantinterest.

Appears in 1 contract

Sources: Lease (FNB Bancorp/Ca/)

Security Deposit. i. The Tenant shall shall, upon execution of this Lease, deposit with the Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.178,000.00) as a security deposit, which total amount . This security deposit shall be held by Landlord as security for the faithful performance by Tenant of all the terms, covenants covenants, and conditions of this Agreement, including attorney’s fees Lease to be kept and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iiperformed by Tenant. If Tenant is in default defaults with respect to any provisions of this AgreementLease, including but not limited to, the provisions relating to the payment of Base or Additional Rentrent, Landlord may, at its option, may (but shall not be required to) use, apply or retain all or any part of this the security deposit for the payment of any rent or any other sum in default, or for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s 's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s 's default. If any portion of said deposit is so used or applied, including attorney’s fees Tenant shall, within ten (10) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and costs incurred. Tenant’s 's failure to replace any amount do so used within five (5) days from Landlord’s written demand, shall be a material breach of this AgreementLease. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iii. Within sixty If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to Tenant (60or, at Landlord's option, to the last assignee of Tenant's interest hereunder) within ten (10) days after the expiration of the Lease term. In the event of termination of Landlord's interest in this Agreement or surrender and acceptance of the Leased Premises, whichever occurs lastLease, Landlord shall return transfer said deposit to Tenant the full security deposit or Landlord's successor in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantinterest.

Appears in 1 contract

Sources: Industrial/Commercial Lease (Burke Industries Inc /Ca/)

Security Deposit. i. The 9.1. Tenant shall deposit has deposited with the Landlord the sum set forth in Section 2.1.8 (the "Security Deposit") in cash or a Letter of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars Credit ($8,854.17as hereinafter defined) as a security depositor any combination thereof, which total amount Security Deposit shall be held by Landlord as security for the faithful performance by Tenant of all of the terms, covenants covenants, and conditions of this AgreementLease to be kept and performed by Tenant during the Term (including, including attorney’s fees without limitation, Tenant's obligations to repair, maintain and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iiimprove the Demised Premises). If Tenant is in default defaults with respect to any provision of this AgreementLease, including including, but not limited to, any provision relating to the payment of Base Rent or Additional Rentthe repair, maintenance or improvement of the Demised Premises, Landlord may, at its option, may (but shall not be required to) use, apply or retain all or any part of this security deposit the Security Deposit for the payment of any amount which Landlord may spend Rent or become obligated to spend by reason of Tenant’s any other sum in default, to repair, maintain and improve the Demised Premises or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s 's default. If any portion of the Security Deposit is so used or applied, including attorney’s fees Tenant shall, upon demand therefor, restore the Security Deposit to its original amount, and costs incurred. Tenant’s 's failure to replace any amount do so used within five (5) days from Landlord’s written demand, shall be a material breach of this AgreementLease. Landlord shall not be required to keep this security deposit the Security Deposit separate from its general fundsfund, and Tenant shall not be entitled to annual payments of interest on any portion of the Security Deposit held by Landlord as cash, at such depositrate as Landlord may receive thereon. 9.2. In lieu of depositing cash as the Security Deposit, Tenant shall have the right, but not the obligation, to deliver to Landlord an unconditional, irrevocable standby letter of credit in the amount of $2,580,000 (the "Letter of Credit"), which Letter of Credit shall (i) be in a form reasonably acceptable to Landlord, (ii) be issued by Imperial Bank, or such other financial institution selected by Tenant and reasonably acceptable to Landlord, (iii) be for the benefit of Landlord, but shall be assignable by Landlord to any subsequent purchaser or encumbrancer of the Building or the Project, (iv) be automatically renewable from year to year throughout the Term, (v) be payable by draft sight in San Diego, California, upon presentation of a certification signed by an officer of Landlord which states that a default under the Lease has occurred and has not been cured within any applicable cure period, and (vi) be payable in the event such Letter of Credit is not renewed on or before the date which is thirty (30) days prior to its expiration. 9.3. Within In the event of bankruptcy or other debtor-creditor proceedings against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and other charges due Landlord for all periods prior to the filing of such proceedings. 9.4. Landlord shall deliver the unapplied and unrefunded portion of the Security Deposit to any purchaser of Landlord's interest in the Demised Premises and thereupon Landlord shall be discharged from any further liability with respect to the Security Deposit. This provision shall also apply to any subsequent transfers. 9.5. If Tenant shall not then be in default under this Lease, the Security Deposit, or any balance thereof, shall be returned to Tenant (or, at Landlord's option, to the last assignee of Tenant's interest hereunder) within sixty (60) days after the expiration or earlier termination of this Agreement or surrender and acceptance of the Leased Premises, whichever occurs last, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantLease.

