Common use of Security Deposit Clause in Contracts

Security Deposit. (a) Tenant has deposited with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provision of this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord 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 that Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit 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. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 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 of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedings.

Appears in 1 contract

Samples: Lease Agreement (Novellus Systems Inc)

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Security Deposit. (a) Concurrently with Tenant's execution of this Lease. Tenant has deposited will deposit with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) Security Deposit designated in Subparagraph 1(o). The Security Deposit will be held by Landlord as security for the full and faithful performance by Tenant of every provision all of the terms, covenants, and conditions of this Lease to be kept and performed by TenantTenant during the Term hereof. If Tenant defaults with respect to any provision of fully and faithfully performs its obligations under this Lease, including, but not limited towithout limitation, surrendering the provisions relating to Premises upon the payment of rent, Landlord may use, apply expiration 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 that Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit 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. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 sooner termination of this Lease to be performed by itin compliance with Subparagraph 11(a) below, the security deposit Security Deposit or any balance thereof shall will be returned to Tenant (or, at Landlord's option, to the last transferee assignee of Tenant's interest hereunder) at within thirty (30) days following the expiration of the Lease Term or as required under applicable law, provided that Landlord may retain the Security Deposit until such time as any outstanding rent or additional rent amount has been determined and upon Tenant's vacation paid in full. The Security Deposit is not, and may not be construed by Tenant to constitute, rent for the last month or any portion thereof. If Tenant defaults with respect to any provisions of this Lease including, but not limited to, the Premises. In the event of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first provisions relating to the payment of rent and or additional rent, Landlord may (but will not be required to) use, apply or retain all or any part of the Security Deposit for the payment of any rent or any other charges due 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 all periods prior any loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of the Security Deposit is so used or applied, Tenant agrees within ten (10) days after Landlord's written demand therefor, to filing of 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 under this Lease. Landlord is not required to keep Tenant's Security Deposit separate from its general funds, and Tenant is not entitled to interest on such proceedingsSecurity Deposit. Should Landlord sell its interest in the Premises during the Term hereof and deposit with the purchaser thereof the then unappropriated Security Deposit funds, Landlord will be discharged from any further liability with respect to such Security Deposit.

Appears in 1 contract

Samples: Virtual Mortgage Network Inc

Security Deposit. (a) Tenant has deposited with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provision Upon execution of this Lease, includingTenant shall deposit the sum of $ to be held by Xxxxxxxx as a security deposit for reasonable cleaning of, but not limited and repair of damages to, the provisions relating premises upon the expiration or termination of this Lease, or other reasonable damages resulting from a default by Tenant. Tenant shall be liable to Landlord for all damages to the payment of rent, Landlord may use, apply or retain all or any part leased premises upon the termination of this Lease, ordinary wear and tear excepted. Tenant is not entitled to interest on the security deposit for the payment of any rent or any other sum in default or for the payment of any other amount that Landlord deposit. Tenant may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore not apply the security deposit to its original amount and Tenant's failure to do so shall be a default any rent due under this Lease. If Landlord sells or assigns the leased premises, Landlord shall nothave the right to transfer Xxxxxx’s security deposit to the new owner or assignee to hold under this Lease, unless otherwise required by lawand upon so doing Landlord shall be released from all liability to Tenant for return of said security deposit. In compliance with New Jersey Code § 46:8-19 et seq.: Landlord shall refund a security deposit to the tenant on or before the 30th day after the date the tenant surrenders the premises. Before returning a security deposit, be the landlord may deduct from the deposit damages and charges for which the tenant is legally liable under the lease or as a result of breaching the lease. The landlord may not retain any portion of a security deposit to cover normal wear and tear. If the landlord retains all or part of a security deposit under this section, the landlord shall give to the tenant the balance of the security deposit, if any, together with a written description and itemized list of all deductions. The landlord is not required to keep this security deposit separate from Landlordgive the tenant a description and itemized list of deductions if (1) the tenant owes rent when he surrenders possession of the premises and (2) there is no controversy concerning the amount of rent owed. The landlord is not obligated to return a tenant's general funds, nor pay interest to Tenant. If Landlord is required by law 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 thereof shall be returned to Tenant (or, at Landlord's option, to give the last transferee tenant a written description of Tenant's interest hereunder) at damages and charges until the expiration tenant gives the landlord a written statement of the Lease Term and upon Tenanttenant's vacation forwarding address for the purpose of refunding the Premises. In the event of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingsdeposit.

Appears in 1 contract

Samples: New Jersey Residential Lease Agreement

Security Deposit. (a) Simultaneously with the execution of this Lease, Tenant has deposited shall deposit with Landlord the sum Security Deposit as a security deposit. The Security Deposit (which shall not bear interest to Tenant unless required to do so by any provision of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95law) shall be considered as security for the full payment and faithful performance by Tenant of every provision all of this Lease Tenant’s obligations, covenants, conditions and agreements under the Lease. Upon the expiration of the Term hereof (or any renewal or extension thereof in accordance with the Lease), Landlord shall (provided that Tenant is not in default under the terms hereof) return and pay back the Security Deposit to be performed Tenant, less such portion thereof as Landlord shall have appropriated to make good any default by Tenant. If Tenant defaults with respect to any provision of this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord 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 that Landlord may spend or become obligated to spend by reason of Tenant's default’s aforesaid obligations, covenants, conditions or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit is agreements and so used or applied, notify Tenant shall, within five (5) days after written 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 be a default under this Lease. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 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 promptly upon Tenant's vacation of the Premisessuch appropriation. In the event of bankruptcy any Event of Default by Tenant hereunder during the term of this Lease, Landlord shall have the right, but shall not be obligated, to apply all or other debtor-creditor proceedings against Tenantany portion of that Security Deposit to cure such default, such security deposit in which event Tenant shall be deemed obligated promptly to be applied first deposit with Landlord the amount necessary to restore the Security Deposit to its original amount. In the event of sale or transfer of Landlord’s interest in the Building, Landlord shall have the right to transfer the Security Deposit to such purchaser or transferee, in which event Tenant shall look only to the payment new landlord for the return of rent the Security Deposit and other charges due Landlord shall thereupon be released from all liability to Tenant for all periods prior the return of the Security Deposit. At Tenant’s option, Tenant may deliver to filing Landlord a Letter of Credit in the amount of the Security Deposit provided the form and issuer of the Letter of Credit are reasonably satisfactory to Landlord. Upon delivery of such proceedingssatisfactory Letter of Credit, Landlord shall refund any cash Security Deposit then held by Landlord.

Appears in 1 contract

Samples: Lease Agreement (Opinion Research Corp)

Security Deposit. Before the commencement of the term, Tenant(s) shall pay a security deposit of $ _ (athe “Security Deposit”) Tenant has deposited with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) as security for the full purposes set forth in Civil Code Section 1950.5. No trust relationship between Owner and faithful performance Tenant(s) is created because of every provision the Security Deposit and Owner may commingle the Security Deposit with other funds of this Lease to be performed Owner. Owner may retain such amounts of the Security Deposit as allowed by Tenant. If Tenant defaults with respect to any provision of this Lease, law including, but not limited to, Tenant(s)’s obligation to restore, replace or return personal property. Owner shall, within the provisions relating time period allotted by law, refund any balance after such deductions to Tenant(s) after Tenant(s) has vacated the Premises. Tenant(s) shall not be deemed to have vacated the Premises for purposes of this paragraph until a) Tenant(s) returns to Owner all keys to the payment Premises, and b) Tenant(s) has surrendered the Premises to Owner free and empty of rent, Landlord may use, apply or retain all or persons claiming any part right to possess the Premises. Any balance of this security deposit for the payment Security Deposit and an accounting of any rent deductions there from will be mailed to Tenant(s) at the Premises unless Tenant(s) provides, in writing to Owner, a mailing address to which the balance, if any, of the Security Deposit and the accounting should be sent. Owner’s check or other draft refunding any other sum balance of the Security Deposit may be made in default or for the payment name of all original tenants regardless of the party who in fact made the deposit and regardless of the identity of the persons then occupying the Premises. Tenant(s) may not apply the Security Deposit, nor any other amount that Landlord may spend or become obligated portion thereof, to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's defaultthe last month’s rent. If any portion of said deposit the Security Deposit is so used or appliedapplied by Owner to any obligations of Tenant(s) at any time during the tenancy Tenant(s) must, Tenant shallupon 5 days written notice, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore reinstate the security deposit Security Deposit to its full original amount. If required, Owner shall pay to Tenant(s) simple interest as directed by such law on the amount and Tenant's failure to do so held as a Security Deposit, provided this tenancy does not terminate before the Security Deposit has been held for one year. Said payment of interest shall be made once a year commencing with the date the Security Deposit has been held for a year. Upon Xxxxxx(s)’s surrender of the Premise, if the Security Deposit is insufficient to remedy Tenant(s)’s default under this Leasein rent, to repair damages caused by Tenant(s) and to clean the Premises, Owner may use from the accrued unpaid interest such amounts as are necessary for those purposes. Landlord Accrued unpaid interest or balance thereof, if any, shall not, unless otherwise required by law, be required mailed to keep this security deposit separate from Landlord's general funds, nor pay interest Tenant(s) at last known address in the same manner as any refund of the Security Deposit. Owner may increase the Security Deposit up to Tenant. If Landlord is required the maximum allowed by law to maintain said deposit in an interest bearing account, Landlord will retain at any time with notice. The parties agree that the maximum amount permitted under applicable law as a bookkeeping Security Deposit is not rent 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 thereof shall be returned to Tenant (or, at Landlord's option, therefore not subject 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 of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingsRent Ordinance.

Appears in 1 contract

Samples: Residential Tenancy Agreement

Security Deposit. (a) Tenant has deposited shall deposit the security deposit with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) as security for the full full, faithful, and faithful timely performance of every provision of this Lease to be performed by TenantTenant within seven days from the execution hereof. If Tenant defaults with respect to any provision of this Lease, including, including but not limited to, to the provisions relating to the payment of rentRent, Landlord may use, apply apply, or retain all or any part of this the security deposit for the payment of any rent Rent, or any other sum in default default, or for the payment of any other amount that Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost loss or damage that Landlord may suffer by reason of Tenant's default. If any portion of said the security deposit is so used or used, applied, or retained, Tenant shall, will within five (5) 5 days after written 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 be a default under this Leaseamount. Landlord shall not, unless otherwise required by law, will not be required to keep this the security deposit separate from Landlord's its general funds, nor pay and Tenant will not be entitled to interest to Tenanton the security deposit. If Landlord is required by law to maintain said The security deposit in an interest bearing account, Landlord will retain not be deemed a limitation on Landlord's damages or a payment of liquidated damages or a payment of the maximum amount permitted under applicable law as a bookkeeping and administrative chargeMonthly Rent due for the last month of the Term. If Tenant shall fully fully, faithfully, and faithfully perform timely performs every provision of this Lease to be performed by it, the security deposit or any balance thereof shall of the security deposit will be returned to Tenant (or, at Landlord's option, to the last transferee of Tenant's interest hereunder) at within 45 days after the expiration of the Lease Term Term. Landlord shall notify Tenant that it intends to, and upon Tenant's vacation may then deliver the balance of the Premises. In security deposit then held by Landlord to the purchaser of the Building in the event of bankruptcy the Building is sold or other debtor-creditor proceedings against Tenantto any transferee or assignee from Landlord, and after such time Landlord will have no further liability to Tenant with respect to the security deposit. The security deposit may be posted in the form of a letter of credit which must be assignable, clean, irrevocable, evergreen, sight draft, in all respects acceptable to Landlord in its discretion, and any failure to maintain such letter of credit in force shall be deemed to be applied first an immediate material default hereunder, which if not cured by an identical substitute letter of credit or cash deposit equal to the payment Security Deposit with Landlord, shall entitle Landlord to all remedies available to it for breach of rent and other charges due Landlord for all periods prior to filing of such proceedingsthis Lease.

Appears in 1 contract

Samples: Office Lease (Idt Corp)

Security Deposit. (a) Tenant has deposited with Landlord Upon the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provision execution of this Lease, including, but not limited to, Tenant shall pay to Landlord a security deposit in the amount set forth in the Lease Summary Section. The security deposit is given to insure Tenant's faithful performance of all terms and provisions relating to the payment of rent, Landlord may use, apply or retain all or any part of this security deposit Lease as well as for the payment return of any rent or any other sum in default or for the payment of any other amount that Landlord may spend or become obligated Demised Premises to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore accordance with the security deposit to its original amount and Tenant's failure to do so shall be a default under terms hereof upon the termination of this Lease. Landlord shall not, unless otherwise required by law, not be required obligated to keep this apply the security deposit separate from on rents or other charges in arrears, or in damages for failure to perform the terms and conditions of this Lease. Application of the security deposit to the arrears of Rent payments or damages shall be at the sole option of Landlord's general funds, nor pay interest and the right to Tenantpossession of the Demised Premises by Landlord for nonpayment of Rent or for any other reason shall not in any event be affected by the security deposit. If Landlord The security deposit is required to be returned to Tenant when this Lease is terminated, according to the terms of this Lease, if not otherwise applied by law to maintain said deposit in an interest bearing account, Landlord will retain reason of any breach of the maximum amount permitted under applicable law as a bookkeeping terms and administrative charge. If Tenant shall fully and faithfully perform every provision conditions of this Lease by Xxxxxx. Tenant expressly acknowledges that Tenant shall not have the right to apply the security deposit to Rent or any other charges. In no event is the security deposit to be performed returned until Tenant has vacated the Demised Premises and delivered possession to Landlord. In the event Landlord repossesses the Demised Premises because of the default of Tenant, or because of the failure by itTenant to carry out the terms and conditions of this Lease, Landlord may apply the security deposit on all damages suffered to the day of repossession and may retain the balance of the security deposit to apply on damages that may accrue or be suffered thereafter by reasons of a default or breach of Tenant. In the event the security deposit is to be returned to Tenant, the security deposit or any balance thereof shall be returned within thirty (30) days after Tenant surrenders the Demised Premises in a condition equally as good as originally accepted by Tenant, normal wear and tear excepted. If Xxxxxx does not surrender the Demised Premises in such condition then Landlord may deduct such amounts from the security deposit as may be necessary to make proper repairs and return the remaining amount, if any, of the security deposit to Tenant. Landlord shall not be obligated to hold the security deposit in a separate fund but may mix the security deposit with other funds of Landlord, and Landlord shall not be obligated to pay interest to Tenant (or, at Landlord's option, to on 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 of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingsdeposit.

Appears in 1 contract

Samples: legistarweb-production.s3.amazonaws.com

Security Deposit. (a) Tenant has deposited with Landlord the Resident shall be required to pay to Lessor upon execution of this Lease a one-time sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) 700.00 which Lessor may deposit or save with its other funds or deposits from other Residents and which Lessor is to retain as security for the full and faithful performance by Resident of every provision all the covenants, conditions, and agreements of this Lease Lease. Lessor may, without further notice, apply the security deposit on any charges or damages for the Resident’s failure to be performed by Tenant. If Tenant defaults with respect to any provision perform the said covenants, conditions, and agreements of this Lease, includingbut in no event shall the Lessor be obligated to apply the security deposit in such manner. The Lessor’s right to possession of the Premises for nonpayment of rent or for any other reason shall not in any event be affected by reason of the fact that the Lessor may hold a security deposit. The received sum shall accrue no interest payable to Resident unless required by local laws, but and if the security deposit is not limited to, the provisions relating to applied toward the payment of rent, Landlord may useutilities, apply cleaning, damages, lease break charges, insufficient notice 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 that Landlord may spend or become obligated to spend court costs, including attorneys’ fees suffered by Lessor by reason of Tenant's defaultthe Resident’s breach of the covenants, or conditions and agreements of this Lease, is to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, be returned to Resident within five sixty (560) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore of the security deposit to its original amount and Tenant's failure to do so shall be a default under this Lease. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 termination 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 transferee of Tenant's interest hereunder) at the expiration of the Lease Term surrender and upon Tenant's vacation acceptance of the Premises, whichever occurs last. In no event is the event said deposit to be returned until and unless the Resident has fully performed the obligations hereunder and has vacated the Premises, and then properly cleaned them and delivered the keys and possession to the Lessor. Regardless of bankruptcy the purpose of any Security Deposit or other debtor-creditor proceedings against Tenantwhether such deposit is set forth in an addendum, such security Agent may apply any deposit to any sum owed by Resident. The individuals signing this Lease as Resident each acknowledge that Xxxx, Xxxxxx (name of designated resident) shall be deemed the spokesperson for Resident and shall be responsible for the accounting and disbursement of the security deposit. Upon any sale or transfer of its interest in the Property, Landlord or Landlord’s Agent, may transfer the Security Deposit to its successor in interest and thereupon, Landlord or Landlord’s Agent, shall be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingsreleased from any liability or obligation with respect thereto.

Appears in 1 contract

Samples: Residential Lease Agreement

Security Deposit. (a) Tenant has deposited with Landlord At the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provision signing of this Lease, includingTenant shall deliver to Landlord a security deposit in the amount of $_________________________.00_. This security deposit is paid at the signing of the Lease to hold the Premises until the Tenant occupies the Premises.. The Tenant understands that the Landlord is taking the Premises off the market at this time to reserve the Premises for the Tenant. Tenant understands that if Tenant does not move into the Premises, deductions will be made from the deposit to cover expenses in leasing the apartment to new tenants. A rental fee of $300 will apply, plus any additional expenses incurred. The Landlord will keep the security deposit in a separate account that may earn interest. Landlord will retain the interest earned and Tenant agrees that they are not entitled to any interest on their security deposit. Landlord will return the security deposit to the Tenant within 30 (thirty) days from the end of the Lease term if the Tenant has complied with all the terms of this lease and has not otherwise caused economic loss to the Landlord. The Landlord will make appropriate deductions from the security deposit and return the balance, if any, to the Tenant together with a written statement detailing the reasons for any deductions. In so doing, the Landlord does not waive any claim against the Tenant in excess of the amount of the security deposit. Appropriate deductions may include, but are not limited to, cleaning of the provisions relating to Premises and the payment cost of rent, Landlord may use, apply or retain all or any part of this necessary repairs which are not considered normal wear and tear. The security deposit may not be used for rent. The security deposit may not be transferred to another property. Tenant has agreed that one check will be returned to ____________________________________________ (the payment “Tenant Payee”) reflecting the balance of any rent or any other sum in default or for the payment of any other amount that Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit owed to its original amount and Tenant's failure . The Tenant Payee is responsible for disbursing any returned security deposit to do so shall be a default under the other tenants listed on this Lease. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 Return of this Lease to be performed by it, the security deposit is subject to: full term has expired, no damage beyond normal wear and tear, entire premise including range, refrigerator, dishwasher, closets, walls, cabinets, showers, toilets and floors are cleaned, burned out light bulbs are replaced, all keys returned, no holes or any balance thereof shall be returned to Tenant (ordents in walls, at Landlord's optionall unpaid late fees are paid, to the last transferee all rubbish are properly disposed of Tenant's interest hereunder) at the expiration of the Lease Term and upon Tenant's vacation of all items are removed from the Premises. In The cost of labor is $30.00 per man hour for cleaning and repairs and shall be deducted from the event of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall as well as the cost of matereials. There will be deemed to a minimum charge of $100.00 for the disposal of any items left behind. A $10.00 per key charge will be applied first to any keys not returned by the termination date of this lease. Tenants agree to submit the Move In Inspection Form on our website xxxx://xxx.xxxxxxxxxxxxxxx.xxx/move-out-checklist/ within 15 days of the beginning of the lease. Failure to submit the form on time obligates the tenants to take responsibility for any and all existing damage to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingsunit.

Appears in 1 contract

Samples: www.kcmanagementinc.com

Security Deposit. (a) Upon execution of this Lease, Tenant has deposited shall deposit with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) Security Deposit. The Security Deposit shall be held by Landlord as security for the full and faithful performance of every provision all the terms of this Lease to be observed and performed by Tenant. The Security Deposit shall not be mortgaged, assigned, transferred or encumbered by Tenant and any such act on the part of Tenant shall be without force and effect and shall not be binding upon Landlord. Tenant shall cause the Security Deposit to be maintained throughout the term in the amount set forth in Section 1.1. Notwithstanding the foregoing, if at the time of request by Tenant, to be made no earlier than the first (1st) anniversary of the Rent Commencement Date, Tenant shall have fully and timely performed all of its obligations under this Lease, then at Tenant’s request, the Security Deposit shall be reduced to $13,472.59, and Landlord shall refund $13,472.58 to Tenant. If the Annual Fixed Rent or Additional Rent payable hereunder shall be overdue and unpaid or should Landlord make any payment on behalf of Tenant, or Tenant defaults with respect shall fail to perform any provision of the terms of this Lease, includingthen Landlord may, but not limited toat its option and without notice or prejudice to any other remedy which Landlord may have on account thereof, appropriate and apply the provisions relating entire Security Deposit or so much thereof as may be necessary to compensate Landlord toward the payment of rentAnnual Fixed Rent, Additional Rent or other sums or loss or damage sustained by Landlord may usedue to such breach by Tenant; and Tenant shall forthwith upon demand restore the Security Deposit to the amount stated in Section 1.1. Notwithstanding the foregoing, apply or retain upon the application by Landlord of all or any part portion of this security deposit for the payment of any rent Security Deposit (with or any other sum in default or for the payment of any other amount that Landlord may spend or become obligated without notice thereof to spend by reason of Tenant's default, or ) to compensate Landlord for a failure by Tenant to pay any Annual Fixed Rent or Additional Rent when due or to perform any other lossobligation hereunder, cost or damage that Landlord may suffer and until Tenant shall have restored the Security Deposit to the amount required by reason of Tenant's default. If any portion of said deposit is so used or appliedSection 1.1, Tenant shall, within five (5) days after written 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 be a default under this Lease. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 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 of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to in default in the payment of rent Additional Rent for purposes of Subsection 8.1(i) hereof. So long as Tenant shall not be in default of its obligations under this Lease, Landlord shall return the Security Deposit, or so much thereof as shall have not theretofore been applied in accordance with the terms of this Section 4.7 (and less any amounts Landlord shall estimate shall be due from Tenant following year-end reconciliation of Operating Costs and Taxes), to Tenant within thirty (30) days following the expiration or earlier termination of the term of this Lease and the surrender of possession of the Premises by Tenant to Landlord in accordance with the terms of this Lease. While Landlord holds the Security Deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other charges due funds. If Landlord conveys Landlord’s interest under this Lease, the Security Deposit, or any part thereof not previously applied, shall be turned over by Landlord to Landlord’s grantee, and Tenant shall look solely to such grantee for all periods prior proper application of the Security Deposit in accordance with the terms of this Section 4.7 and the return thereof in accordance herewith. The holder of a mortgage on the Property shall not be responsible to filing Tenant for the return or application of the Security Deposit, whether or not it succeeds to the position of Landlord hereunder, unless such proceedingsholder actually receives the Security Deposit.

Appears in 1 contract

Samples: Lease (Cerecor Inc.)

Security Deposit. (a) Tenant has deposited with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provision Upon execution of this Lease, includingTenant shall provide the following amount to Landlord, but not limited to, the provisions relating to the payment of rent, Landlord may use, apply or retain all or any part of this be held as a security deposit for the payment reasonable cleaning or repair of any rent damages to the Property upon the expiration or any other sum termination of this lease or in case of default by Tenant: $________ (________ dollars). The security deposit shall not be in excess of one month's Rent, if the Lease is for a period of time less than one year. If the Lease is in excess of one year, there shall be no limit on the security deposit the Landlord can collect. The security deposit will be held at the following financial institution: ________________________________ Tenant hereby agrees to be liable to Landlord at the expiration or termination of this Lease for all damages to the payment of any other amount that Property, except ordinary wear and tear. Landlord may spend or become obligated hold the security deposit in a non-interest-bearing account. In such case, no interest is due to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord Tenant and Tenant may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore not use the security deposit to its original amount and Tenant's failure to do so shall be a default under this Leasecover Rent. Landlord shall not, unless may otherwise required by law, be required elect to keep this hold security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law to maintain said deposit in an interest-bearing account and allow Tenant to receive certain interest bearing accountfunds, Landlord will retain the maximum amount permitted under applicable law as a bookkeeping and administrative chargeif applicable. If Tenant shall fully and faithfully perform every provision of this Lease still not be permitted to be performed by it, use the security deposit to cover any Rent. In case of sale or 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 assignation of the Lease Term and upon by Landlord, Tenant's vacation of the Premises. In the event of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed transferred to the new owner or assignee and Landlord shall be released from liability to Tenant for return of the security deposit. Deductions from the security deposit may be made for the following reasons (this list constitutes examples only and is not intended to be applied exhaustive): unpaid rent or utilities, late fees, cleaning, key replacement, removing abandoned property, and/or attorneys' fees for proceedings against Tenant. Landlord shall have 30 (thirty) days in which to return the security deposit and/or an itemized list of deductions, if applicable. If Landlord requires deductions which exceed the security deposit, Tenant agrees to pay Landlord any overage amount within ten days after receiving a written demand from Landlord. Landlord will first apply the security deposit to any non-rent obligations, such as damages, utilities, or late fees, and will then apply the payment of rent and other charges due Landlord for all periods prior security deposit to filing of such proceedingsany unpaid rent.

Appears in 1 contract

Samples: Lease Agreement

Security Deposit. (a) Upon the execution of this Lease, Tenant has deposited shall ---------------- deposit with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) Security Deposit. The Security Deposit shall be held by Landlord as security for the full and faithful performance by Tenant of every provision all the terms of this Lease to be observed and performed by the Tenant. If The Security Deposit shall not be mortgaged, assigned, transferred or encumbered by Tenant defaults with respect to and any provision of this Lease, including, but not limited to, such act on the provisions relating to the payment of rent, Landlord may use, apply or retain all or any part of this security deposit for Tenant shall be without force and effect and shall not be binding upon Landlord. If the payment of any Annual Rent, or additional rent or any other sum in default charges payable hereunder shall be overdue and unpaid or for should Landlord make payments on behalf of the Tenant, or Tenant shall fail to perform the terms of this Lease after the giving of any required notice and the expiration of any applicable cure period, then Landlord may, at its option and without prejudice to any other remedy which Landlord may have on account thereof, appropriate and apply the entire Security Deposit or so much thereof as may be necessary to compensate Landlord toward the payment of any Annual Rent or other amount that sums or loss or damage sustained by Landlord may spend or become obligated due to spend by reason such breach on the part of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, ; and Tenant shall, shall within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its the original amount sum deposited. Should Tenant comply with all of such terms and Tenant's failure promptly pay all of the rentals as they fall due and all other sums payable by Tenant to do so shall be a default under this Lease. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 thereof Security Deposit shall be returned to Tenant within thirty (or, at 30) days after the end of the Term. The Landlord shall have no obligation to pay interest on the Security Deposit and shall have the right to commingle the same with the Landlord's optionother funds. If the Landlord conveys the Landlord's interest under this Lease, the Security Deposit, or any other part thereof not previously applied, shall be turned over by the Landlord to, or the obligation therefor assumed by, the Landlord's grantee, and, if so turned over or assumed, the Tenant agrees to look solely to such grantee for the proper application and return thereof in accordance with the terms of this Section 5(B). Any mortgagee or Superior Lessor of the Property shall not be responsible to the last transferee Tenant for the return or application of Tenant's interest hereunder) at any such Security Deposit, whether or not it succeeds to the expiration position of the Lease Term and upon Tenant's vacation of the PremisesLandlord hereunder, unless such Security Deposit shall have been received in hand by such mortgagee or Superior Lessor. In the event of bankruptcy or other debtorcreditor-creditor debtor proceedings against Tenant, such security deposit all securities shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to the filing of such proceedings.

Appears in 1 contract

Samples: Agreement of Lease (Internet Capital Group Inc)

Security Deposit. (a) Concurrently with Tenant's execution of this Lease, Tenant has deposited shall deposit with Landlord a security deposit ("Security Deposit") in the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) amount set forth in Paragraph 1.10 above. The Security Deposit shall be held by Landlord as security for the full and faithful performance by Tenant of each and every provision term, covenant and condition of this Lease applicable to be performed by Tenant, and not as prepayment of Rent. If Tenant defaults with respect shall at any time fail to keep or perform any provision term, covenant or condition of this Lease applicable to Tenant, including, without limitation, the payment of Rentals or those provisions requiring Tenant to repair damage to the Premises caused by Tenant or to surrender the Premises in the condition required pursuant to Paragraph 35 below, Landlord may, but shall not be obligated to and without waiving or releasing Tenant from any obligation under this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may use, apply or retain all the whole or any part of this security deposit the Security Deposit reasonably necessary for the payment of any rent or any other sum in default or for the payment of any other amount that which Landlord may spend or become obligated to spend by reason of Tenant's default, default or as necessary to compensate Landlord for any other loss, cost loss or damage that which Landlord may suffer by reason of Tenant's default. If In the event Landlord uses or applies any portion of said deposit is so used or appliedthe Security Deposit, Tenant shall, within five (5) business days after written demand thereforby Landlord, deposit cash with remit to Landlord in an amount sufficient funds to restore the security deposit Security Deposit to its original amount and Tenant's failure sum. Failure by Tenant to do so remit funds shall be a default under this Lease. Landlord shall not, unless otherwise required Default by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law to maintain said deposit in an interest bearing accountShould Tenant comply with all of the terms, Landlord will retain the maximum amount permitted under applicable law as a bookkeeping covenants and administrative charge. If Tenant shall fully and faithfully perform every provision conditions of this Lease applicable to be performed by itTenant, the security deposit or any balance thereof of the Security Deposit shall be returned to Tenant within fourteen (or14) days after Lease Termination and surrender of the Premises by Tenant; provided, at Landlordhowever, if any portion of the Security Deposit is to be applied to repair damages to the Premises caused by Tenant or Tenant's optionagents, to clean the last transferee of Tenant's interest hereunder) at Premises, or to remove alterations and restore the expiration Premises pursuant to Paragraph 13.2 below, then the balance of the Lease Term and upon Tenant's vacation Security Deposit shall be returned to Tenant no later than thirty (30) days after the date Landlord receives possession of the Premises. In the event of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedings.

Appears in 1 contract

Samples: Net Lease Agreement (Laserscope)

Security Deposit. (a) Tenant has deposited with The Security Deposit, in the amount of $_2900.00 , is to be retained by Landlord against any breach by the sum Resident of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) as security for the full terms, covenants and faithful performance of every provision conditions of this Lease to be performed by Tenant. If Tenant defaults with respect to any provision of this Leaseagreement, includingincluding without limitation, but not limited to, the provisions relating to the payment of rent, the condition of the premises on termination of the agreement and notice requirements. The security deposit will be used for damages, unpaid utilities, professional cleaning, and professional carpet cleaning of vacated premises, at the Landlord’s discretion. Landlord agrees to provide a report to Resident for the Security Deposit within sixty (60) days of Resident’s delivery of possession of the premises to the Landlord. The Security Deposit is not pre-paid rent, and may not be applied to any amount due until such time as Resident delivers possession of the premises to Landlord, however, after delivery of possession, Landlord may use, apply or retain all the deposit to any amounts due pursuant to this agreement or any cost or expense arising out of Resident’s breach of this agreement. Landlord’s right to exercise all remedies under this Lease, or as provided by law, shall not be limited by the fact that Landlord holds or applies the Security Deposit. Landlord’s recovery of damages may not be limited to the amount of the Security Deposit if Landlord’s damages exceed that amount. Landlord reserves the right, in the event there is more than one person as Resident, to return the amount of the Security Deposit, less appropriate charges, if any, by dividing the amount equally among all such persons unless otherwise specified by written notice signed by all such persons and received by Landlord prior to the termination of this Lease. The Security Deposit will be held in Agent’s interest bearing trust account at Citywide Bank. Resident shall not be entitled to any interest earned on such deposit. Earned interest, if any, shall accrue for the benefit of CARHOF, the charitable foundation of the Colorado Association of Realtors which promotes safe, decent and affordable housing in Colorado by providing grants to nonprofit and public housing agencies that serve low to moderate income households. Further information regarding security deposits may be found in the attached Security Deposit Agreement which is hereby made a 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 that Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit 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. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 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 of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingsagreement.

Appears in 1 contract

Samples: Residential Lease Agreement

Security Deposit. (a) Tenant has deposited with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 (currently holds $10,171.95) 107,000 as security for deposit under the full and faithful performance Prior Lease, which shall continue to be held by Landlord pursuant to the terms of every provision this Section 6. Tenant shall concurrently with the execution of this Lease deliver to Landlord the additional sum of $118,000 to be performed by held as additional security deposit for a total deposit of $225,000 (the “Security Deposit) for Tenant’s prompt payment and performance of all of Tenant’s obligations hereunder (and not as prepaid rent). If Tenant defaults Landlord shall not be required to keep the Security Deposit separate from Landlord's other accounts and no trust relationship shall be created with respect to the Security Deposit. In no event shall the Security Deposit be in lieu of or excuse Tenant from paying any provision portion of the Monthly Rent or any other Payment due and payable by Tenant hereunder at any time during the Term of this Lease. The taking of the Security Deposit by Landlord shall in no way be a bar or defense to any action in unlawful detainer for the recovery of possession of the Premises or any other right or remedy that Landlord may at any time exercise upon Tenant's Default or breach of this Lease. No interest shall be payable by Landlord on the Security Deposit. Without waiving any of Landlord's rights or remedies hereunder, at law or in equity, Landlord may, at Landlord's option, apply all or any part of the Security Deposit to any unpaid Monthly Rent or other Payment due and payable by Tenant from time to time under this Lease (including but not limited to, late charges), or to cure any other Default or breach of Tenant hereunder (including, but not limited to, the provisions relating cost of maintenance and repair of the Premises). Upon the expiration of the Term of this Lease and Tenant's prompt surrender of possession of the Premises in accordance with the terms of this Lease, and provided that Tenant is not then in default hereunder (and/or no event has occurred which, with the giving of notice or the passage of time, could give rise to the payment of renta default hereunder), Landlord may use, apply or retain shall return any portion of the Security Deposit to Tenant that has not been so applied by Landlord. Should all or any part portion of the Security Deposit be so applied by Landlord at any time from time to time during the Term of this security deposit for the payment of any rent or any other sum in default or for the payment of any other amount that Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or appliedLease, Tenant shall, upon the written request of Landlord promptly remit to Landlord an amount sufficient to restore the Security Deposit to the amount of the Security Deposit immediately prior to such application, and Tenant's failure to do so within five (5) days after receipt of Landlord's written 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 request therefor shall be constitute a material default of Tenant under this Lease. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 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 of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedings.

Appears in 1 contract

Samples: And Restated Lease Agreement (Emeritus Corp\wa\)

Security Deposit. (a) Concurrently with Tenant’s delivery of this Lease, Tenant has deposited shall deposit with Landlord the sum sum, if any, stated in Item 9 of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 the Basic Lease Provisions ($10,171.95) the “Security Deposit”), to be held by Landlord as security for the full and faithful performance of every provision of Tenant’s obligations under this Lease to pay any rental sums, including without limitation such additional rent as may be performed owing under any provision hereof, and to maintain the Premises as required by Tenant. If Tenant defaults with respect to Sections 7.1 and 15.3 or any other provision of this Lease, including, but not limited to, . For purposes of the provisions relating foregoing and notwithstanding any provision of Section 1950.7 of the California Civil Code to the payment contrary, rental sums shall include prospective rent that would have been payable by Tenant but for the early termination of rentthis Lease due to Tenant's default or insolvency. Upon any breach of the foregoing obligations by Tenant, Landlord may use, apply or retain all or any part of this security deposit for the payment of any rent Security Deposit as full or any other sum in default or for the payment of any other amount that Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's defaultpartial compensation. If any portion of said deposit the Security Deposit is so used or applied, Tenant shall, shall within five (5) days after written demand therefor, by Landlord deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount and Tenant's failure to do so shall be a default under this Leaseamount. Landlord shall not, unless otherwise required by law, not be required to keep this security deposit Security Deposit separate from Landlord's its general funds, nor pay and Tenant shall not be entitled to interest to Tenanton the Security Deposit. If Landlord is required by law to maintain said deposit in an interest bearing account, Landlord will retain Except as provided below Tenant may not utilize all or any portion of the maximum amount permitted under applicable law Security Deposit as a bookkeeping and administrative chargepayment toward any rental sum due under this Lease. If Tenant shall fully and faithfully perform every provision Any unapplied balance of this Lease to be performed by it, the security deposit or any balance thereof Security Deposit shall be returned to Tenant (or, at Landlord's ’s option, to the last transferee assignee of Tenant's ’s interest hereunderin this Lease within thirty (30) at days following the expiration termination of the this Lease Term and upon Tenant's vacation of the Premises. In Notwithstanding the event of foregoing and provided Landlord is then in bankruptcy or other debtor-creditor proceedings against Tenantthe Building has been the subject of a foreclosure or deed in lieu of foreclosure and Landlord has failed to transfer the Security Deposit to the mortgagee or its assignee, such security deposit Tenant shall be deemed entitled to be applied first to apply $146,980.00 of the payment Security Deposit as a credit against Basic Rent payable by Tenant under the Lease for the last month of rent and other charges due Landlord for all periods prior to filing of such proceedingsthe Term.