Appears in 1 contract

Sources: Lease Agreement (Matrix Pharmaceutical Inc/De)

Security Deposit. i. The Tenant Tenant, contemporaneously with the execution of this Lease, shall deposit with Landlord forthwith the Landlord amount set forth in paragraph (i) of the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security deposit, which total amount Basic Lease Provisions. Said deposit shall be held by Landlord as security for the faithful performance by Tenant of all the terms, covenants covenants, and conditions of this Agreement, including attorney’s fees Lease to be kept and costs incurred. ______________ ________________ Landlord performed by Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iiduring the term hereof. If Tenant is in default defaults with respect to any provisions of this AgreementLease, including but not limited to, to the provisions relating to the payment of Base or Additional Rentrent, Landlord may, at its option, may (but shall not be required to) use, apply or retain all or any part of this security deposit for the payment of any rent or any other sum in default, or for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s 's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s 's default. If any portion of said deposit is to be used or applied, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used Tenant shall within five (5) days from Landlord’s after written demanddemand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and Tenant's failure to do so shall be a material breach of this AgreementLease. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iiideposit If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to the last assignee of Tenant's interest hereunder) at the expiration of the Lease term. Within sixty (60) days after In the event of termination of Landlord's interest in this Agreement or surrender and acceptance of the Leased Premises, whichever occurs lastlease, Landlord shall return transfer said deposit to Tenant the full security deposit or Landlord's successor in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantinterest.

Appears in 1 contract

Sources: Office Building Lease (Sycamore Park Convalescent Hospital)

Security Deposit. i. The Tenant shall deposit has deposited with the Landlord the sum of Eight Thousand Eight Hundred Thirty-two thousand dollars and Fifty Four and 17/100 no cents /100 Dollars ($8,854.17$ 32,000 ) as a security deposit, which total amount shall be held by Landlord as security for the full and faithful performance by Tenant of all the terms, covenants and conditions every provision of this Agreement, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iito be performed by Tenant. If Tenant is in default defaults with respect to any provision of this AgreementLease, including but not limited to, to the provisions relating to the payment of Base or Additional Rent, Landlord may, at its option, may use, apply or retain all or any part of this security deposit for the payment of any Rent or any other sum in default or before the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s 's default, or to compensate Landlord for any other loss loss, cost or damage which Landlord may suffer by reason of Tenant’s 's default, including attorney’s fees and costs incurred. Tenant’s failure to replace If any amount portion of said deposit is so used or applied, Tenant shall, within five (5) days from Landlord’s after written demanddemand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and Tenant's failure to do so shall be a material breach of this Agreement. Lease, Landlord shall not not, unless otherwise required by law, be required to keep this security deposit separate from its general funds, nor pay interest to its Tenant. If Landlord is required to maintain said deposit in an interest bearing account, Landlord will retain the maximum amount permitted under applicable law as a bookkeeping and administrative charge. If Tenant shall not be entitled to interest on such deposit. iii. Within sixty (60) days after termination fully and faithfully perform every provision of this Agreement or surrender and acceptance of Lease to be performed by it, the Leased Premises, whichever occurs last, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it balance thereof shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed returned to have complied with this Section by mailing said statement and any payment required Tenant (or, at Landlord's option, to the last known address transferee of Tenant's interest hereunder) at the expiration of the lease term and upon Tenant's vacation of the Premises. Nothing in this Section shall preclude In the Landlord from retaining event the Building is sold, the security deposit for nonpayment of rent, abandonment of will be transferred to the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantnew owner.