Appears in 1 contract

Samples: Office Space Lease (BofI Holding, Inc.)

Security Deposit. (a) Tenant has deposited Contemporaneously with Landlord the sum Tenant’s execution and delivery of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 this Agreement, Thirty Thousand and no/l00 Dollars ($10,171.9530,000.00) of the Existing Security Deposit shall be allocated as the deposit for the Premises only, such amount to be held by Landlord during the Lease Term as security for the full and faithful Tenant’s performance of every provision of this Lease to be performed by Tenantits obligations under the Lease. If Tenant fails to make any payment when due under the Lease, or otherwise defaults with respect to any provision of this the Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may use, apply or retain all or any part portion of this security said deposit for the payment of any rent such obligation or any other sum in default default, or for the payment of any other amount that sum to which Landlord may spend or be become obligated to spend by reason of Tenant's ’s default, or to compensate Landlord for any other loss, cost loss or damage that Landlord may suffer by reason of Tenant's defaultthereby. If Landlord so uses or applies all or any portion of said deposit is so used or applieddeposit, Tenant shall, within five ten (510) days after written demand therefortherefore from Landlord, deposit cash with Landlord in an amount sufficient to restore the security said deposit to its original the full amount stated in this Section 10, and Tenant's ’s failure to do so shall be a default constitute an Event of Default under the Lease. If Tenant performs all of Tenant’s obligations hereunder, Landlord shall return said deposit (or so much thereof as has not theretofore been applied by Landlord as permitted under this LeaseSection 10) within sixty (60) days following the date of expiration of the Lease Tern or the date on which Tenant has vacated the Premises. Landlord shall not, unless otherwise required by law, not be required to keep this said security deposit separate from Landlord's its general funds, nor pay and Tenant shall not be entitled to interest on said deposit. Landlord shall be entitled to Tenant. If Landlord is required deliver the funds constituting the deposit hereunder to any purchaser of Landlord’s interest in the Premises, whether by law to maintain said deposit sale, foreclosure, deed in an interest bearing accountlieu of foreclosure, or otherwise, and upon such delivery, 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 thereof shall be returned discharged from any further liability with respect 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 of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingssaid deposit.

Appears in 1 contract

Samples: Lease (Cascade Microtech Inc)

Security Deposit. (a) Upon the release of this Lease from escrow, Tenant has deposited with shall deliver to Landlord a security deposit in the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) amount shown as “Security Deposit” in Article 1.1. Except as provided for in this Section 4.1, Landlord shall hold the same throughout the Lease Term as security for the full performance by Tenant of all obligations on the part of Tenant hereunder. The Security Deposit is not an advance payment of Rent or a measure or limit of Landlord’s damages upon an Event of Default (defined in Article 10.1). Tenant’s obligation to provide the Security Deposit in accordance with this Article 4 shall be satisfied by Tenant delivering to Landlord an Irrevocable Standby Letter of Credit (the “Original Letter of Credit”) which shall be (1) in the CONFIDENTIAL TREATMENT REQUESTED UNDER C.F.R. SECTIONS 200.80(b)(4), 200.83 AND 230.406. [****] INDICATES OMITTED MATERIAL THAT IS THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST FILED SEPARATELY WITH THE COMMISSION. THE OMITTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE COMMISSION. form attached hereto as Exhibit C; (2) issued by a bank reasonably acceptable to Landlord upon which presentation may be made in Massachusetts or by facsimile; (3) in the amount of the Security Deposit; and faithful performance (4) for a term of every provision one (1) year, subject to the following provisions of this Section. The Original Letter of Credit and any Substitute Letter(s) of Credit and Additional Letter(s) of Credit (as such terms are defined hereinbelow) are referred to herein collectively and respectively as the “Letter of Credit.” The Letter of Credit shall be automatically renewable in accordance with terms of Exhibit C so as to expire no earlier than sixty (60) days following the Lease expiration date; provided, however, that Tenant shall be required to be performed by Tenantdeliver to Landlord a new letter of credit satisfying the conditions set forth in this Section (the “Substitute Letter of Credit”) on or before the date thirty (30) days prior to the expiration of the term of the Letter of Credit then in effect if the issuer of such Letter of Credit gives notice of its election not to renew such Letter of Credit for any additional period pursuant thereto. If Tenant defaults with respect to any provision of Landlord conveys Landlord’s interest under this Lease, includingthe Letter of Credit, but not limited to, the provisions relating to the payment of rent, Landlord may use, apply or retain all or any part thereof not previously applied, shall be turned over by Landlord to Landlord’s grantee, and, if so turned over, Tenant agrees to look solely to such grantee for proper application of the Security Deposit in accordance with the terms of this security deposit Section 4.1 and the return thereof in accordance herewith. Landlord’s Mortgagee shall not be responsible to Tenant for the payment return or application of any rent such Letter of Credit, whether or not it succeeds to the position of Landlord hereunder, unless such Letter of Credit shall have been received in hand by such Mortgagee. Landlord shall pay any other sum and all fees that may be charged by the Letter of Credit issuer in default or for order to transfer the payment Letter of Credit from the undersigned Landlord to a subsequent Landlord. In the event that Tenant is in default, beyond the expiration of any other applicable grace periods, of its obligations under this Lease, then the Landlord shall have the right, at any time after such event to (1) draw down from said Letter of Credit the amount that necessary to cure such default; or (2) if such default cannot reasonably be cured by the expenditure of money, to exercise all rights and remedies Landlord may spend or become obligated have on account of such default and to spend draw down from said Letter of Credit the amount which, in Landlord’s reasonable opinion, is necessary to satisfy Tenant’s liability on account thereof. In the event of any such draw by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or appliedthe Landlord, Tenant shall, within five fifteen (515) business days after of written demand therefor, deposit cash with deliver to Landlord in an additional Letter of Credit satisfying the foregoing conditions (the “Additional Letter of Credit”), except that the amount sufficient of such Additional Letter of Credit shall be the amount of such draw. Failure by Tenant to restore the security deposit timely deliver to its original amount and Tenant's failure to do so Landlord such Additional Letter of Credit shall be a default under this Lease. not susceptible of cure, entitling Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law to maintain said deposit in an interest bearing account, Landlord will retain the maximum amount permitted under applicable law as a bookkeeping exercise any 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 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 Premisesall remedies hereunder on account thereof. In the event Tenant fails timely to deliver to Landlord a Substitute Letter of bankruptcy or other debtor-creditor proceedings against Credit then Landlord shall have the right, at any time after such event, without giving any further notice to Tenant, such security deposit shall be deemed to be applied first draw down the Letter of Credit and to hold the payment proceeds thereof (the “Security Proceeds”) in accordance with this Section. If Landlord draws down the Letter of rent and other charges due Landlord for all periods prior Credit pursuant to filing of such proceedingsthis Section, then: CONFIDENTIAL TREATMENT REQUESTED UNDER C.F.R. SECTIONS 200.80(b)(4), 200.83 AND 230.406. [****] INDICATES OMITTED MATERIAL THAT IS THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST FILED SEPARATELY WITH THE COMMISSION. THE OMITTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE COMMISSION.

Appears in 1 contract

Samples: Lease (Raindance Technologies Inc)

Security Deposit. (a) Tenant has deposited with Landlord acknowledges receipt of the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) Security Deposit which shall be held by Landlord as security for the full and faithful performance by Tenant of every provision all the terms, covenants, and conditions of this Lease to be kept and performed by TenantTenant during the term hereof. If Tenant defaults with respect to any provision of this Lease, including, but not limited to, the provisions relating to the payment of rentGross Rent, Landlord 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 Gross Rent or any other sum in default default, or for the payment of any other amount that which Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost los or damage that which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, shall within five (5) days after written demand therefortherefore, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount and Tenant's failure to do so shall be a default under breach of this Lease. Landlord shall not, unless otherwise required by law, not be required to keep this security deposit Security Deposit separate from Landlord's its general funds, nor pay and Tenant shall not be entitled to interest to Tenant. If Landlord is required by law to maintain said deposit in an interest bearing account, Landlord will retain the maximum amount permitted under applicable law as a bookkeeping and administrative chargeon such deposit. If Tenant shall fully and faithfully perform every any provision of this Lease to be performed by it, the security deposit Security Deposit or any balance thereof shall be returned to Tenant (or, at Landlord's Landlords' option, to the last transferee assignee of Tenant's interest hereunder) at the expiration of the Lease Term and upon Tenant's vacation of the Premisesterm. In the event of bankruptcy termination of Landlords' interest in this Lease, Landlord shall transfer the Security Deposit to Landlord's successor in interest and shall thereupon be released from all liability for the return of the Security Deposit, and Tenant shall look solely to the new landlord for the return of the Security Deposit, and this provision shall apply toe very transfer or other debtor-creditor proceedings against Tenant, such security deposit assignment made of the Security Deposit to the new landlord. The Security Deposit shall not be assigned or encumbered by Tenant and any attempted assignment or encumbrance by Tenant shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingsvoid.

Appears in 1 contract

Samples: Office Lease (Visual Data Corp)

Security Deposit. Simultaneously with the execution and delivery of this Lease, Tenant shall deliver the Security Deposit to Landlord, either in cash or in the form of a letter of credit. If any portion of the Security Deposit is a letter of credit, the applicable letter of credit shall be an irrevocable standby letter of credit (athe "Letter of Credit") Tenant has deposited in the amount of the Security Deposit issued in the form attached hereto as Exhibit L/C by a bank satisfactory to Landlord (the "Bank"). Without limiting the generality of the foregoing, the Letter of Credit shall name Landlord as the beneficiary and provide that is may be drawn against upon the furnishing of a statement to the Bank, from an individual who purports to be an authorized officer or agent of Landlord, that the Letter of Credit is being drawn upon in accordance with the terms of this Lease. Landlord shall hold the sum Letter of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) credit as security for the full and faithful performance by Tenant of every provision all obligations on the part of this Lease Tenant to be kept and performed under this Lease. The Security Deposit may not be deemed by TenantTenant to constitute rent for any month. If Tenant defaults with respect Landlord shall have the right, from time to time without prejudice to any provision other remedy Landlord may have on account thereof, to draw upon the Letter of this LeaseCredit and apply such funds to Landlord's damages arising from any default on the part of Tenant, including, but not limited to, in which event Tenant shall immediately upon request by Landlord restore the provisions relating balance of the Letter of Credit to the payment of rent, amount required hereunder. Tenant shall not have the right to call upon Landlord may use, to apply or retain all or any part of the Security Deposit to cure any default or fulfill an obligation of Tenant, but such use shall be solely in the discretion of Landlord. Tenant shall maintain the Letter of Credit, or a substitute Letter of credit from the Bank (or another bank approved by Landlord and conforming to the requirements of this Section 24.01), in accordance with the terms hereof, in full force and effect at all times through the Term and for thirty (30) days thereafter. If the Letter of Credit will expire, Tenant shall replace the Letter of Credit deposited with Landlord by providing Landlord with a substitute Letter of Credit at least thirty (30) days prior (each such 30th day prior being referred to herein as a "Change Date") to the expiration date of the then effective Letter of Credit in the amount required hereunder. Any failure by Tenant to provide such a substitute Letter of Credit shall be a Default of Tenant for which there shall be no grace period, and shall entitle Landlord to draw on all funds available under the Letter of Credit and hold the same as security deposit for Tenant's performance of its obligations under this Lease. If Landlord in its reasonable judgment determines that the bank issuing the Letter of Credit currently held by Landlord no longer satisfies the requirements of this Lease or is no longer of sufficient net worth or creditworthiness, Landlord may require that Tenant, within thirty (30) days of receipt of notice thereof, obtain, at Tenant's sole cost and expense, a substitute Letter of Credit from another bank reasonably approved by Landlord and satisfying the requirements of this Lease. As soon as reasonably practicable following the expiration or earlier termination of the Term, Landlord shall return the Security Deposit or so much thereof as shall not have theretofore been applied in accordance with the terms of this section or drawn upon by Landlord and applied by Landlord to cure any Default of Tenant hereunder. Landlord shall have no obligation to pay interest on Letter of Credit or any proceeds therefrom. No party other than Landlord, its successors and assigns, and Tenant shall have any rights to such proceeds as a third-party beneficiary. If Landlord conveys Landlord's interest under this Lease, the Letter of Credit may be assigned or negotiated by Landlord to Landlord's grantee, and if so assigned or negotiated, provided Landlord gives Tenant notice of the name of such grantee, Tenant agrees to look solely to such grantee for proper application of the Letter of Credit in accordance with the terms of this Section and the return thereof in accordance herewith. Upon such delivery, Tenant hereby releases grantor Landlord of any and all liability with respect to the Letter of Credit, the application of any proceeds thereof and its return, and Tenant agrees to look solely to such grantee. This provision shall also apply to subsequent grantees. Neither the holder of a mortgage nor the lessor in a ground lease of property which includes the Premises shall ever be responsible to Tenant for the payment return or application of any rent Security Deposit, whether or any other sum not it succeeds to the position of Landlord hereunder, unless the Security Deposit shall have been received in default hand by such holder or for the payment of any other amount that Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's defaultground lessor. If any portion of said deposit is so used or appliedthe Security Deposit shall be in the form of cash (the "Cash Security Deposit"), then the following provisions shall be applicable. At any time during the Term, Tenant shall, within five (5) days after written demand therefor, deposit cash with shall have the right to substitute a Cash Security Deposit for the Letter of Credit. The Cash Security Deposit will be held by Landlord in an the amount sufficient of the Security Deposit as security for the performance by Tenant of all obligations on the part of Tenant to restore the security deposit to its original amount be kept and Tenant's failure to do so shall be a default performed under this Lease. The Cash Security Deposit may not be deemed by Tenant to constitute rent for any month. Landlord shall not, unless otherwise required by law, have no obligation to pay interest on the Cash Security Deposit. Landlord shall not be required to keep this security deposit separate from hold the Cash Security Deposit in a segregated account. No party other than Landlord's general funds, nor pay interest its successors and assigns and Tenant shall have any rights to Tenant. If Landlord is required by law to maintain said deposit in an interest bearing account, Landlord will retain the maximum amount permitted under applicable law Cash Security Deposit as a bookkeeping and administrative chargethird-party beneficiary. If Tenant shall fully and faithfully perform every provision The then remaining portion of this Lease to be performed by it, the security deposit or any balance thereof Cash Security Deposit shall be returned to Tenant (or, at Landlord's option, to the last transferee of Tenant's interest hereunder) at as soon as reasonably practicable after the expiration of the Lease Term and upon Tenant's vacation of the Premises. In the event of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedings.the

Appears in 1 contract

Samples: Lease Agreement (iSpecimen Inc.)

Security Deposit. (a) Tenant has deposited with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provision Upon execution of this Lease, including, but not limited toTenant shall pay a security deposit in the amount of $XX to be held by The XxXxxxx Companies. The security deposit is required to be posted within 24 hours of lease signing and can most quickly be accomplished via the XxXxxxx on-line payment processor PSN as listed on the homepage of xxx.XxXxxxxXxxxxxxxx.xxx or via this direct link: xxxxx://xxx.XxxxxxxXxxxxxxXxxxxxx.xxx/login.asp?acc=RT18873 . Depending on prevailing law or ordinance, the provisions relating to the payment of rent, Landlord may use, apply or retain all or any part of this security deposit may earn simple interest at the annual rate as determined by the Wisconsin Department of Financial Institutions (DFI) annually calculated from the day the deposit is paid until the deposit is accounted for at termination of the payment of tenancy. The deposit, less any rent amounts legally withheld, will be returned in person or any other sum in default or for the payment of any other amount that Landlord may spend or become obligated mailed to spend by reason of Tenant's defaultlast known address within 21 days as required by law after Tenant surrenders the Premises. Surrender shall include vacating the Premises and return of, or to compensate Landlord for any other lossaccounting for, cost or damage that Landlord may suffer Landlord's property held by reason of Tenant's default, including keys. If any portion of said the deposit is so used withheld, Landlord will provide an accompanying itemized statement specifically describing any damage and accounting for any amount legally withheld. The reasonable cost of repairing any waste, neglect or applieddamages for which Tenant is responsible, normal wear and tear excepted, may be deducted from the security deposit. Landlord will give Tenant shall, a written description of any physical damages charged to the previous Tenant's security deposit as soon as such description is available. Tenant has seven days from the beginning of the Lease term to notify Landlord of any additional damage or defect of which written notification is given within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the time stated. Tenant may not use the security deposit as payment of the last month's rent. UTILITIES: Check if paid by: Landlord Tenant Electricity X Gas X Heat X Air Conditioning N/A N/A Water & Sewer X Cable Television X Hot Water X Trash X Other Tenant agrees to its original amount and pay all specified above utilities the entire duration of the lease term. TIME IS OF THE ESSENCE: as to: delivery of possession of Premises to Tenant; completion of repairs promised in writing in the Lease or before vacating the Premises; return of Landlord's failure to do so shall be property; payment of rent; performance of any act for which a default under date is set in this Lease. Landlord shall not, unless otherwise required Lease or by law, . Time is of the essence means that a deadline must be required to keep this security deposit separate from strictly followed. SPECIAL PROVISIONS: The lease addendum attached hereto and made a part of. This lease shall include the provisions on the reverse hereof. Other special provisions: Pets are not permitted without the prior written consent of the Landlord's general funds, nor pay interest to Tenant. If Landlord Motorized vehicle parking is required by law to maintain said deposit in an interest bearing account, Landlord will retain the maximum amount permitted under applicable law NOT included as a bookkeeping and administrative charge. If Tenant shall fully and faithfully perform every provision part 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 transferee of Tenant's interest hereunder) at the expiration of the Lease Term and upon Tenant's vacation of the Premises. In the event of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingsagreement.

Appears in 1 contract

Samples: Rental Agreement

Security Deposit. (a) 5.1 Concurrently with Tenant's execution of this Lease, Tenant has deposited shall deposit with Landlord a security deposit ("Security Deposit") in the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) amount set forth in Paragraph 1.10 above. The Security Deposit shall be held by Landlord as security for the full and faithful performance by Tenant of each and every provision term, covenant and condition of this Lease applicable to be performed by Tenant; and not as prepayment of Rent. If Tenant defaults with respect shall at any time fail to keep or perform any provision term, covenant or condition of this Lease applicable to Tenant, including, without limitation, the payment of Rentals or interest thereon, or those provisions requiring Tenant to repair damage to the Premises caused by Tenant or to surrender the Premises in the condition required pursuant to Paragraph 34 below, Landlord may, but shall not be obligated to, and without waiving or releasing Tenant from any obligation under this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may use, apply or retain all the whole or any part of this security deposit the Security Deposit reasonably necessary for the payment of any rent or any other sum in default or for the payment of any other amount that which Landlord may spend or become obligated to spend by reason of Tenant's default, default or as necessary to compensate Landlord for any other loss, cost loss or damage that which Landlord may suffer by reason reason, directly or indirectly, of Tenant's default. If In the event Landlord uses or applies any portion of said deposit is so used or appliedthe Security Deposit, Tenant shall, within five (5) days after written demand thereforby Landlord, deposit cash with remit to Landlord in an amount sufficient funds to restore the security deposit Security Deposit to its original amount and Tenant's failure sum. Failure by Tenant to do so remit funds shall be a default under this Lease. Landlord shall not, unless otherwise required Default by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law to maintain said deposit in an interest bearing accountShould Tenant comply with all of the terms, Landlord will retain the maximum amount permitted under applicable law as a bookkeeping covenants and administrative charge. If Tenant shall fully and faithfully perform every provision conditions of this Lease applicable to be performed by itTenant, the security deposit or any balance thereof of the Security Deposit shall be returned to Tenant within thirty (or, at Landlord's option, to the last transferee of Tenant's interest hereunder30) at the expiration days after Lease Termination and surrender of the Lease Term and upon Premises by Tenant's vacation ; provided, however, if any portion of the Premises. In the event of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed Security Deposit is to be applied first to repair damages to the payment Premises caused by Tenant or Tenant's agents, to clean the Premises, or to remove alterations and restore the Premises pursuant to Paragraph 13.2 below, then the balance of rent and other charges due the Security Deposit shall be returned to Tenant no later than thirty (30) days after the date Landlord for all periods prior to filing of completes such proceedingscleaning, removal and/or restoration.

Appears in 1 contract

Samples: Lease Agreement (Silicon Storage Technology Inc)

Security Deposit. (a) Upon execution of this Lease, Tenant has deposited with Landlord shall deposit the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) $ to be held by Landlord as a security deposit for reasonable cleaning of, and repair of damages to, the premises upon the expiration or termination of this Lease, or other reasonable damages resulting from a default by Tenant. Tenant shall be liable to Landlord for all damages to the leased premises upon the termination of this Lease, ordinary wear and tear excepted. Tenant is not entitled to interest on the security deposit. Tenant may not apply the security deposit to any rent due under this Lease. If Landlord sells or assigns the leased premises, Landlord shall have the right to transfer Xxxxxx’s security deposit to the new owner or assignee to the Landlord during the term of this Lease in equal monthly installments of $ , said installment for each month being due and payable on or before the 1st day of the month, the first full and faithful performance rent payment under this Lease being due on the 1st day of every provision , 20 . Xxxxxx agrees that if rent is not paid in full on or before the day of the month, Xxxxxx will pay a late charge of $ as allowed by applicable Texas law. The prorated rent from the commencement of this Lease to the first day of the following month is $ , which amount shall be performed by Tenant. If Tenant defaults with respect to any provision paid at the execution of this Lease. Xxxxxx agrees that rent shall be paid in lawful money of the United States by (indicate those that apply): [ ] cash, including[ ] personal check, but [ ] money order, [ ] cashier’s check, [ ] other . Rent payments shall be made payable to and mailed or delivered to the following address: . All notices from Tenant to Landlord under this Lease and applicable Texas law shall be delivered to the above address. Xxxxxx agrees that rent monies will not limited tobe considered paid until Landlord or Xxxxxxxx’s agent receives the rent monies, either by mail or by delivery to the above address. Tenant placing rent monies in the mail is not sufficient for rent to be considered paid, and rent will be considered unpaid until actual receipt thereof. If there are multiple Tenants signed to this Lease, all such Tenants are jointly, severally and individually bound by, and liable under, the provisions relating to the payment terms and conditions of rent, Landlord 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 that Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit 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. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 A judgment entered against one Tenant shall fully and faithfully perform every provision of this Lease be no bar 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 transferee of Tenant's interest hereunder) at the expiration of the Lease Term and upon Tenant's vacation of the Premises. In the event of bankruptcy or an action against other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingsTenants.

Appears in 1 contract

Samples: Texas Residential Lease Agreement

Security Deposit. (a) Landlord and Tenant has deposited acknowledge that Landlord is currently holding Tenant's security deposit in the amount of $57,190.37 under the Original Lease. The parties agree that Landlord shall retain the deposit described in the foregoing sentence as the "Security Deposit" under this Lease notwithstanding anything to the contrary contained in the Original Leases. Tenant shall not be required to deposit any sum in addition to the Security Deposit with Landlord the sum upon execution of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) this Lease. The Security Deposit shall be held by Landlord as security for the full and faithful performance by Tenant of every provision all the terms, covenants, and conditions of this Lease to be kept and performed by TenantTenant during the Lease Term. The Security Deposit shall not be mortgaged, assigned or encumbered in any manner whatsoever by Tenant without the prior written consent of Landlord. If Tenant defaults with respect to any provision provisions of this Lease, including, but not limited to, the provisions relating to the payment of rentRent, Landlord may 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 Rent or any other sum in default default, or for the payment of any other amount that Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost loss or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit the Security Deposit is so used or applied, Tenant shall, within five ten (510) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount amount, and Tenant's failure to do so shall be a default under this Lease. Landlord shall notIf Tenant disputes the application of the Security Deposit, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to TenantTenant may seek its appropriate remedies under law or in the equity. If the amount applied by Landlord is required less than or equal to $10,000 and Landlord demands replenishment of such amount, then Tenant shall replenish such amount by law payment directly to maintain Landlord during the pendency of any dispute as to said deposit application and demand for replenishment. However, if the amount applied by Landlord is greater than $10,000 and Landlord demands replenishment of such amount, Tenant will replenish the first $10,000 so demanded to be replenished by payment directly to Landlord and shall place the balance for which replenishment is demanded in an interest bearing accountescrow account with an escrow holder mutually acceptable to both parties until such dispute is resolved, interest shall be apportioned according to the resolution of the dispute. The use, application or retention of the Security Deposit, or any portion thereof, by Landlord shall not (a) prevent Landlord from exercising any other right or remedy provided by this Lease or by law, it being intended that Landlord shall not first be required to proceed against the Security Deposit, nor (b) operate as a limitation on any recovery to which Landlord may otherwise be entitled. Tenant acknowledges that Landlord has the right to transfer or mortgage its interest in the Real Property and the Building and in this Lease and Tenant agrees that in the event of any such transfer or mortgage, Landlord will retain shall have the maximum amount permitted under right to transfer or assign the Security Deposit to the transferee or mortgagee. Upon such transfer or assignment of the Security Deposit, Landlord shall thereby be released by Tenant from all liability or obligation for the return of such Security Deposit and Tenant shall look solely to such transferee or mortgagee for the return of the Security Deposit provided said transferee assumes liability for the return to Tenant of the Security Deposit. Landlord shall deposit the Security Deposit in an interest-bearing account in Landlord's name with interest to accrue at the rate which is paid on a money-market account offered by any retail or commercial bank or savings and loan association qualified to do business and doing business in Los Angeles, California, or, if such account is no longer offered, then at the rate which is paid on a regular pass-book savings account offered by any retail or commercial bank or savings and loan association qualified to do business and doing business in Los Angeles, California and such interest shall accrue to Tenant's benefit. Provided that Tenant is not in default of this Lease beyond any applicable law as a bookkeeping cure period, Landlord shall pay on each of the anniversary dates of the Lease Commencement Date any interest earned and administrative chargepaid on the Security Deposit to the respective date of said anniversary. Upon expiration of this Lease, Landlord shall return the Security Deposit to Tenant, consistent with the provisions of this Article 21, together with any interest which has been paid thereon from the date of the last disbursement of interest to Tenant until such date of expiration of this Lease. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by itis not then in default beyond any applicable cure period, the security deposit Security Deposit, or any balance thereof thereof, shall be returned to Tenant (Tenant, or, at Landlord's option, to the last transferee assignee of Tenant's interest hereunder, within thirty (30) at days following the expiration of the Lease Term and upon Tenant's vacation Term. Tenant hereby waives the provisions of Section 1950.7 of the Premises. In the event California Civil Code, and all other provisions of bankruptcy law, now or other debtor-creditor proceedings against Tenanthereafter in force, such which provide that Landlord may claim from a security deposit shall be deemed only those sums reasonably necessary to be applied first to remedy defaults in the payment of rent and other charges due rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums reasonably necessary to compensate Landlord for all periods prior to filing any other loss or damage, foreseeable or unforeseeable, caused by the act or omission of such proceedingsTenant or any officer, employee, agent or invitee of Tenant.

Appears in 1 contract

Samples: Office Lease (Ticketmaster)

Security Deposit. (a) 5. Tenant has deposited shall deposit with Landlord the sum or its Agent upon execution of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) this Lease $ 3,000 as a security deposit which shall be held as security for the full and faithful performance by Tenant of each and every provision term, covenant and condition of this Lease to be performed by TenantLease. If any of the rents or other charges or sums payable by Tenant defaults with respect shall be over-due and unpaid or should payments be made on behalf of Tenant, or should Tenant fail to perform any provision of the terms of this Lease, includingthen Landlord or its Agent may, but not limited toat its option, appropriate and apply the provisions relating security deposit, or so much thereof as may be necessary, to compensate toward the payment of rentthe rents, charges or other sums due from Tenant, or towards any loss, damage or expense sustained by Landlord may use, apply or retain all or any resulting from such default on the part of this security deposit for the payment of any rent or any other sum Tenant; and in default or for the payment of any other amount that Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, such event Tenant shall, within five (5) days after written shall upon demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its the original amount sum deposited. In the event Tenant furnishes Landlord with proof that all utility bills have been paid through the date of Lease termination, and performs all of Tenant's failure to do so shall be a default other obligations under this Lease. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 thereof shall be returned in full to Tenant within thirty (or30) days after the date of the expiration or sooner termination of the term of this Lease and the surrender of the Premises by Tenant in compliance with the provisions of this Lease. THE SECURITY DEPOSIT MAY BE PLACED IN AN INTEREST BEARING ACCOUNT AND ANY INTEREST THEREON SHALL BE THE PROPERTY OF THE PARTY HOLDING SAME. - If this box is checked, at Landlord's option, Agent shall hold the Security and shall be entitled to the last transferee of Tenant's interest hereunder) at the expiration of the Lease Term and upon Tenant's vacation of the Premisesthereon. In the event of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedings.UTILITY BILLS

Appears in 1 contract

Samples: Lease Agreement (En Pointe Technologies Inc)

Security Deposit. (a) If, in Section 1.2 hereof, a security deposit is specified, Tenant has deposited with agrees that the same will be paid upon execution and delivery of this Lease, and that Landlord shall hold the sum same, throughout the term of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) this Lease, as security for the full performance by Tenant of all obligations on the part of Tenant to be kept and performed. Landlord shall have the right from time to time without prejudice to any other remedy Landlord may have on account thereof, to apply such deposit, or any part thereof, to cure a default by Tenant hereunder or Landlord’s damages arising from any default on the part of Tenant. If any amount of such deposit is so applied, Tenant shall pay the amount so applied to Landlord upon demand therefor. Tenant not then being in default, Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section 17.15 to Tenant on the expiration or earlier termination of the Lease Term and surrender of possession of the Premises by Tenant to Landlord. While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit or any part thereof not previously applied may be turned over by Landlord to Landlord’s grantee, and if so turned over, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section 17.15 and the return thereof in accordance herewith. Neither a successor landlord, the holder of a mortgage nor the lessor in a ground lease of property which includes the Premises shall ever be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such successor, holder or ground lessor. In lieu of a cash security deposit pursuant to this Section, Tenant may elect to deliver to Landlord concurrent with Tenant’s execution of this Lease, an unconditional, clean, irrevocable, fully assignable standby letter of credit (the “L-C”) in the amount of the Security Deposit stated in Section 1.2 which L-C shall be issued by a commercial bank which is acceptable to Landlord, and which L-C may be presented for payment in a location acceptable to Landlord. The L-C shall be substantially in the form attached hereto as Exhibit E, and otherwise in form and content reasonably acceptable to Landlord and for a term of not less than one (1) year. Tenant shall pay all expenses, points and/or fees associated with obtaining the L-C. The L-C shall be held by Landlord as security for the faithful performance by Tenant of every provision all the terms, covenants, and conditions of this Lease to be kept and performed by TenantTenant during the Lease Term. If Tenant defaults with respect to any provision provisions of this Lease, including, but not limited to, the provisions relating to the payment of rent, or if Tenant fails to renew the L-C at least thirty (30) days before its expiration, Landlord may usemay, apply or retain but shall not be required to, draw upon all or any part portion of this security deposit the L-C for the payment of any rent or any other sum in default default, or for the payment of any other amount that Landlord may spend or may become obligated to spend by reason of Tenant's ’s default, ; or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's ’s default. The use, application or retention of the L-C, or any portion thereof, by Landlord shall not prevent Landlord from exercising any other right or remedy provided by this Lease or by law. The parties agree that Landlord shall not first be required to proceed against the L-C and the L-C shall not operate as a limitation on any recovery to which Landlord may otherwise be entitled. Any amount of the L-C which is drawn upon by Landlord, but is not used or applied by Landlord, shall be held by Landlord (and need not be segregated in a separate account) and deemed a security deposit (the “L-C Security Deposit”). If any portion of said deposit the L-C is so used or applieddrawn upon, Tenant shall, within five (5) business days after written demand therefortherefore, deposit cash with Landlord in an reinstate the L-C to the amount sufficient to restore the security deposit to its original amount then required under this Lease, and Tenant's ’s failure to do so shall be a default an Event of Default under this Lease. Upon Tenant’s reinstatement of the L-C to the amount required under this Lease, Landlord shall notpromptly return to Tenant the amount of Landlord’s draw on the L-C, unless otherwise required by law, be required but only to keep this security deposit separate from Landlord's general funds, nor pay interest the extent Landlord has not used or is not entitled to Tenant. If Landlord is required by law to maintain said deposit in an interest bearing account, Landlord will retain the maximum amount permitted under applicable law as a bookkeeping and administrative chargedrawn in accordance with this Section. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit L-C Security Deposit and/or the L-C, or any balance thereof thereof, shall be returned to Tenant within sixty (or, at Landlord's option, to 60) days following the last transferee later of Tenant's interest hereunder) at the expiration of the Lease Term and upon Tenant's vacation or the vacating of the PremisesPremises by Tenant. In Upon any conveyance by Landlord of its interest under this Lease, the event L-C may be assigned by Landlord to Landlord’s grantee or transferee and the L-C Security Deposit may be delivered by Landlord’s grantee or transferee. Upon any such assignment or delivery, Tenant hereby releases Landlord herein named of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first and from any and all liability with respect to the payment L-C and L-C Security Deposit, its and their application and return, and Tenant agrees to look solely to such grantee or transferee. This provision shall also apply to subsequent grantees and transferees. Tenant shall pay as additional rent any transfer fees charged by the issuer of rent and other charges due Landlord for all periods prior to filing of such proceedings.the L-C.

Appears in 1 contract

Samples: Lease (Metabolix, Inc.)

Security Deposit. (a) Tenant has deposited shall deposit with Landlord on the sum date of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) as this Lease, security for the full and faithful performance of every provision all of its obligations in the amount set forth on the Schedule; provided, however, so long as Tenant is not in default under this Lease beyond any applicable notice and cure period during the first seventeen (17) months of the initial Term, one-half (1/2) of the Security Deposit (i.e., $29,631.70) shall be returned to be performed by TenantTenant in the form of a check from Landlord. If Tenant defaults with respect to any provision of under this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may use, apply or retain all or use any part of this security deposit the Security Deposit to make any defaulted payment, to pay for the payment Landlord’s cure of any rent or any other sum in default or for the payment of any other amount that Landlord may spend or become obligated to spend by reason of Tenant's defaultdefaulted obligation, or to compensate Landlord for any other loss, cost loss or damage that Landlord may suffer by reason of Tenant's resulting from any default. If To the extent any portion of said the deposit is so used or appliedused, Tenant shall, shall within five (5) business days after written demand therefor, deposit cash with from Landlord in an amount sufficient to restore the security deposit to its original amount full amount. Landlord may keep the Security Deposit in its general funds and Tenant's failure shall not be required to do so pay interest to Tenant on the deposit amount. If Tenant shall be perform all of its obligations under this Lease and return the Premises to Landlord at the end of the Term, Landlord shall return all of the remaining Security Deposit to Tenant not later than thirty (30) days after the delivery of possession of the Premises to Landlord. The Security Deposit shall not serve as an advance payment of Rent or a measure of Landlord’s damages for any default under this Lease. If the Basic Rent shall, from time to time, increase during the term of this Lease (as extended from time to time), Tenant shall, upon Landlord’s election, deposit with Landlord additional money as a Security Deposit so that the total amount of Security Deposit held by Landlord shall not, unless otherwise required by law, be required at all times bear the same proportion to keep this security deposit separate from Landlord's general funds, nor pay interest the then current Basic Rent as the initial Security Deposit bears to Tenantthe initial Basic Rent set forth in the Schedule. If Landlord is required by law to maintain said deposit transfers its interest in an interest bearing accountthe Project or this Lease, Landlord will retain shall either (a) transfer the maximum amount portion of the Security Deposit then held by Landlord to its transferee or (b) return to Tenant the portion of the Security Deposit then held by Landlord and remaining after the deductions permitted under applicable law as a bookkeeping herein. Upon such transfer to such transferee or the return of the Security Deposit to Tenant, Landlord shall have no further obligation with respect to the Security Deposit, and administrative chargeTenant’s right to the return of the Security Deposit shall apply solely against Landlord’s transferee. If Tenant shall fully and faithfully perform every waives the provision of California Civil Code Section 1950.7, and all other provisions of law now in force or that become in force after the date of execution of this Lease to be performed by itLease, the that provide that Landlord may claim from a security deposit or only those sums reasonably necessary to remedy any balance thereof shall be returned to Tenant (or, at Landlord's optiondefaults in the payment of Rent, to the last transferee of repair damage caused by Tenant's interest hereunder) at the expiration of the Lease Term and upon Tenant's vacation of , or to clean the Premises. In the event of bankruptcy or other debtor-creditor proceedings against TenantLandlord and Tenant agree that Landlord, such security deposit shall be deemed in addition, may claim those sums reasonably necessary to be applied first to the payment of rent and other charges due compensate Landlord for all periods prior to filing any other foreseeable or unforeseeable loss or damage caused by the acts or omission of such proceedingsTenant or Tenant’s officers, agents, employees, independent contractors, or invitees.