Appears in 1 contract

Sources: Lease Agreement (Matrix Bancorp Inc)

Security Deposit. i. The Upon execution of this Lease, Tenant shall deposit with the Landlord amount specified in the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) Summary as a security depositdeposit ("Security Deposit"), which total amount with Landlord. The Security Deposit shall be held by Landlord as security for the faithful performance by Tenant of all of the terms, covenants and conditions of this Agreement, including attorney’s fees and costs incurred. ______________ ________________ Landlord Lease to be performed by Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect to this Agreement, including but not limited to, the payment of Base or Additional Rent, Landlord may, at its option, use, apply or retain all or any part of this security deposit for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five (5) days from Landlord’s written demand, shall be a material breach of this Agreement. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such thereon. The Security Deposit is not an advance rent deposit. iii, an advance payment of any other kind, or a measure of Landlord's damages in any case of Tenant's default. Within sixty (60) days after termination If Tenant fails to perform any of the covenants of this Agreement or surrender and acceptance of Lease to be performed by Tenant, including without limitation the Leased Premises, whichever occurs last, Landlord shall return provisions relating to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment the removal of property at the end of the Leased Premisesterm, the repair of damage to the Premises caused by Tenant, and the cleaning of the Premises upon termination of the tenancy created hereby, then Landlord shall have the right, but no obligation, to apply the Security Deposit, or nonpayment so much thereof as may be necessary, for the payment of utility chargesany rent or any other sum in default and/or to cure any other such failure by Tenant. If Landlord applies the Security Deposit or any part thereof for payment of such amounts or to cure any such other failure by Tenant, repair workthen Tenant shall immediately pay to Landlord the sum necessary to restore the Security Deposit to the full amount then required by this Section 4.9 Landlord's obligations with respect to the Security Deposit are those of a debtor and not a trustee. Landlord shall not be required to maintain the Security Deposit separate and apart from Landlord's general or other funds and Landlord may commingle the Security Deposit with any of Landlord's general or other funds. Upon termination of the original Landlord's or any successor owner's interest in the Premises or the Building, the original Landlord or cleaning contracted for by such successor owner shall be released from further liability with respect to the tenantSecurity Deposit upon the original Landlord's or such successor owner's complying with California Civil Code Section 1950.

Appears in 1 contract

Sources: Office Lease (Raptor Pharmaceutical Corp)

Security Deposit. i. The Concurrent with its execution of this Lease, Tenant shall deposit with the Landlord the sum of Eight an amount equal to Two Hundred Twelve Thousand Eight Six Hundred Nineteen and Fifty Four and 17/100 80/100 Dollars ($8,854.17212,619.80) as a security deposit, (the “Security Deposit”) which total amount sum shall be held by Landlord Landlord, without interest, as security for the faithful performance by Tenant of all its obligations under this Lease. The Security Deposit is not an advance payment of Rent or a measure of Landlord’s damages in the termsevent of a default by Tenant. If at any time during the Lease Term, covenants Tenant fails to pay when due Rent or any other sums owed by Tenant hereunder (after the expiration of applicable notice and conditions cure periods, if any), then Landlord may at its option apply any portion of this Agreement, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. the Security Deposit to the payment of [INSERT PAGE NUMBER] iisuch overdue sums. If Tenant is in default with respect to defaults under any other obligation of Tenant under this AgreementLease (after the expiration of applicable notice and cure periods, including but not limited toif any), the payment of Base or Additional Rent, Landlord maythen Landlord, at its option, usemay apply as much of Security Deposit as necessary, apply or retain all or any part of this security deposit for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, or to compensate Landlord for any other loss loss, cost or damage which incurred or sustained by Landlord may suffer as the result of such default (including, without limitation, the cost incurred by reason Landlord to remedy such default). If any portion of Tenant’s defaultthe Security Deposit is applied by Landlord as provided herein, including attorney’s fees and costs incurredTenant shall, upon demand, remit to Landlord an amount sufficient to restore the Security Deposit to its original amount. Tenant’s failure to replace any remit such amount so used within five fifteen (515) days from Landlord’s written demand, of demand shall be a material breach constitute an Event of Default under this AgreementLease. Landlord shall remit to Tenant within thirty (30) days any balance of the Security Deposit remaining at the expiration or termination of the Lease. In lieu of cash, Tenant may post as the security deposit an irrevocable and unconditional letter of credit in the form reasonably acceptable to Landlord from any national bank, and acceptable to Landlord. Landlord acknowledges that Bank One, N.A. is acceptable to Landlord. In the event Landlord receives notice from the issuer of the letter of credit that the letter of credit will not be required renewed and if Tenant does not replace the letter of credit with an identical letter of credit complying with the terms of this Section 25 no later than the date which is fifteen (15) business days prior to keep this the expiration of the letter of credit, Landlord may draw down the letter of credit and hold the cash as the security deposit separate from its general fundsunder this Lease. Such drawing of the letter of credit will not constitute an Event of Default under this Lease, and Tenant shall not be entitled to interest on such deposit. iii. Within sixty (60) days after termination Tenant, at its option, may replace said cash with a letter of credit complying with the terms of this Agreement or surrender and acceptance subsection. In the event of the Leased Premises, whichever occurs lastsale or transfer of Landlord’s interest in the Building, Landlord shall return to Tenant transfer the full security deposit or to such purchaser, in which event Tenant shall look only to the event that actual cause exists new Landlord for retaining any portion the return of the security deposit, the and Landlord shall provide the thereupon be released from all liability to Tenant with a written statement listing the exact reasons for the retention of any portion return of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining If the security deposit is in the form of a letter of credit, Tenant shall cooperate with Landlord to have the letter of credit amended or replaced to name the new Landlord as the beneficiary thereunder. If Tenant fails to cause such an amendment to the letter of credit within fifteen (15) days after Landlord’s written request therefor, Landlord may draw down the letter of credit and transfer the cash proceeds therefrom to the new Landlord. Landlord shall remain liable for nonpayment of rent, abandonment the return of the Leased Premises, security deposit to the extent Landlord does not transfer same to its successor or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantassign under this Lease.