Appears in 1 contract

Samples: Lease (Everbridge, Inc.)

Security Deposit. (a) Concurrently with Tenant's execution of this Lease, Tenant has deposited will deposit with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) Security Deposit designated in Subparagraph 1(o). The Security Deposit will be held by Landlord as security for the full and faithful performance by Tenant of every provision all of the terms, covenants, and conditions of this Lease to be kept and performed by TenantTenant during the Term hereof. If Tenant defaults with respect to any provision of fully and faithfully performs its obligations under this Lease, including, but not limited towithout limitation, surrendering the provisions relating to Premises upon the payment of rent, Landlord may use, apply expiration 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 that Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit 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. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 sooner termination of this Lease to be performed by itin compliance with Subparagraph 11(a) below, the security deposit Security Deposit or any balance balance; thereof shall will be returned to Tenant (or, at Landlord's option, to the last transferee assignee of Tenant's interest hereunder) at within thirty (30) days following the expiration of the Lease Term or as required under applicable law, provided that Landlord may retain the Security Deposit until such time as any outstanding rent or additional rent amount has been determined and upon Tenant's vacation paid in full. The Security Deposit is not, and may not be construed by Tenant to constitute, rent for the last month or any portion thereof. If Tenant defaults with respect to any provisions of this Lease including, but not limited to, the Premises. In the event of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first provisions relating to the payment of rent and or additional rent, Landlord may (but will not be required to) use, apply or retain all or any part of the Security Deposit for the payment of any rent or any other charges due 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 all periods prior any loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of the Security Deposit is so used or applied, Tenant agrees, within ten (10) days after Landlord's written demand therefor, to filing of 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 under this Lease. Landlord is not required to keep Tenant's Security Deposit separate from its general funds, and Tenant is not entitled to interest on such proceedingsSecurity Deposit. Should Landlord sell its interest in the Premises during the Term hereof and deposit with the purchaser thereof the then unappropriated Security Deposit funds, Landlord will be discharged from any further liability with respect to such Security Deposit.

Appears in 1 contract

Samples: Letter Agreement (Ijnt Net Inc)

Security Deposit. (a) Tenant has deposited with Landlord paid the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 $_______________ as a deposit, receipt of which is acknowledged by Landlord as the Security Deposit for this Tenancy and the first monthly installment of rent. [Note: Tenants 62 or over are limited by law to one ($10,171.951) month’s security deposit plus first month’s rent, Tenants under age 62 are limited by law to two (2) months security deposit plus first month’s rent.]The deposit sums shall be refundable as permitted by law upon Tenant’s vacating the premises, leaving the premises in broom clean condition and returning the keys to the Landlord at the address designated in this Lease. Landlord shall hold Tenant’s Security Deposit in escrow as may be required by law. Under the law, Tenant may be entitled to interest on such security for deposit. If such is the full and faithful performance of every provision of this Lease case, interest shall be paid to be performed Tenant at the prescribed interest rate set forth by Tenantlaw. If Tenant fails to make any payments of rent or defaults with respect to under any provision other obligations of this Lease, including, but not limited to, Landlord may use the provisions relating to the security in payment of rent, Landlord may use, apply such rent or retain all or any part of this security deposit for the in payment of any rent or any other sum in default or for the payment of any other amount that sums Landlord may spend or become obligated be forced to spend by reason because of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit 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. Landlord shall not, unless otherwise required as permitted by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is does so use the security, then he shall notify Tenant in writing of the amount so used along with an itemized list detailing the nature and dollar amount of the damages. If at the end of the term of the Lease Tenant has made all payments of rent required and fully complied with all the other obligations under the Lease, then Landlord shall return the full amount of the security to Tenant together with any interest that may be required by law to maintain said deposit in an interest bearing accountwithin the time frame allowable by law: within 30 days after termination of the tenancy or within 15 days of Landlord receiving Tenant’s written notice of Tenant’s forwarding address, Landlord will retain the maximum amount permitted under applicable law as a bookkeeping whichever is later. Tenant understands and administrative charge. If agrees Tenant shall fully and faithfully perform every provision not have the option to apply any part of this Lease the Security Deposit towards Tenant’s obligation to be performed by it, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to pay the last transferee of Tenant's interest hereunder) month’s rent. Tenant is still obligated to pay the final month’s rental payment to Landlord at the expiration of the Lease Term and upon address listed above for paying rent. _______(Tenant's vacation of the Premises. In the event of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedings.’s Initials)

Appears in 1 contract

Samples: Connecticut Residential Lease Agreement

Security Deposit. (a) Prior to the Commencement Date and prior to the start of any construction or alterations, Tenant has deposited shall deposit with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) Authority the Security Deposit described in Section 1.1 as security for the full and faithful performance of every provision of this Lease to be performed by TenantXxxxxx. If Tenant defaults with respect to any provision of this Lease, including, including but not limited to, the provisions relating to the payment of rentRent or Additional Rent, Landlord the Authority may use, apply or retain all or any part of this security deposit the Security Deposit for the payment of any rent Rent, Additional Rent or any other sum in default default, or for the payment of any other amount that Landlord which the Authority may spend or may become obligated to spend by reason of Tenant's default, ’s default or to compensate Landlord the Authority for any other loss, cost or damage that Landlord which the Authority may suffer by reason of Tenant's ’s default. Such application shall not preclude the Authority from recovering greater damages if the same can be established. If any portion of said deposit the Security Deposit is so used or applied, Tenant shall, within five thirty (530) days after written demand therefor, deposit cash with Landlord the Authority in an amount sufficient to restore the security deposit Security Deposit to its original the amount and Tenant's failure to do so shall be a default required under this Lease. Landlord The Authority shall not, unless otherwise required by law, be required have any obligation to pay interest on the Security Deposit or keep this security deposit the Security Deposit separate from Landlord's its general funds, nor pay interest to Tenant. If Landlord is required by law 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 Security Deposit or any balance thereof shall be returned to Tenant (or, at Landlord's the Authority’s option, to the last transferee of Tenant's Xxxxxx’s interest hereunder) at within a reasonable time after both the expiration or earlier termination of the Lease Term and upon Tenant's vacation ’s delivery of the PremisesPremises to the Authority in compliance with the requirements of Section 3.4, provided, however, that the Authority may retain the Security Deposit until such time as any amount due from Tenant under this Lease has been determined and paid in full. Tenant shall not assign nor encumber its contingent rights in the Security Deposit separate from this Lease, and neither shall the Authority nor its successors or assigns be bound by any such assignment or encumbrance. In the event of bankruptcy or other debtor-creditor proceedings against Tenantan adjustment in the Base Rent Rate during the Term, such security deposit Xxxxxx agrees that the Security Deposit required to be deposited by Tenant hereunder, shall be deemed adjusted to be applied first reflect such change in the Base Rent Rate. Tenant shall promptly deposit with the Authority the amount of the adjustment to the payment Security Deposit on or before the 1st day of rent and other charges due Landlord for all periods prior to filing of the month following such proceedingsadjustment in the Base Rent Rate.

Appears in 1 contract

Samples: Lease Agreement

Security Deposit. (a) Tenant has deposited with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) Security Deposit as security for the full and faithful performance and observance by Tenant of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provision the terms, provisions and conditions of this Lease. It is agreed that in the event Tenant defaults in respect of any of the terms, including, but not limited to, the provisions relating to the payment and conditions of rentthis Lease, Landlord may use, 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 rent Rent or any other sum as to which Tenant is in default or for the payment of any other amount that 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 Lease, including but not limited to any damage or deficiency accrued before or after summary proceedings or other reentry by Landlord, including the costs of such proceeding or reentry and further including, without limitation, reasonable attorney’s fees. It is agreed that Landlord shall always have the right to apply the Security Deposit, or any part thereof, as aforesaid, without notice and without prejudice to compensate Landlord for any other loss, cost remedy or damage that remedies which Landlord may suffer by reason have, or Landlord may pursue any other such remedy or remedies in lieu of Tenant's defaultapplying the Security Deposit or any part thereof. No interest shall be payable on the Security Deposit. If any portion of said deposit is so used Landlord shall use, apply or appliedretain the Security Deposit in whole or in part and the Lease continues or Tenant’s occupancy continues in the Premises, Tenant shall, shall within five ten (510) days after written demand therefor, notice from the Landlord make such further or other deposit cash with Landlord in an amount sufficient of monies as may be necessary to restore bring the security balance of the deposit to its original amount and Tenant's failure a sum equal to do so shall be a default under this Leaseone (1) months rent of the then current Rent. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law to maintain said deposit in an interest bearing account, Landlord will retain In the maximum amount permitted under applicable law as a bookkeeping and administrative charge. If event that Tenant shall fully and faithfully perform every provision comply with all of the terms, provisions, covenants and conditions of this Lease to be performed by itLease, the security deposit or any balance thereof Security Deposit shall be returned to Tenant within ninety (or, at Landlord's option, to 90) days after the last transferee of Tenant's interest hereunder) at date fixed as the expiration end of the Lease Term and upon Tenant's vacation after delivery of entire possession of the PremisesPremises to Landlord in accordance with the terms of this Lease. In the event of bankruptcy a sale or other debtor-creditor proceedings against transfer of the Building, or leasing of the entire Building including the Premises subject to Xxxxxx’s tenancy hereunder, Landlord shall transfer the Security Deposit then remaining to the vendee or lessee and Landlord shall thereupon be released from all liability for the return of such Security Deposit to Tenant, ; and Xxxxxx agrees to look solely to the new Landlord for the return of said Security Deposit then remaining. The holder of any mortgage upon the Building or Lot shall never be responsible to Tenant for the Security Deposit or its application or return unless the Security Deposit shall actually have been received in hand by such security deposit holder. Tenant further covenants that it will not assign or encumber or attempt to assign or encumber the Security Deposit and that neither Landlord nor its successors or assigns shall be deemed bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance. In the event there has been no Event of Default of any of the terms, conditions and covenants of this Lease Agreement and any Amendments made hereto during the term hereof and Rent has been paid as and when due, Landlord agrees to apply a portion of the Security Deposit, namely FOURTEEN THOUSAND SIX HUNDRED EIGHTY-EIGHT AND 00/100 ($14,688.00) Dollars to Tenant’s Rent on the thirteenth (13th) month of the Lease Term, thereby leaving a Security Deposit balance on Xxxxxx’s account in the amount of TWENTY-NINE THOUSAND THREE HUNDRED SEVENTY-SIX AND 00/100 ($29,376.00) Dollars. In the event the Security Deposit is not applied as described hereinabove, then Landlord shall retain said Security Deposit for the entire term of this Lease and any extension thereof, and said Security Deposit shall be applied first refunded to Tenant at the payment end of rent this Lease, subject to Tenant’s satisfactory compliance with the conditions herein contained and other charges due Landlord for all periods prior to filing of such proceedingsset forth.

Appears in 1 contract

Samples: Icad Inc

Security Deposit. (a) Concurrently, with Tenant's execution of this Lease, Tenant has deposited shall deposit with Landlord a cash sum in the sum amount stated in Summary of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 Basic Lease Information Section X ($10,171.95) "Security Deposit"). Landlord shall hold the Security Deposit as security for the full and faithful performance of Tenant's obligations under this Lease. If Tenant defaults on any provision of this Lease, Landlord may, without prejudice to any other remedy it has, apply all or part of the Security Deposit to: (a) any Rent or other sum in default; (b) any amount that Landlord may spend or become obligated to spend in exercising Landlord's rights under Article 23; or (c) any expense, loss, or damage that Landlord may suffer because of Tenant's default. Tenant waives the provisions of California Civil Code Section 1950.7, and all other provisions of law now in force or that become in force after the date of execution of this Lease, that provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of Rent, to repair damage caused by Tenant, or to clear the Premises. Landlord and Tenant agree that Landlord may, in addition, claim those sums reasonably necessary to compensate Landlord for any other foreseeable or unforseeable loss or damage caused by the act or omission of Tenant or Tenant's officers, agents, employees, independent contractors, or invitees. If Landlord disposes of its interest in the Premises, Landlord may deliver or credit the Security Deposit to Landlord's successor in interest in the Premises and thereupon be relieved of further responsibility with respect to the Security Deposit. Tenant may not assign or encumber the Security Deposit without the consent of Landlord. Any attempt to do so shall be void and shall not be binding on Landlord. If Landlord applies any portion of the Security Deposit, Tenant shall, within thirty (30) days after demand by Landlord, deposit with Landlord an amount sufficient to restore the Security Deposit to its original amount. Tenant is not entitled to any interest on the Security Deposit. If Tenant performs every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provision of this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord 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 that Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any unused portion of said deposit is so used or applied, Tenant shall, within five (5) days after written 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 be a default under this Lease. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 thereof Security Deposit shall be returned to Tenant (or, at Landlord's option, to or the last transferee assignee of Tenant's interest hereunderunder this Lease within thirty (30) at days following the expiration or termination of the Lease Term and upon Tenant's vacation of the Premises. In the event of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingsTerm.

Appears in 1 contract

Samples: Cayenta Inc

Security Deposit. (a) Simultaneously with Tenant’s execution and delivery of this Lease, Tenant has deposited with shall deliver to Landlord the sum identified in Section 1 of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 this Lease in the form of a check or wire transfer ($10,171.95the “Security Deposit”). During the Term of this Lease, including any extensions thereof, and for forty-five (45) days after the expiration of the Term of this Lease, or for so long thereafter as Tenant is in possession of the Premises (or any portion thereof) or has unsatisfied obligations hereunder to Landlord, the Security Deposit shall be held by Landlord without liability for interest and as security for the full and faithful timely performance by Tenant of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provision of ’s covenants and obligations under this Lease, includingit being expressly understood that the Security Deposit shall not be considered an advance payment of Rent or a measure of Tenant’s liability for damages in case of any failure by Tenant to perform any of Tenant’s covenants or obligations hereunder. Landlord shall not be required to keep the Security Deposit separate from its other accounts, but not limited to, the provisions relating and shall have no fiduciary responsibilities or trust obligations whatsoever with regard to the payment of rentSecurity Deposit. Tenant shall have no right to require Landlord to so draw and apply the Security Deposit, nor shall Tenant be entitled to credit the same against Rent or other sums payable hereunder. Landlord may usemay, at any time and from time to time, without prejudice to any other rights or remedies, apply the Security Deposit to the extent necessary to cure or retain all attempt to cure, in whole or in part, any part of this security deposit for the payment of failure by Tenant to perform any rent or any other sum in default or for the payment of any other amount that Landlord may spend or become obligated to spend by reason of Tenant's default, ’s covenants or to compensate Landlord for obligations hereunder. Following any other loss, cost or damage that Landlord may suffer by reason such application of Tenant's default. If any portion of said deposit is so used or appliedthe Security Deposit, Tenant shall, shall pay to Landlord within five (5) days Business Days after written demand therefor, deposit cash with Landlord the amount so applied in an amount sufficient order to restore the security deposit Security Deposit to its original amount amount, and Tenant's failure to do so restore within such time period shall constitute an uncurable Event of Default by Tenant hereunder. The balance of the Security Deposit remaining after any such application shall be a default under this Lease. returned by Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to TenantTenant within forty-five (45) days thereafter. If Landlord is required by law to maintain said deposit transfers its interest in an interest bearing accountthe Premises during the Term of this Lease, Landlord will retain shall assign 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 Security Deposit to be performed by itthe transferee, the security deposit or any balance provide notice thereof shall be returned to Tenant (orincluding reasonable contact information for such transferee), at Landlord's option, to and thereafter shall have no further liability for 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 of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing return of such proceedingsSecurity Deposit.

Appears in 1 contract

Samples: Commencement Agreement (Tufin Software Technologies Ltd.)

Security Deposit. (a) Tenant has deposited with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provision Upon Xxxxxx’s execution of this Lease, includingTenant shall American Assets Trust – Lease Form 1/31/2023 deposit with Landlord good funds in the amount of the Security Deposit (if any) set forth in the Principal Lease Provisions, but not limited toto secure the performance by Tenant of its obligations under this Lease, the provisions relating including without limitation Tenant's obligations (i) to pay Basic Monthly Rent and Additional Rent (as defined below), (ii) to repair damages to the payment Premises and/or the Project caused by Tenant or Tenant’s Invitees, (iii) to surrender the Premises in the condition required by Paragraph 23.1, below, and (iv) to remedy any other defaults by Tenant in the performance of rentany of its obligations under this Lease. If Tenant commits any default under this Lease, Landlord may usemay, apply or retain all or any part of this security deposit for at its election, use the payment of any rent or any other sum in default or for the payment of any other amount that Landlord may spend or become obligated Security Deposit to spend by reason of Tenant's cure such default, or and to compensate Landlord for any other lossall damages actually suffered by Landlord which are directly attributable to such default, cost or damage that including, without limitation, reasonable attorneys' fees and costs incurred by Landlord. Upon demand by Landlord, Tenant shall promptly pay to Landlord may suffer by reason of Tenant's default. If a sum equal to any portion of said deposit is the Security Deposit so used by Landlord, in order to maintain the Security Deposit in the amount set forth in the Principal Lease Provisions above (subject to increase as set forth below). Should Landlord choose to apply the Security Deposit against damages suffered by it, such application shall not establish or appliedsignify a waiver of any other rights or remedies of Landlord hereunder, nor shall such application constitute an accord and satisfaction. If the Basic Monthly Rent shall, from time to time, increase during the Term, then, upon demand by Landlord, Tenant shall, within five (5) days after written demand therefor, shall deposit cash with Landlord cash in an amount sufficient necessary to restore increase the security deposit Security Deposit such that it shall at all times bear the same proportion to its original amount and Tenant's failure the then‑current Basic Monthly Rent as the initial Security Deposit bears to do so shall be a default under the initial Basic Monthly Rent. Within 45 days following the Expiration Date or earlier termination of this Lease, Landlord shall deliver to Tenant, at Xxxxxx's last known address, any portion of the Security Deposit not used by Landlord, as provided in this Paragraph. Landlord shall not, unless otherwise required may commingle the Security Deposit (and any advance Rent received by law, be required to keep this security deposit separate from Landlord) with Landlord's general funds, nor other funds and Landlord shall not pay interest on such Security Deposit to Tenant. If Landlord is required by law to maintain said deposit in an interest bearing account, Landlord will retain Tenant waives the maximum amount permitted under applicable law as a bookkeeping and administrative charge. If Tenant shall fully and faithfully perform every provision provisions of this Lease to be performed by it, the security deposit California Civil Code Section 1950.7 (or any balance thereof shall be returned successor statute), and any similar principle of Laws with respect to Tenant (orLandlord’s ability to apply the Security Deposit against future rent damages. Furthermore, at Landlord's option, to the last transferee of Tenant's interest hereunder) at the expiration upon lawful termination of the Lease Term as a result of Tenant’s default, Landlord shall be entitled to immediately apply the Security Deposit against damages computed under California Civil Code Section 1951.2, without the requirement that Tenant first be given notice and upon an opportunity to cure, and notwithstanding that the damages have not been finally adjudicated by a court. Tenant may not assign or encumber Tenant's vacation of residual rights in the Premises. In Security Deposit without the event of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingsconsent by Landlord.