Appears in 1 contract

Sources: Lease Agreement (CHG Healthcare Services, Inc.)

Security Deposit. i. The Simultaneously with the delivery by Tenant of this Lease fully executed by Tenant, Tenant shall deposit with the Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security deposit, which total deposit in the amount of $24,041.67 (the "Security Deposit"). The Security Deposit shall be held by Landlord as in a non-interest bearing account, and shall be security for the faithful Tenant's payment and performance by Tenant of all Tenant's obligations, covenants, conditions and agreements under this Lease. Tenant hereby waives any applicable law requiring the termsplacement of the Security Deposit in an escrow account. Landlord shall have the right, covenants and conditions upon prior written notice to Tenant, to apply all or any portion of this Agreement, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iithe Security Deposit to cure any default by Tenant. If Landlord so applies any or all of the Security Deposit, Tenant is in default shall be obligated to promptly deposit with respect Landlord the amount necessary to this Agreementrestore the Security Deposit to its original amount. In the event Tenant fails to perform its obligations, including but not limited toto accepting possession of the Premises on the Commencement Date provided for herein, then the payment of Base or Additional Rent, Landlord may, at its option, use, apply or retain all or any part of this security deposit for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within five (5) days from Landlord’s written demand, shall be a material breach of this Agreement. Landlord Security Deposit shall not be required deemed liquidated damages and Landlord may apply the deposit to keep this security deposit separate from its general fundsreduce Landlord's damages, and Tenant such application of the deposit shall not preclude Landlord from recovering from Tenant all additional damages incurred by Landlord. In the event Tenant fully and faithfully complies with all terms and conditions of this Lease, the Security Deposit shall be entitled returned to interest on such deposit. iii. Within sixty Tenant within forty-five (6045) days after termination following the expiration of the Lease Term and Tenant's surrender of the Premises in accordance with the terms of this Agreement Lease. No holder of a mortgage or surrender and acceptance deed of the Leased Premises, whichever occurs last, Landlord trust to which this Lease is subordinate shall return to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons be responsible for the retention Security Deposit unless such mortgagee or holder of any portion such deed of trust shall have actually received or obtained control over the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantSecurity Deposit.

Appears in 1 contract

Sources: Lease Agreement (Infonautics Inc)

Security Deposit. i. The Concurrently with Tenant's delivery of this Lease, Tenant shall deposit with the Landlord the sum sum, if any, stated in Item 9 of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security depositthe Basic Lease Provisions, which total amount shall to be held by Landlord as security for the full and faithful performance by Tenant of all Tenant's obligations under this Lease (the terms, covenants and conditions "Security Deposit"). Subject to the last sentence of this AgreementSection, the Security Deposit shall be understood and agreed to be the property of Landlord upon Landlord's receipt thereof. Upon any default by Tenant, including attorney’s fees specifically Tenant's failure to pay rent or to abide by its obligations under Sections 7.1 and costs incurred. ______________ ________________ 15.3 below and Tenant's failure to cure the same within any applicable cure period, whether or not Landlord Tenant is informed of or has knowledge of the default, the Security Deposit shall be deemed to be automatically and immediately applied, without waiver of any rights Landlord may have under this Lease Agreement p. or at law or in equity as a result of [INSERT PAGE NUMBER] iithe default, as a setoff for full or partial compensation for that default. If any portion of the Security Deposit is applied after a default by Tenant, Tenant is in default with respect to this Agreement, including but not limited to, the payment of Base or Additional Rent, Landlord may, at its option, use, apply or retain all or any part of this security deposit for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used shall within five (5) days from Landlord’s after written demand, shall be a material breach of this Agreementdemand by Landlord deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount. Landlord shall not be required to keep this security deposit Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iiithe Security Deposit. Within sixty If Tenant fully performs its obligations under this Lease, the Security Deposit or any balance thereof shall be returned to Tenant (60or, at Landlord's option, to the last assignee of Tenant's interest in this Lease) within thirty (30) days after termination of this Agreement or surrender and acceptance the expiration of the Leased PremisesTerm, whichever occurs last, provided that Landlord shall return may retain the Security Deposit to the extent and until such time as all amounts due from Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied accordance with this Section by mailing said statement Lease have been determined and any payment required to the last known address of the Tenant. Nothing paid in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantfull.

Appears in 1 contract

Sources: Industrial Lease (Homegrocer Com Inc)

Security Deposit. i. The Tenant shall deposit the Security Deposit with Landlord upon the Landlord execution of this Lease in the sum amount of Eight Thousand Eight Hundred Fifty-Four Thousand, Five Dollars and Fifty Four and 17/100 Dollars 54/100 ($8,854.1754,005.54). Provided Tenant is not in default of the Lease, the Security Deposit shall be reduced by $12,589.50 and such amount credited towards Monthly Installment of Rent during the thirteenth (13th) as a security depositmonth of the Lease Term, which total and thereby reduced by $13,093.08 and such amount credited towards the Monthly Installment of Rent for the Twenty-Fourth (24th) month of the Lease Term. Said sum shall be held by Landlord ▇▇▇▇▇▇▇▇ as security for the faithful performance by Tenant of all the terms, covenants and conditions of this Agreement, including attorneyLease to be kept and performed by ▇▇▇▇▇▇ and not as an advance rental deposit or as a measure of Landlord’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. damage in case of [INSERT PAGE NUMBER] ii▇▇▇▇▇▇’s default. If Tenant is in default defaults with respect to any provision of this AgreementLease, including but not limited to, Landlord may use any part of the Security Deposit for the payment of Base or Additional Rent, Landlord may, at its option, use, apply or retain all any rent or any part of this security deposit other sum in default, or for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. If any portion is so used, including attorney’s fees Tenant shall within ten (10)days after written demand therefor, deposit with Landlord an amount sufficient to restore the Security Deposit to its original amount and costs incurred. Tenant’s failure to replace any amount do so used within five (5) days from Landlord’s written demand, shall be a material breach of this AgreementLease. Except to such extent, if any, as shall be required by law, Landlord shall not be required to keep this security deposit the Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iii. Within sixty (60) days If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the Security Deposit or any balance thereof shall be returned to Tenant at such time after termination of this Agreement Lease when Landlord shall have determined that all of Tenant’s obligations under this Lease have been fulfilled. Notwithstanding anything to the contrary contained herein or surrender and acceptance in Article 23 hereof, Tenant hereby waives the provisions of Section 1950.7 of the Leased PremisesCalifornia Civil Code, whichever occurs last, or any similar or successor Regulations or other laws now or hereinafter in effect. Landlord shall return the Security Deposit to Tenant the full security deposit within thirty (30) days after expiration or in the event that actual cause exists for retaining any portion termination of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantLease.

Appears in 1 contract

Sources: Lease (Phenomix CORP)