Appears in 1 contract

Samples: Office Lease Agreement (IDEAYA Biosciences, Inc.)

Security Deposit. (a) Tenant has deposited will deposit with Landlord upon execution of this Lease the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) 7,370.00 as security for the full and Tenant's faithful performance of every provision of this Lease to be performed by Tenant's obligations hereunder (the "Security Deposit"). If Tenant fails to pay Base Rent, Additional Rent or any other charges due hereunder, or otherwise defaults with respect to any provision provisions of this Lease, including, but not limited to, after notice and the provisions relating to the payment expiration of rentapplicable cure periods, Landlord may use, apply or retain all or any part portion of this security deposit the Security Deposit for the payment of any rent Base Rent, Additional Rent or any other sum charge in default or for the payment of any other amount that sum to which Landlord may spend or become obligated to spend pay by reason of Tenant's default, or to compensate Landlord for any other loss, cost loss or damage that which Landlord may suffer by reason of Tenant's defaultthereby. If Landlord so uses or applies all or any portion of said deposit is so used or appliedthe Security Deposit, Tenant shallwill, within five thirty (530) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original the full amount hereinabove stated and Tenant's failure to do so shall will be a default under material breach of this LeaseLease and shall entitle Landlord to exercise any and all remedies set forth herein. Landlord shall not, unless otherwise required by law, will not be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law to maintain said deposit in an interest bearing account, Landlord will retain the maximum amount permitted under applicable law as Security Deposit in a bookkeeping and administrative chargeseparate escrow account nor will Tenant be entitled to interest on the Security Deposit. If Tenant shall fully and faithfully perform every provision performs all of this Lease to be performed by itTenant's obligations hereunder, the security deposit Security Deposit, or any balance thereof shall so much as has not been applied by Landlord, will be returned to Tenant within fifteen (or, at Landlord's option, to the last transferee of Tenant's interest hereunder15) at days after the expiration or earlier termination of the Lease Term and upon Tenant's vacation of the PremisesLease. In the event of bankruptcy or other debtor-creditor proceedings against Tenanta sale of the Premises, such security deposit shall be deemed to be applied first the Landlord may transfer the balance of the Security Deposit, if any, to the payment purchaser and shall thereupon be released from all liability for the return of rent the Security Deposit and other charges due the Tenant will look solely to said purchaser for the return thereof. Landlord agrees to notify the Tenant in writing of any transfer of the Security Deposit identifying the person or entity subsequently responsible for all periods prior the Security Deposit. Tenant hereby agrees not to filing of such proceedingslook to the mortgagee, as mortgagee, mortgagee in possession, or successor in title to the property, for accountability for the Security Deposit unless the Security Deposit has actually been received by said mortgagee as security for Tenant's performance under this Lease.

Appears in 1 contract

Samples: Lease Agreement (Bridgeline Software, Inc.)

Security Deposit. (a) Concurrently with Xxxxxx's execution of this Lease, Tenant has deposited shall deposit with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 One Million Five Hundred Thousand Dollars ($10,171.951,500,000.00) as security for ("Security "Deposit"). Landlord shall not be deemed a trustee of the full Security Deposit, may use the Security Deposit in business, and faithful performance of every provision of this Lease shall not be required to segregate it from its general accounts. Tenant shall not be performed by Tenantentitled to interest on the Security Deposit. If Tenant defaults beyond any applicable notice and cure period with respect to any provision provisions of this the Lease, including, including but not limited to, to the provisions relating to the payment of rentBase Monthly Rent or other charges, Landlord may usemay, apply to the extent reasonably necessary to remedy Tenant's default, use any or retain all or any part of this security deposit for the Security Deposit towards payment of any rent the following: (i) Base Monthly Rent or any other sum charges in default or for the payment of beyond any applicable notice and cure period; (ii) any other amount that which Landlord may spend or become obligated to spend by reason of Tenant's defaultdefault including, or but not limited to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's defaultfailure to restore or clean the Premises following vacation thereof. If any portion of said deposit the Security Deposit is so used or applied, Tenant shall, within five ten (510) days after written demand thereforfrom Landlord, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its full original amount amount, and Tenant's failure shall pay to Landlord such other sums as necessary to reimburse Landlord for any sums paid by Landlord. Tenant may not assign or encumber the Security Deposit without the consent of Landlord. Any attempt to do so shall be a default under this Leasevoid and shall not be binding on Landlord. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 thereof The Security Deposit shall be returned to Tenant within thirty (or30) days after the Expiration Date and surrender of the Premises to Landlord, less any amount deducted in accordance with this Section, together with Xxxxxxxx's written notice itemizing the amounts and purposes for such deduction. Xxxxxxxx agrees that in lieu of a cash Security Deposit, Tenant, at its election from time to time during the Lease Term may deposit with Landlord a letter of credit as Security Deposit in a form reasonably acceptable to Landlord as shown on Exhibit 4.D. attached. Within three (3) business days of such deposit, Landlord shall return to Tenant any cash Security Deposit replaced by such letter of credit (or in the event Tenant replaces a letter of credit with cash, Landlord shall return the letter of credit to Tenant within 3 business days of Landlord's option, receipt of the cash Security Deposit). Landlord ***** Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. shall return to Tenant Landlord shall be entitled to draw the full amount of the letter of credit at any time provided that Landlord certifies to the last transferee issuer of Tenant's interest hereunderthe letter of credit that Tenant is in default beyond any applicable notice and cure period under the Lease. Unless Tenant has deposited cash as Security Deposit, 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) at the weeks after expiration of the Lease Term Term, and upon 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 vacation failure to so renew or extend the letter of the Premises. In the event of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit credit shall be deemed to be applied first to the payment a material default of rent and other charges due Landlord for all periods prior to filing of such proceedingsthis Lease by Tenant unless Tenant has deposited a cash Security Deposit with Landlord.

Appears in 1 contract

Samples: Scios Inc

Security Deposit. (a) Tenant has deposited with shall pay to the Landlord the sum Security Deposit in accordance with the provisions of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) Section 4.03 above. Landlord shall hold the Security Deposit as security for the full and faithful payment or performance by Tenant of every provision of its obligations under this Lease to be performed by Tenantand not as a prepayment of Rent. If Tenant defaults with respect to any provision of this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may use, apply or retain all or any part commingle the Security Deposit with other funds of this security deposit Landlord and shall not be liable to Tenant for the payment of interest thereon or profits therefrom. Landlord may expend such amounts from the Security Deposit as may be necessary to cure any rent or Default and, in such case, Tenant shall pay to Landlord the amount so expended, on demand. Landlord may assign the Security Deposit to any other sum in default or for subsequent owner of the Building and thereafter Landlord shall have no further liability to Tenant with respect thereto. As soon as ORIGINAL: 07/26/2011 reasonably practicable after the Lease Termination Date, Landlord shall (i) inspect the Premises, (ii) make such payments from the Security Deposit as may be required to cure any outstanding Default hereunder and (iii) if no Default is then continuing, pay the balance of the Security Deposit to Tenant. After the payment to the Landlord of any the Security Deposit in accordance with the provisions of Section 4.03 above, in the event that on two (2) occasions thereafter a Default shall occur for which Landlord shall give Tenant a notice of Default, whether or not such Default shall be timely cured, and without limiting Landlord's other amount that Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or appliedrights and remedies under this Lease, Tenant shall, within five (5) days after written 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 be a default under this Lease. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate immediately upon notice from Landlord's general funds, nor pay interest increase the Security Deposit by paying to Tenant. If Landlord is required by law an additional amount equal to maintain said deposit in an interest bearing accounttwo hundred percent (200%) of the original Security Deposit, Landlord will retain the maximum original Security Deposit and such 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 held thereafter by it, Landlord as the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Security Deposit under the last transferee of Tenant's interest hereunder) at the expiration of the Lease Term terms and upon Tenant's vacation of the Premises. In the event of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingsprovisions hereof.

Appears in 1 contract

Samples: Lease Agreement (Paid Inc)

Security Deposit. (a) Within 7 days of signing this Lease and in any event before Tenant has deposited takes possession of the Leased Premises, Tenant will deposit with Landlord a security deposit in an amount equal to $175 (the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95"Security Deposit") as security for the full and faithful to secure Tenant's performance of every the terms, conditions, covenants and provisions of this Lease. Tenant shall also pay, at the time of application for residency, a non-refundable administrative fee of $95, which shall NOT become a part of the Security Deposit. Failure to pay the administrative fee and/or Security Deposit will not be construed as a release of Tenant's responsibilities and obligations or from the legal and binding nature of this contract. Tenant may not deduct any portion of the Security Deposit from Rent or other charges due to Landlord. Landlord shall have the right, but not the obligation, to apply the Security Deposit in whole or in part to the payment of any unpaid Rent or other sums due from Tenant under the terms of this Lease or for damages suffered by Landlord due to non-performance or breach of any term, condition, covenant or provision of this Lease by Tenant or Tenant's guests or invitees, and Tenant shall replace such amounts used within 10 days notice from the Landlord. Upon expiration or earlier termination of this Lease, and upon surrender of the Leased Premises to Landlord pursuant to the conditions set forth in this Lease, and upon full payment of all sums due Landlord hereunder, the Security Deposit or any portion remaining unapplied (without any interest) shall be returned to Tenant. Tenant is responsible for furnishing Landlord, upon termination of Tenant's occupancy of the Leased Premises, with a forwarding address for all communications regarding the Security Deposit. Landlord's right to repossess the Leased Premises for nonpayment of Rent or for any other breach of this Lease by Tenant shall not be affected by the fact that Landlord holds a Security Deposit and payment of the Security Deposit shall in no way be interpreted to limit Tenant's liability hereunder. Tenant acknowledges and agrees that the Security Deposit and any charges applied against same are joint and several obligations with the other tenants and guarantors in the Dwelling and that Landlord may refund any remaining Security Deposit by a check made payable to Tenant and such other tenants or guarantors in the Dwelling. Each Tenant shall be jointly and severally liable for animal violation charges, missing smoke detector batteries, and damages to the common areas in the Dwelling if we cannot in our sole and exclusive judgment, ascertain the identity of who was at fault. Tenant understands that the Security Deposit is separate from, and in addition to, any applicable pet fee or other fees. Damages, charges and fees due as a result of redecoration, a pet, or otherwise may be deducted from the Security Deposit. The Security Deposit shall be deposited by Landlord in an account used by Landlord for the purpose of depositing its tenants’ Security Deposits. Landlord will deposit Tenant’s Security Deposit in one of its accounts used only for that purpose at . Tenant’s Security Deposit may be retained by the Landlord to the fullest extent allowed by law. Smoking of any kind within the Dwelling will result in an automatic forfeit of the Security Deposit as well as additional charges to cover cost of smoke odor removal and other damages. Should Tenant execute a renewal lease or transfer to another Dwelling in the Neighborhood, the Security Deposit will be held until the termination of the final lease term. A walk-through will be performed by a representative of Agent between lease periods or after Tenant has transferred to the new Dwelling. Tenant will be responsible for the immediate payment of any damages at this time. Security Deposit refund checks that have not been deposited by Tenant after 180 days, due to incorrect mailing address, negligence on behalf of the Tenant, or any other reason, will be voided after 180 days. If Tenant defaults with respect to Notwithstanding any other provision of this Lease, includingin accordance with Tenn. Code Xxx. § 00-00-000, but in the event the Tenant leaves not limited toowing rent and having any refund due, the provisions relating to the payment of rent, Landlord 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 that Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit 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. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 thereof shall be returned to Tenant (or, at Landlord's option, send notification to the last transferee of Tenant's interest hereunder) at the expiration known or reasonable determinable address, of the Lease Term and upon amount of any refund due the Tenant's vacation of the Premises. In the event of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit the Landlord shall be deemed to be applied first to not have received a response from the payment of rent and other charges due Landlord for all periods prior to filing Tenant within sixty (60) days from the sending of such proceedingsnotification, the Landlord may remove the deposit from the account and retain it free from any claim of the Tenant or any person claiming in the Tenant's behalf.

Appears in 1 contract

Samples: Aspen Heights Murfreesboro Tennessee Lease Agreement

Security Deposit. (a) Concurrent with Tenant's execution of this Lease, Tenant has deposited shall deposit with Landlord a security deposit (the sum "Security Deposit") in the amount set forth in Section 10 of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) the Summary. The Security Deposit shall be held by Landlord as security for the full and faithful performance by Tenant of every provision all the terms, covenants, and conditions of this Lease to be kept and performed by TenantTenant during the Lease Term. If Tenant defaults with respect to any provision provisions of this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may use, apply or retain all or any part of this security deposit the Security Deposit for the payment of any rent Rent or any other sum in default or for the payment of any other amount that Landlord may spend or become obligated default, to spend by reason of cure Tenant's defaultdefault hereunder, or to compensate Landlord for any other loss, cost direct loss or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit the Security Deposit is so used or applied, Tenant shall, within five (5) business days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount amount, and Tenant's failure to do so shall be a default under this Lease. Landlord shall notreturn the Security Deposit (less any portion thereof used, unless otherwise required applied or retained by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law to maintain said deposit in an interest bearing account, Landlord will retain the maximum amount as 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 thereof shall be returned herein) to Tenant within sixty (or, at Landlord's option, to the last transferee of Tenant's interest hereunder60) at days following the expiration of the Lease Term; provided that Landlord may retain from said Security Deposit an amount reasonably estimated by Landlord to cover potential Operating Expense, Insurance Expense, Utility Expense and Tax Expense reconciliation payments due for the Expense Year in which the Lease Term expires and upon Tenant's vacation any amounts so retained and not applied will be returned to Tenant within thirty (30) days after the issuance of a Statement for the applicable Expense Year. Tenant shall not be entitled to any interest on the Security Deposit and Landlord will not be required to segregate the Security Deposit or keep the Security Deposit separate from the general funds of Landlord. Tenant hereby waives the provisions of Section 1950.7 of the Premises. In the event California Civil Code and all other provisions of bankruptcy law, now or other debtor-creditor proceedings against Tenanthereafter in force, such which provide that Landlord may claim from a security deposit shall be deemed only those sums reasonably necessary to be applied first to remedy defaults in the payment of rent and other charges due Landlord for all periods prior rent, to filing of such proceedingsrepair damage caused by Tenant or to clean the Premises.

Appears in 1 contract

Samples: Office Lease (Kratos Defense & Security Solutions, Inc.)

Security Deposit. (a) Tenant has deposited the Security Deposit with Landlord. Landlord shall hold the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) Security Deposit as security for the full and faithful payment or performance by Tenant of every provision of its obligations under this Lease to be performed by Tenantand not as a prepayment of Rent. If Tenant defaults with respect to any provision of this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may use, apply or retain all or any part commingle the Security Deposit with other funds of this security deposit Landlord and shall not be liable to Tenant for the payment of interest thereon or profits therefrom. Landlord may expend such amounts from the Security Deposit as may be necessary to cure any rent or Default and, in such case, Tenant shall pay to Landlord the amount so expended, on demand. Landlord may assign the Security Deposit to any other sum subsequent owner of the Building and thereafter Landlord shall have no further liability to Tenant with respect thereto. As soon as reasonably practicable after the Lease Termination Date, Landlord shall (i) inspect the Premises, (ii) make such payments from the Security Deposit as may be required to cure any outstanding Default hereunder and (iii) if no Default is then continuing, pay the balance of the Security Deposit to Tenant. The Security Deposit may be in default or for the form of an irrevocable, unconditional, negotiable letter of credit (the “Letter of Credit”). The Letter of Credit shall: (a) be in the amount required hereby; (b) be in form and substance satisfactory to Landlord; (c) name Landlord as its beneficiary; (d) be drawn on an FDIC insured financial institution reasonably satisfactory to the Landlord; (e) expire no earlier than sixty (60) days after the Termination Date of this Lease (f) be transferable by Landlord as beneficiary upon presentation of the letter of credit, a transfer certificate in the form attached to the letter of credit and the payment by Landlord of any other amount that a transfer administrative fee acceptable to Landlord may spend or become obligated to spend by reason set forth on the face of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason the letter of Tenant's defaultcredit. If any portion reasonable transfer fee is required in connection with the sale of said deposit the Building by Landlord, Landlord shall be solely responsible for payment of such fee. If Landlord shall reasonably determine at any time that the issuer is so used or appliedno longer satisfactory, Tenant shall, shall provide a replacement Letter of Credit complying with the foregoing within five thirty (530) days after written 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 be a default under this Lease. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate notice from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 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 of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedings.

Appears in 1 contract

Samples: Tenant Estoppel Certificate (A123 Systems, Inc.)

Security Deposit. (a) Tenant has deposited shall deposit with Landlord concurrently with Tenant’s execution of this Lease, the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 One Million Dollars ($10,171.951,000,000.00) as the security deposit (the “ Security Deposit”). The Security Deposit shall be held by Landlord as security for the full and faithful performance by Tenant of every provision all the provisions of this Lease to be performed or observed by Tenant. If Tenant fails to pay Rent when due, or otherwise defaults with respect to any provision of this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may use, apply or retain all or any part portion of this security deposit the Security Deposit for the payment of any rent or any other sum Rent in default or for the payment of any other sum to which Landlord may become obligated by reason of Tenant’s default, or to compensate Landlord for any loss or damage which Landlord may suffer thereby. If Landlord so uses or applies all or any portion of the Security Deposit, Tenant shall within 10 days after demand therefor deposit cash with Landlord in an am ount sufficient to restore the Security Deposit to the full amount thereof and Tenant’s failure to do so shall be a material breach of this Lease. Landlord shall not be required to keep the Security Deposit separate from its general accounts. As long as there shall not have occurred any default by Tenant in the performance of its obligations under this Lease during the first sixty (60)months of the Lease Term, Landlord shall, on the first (1st) day of the sixty-first (61st)month of the Lease Term (“Reduction Date”) return to Tenant that portion of the Security Deposit such that the remaining Security Deposit then held by Landlord shall be equal to the Base Rent for the last month of the Lease Term, i.e., to $204,952.00 (“Reduced Security Deposit”). The Reduced Security Deposit, or so much thereof as has not theretofore been applied by Landlord, shall be returned, with interest on the Security Deposit and the Reduced Security Deposit at the Interest Rate, to Tenant (or, at Landlord’s option, to the last assignee, if any, of Tenant’s interest hereunder)at the expiration of the term hereof or earlier termination, and after Tenant has vacated the Premises in accordance with the terms of this Lease; provided, however, that upon the occurrence of a default by Tenant under the Lease, interest shall stop accruing on the Security Deposit and the Reduced Security Deposit, as applicable. No trust relationship is created herein between Landlord and Tenant with respect to the Security Deposit. In lieu of depositing cash with Landlord as the Security Deposit, Tenant may deliver to Landlord concurrent with the execution by Tenant of this Lease, an unconditional, clear, irrevocable letter of credit (“Tenant L-C”) in the initial amount of $1,000,000.00, which Tenant L-C shall be issued by a money-center bank (a bank which has a local San Xxxx officer which will negotiate a letter of credit and whose deposits are insured by the FDIC) reasonably acceptable to Landlord, and which Tenant L-C shall be in a form and content reasonably accountable to Landlord. Tenant shall pay all expenses, points and/or fees incurred by Tenant in obtaining the Tenant L-C. Until the reduction Date, the required amount of the Tenant L-C shall remain at $1,000,000.00. As long as there shall not have occurred any default by Tenant in the performance of its obligations under this Lease during the first sixty (60) months of the Lease Term, Tenant shall, on the Reduction Date, deliver to Landlord a Tenant L-C in the amount of the last month’s Base Rent or $204,957.00. (“Substitute Tenant L-C”), and Landlord shall, pursuant to its receipt of the Substitute Tenant L-C, return to Tenant the original Tenant L-C. The Tenant L-C shall be held by Landlord as security for the faithful performance by Tenant of all the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the Lease Term. The Tenant L-C shall not be mortgaged, assigned or encumbered in any manner whatsoever by Tenant without the prior written consent of Landlord. If Tenant is in default under the Lease with all applicable cure periods having expired during the Lease Term, Landlord may, but shall not be required to, draw upon all or any portion of the Tenant L-C; for the payment of any amount that Landlord may reasonably spend or may become obligated to spend by reason of Tenant's such Tenant default, or to compensate Landlord for any other loss, cost loss or damage that Landlord may suffer by reason of Tenant's defaulta Tenant default as set forth herein. The use, application or retention of the Tenant L-C, or any portion thereof, by Landlord shall not prevent Landlord from exercising any other right or remedy provided by this Lease or by law, it being intended that Landlord shall not first be required to proceed against the Tenant L-C and shall not operate as a limitation on any recovery to which Landlord may otherwise be entitled. Any amount of the Tenant L-C which is drawn upon by Landlord, but is not used or applied by Landlord, shall be held by Landlord and deemed a security deposit (the “Tenant L-C Security Deposit”). If any portion of said the Tenant L-C is drawn upon, Tenant shall, within five (5) days after written demand therefor, either (i) deposit cash with Landlord (which cash shall be applied by Landlord to the Tenant L-C Security Deposit) in an amount sufficient to cause the sum of the Tenant L-C Security Deposit and the amount of the remaining Tenant L-C to be equivalent to the amount of the Tenant L-C then required under this Lease or (ii) reinstate the Tenant L-C to the amount then required under this Lease, and if any portion of the Tenant L-C Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord (which cash shall be applied by Landlord to the Tenant L-C Security Deposit) in an amount sufficient to restore the security deposit Tenant L-C Security Deposit to its original the amount and Tenant's failure to do so shall be a default then required under this Lease. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 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 Tenant shall elect to amortize the Additional Improvement Allowance, as more particularly set forth in Section 6(c) of bankruptcy or other debtor-creditor proceedings against Tenantthe Work Letter Agreement, the amount of such security deposit Additional Improvement Allowance shall be deemed added to be applied first to either the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingsSecurity Deposit or Tenant L-C, as applicable.

Appears in 1 contract

Samples: Lease Agreement (Ikos Systems Inc)

Security Deposit. Tenant will deliver to Landlord half of the security deposit in the amount stated in the Basic Terms (a$ ) Tenant has deposited with within thirty (30) days after the Effective Date, and the other half ($ ) on or before the Commencement Date, to be retained by Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) as security for the full and faithful performance of every provision all the terms and conditions of this Lease to be performed by Tenant, including payment of all Rent due under the terms hereof. If Deductions may be made by Landlord from the amount so retained for the reasonable cost of repairs to the Premises (ordinary wear and tear excepted) for which Tenant defaults with respect to any provision is responsible under the terms of this Lease, including, but not limited to, for any Rent delinquent under the provisions relating terms hereof and/or any sum used in any manner to cure any default in the payment performance of rent, Landlord may use, apply or retain all or any part Tenant under the terms of this security deposit for Lease. In the payment of any rent or any other sum in default or for event deductions are so made during the payment of any other amount that Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or appliedTerm, Tenant shall, will within five ten (510) days after receipt of Landlord’s written demand thereforrequest redeposit such amounts so expended so as to maintain the deposit in the amount as herein provided for and failure to so redeposit will be deemed a failure to pay Rent under the terms hereof. Nothing herein contained will limit the liability of Tenant as to any damage to the Premises for which Tenant is responsible under the terms of this Lease, deposit cash with Landlord in an and Tenant will be responsible for the total amount sufficient to restore of any damage and loss occasioned by actions of Tenant. Landlord’s parent, will be personally liable for the return of the security deposit to its original amount and Tenant's failure to do so shall be a default under this Lease. Landlord shall not, unless otherwise required by lawprovided, be required to keep this security deposit separate from however, if Landlord's general funds, nor pay ’s interest to Tenant. If Landlord in the Premises is required by law to maintain said deposit in an interest bearing accountsold, 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, deliver the security deposit or to the purchaser of Landlord’s interest in the Premises, and thereupon and the purchaser’s assumption of the personal liability to return the security deposit to Tenant as required by this Lease, Landlord and will be discharged from any balance thereof shall further liability with respect to such deposit. The security deposit will be returned to Tenant within thirty (or30) days following the expiration or earlier termination of this Lease, at Landlord's optionless any deductions made by Landlord pursuant to this Section 2.5 and less the amount, if any, Landlord reasonably estimates Tenant may owe for the Expenses reconciliation for the final calendar year of the Term, pending confirmation of such amount pursuant to Section 3.5 hereof. Any deductions made by Landlord for the last transferee of Expenses reconciliation will be credited to Tenant's interest hereunder) ’s account at the expiration of the Lease Term and upon Tenant's vacation of the Premises. In the event of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing time of such proceedings.reconciliation, and any amount then remaining will be paid to Tenant within thirty (30) days after the reconciliation. The provisions of this Section 2.5 will survive the expiration or earlier termination of this Lease. {00224903.DOC:8} 10

Appears in 1 contract

Samples: Project Office Lease Agreement

Security Deposit. (a) Tenant has deposited with Landlord TENANT agrees to pay LANDLORD the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) 1,000.00, as security for the full and faithful performance by TENANT of every provision all terms, covenants and conditions of this Lease lease. This deposit may be applied by the LANDLORD for any monies owed by TENANT under the lease or Florida law, physical damages to the premises, costs, and attorney's fees associated with TENANT'S failure to fulfill the terms of the lease and any monetary damages incurred by LANDLORD due to TENANT'S default. TENANT cannot dictate that this deposit be performed by Tenantused for any rent due. If Tenant defaults with respect to any provision of this LeaseTENANT breaches the lease by abandoning, including, but not limited to, surrendering or being evicted from the provisions relating rental premises prior to the payment of rent, Landlord may use, apply lease expiration date (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 that Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit 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. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 thereof shall be returned to Tenant (or, at Landlord's option, to the last transferee of Tenant's interest hereunder) at the expiration of any extension) TENANT will be responsible for unpaid rent, physical damages, future rent due, attorney's fees, costs and any other amounts due under the Lease Term and upon Tenant's vacation terms of the Premisestenancy or Florida law. In the event of bankruptcy or other debtor-creditor proceedings against Tenant, such The security deposit shall (and advance rent, if applicable) will be deemed to be applied first held in the following manner: Deposited in a separate non interest bearing account with Sun Trust Bank, 000 X Xxxxxxx Xx., Tampa, FL 33602. Your lease requires payment of certain deposits. The LANDLORD may transfer advance rents to the payment LANDLORD’S account as they are due and without notice. When you move out, you must give the LANDLORD your new address so that the LANDLORD can send you notices regarding your deposit. The LANDLORD must mail you notice, within 30 days after you move out, of rent the LANDLORD’S intent to impose a claim against the deposit. If you do not reply to the LANDLORD stating your objection to the claim within 15 days after receipt of the LANDLORD’S notice, the LANDLORD will collect the claim and other charges due Landlord must mail you the remaining deposit, if any. If the LANDLORD fails to timely mail you notice, the LANDLORD must return the deposit but may later file a lawsuit against you for all periods prior damages. If you fail to timely object to a claim, the LANDLORD may collect from the deposit, but you may later file a lawsuit claiming a refund. You should attempt to informally resolve any dispute before filing a lawsuit. Generally, the party in whose favor a judgment is rendered will be awarded costs and attorney fees payable by the losing party. This disclosure is basic. Please refer to part II of such proceedings.Chapter 83, Florida Statutes, to determine your legal rights and obligations. Florida statutory law, 83.49(3) provides:

Appears in 1 contract

Samples: Residential Lease

Security Deposit. Landlord acknowledges that it currently holds a security deposit under the Prior Lease (a) Tenant has deposited with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 “Existing Deposit”), which the parties agree is currently Thirty-Five Thousand Dollars ($10,171.95) as security for the full and faithful performance of every provision of this Lease to be performed by Tenant35,000.00). If Tenant defaults Concurrent with respect to any provision its execution of this Lease, includingTenant shall deliver to Landlord. , but not limited toin immediately available funds, an amount equal to the difference between the Existing Deposit and the amount of the Security Deposit required by Section 1.1(10) above. Tenant acknowledges and agrees that the Existing Deposit shall be available to Landlord as part of the Security Deposit required under this Lease and that upon the expiration or earlier termination of the Prior Lease, the provisions relating Existing Deposit shall be retained by Landlord in partial satisfaction of the Security Deposit required hereunder. The Security Deposit may be applied by Landlord to cure, in whole or part, 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’s application of the Security Deposit shall not constitute a waiver of Tenant’s default to the payment of rent, Landlord may use, apply or retain all or any part of this security deposit for extent that the payment of any rent or any other sum in default or for the payment of any other amount that Landlord may spend or become obligated to spend by reason of Tenant's default, or to Security Deposit does not fully compensate Landlord for all losses, damages, costs and expenses incurred by Landlord in connection with such default and shall not prejudice any other loss, cost rights or damage that remedies available to Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit 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 LeaseLease or by Law. Landlord shall not, unless otherwise required by law, not pay any interest on the Security Deposit. Landlord shall not be required to keep this security deposit the Security Deposit separate from Landlord's its general fundsaccounts. The Security Deposit shall not be deemed an advance payment of Rent or a measure of damages for any default by Tenant under this Lease, nor pay interest to shall it be a bar or defense of any action that Landlord may at any time commence against Tenant. If In the absence of evidence satisfactory to Landlord is required by law of an assignment of the right to maintain said deposit in an interest bearing accountreceive the Security Deposit or the remaining balance thereof, Landlord will retain may return the maximum amount permitted Security Deposit to the original Tenant, regardless of one or more assignments of this Lease. Upon the transfer of Landlord’s interest under applicable law as a bookkeeping and administrative chargethis Lease, Landlord’s obligation to Tenant with respect to the Security Deposit shall terminate upon transfer to the transferee of the Security Deposit, or any balance thereof. If Tenant shall fully and faithfully perform every provision comply with all the terms, provisions, covenants, and conditions of this Lease to be performed by itLease, the security deposit Security Deposit, or any balance thereof thereof, shall be returned to Tenant within thirty (or, at Landlord's option, to the last transferee of Tenant's interest hereunder30) at the expiration of the Lease Term and upon Tenant's vacation days after Landlord recovers possession of the Premises. In Tenant hereby waives any and all rights of Tenant under the event provisions of bankruptcy Section 1950.7 of the California Civil Code or other debtor-creditor proceedings against Tenant, such Law regarding security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingsdeposits.

Appears in 1 contract

Samples: Office Lease (XOMA Corp)

Security Deposit. (a) Tenant has deposited with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) as As security for the its full and faithful performance of every provision ---------------- of this Lease Lease, Tenant shall pay Landlord a total security deposit of Thirty Four Thousand Three Hundred Forty Six Dollars ($34,346), constituting one (1) month's rent, payable immediately on execution of this Lease. Tenant shall provide the security deposit to Landlord in the form of immediately available funds (i.e., cash, certified check, money order). The security deposit shall not be performed considered an advance payment of rental or a measure of Landlord's damages in case of default by Tenant. If Tenant provides the security deposit in the form of cash or other immediately available funds, Landlord shall deposit such funds into an interest bearing account chosen by Landlord in its reasonable discretion and, provided Tenant is otherwise entitled to repayment of the security deposit hereunder, Tenant shall be entitled to any and all interest accrued thereon. Notwithstanding the foregoing, Tenant acknowledges and agrees that Landlord may commingle the security deposit with other funds in Landlord's possession provided Landlord otherwise complies with the terms hereof. All direct out-of- pocket expenses to set up and maintain such account shall be deducted from any interest earned on the amount of such cash security deposit. If Tenant defaults with respect to any provision covenant or condition of this Lease, including, including but not limited to, the provisions relating to the payment of rentBase Rent, additional rent or any other payment due under this Lease, and the obligation of Tenant to maintain the Premises and deliver possession thereof back to Landlord at the expiration or earlier termination of the Lease Term in the condition required herein, then Landlord may use, (without any waiver of Tenant's default being deemed to have occurred) apply or retain all or any part of this the security deposit for to the payment of any rent sum in default or any other sum in default or for the payment of any other amount that Landlord may be required or deem necessary to spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer incur by reason of Tenant's default. If any portion of said deposit is so used or appliedIn such event, Tenant shall, within five (5) days after written demand thereforon demand, deposit cash with Landlord in an the amount sufficient so applied to restore replenish the security deposit to its original amount and Tenant's failure to do so shall be a default under this Lease. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law to maintain said deposit in an interest bearing account, Landlord will retain the maximum amount permitted under applicable law as a bookkeeping and administrative chargedeposit. If Tenant shall have fully complied with all of the covenants and faithfully perform every provision conditions of this Lease to be performed by itLease, but not otherwise, the amount of the security deposit or any balance thereof (including all interest accrued thereon if any) then held by Landlord shall be returned repaid to Tenant within thirty (or, at Landlord's option, to the last transferee of Tenant's interest hereunder30) at days after the expiration or sooner termination of the Lease Term and upon Tenant's vacation of the Premisesthis Lease. In the event of bankruptcy a sale or other debtor-creditor proceedings against Tenanttransfer of Landlord's estate or interest in the Building, such Landlord shall have the right to transfer the security deposit to the purchaser or transferee, and Landlord shall be deemed to be applied first to considered released by Tenant from all liability for the payment return of rent the security deposit, so long as the transferee acknowledges receipt of the security deposit and other charges due Landlord for all periods prior to filing of such proceedingsLandlord's obligations under this Lease.

Appears in 1 contract

Samples: Deed of Lease (Vialog Corp)

Security Deposit. (a) Tenant has deposited with shall pay Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 Thirty-Three Thousand Nine Hundred Seventeen and 60/100 Dollars ($10,171.9533,917.60) (hereinafter referred to as security for "Security Deposit"), which shall be held by the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provision Landlord during the Term of this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may use, apply or retain all or any part of this security deposit for renewal thereof. The Security Deposit may be commingled by Landlord with its other funds and under no circumstances will Tenant be entitled to any interest on the payment of Security Deposit. The Security Deposit may be used by Landlord, at its discretion, to apply to any rent or any other sum in default or for the payment of any other amount that owing to Landlord may spend or become obligated to spend by reason of Tenant's defaulthereunder, or to compensate Landlord pay the expenses of repairing any damage to the Premises, except natural wear and tear occurring from normal use of the Premises, which exists on the day Tenant vacates the Premises, but this right shall not be construed to limit Landlord's right to recover additional sums from Tenant for damages to the Premises. In addition to any other lossrights available to Landlord hereunder, cost the Security Deposit shall be forfeited if this Lease should be terminated prior to the normal Expiration Date of the original term, or damage that Landlord may suffer by reason of any renewal thereof as a result of Tenant's default. If there is any portion balance of said deposit is so used the Security Deposit remaining after all payments have been made, the Security Deposit, or appliedsuch balance thereof remaining, will be refunded to the Tenant shall, within five thirty (530) days after written demand thereforfulfillment by Tenant of all obligations hereunder. Upon sale or conveyance of the Building, 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. Landlord shall not, unless otherwise required by law, be required transfer or assign the Security Deposit to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 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 new owner of the Premises, and upon such transfer all liability of Landlord for the Security Deposit shall terminate. In Notwithstanding anything to the contrary set forth hereinabove, if, during the first Lease Year, Tenant makes all payments of Rent in a timely manner and no event of bankruptcy or other debtor-creditor proceedings against Tenantdefault has occurred during such first Lease Year, such security deposit shall be deemed Landlord agrees to be applied first apply the Security Deposit as a credit to the payment first monthly installment of rent and other charges Rent due Landlord for all periods prior to filing of such proceedingsduring the second Lease Year.