Security Deposit. i. The Tenant shall deposit with the Landlord the sum of Eight Thousand Eight Hundred and Fifty Four and 17/100 Dollars ($8,854.17) as a security deposit, which total amount shall be held by Landlord as security for the faithful performance by Tenant of all the terms, covenants and conditions of this Agreement, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect to this Agreement, including but not limited to, the payment of Base 5.1.1 On or Additional Rent, Landlord may, at its option, use, apply or retain all or any part of this security deposit for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default, including attorney’s fees and costs incurred. Tenant’s failure to replace any amount so used within before five (5) days from following full execution and delivery of this Lease, Tenant shall pay to Landlord the Security Deposit as security for Tenant’s performance of all of Tenant’s covenants and obligations under this Lease; provided, however, that the Security Deposit is not an advance rent deposit or an advance payment of any other kind, nor a measure of Landlord’s written demand, shall be a material breach of this Agreementdamages upon Tenant’s Default. Landlord shall not be required to keep this security deposit separate segregate the Security Deposit from its general funds, other funds and no interest shall accrue to be payable to Tenant with respect thereto. Landlord may (but shall not be entitled required to) use the Security Deposit or any portion thereof to interest on cure any Default or to compensate Landlord for any damage Landlord incurs as a result of Tenant’s failure to perform any of its covenants or obligations hereunder, it being understood that any use of the Security Deposit shall not constitute a bar or defense to any of Landlord’s remedies under this Lease or at law. In such deposit. iiievent and upon written notice from Landlord to Tenant specifying the amount of the Security Deposit so utilized by Landlord and the particular purpose for which such amount was applied, Tenant shall immediately deposit with Landlord an amount sufficient to return the Security Deposit to the full amount required under this Lease. Within sixty Tenant’s failure to make such payment to Landlord within ten (6010) days after of Landlord’s notice shall constitute a Default. If Tenant is not in Default at the expiration or termination of this Agreement or surrender and acceptance of the Leased Premises, whichever occurs lastLease, Landlord shall return to Tenant the full security deposit Security Deposit or the balance thereof then held by Landlord; provided, however, that in no event shall any such return be construed as an admission by Landlord that Tenant has performed all of its covenants and obligations hereunder. 5.1.2 The Security Deposit may be in the form of an irrevocable letter of credit (the “Letter of Credit”), which Letter of Credit shall: (a) be in the amount of $750,000.00; (b) be in form and substance reasonably satisfactory to Landlord; (c) name Landlord as its beneficiary; (d) be drawn on an FDIC insured financial institution satisfactory to the Landlord (Landlord acknowledging and agreeing that as of the date of its execution of this Lease Landlord approves Silicon Valley Bank, ▇.▇. ▇▇▇▇▇▇ and Bank of America, National Association as potential issuers of the Letter of Credit); (e) expressly allow Landlord to draw upon it: (i) in the event that actual cause exists for retaining any portion the Tenant is in Default under the Lease by delivering to the issuer of the security depositLetter of Credit written notice that Landlord is entitled to draw thereunder pursuant to the terms of this Lease; or (ii) if Tenant, within sixty (60) days prior to expiration of the Letter of Credit then held by Landlord, fails to provide Landlord with a replacement Letter of Credit meeting the requirements herein; (f) if generally required by prudent institutional owners and customarily issued by issuing banks, expressly state that it will be honored by the issuer without inquiry into the accuracy of any such notice or statement made by Landlord; (g) expressly permit multiple or partial draws up to the stated amount of the Letter of Credit; (h) expressly provide that it is transferable to any successor of Landlord; and (i) expire no earlier than sixty (60) days after the expiration of the Term of this Lease or provide for automatic annual renewals such that the Letter of Credit, as renewed each year, will expire no earlier than sixty (60) days after the expiration of the Term of this Lease. In the event the issuer of the Letter of Credit elects not to renew the Letter of Credit for any period required hereunder, then if Tenant fails to provide Landlord with a replacement Letter of Credit that complies with the requirements of this Section 5.1.2 at least thirty (30) days prior to the stated expiration date of the Letter of Credit then held by Landlord, Landlord may draw upon such Letter of Credit and hold the proceeds thereof (and such proceeds need not be segregated) as a Security Deposit pursuant to the terms of this Section 5. 1. Any renewal or replacement of the original or any subsequent Letter of Credit shall meet the requirements for the original Letter of Credit as set forth above, except that such replacement or renewal shall be issued by an FDIC insured financial institution reasonably satisfactory to the Landlord at the time of the issuance thereof. 5.1.3 If Landlord draws on the Letter of Credit as permitted in this Lease or the Letter of Credit, then, upon demand of Landlord, Tenant shall restore the amount available under the Letter of Credit to its original amount by providing Landlord with an amendment to the Letter of Credit evidencing that the amount available under the Letter of Credit has been restored to its original amount. In the alternative, Tenant may provide Landlord with cash, to be held by Landlord in accordance with this Article, equal to the restoration amount required under the Letter of Credit. 5.1.4 The initial Letter of Credit shall be issued by a commercial bank acceptable to Landlord (a) that is chartered under the laws of the United States, any State thereof or the District of Columbia, (b) which is insured by the Federal Deposit Insurance Corporation; (c) whose long-term, unsecured and unsubordinated debt obligations are rated by at least two of the following: (i) Fitch Ratings Ltd. (“Fitch”), (ii) ▇▇▇▇▇’▇ Investors Service, Inc. (“Moody’s”) and (iii) Standard & Poor’s Ratings Services (“S&P”), or their respective successors (collectively, the “Rating Agencies”) with ratings of not less than A from Fitch, A2 from Moody’s and A from S&P; and (d) which has a short term deposit rating from at least two Rating Agencies with ratings of not less than A1 from Fitch, P-1 from Moody’s and A-1 from S&P (collectively, the “LC Issuer Requirements”). If at any time the LC Issuer Requirements are not met, Landlord shall notify Tenant as such, in which event Tenant shall have five (5) business days to provide a letter of credit from an issuer meeting the LC Issuer Requirements, or otherwise reasonably acceptable to Landlord based on the then-existing status of financial firms. Tenant’s failure to provide a replacement letter of credit as aforesaid shall entitle Landlord to draw upon the Letter of Credit and hold the proceeds thereof as the Security Deposit hereunder in accordance with the terms of this Article 5. 5.1.5 Subject to the remaining terms of this Section 5.1, and provided no more than one (1) monetary Default has occurred under this Lease during the twelve (12) month period immediately preceding the effective date of any reduction of the Security Deposit and that such monetary Default was cured within any applicable notice and cure period set forth in this Lease, Tenant shall have the right to reduce the amount of the Security Deposit (i.e., the Letter of Credit) so that the reduced Letter of Credit amounts will be as follows: (i) $500,000.00 effective as of the first anniversary of the Commencement Date; (ii) $250,000.00 effective as of second anniversary of the Commencement Date; and (iii) $0.00 effective as of the third anniversary of the Commencement Date. If Tenant is not entitled to reduce the Security Deposit (i.e., the Letter of Credit) as of a particular reduction effective date due to Tenant being in monetary Default under this Lease more than one (1) time in any twelve (12) month period preceding such reduction, then any subsequent reduction(s) Tenant is entitled to hereunder shall be reduced by the amount of the reduction Tenant would have been entitled to had Tenant timely paid all Rent during the twelve (12) months prior to that particular earlier reduction effective date. Any reduction in the Letter of Credit shall be accomplished by Tenant providing Landlord with a written statement listing substitute letter of credit in the exact reasons for reduced amount, or by an amendment to the retention existing Letter of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and Credit pursuant to which the amount retained. The Landlord thereof is deemed reduced, provided such amendment is in form and substance reasonably acceptable to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenantLandlord.

Appears in 1 contract

Sources: Industrial Lease (A123 Systems, Inc.)

Security Deposit. i. The Concurrently with Tenant's execution of this Lease, Tenant shall deposit with the Landlord the sum of Eight Seventy-Five Thousand Eight Hundred and Fifty Four and 17/100 Dollars 00/100 ($8,854.1775,000.00) as a security deposit, which total amount Dollars. Said sum shall be held by Landlord as security a Security Deposit for the faithful performance by Tenant of all of the terms, covenants covenants, and conditions of this Agreement, including attorney’s fees Lease to be kept and costs incurred. ______________ ________________ Landlord performed by Tenant Lease Agreement p. of [INSERT PAGE NUMBER] iiduring the term hereof. If Tenant is in default defaults with respect to any provision of this AgreementLease, including including, but not limited to, the provisions relating to the payment of Base or Additional Rentrent and any of the monetary sums due herewith, Landlord may, at its option, may (but shall be required to) use, apply or retain all or any part of this security deposit Security Deposit for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, 's default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s 's default. If any portion of said Deposit is so used or applied, including attorney’s fees and costs incurredTenant shall, within ten (10) days after written demand therefor, deposit cash with Landlord in the amount sufficient to restore the Security Deposit to its original amount. Tenant’s 's failure to replace any amount do so used within five (5) days from Landlord’s written demand, shall be a material breach of this AgreementLease. Landlord shall not be required to keep this security deposit Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. iiiDeposit. Within sixty If Tenant fully and faithfully performs every provision of this Lease to be performed by it, the Security Deposit or any balance thereof shall be returned to Tenant (60or at Landlord's option, to the last assignee of Tenant's interest hereunder) days at the expiration of the Lease term and after Tenant has vacated the Premises. In the event of termination of Landlord's interest in this Agreement or surrender and acceptance of the Leased Premises, whichever occurs lastLease, Landlord shall return transfer said Deposit to Landlord's successor in interest whereupon Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the agrees to release Landlord shall provide the Tenant with a written statement listing the exact reasons from liability for the retention return of any portion of such Deposit or the security depositaccounting therefor. When the statement (Paragraph 4F is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenant.continued below)

Appears in 1 contract

Sources: Lease Agreement (Intuit Inc)

Security Deposit. i. The Tenant agrees that, on or before the execution of this Lease, Tenant shall deposit with the Landlord the sum amount of Eight Fifty Thousand Eight Two Hundred and Fifty Four and 17/100 Sixty-Two Dollars ($8,854.17) as a security deposit50,262), which total amount shall be held by Landlord as security for the full and faithful performance of all of Tenant's covenants and obligations under this Lease (as the same may be further increased pursuant to Section 29(b)), (the Security Deposit), it being expressly understood and agreed that the Security Deposit is not an advance rental deposit or a measure of the Landlord's damages in case of Tenant's default. Upon the occurrence of any default by Tenant of all the terms, covenants and conditions of this Agreement, including attorney’s fees and costs incurred. ______________ ________________ Landlord Tenant Lease Agreement p. of [INSERT PAGE NUMBER] ii. If Tenant is in default with respect to this Agreement, including but not limited to, the payment of Base or Additional Renthereunder, Landlord maymay (but shall not be required to), at its optionfrom time to time and without prejudice to any other remedy provided by this Lease or by law, use, apply use the Security Deposit to the extent necessary to make good any arrears of rent or retain all other payments or any part of this security deposit for the payment of any amount which Landlord may spend or become obligated to spend liability caused by reason of Tenant’s default, such default or to compensate Landlord for any other loss loss, damage, liability, or damage expense which Landlord may suffer by reason of Tenant’s 's default, including attorney’s fees and costs incurred. Tenant shall within ten (10) days after written demand therefor pay to Landlord the amount that was applied in order to restore the Security Deposit to the amount held by Landlord prior to the application (as such amount may be increased by Section 29(a) below). Tenant’s 's failure to replace so restore the Security Deposit shall constitute an event of default under this Lease on the part of Tenant. Although the Security Deposit shall be deemed the property of Landlord, if Tenant fully and faithfully performs and observes every provision of this Lease to be performed and observed by Tenant, the Security Deposit, or any amount so used within five (5) days from Landlord’s written demandthen unused balance thereof, shall be a material breach returned to Tenant (or at Landlord's option, to the last assignee of Tenant's interest hereunder) after the expiration of the Term and after Tenant has vacated and surrendered the Premises in accordance with the terms hereof. Tenant shall not have the right to apply this AgreementSecurity Deposit or any part thereof toward the payment of any Rent or sums due hereunder. In the event of termination of Landlord's interest in this Lease, Landlord shall transfer the unused balance of said Deposit to Landlord's successor-in-interest whereupon Tenant hereby agrees to release Landlord from liability for the return of such Deposit provided such successor-in-interest agrees to return the Security Deposit to Tenant in accordance with the terms hereof. Landlord shall not be required to keep this security deposit the Security Deposit separate from its the general funds, and accounts of Landlord nor pay Tenant shall not be entitled to any interest on such depositthereon. iii. Within sixty (60) days after termination of this Agreement or surrender and acceptance of the Leased Premises, whichever occurs last, Landlord shall return to Tenant the full security deposit or in the event that actual cause exists for retaining any portion of the security deposit, the Landlord shall provide the Tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit. When the statement is delivered, it shall be accompanied by payment of the difference between any sum deposited and the amount retained. The Landlord is deemed to have complied with this Section by mailing said statement and any payment required to the last known address of the Tenant. Nothing in this Section shall preclude the Landlord from retaining the security deposit for nonpayment of rent, abandonment of the Leased Premises, or nonpayment of utility charges, repair work, or cleaning contracted for by the tenant.

Appears in 1 contract

Sources: Office / R&d Lease (Improvenet Inc)