Appears in 1 contract

Samples: Lease Agreement (Netbank Inc)

Security Deposit. (a) Tenant has deposited with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provision Upon execution of this Lease, including, but not limited toTenant shall pay a security deposit in the amount of $XXX to be held by The XxXxxxx Companies. The security deposit is required to be posted within 24 hours of lease signing and can most quickly be accomplished via the XxXxxxx on-line payment processor PSN as listed on the homepage of xxx.XxXxxxxXxxxxxxxx.xxx or via this direct link: xxxxx://xxx.XxxxxxxXxxxxxxXxxxxxx.xxx/login.asp?acc=RT18874 Depending on prevailing law or ordinance, the provisions relating to the payment of rent, Landlord may use, apply or retain all or any part of this security deposit may earn simple interest at the annual rate as determined by the Wisconsin Department of Financial Institutions (DFI) annually calculated from the day the deposit is paid until the deposit is accounted for at termination of the payment of tenancy. The deposit, less any rent amounts legally withheld, will be returned in person or any other sum in default or for the payment of any other amount that Landlord may spend or become obligated mailed to spend by reason of Tenant's defaultlast known address within 21 days as required by law after Tenant surrenders the Premises. Surrender shall include vacating the Premises and return of, or to compensate Landlord for any other lossaccounting for, cost or damage that Landlord may suffer Landlord's property held by reason of Tenant's default, including keys. If any portion of said the deposit is so used withheld, Landlord will provide an accompanying itemized statement specifically describing any damage and accounting for any amount legally withheld. The reasonable cost of repairing any waste, neglect or applieddamages for which Tenant is responsible, normal wear and tear excepted, may be deducted from the security deposit. Landlord will give Tenant shall, a written description of any physical damages charged to the previous Tenant's security deposit as soon as such description is available. Tenant has seven days from the beginning of the Lease term to notify Landlord of any additional damage or defect of which written notification is given within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the time stated. Tenant may not use the security deposit to its original amount and Tenant's failure to do so shall be a default under this Lease. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 payment 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 transferee of Tenantmonth's interest hereunder) at the expiration of the Lease Term and upon Tenant's vacation of the Premisesrent. In the event of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedings.

Appears in 1 contract

Samples: Rental Agreement

Security Deposit. (a) Tenant has deposited shall deposit with Landlord upon execution hereof the sum security deposit set forth in Paragraph 1.9 of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 the Basic Lease Provisions ($10,171.95the “Security Deposit”) as security for the full and Tenant’s faithful performance of every provision of this Lease to be performed by Tenant’s obligations hereunder. If Tenant fails to pay Kent or other charges due hereunder, or otherwise defaults with respect to any provision of this Lease, including, but not limited to, the provisions relating to the payment of rent, . Landlord may use, apply or retain all or any part portion of this security deposit the Security Deposit for the payment of any rent Rent or any other sum charge in default or default, for the payment of any other amount that sum to which Landlord may spend or become obligated to spend by reason of Tenant's ’s default, or to compensate Landlord for any other loss, cost loss or damage that which Landlord may suffer by reason of Tenant's defaultthereby. If Landlord so uses or applies all or any portion of said deposit is so used or appliedthe Security Deposit, Tenant shall, shall within five ten (510) days after at\er written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original the full amount and then required of Tenant's failure to do so shall be a default under this Lease. Landlord shall not, unless otherwise required by law, not be required to keep this security deposit the Security Deposit separate from Landlord's its general funds, nor pay interest to Tenant. If Landlord is required by law to maintain said deposit in an interest bearing account, Landlord will retain the maximum amount permitted under applicable law as a bookkeeping and administrative chargeaccounts. If Tenant shall fully and faithfully perform every provision performs all of this Lease to be performed by itTenant’s obligations hereunder, the security deposit Security Deposit, or any balance so much thereof as has not been applied by Landlord, shall be returned returned, without payment of interest or other increment for its use, to Tenant (or, . at Landlord's ’s option, to the last transferee assignee, if any, of Tenant's ’s interest hereunder) at as soon as reasonably practical alter the expiration of the Lease Term expires and upon Tenant's vacation of Tenant vacates the Premises. In No trust relationship is created herein between Landlord and Tenant with respect to the event Security Deposit. If Tenant is in default under this Lease more than two (2) times in any twelve (12) month period, irrespective of bankruptcy whether or not such default is cured, without limiting Landlord’s other debtor-creditor proceedings against Tenantrights and remedies provided for in this Lease or at law or in equity, such security deposit the Security Deposit shall automatically be increased by an amount equal to the greater of (i) three (3) times the original Security Deposit, or (ii) three (3) months of Base Rent, which shall be deemed paid to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingslandlord forthwith on demand.

Appears in 1 contract

Samples: Office Lease (Parnell Pharmaceuticals Holdings Pty LTD)

Security Deposit. (a) Tenant Tenant, concurrently with the execution of this Lease has deposited with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 twelve thousand dollars ($10,171.95) 12,000), (“Security Deposit”). This sum shall be retained by Xxxxxxxx as security for the full payment by Tenant of the Base Rent and other sums payable by Tenant under this Lease (“Additional Rent”) and for the faithful performance by Tenant of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provision all the other terms and conditions of this Lease. Landlord, includingat Landlord’s option, but not limited to, may at any time apply the provisions relating to Security Deposit or any part thereof toward the payment of rent, Landlord may use, apply or retain all or any part the Base Rent and/or Additional Rent and/or toward the performance of Tenant’s obligations under this Lease. The Security Deposit is not liquidated damages. Xxxxxxxx shall return the unused portion of the Security Deposit to Tenant within 30 days after the expiration of the Term if Tenant is not in breach of this security deposit for the payment of any rent or any other sum in default or for the payment of any other amount that Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's defaultLease. If any portion of said deposit the Security Deposit is so used or appliedinsufficient to cover Landlord’s actual damages, Tenant shall, within five (5) days after written shall pay on demand therefor, deposit cash with to Landlord in an amount sufficient to restore fully compensate Landlord for Tenant’s breach. Landlord may (but is not obligated to) exhaust any or all rights and remedies against Tenant before or after resorting to the security deposit Security Deposit. If Landlord makes any application of Tenant’s Security Deposit, Tenant will replenish the amount so applied within ten days after demand from Landlord. Failure to its original amount and Tenant's failure to do so replenish the Security Deposit shall be deemed a default under this the Lease. Landlord shall not, unless otherwise required by law, not be required to keep this security deposit pay Tenant any interest on the Security Deposit nor hold same in a separate from Landlord's general funds, nor pay interest to Tenantaccount. If Landlord is required by law to maintain said deposit in an interest bearing accountsells the Building, Landlord will retain may deliver 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, Security Deposit or the security deposit or any balance unapplied portion thereof shall be returned to Tenant (or, at Landlord's option, to the last transferee new owner. Xxxxxx agrees that if Xxxxxxxx turns over the Security Deposit or the unapplied portion thereof to the new owner, Xxxxxx shall look to the new owner only and not to Landlord for the return of Tenant's interest hereunder) at the Security Deposit upon expiration of the Lease Term and upon Tenant's vacation Term. No mortgagee of the Premises. In Building will be liable for the event return of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first any portion of the Security Deposit except to the payment of rent extent actually received by such mortgagee. Tenant shall, from time to time promptly upon request, furnish to Landlord Xxxxxx’s and other charges due any guarantor’s current and past financial statements, certified as being true, accurate and complete. Landlord for all periods prior shall keep such information confidential, but may disclose same to filing of such proceedingsactual or prospective mortgagees and purchasers.

Appears in 1 contract

Samples: Vapor Corp.

Security Deposit. (a) Tenant has deposited with shall pay to Landlord a good-faith deposit in the sum amount of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) $ . Parties agree that this entire lease agreement is null and void until good-faith deposit is paid to Landlord. This good-faith deposit shall be retained by Landlord as damages if Tenant fails to follow through and lease the Premises according to the terms of this lease agreement. The good- faith deposit shall convert into the Tenant’s security deposit after 1st month’s rent is paid. Landlord shall hold deposit as security for the full protection of the Premises from any damages, to be deposited into an account at Bank of Lexington, 000 Xxxxxxxxx Xxxxx, Xxxxxxxxx, XX 00000 xx xxxxxxx #200-2922, and faithful performance as security for Tenant’s other obligations under this Lease (“Security Deposit”). Tenant shall be responsible to Landlord for a minimum turnover fee of every provision $150 in all cases, which shall be payable out of the Security Deposit. Tenant shall not be entitled to any interest that may accrue on the Security Deposit. The Security Deposit shall bear no interest. Landlord shall be entitled to co-mingle the Security Deposit with Xxxxxxxx’s other funds in said account above. If the Premises is rented to more than one person, Tenants agree to work out the details concerning division of any refund among themselves. Landlord may pay the refund to any individual identified as “Tenant” on page 1 of this lease, and in doing so, satisfies its legal obligation for return of the deposit. Tenant shall clean Premises, paying particular attention to the stove, refrigerator, bathrooms, and walls. Premises must be in equal or better condition than at the time of occupancy. Move-in inspection sheet will determine condition. All debris, rubbish, and discards are removed and placed in proper containers, and placed in Herbies or other receptacles appropriate for LFUCG Division of Waste Management pickup. No stickers, scratches, or holes in walls, ceilings, or floors. Tenant shall have all carpet professionally cleaned immediately upon move out and shall provide Landlord a copy of receipt of such work—renting a wet vacuum cleaner from a retailer such as The Home Depot or Xxxx’x and doing it yourself is not acceptable. If Tenant fails to have all carpet professionally cleaned and provide Landlord receipt of such work, then Landlord shall have the right to contract with a professional carpet cleaner and deduct the cost of the service from the Tenant’s Security Deposit. Tenant must return all keys, garage door openers, and mailbox keys (if applicable) to Landlord. There is a $50 charge per key or garage door opener that is not returned upon moving out. If Tenant fails to perform as stated above, and Landlord is forced to clean and/or repair premises and/or to restore the Premises to a rentable condition, then Landlord shall have the right to charge the fees and amounts specified within this lease agreement to clean, repair and/or restore the Premises, and to retain Tenant’s Security Deposit according to the fee schedules set forth herein. Although Landlord may assess these charges against the Security Deposit, nothing in this section shall prohibit landlord from fixing or otherwise repairing damage caused by Tenant and invoicing Tenant for said amounts, plus reasonable charges for Landlord’s time and expense, on a monthly basis. If the Premises are not left in the same or substantially the same condition as reflected in the move-in inspection form, Tenant shall be responsible to Landlord for all charges set forth herein for administrative work, cleaning, painting, and other damages to the Premises at the end of the Lease Term, which shall be due and payable by Tenant to Landlord at the end of the Term and payable out of the remainder of the Security Deposit (less the minimum turnover fee and minimum painting fee provided for above and herein). Landlord and Tenant acknowledge that the Uniform Residential Landlord and Tenant Act (“Act”) (Fayette County Ordinance #98-84 / KRS 383), in its definition of security deposit, makes mention of “damage” and “ordinary wear and tear” but does not explicitly define either concept. Landlord and Xxxxxx further acknowledge that the Act fails to even offer examples of what findings constitute “damage” and “ordinary wear and tear.” In light of such ambiguity / lack of clarity, Landlord and Tenant desire to avoid potential dispute at the end of the lease term, specifically with respect to the Premises’ interior paint, regarding what findings fall within the undefined concept of “ordinary wear and tear” and what findings cross the threshold beyond “ordinary wear and tear.” Thus, Landlord and Tenant agree in advance that, specifically with respect to the Premises’ interior paint, the following graduated painting fee schedule shall be utilized at the end of the lease term rather than trying to determine wall by wall and room by room what conditions constitute “ordinary wear and tear.” Tenant shall be responsible to Landlord for a minimum painting fee $175 if length of tenancy is one year or less, $350 if tenancy is between one and two years, $450 if tenancy is between two and three years, and $550 if tenancy is greater than three years. In all cases, the minimum painting fee as set forth above shall be payable out of the Security Deposit. Should Tenant be responsible for damage and/or loss of value to the Premises greater than the value of the remainder of the Security Deposit, less the minimum turnover fee and minimum painting fee provided for above, Xxxxxx agrees to make payment to Landlord for such loss within fourteen (14) days after presentation of a bill by Landlord for the damage and/or loss. The Security Deposit, less the minimum turnover fee and minimum painting fee provided for above, less any charges if applicable as set forth above and herein, less rent or other late fees or other charges due and owing, and less any unpaid utilities, is to be refunded within thirty (30) days after Tenant vacates the Premises, provided no damage occurs, the Premises have been left in good condition, appearance and repair, and all of the terms of this Lease have been fulfilled. Any unpaid late fees, return-check charges, or other fees or charges accumulated over the period of this or any prior Lease on this property by this Tenant, at Landlord’s sole discretion, and without notice by Landlord and without Landlord waiving the right to collect such fees monthly or at the termination of the Lease, may be performed deducted by Landlord from the Security Deposit at the termination of the Lease instead being collected monthly from Tenant. If Tenant defaults authorizes the release of the Security Deposit to Landlord for satisfaction and payment of any and all expenses incurred by Landlord due to Tenant’s non-compliance with respect to any provision the terms and conditions of this Lease, includingas well as any late fees not paid in advance by Tenant. Tenant initials Once Tenant notifies Landlord of intent to not renew lease agreement, but not limited toXxxxxx agrees to show Premises to prospective renters for Landlord over the last 60 days of the lease agreement. Xxxxxx gives Landlord authorization to share contact information (e-mail and/or phone number) to prospective renters for the purpose of arranging a time to show Premises. Over the last 60 days of lease agreement Xxxxxx agrees to set aside 15-30 minutes one day / week show Premises to prospective renters. If Xxxxxx fails to cooperate with such showing, the provisions relating then Xxxxxx agrees to the payment of rent, Landlord may use, apply or retain all or any part of this forfeit entire security deposit to cover lost rent Landlord will likely incur by not having a renter secured for the Premises after Xxxxxx’s move out. Tenant initials No portion of the deposit may be applied as Rent by Tenant for payment of any rent due to Landlord and that full monthly Rent shall be received in hand on or any other sum in default or before the 1st day of every month including the last month of occupancy. Tenant shall submit to Landlord a forwarding address within seven (7) days after vacating the premises for the payment purpose of any other amount that Landlord may spend returning the deposit or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other lossreason that might occur. At least seven (7) days prior to the Termination Date, cost Tenant shall schedule a move-out walk through with Landlord, which shall occur after Tenant has vacated the property. Failure to schedule such walk through or damage that Landlord may suffer by reason appear for the move-out walk through shall be deemed a waiver of Tenant's default. If any portion ’s right to object to Landlord’s assessment of said deposit is so used damages or applied, costs against Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore and assessment of the security deposit to its original amount against such damages or costs; and Tenant's failure to do so shall be a default under this Lease. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 accept Landlord’s decision of this Lease to be performed by it, the security deposit refund or any balance thereof shall be returned to Tenant (or, at Landlord's option, forfeiture according to the last transferee provisions stated herein. Should Tenant be responsible for damage and or loss of Tenant's interest hereunder) at value to the expiration premises greater than the value of the Lease Term and upon Tenant's vacation of the Premises. In the event of bankruptcy or other debtor-creditor proceedings against Tenantdeposit, such security deposit shall be deemed Xxxxxx agrees to be applied first make payment to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedings.loss within fourteen

Appears in 1 contract

Samples: Lease Agreement

Security Deposit. (a) Tenant has deposited with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provision On or before execution of this Lease, includingTenant shall deposit with Landlord a “Security Deposit” of $17,004. If any of the Base Rent, but not limited toOperating Costs, the provisions relating to the payment of rent, Landlord may use, apply or retain all or any part of this security deposit for the payment of any rent Additional Rent or any other sum in payable by Tenant should be overdue and unpaid or if Landlord should make payments on behalf of Tenant, or if Tenant should fail to perform any of the terms of this Lease imposed upon Tenant, then Landlord may, at its option, without prejudice to any other remedy and without waiving any default thereby, apply said Security Deposit or for so much thereof as may be necessary to compensate Landlord toward the payment of any other amount that Rent or Additional Charges, actual expenses, costs, loss or damage (excluding indirect, incidental or consequential damages) sustained by Landlord may spend or become obligated due to spend by reason such breach on the part of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, and Tenant shall, shall within five (5) 5 business days after written demand thereforrestore said Security Deposit to the original sum deposited, 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 being a material default under hereunder. Should Tenant comply with all of the terms of this Lease. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 Security Deposit or any balance thereof shall be returned to Tenant (or, at the option of Landlord's option, to the last transferee assignee of Tenant's ’s interest hereunder) in this Lease at the expiration of the Lease Term Term. Tenant expressly acknowledges and upon Tenant's vacation agrees, however, that said Security Deposit may be held by Landlord beyond the expiration or earlier termination of the PremisesLease Term until all Rent and other sums due or to become due hereunder have been fully paid by Tenant, including without limitation the pro rating, billing and payment of all year-end adjustments made or to be made under this Lease. In the event of bankruptcy by or other debtor-creditor proceedings against Tenant, such security deposit the Security Deposit shall be deemed immediately the property of Landlord and not part of the debtor’s estate to be applied first to the payment of rent Rent and other charges Additional Charges due Landlord for all periods the earliest period prior to filing of such proceedings.. Lease for Applied Energetics, Inc. (Tenant)

Appears in 1 contract

Samples: Lease Agreement (Applied Energetics, Inc.)

Security Deposit. (a) Simultaneously with Xxxxxx’s execution and delivery of the Lease, Tenant has deposited shall deposit with Landlord a Security Deposit in the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) amount set forth in Section 1h. Landlord shall retain the Security Deposit as security for the full performance by Tenant of all of its Lease obligations. The Security Deposit shall not bear interest and faithful performance of every provision of this Lease to may be performed by Tenantcommingled with other funds. If Tenant defaults with respect at any time fails to perform any provision of its obligations under this Lease, including, but without limitation, its Rent or other payment obligations, its restoration obligations, or its insurance and indemnity obligations, then Landlord, may, at its option, apply the Security Deposit (or any portion) to cure Tenant’s default or to pay for damages caused by Tenant’s default. If the Lease has been terminated, then Landlord may apply the Security Deposit (or any portion) against the damages incurred as a consequence of Tenant’s breach. The application of the Security Deposit shall not limited tolimit Landlord’s remedies for default under the terms of this Lease. If Landlord depletes the Security Deposit, the provisions relating in whole or in part, prior to the payment Expiration Date or any termination of rentthis Lease, then Tenant shall restore immediately the amount so used by Landlord. Within 30 days after the expiration or earlier termination date of this Lease, Landlord may useshall refund to Tenant any unused portion of the Security Deposit after first deducting the amounts, apply or retain all or if any, necessary to cure any part of this security deposit for the payment of any rent or any other sum in outstanding default or for the payment of any other amount that Landlord may spend or become obligated to spend by reason of Tenant's default, to pay any outstanding damages for Tenant’s breach of the Lease, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit Premises to its original amount and Tenant's failure the condition to do so shall be a default under this Lease. Landlord shall not, unless otherwise required by law, be which Tenant is required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law to maintain said deposit in an interest bearing account, Landlord will retain leave 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 thereof shall be returned to Tenant (or, at Landlord's option, to the last transferee of Tenant's interest hereunder) at Premises upon the expiration or termination of the Lease, reasonable wear and tear and loss due to casualty or condemnation excepted. Xxxxxxxx’s obligation to return the Security Deposit shall survive termination of the Lease Term and upon Tenant's vacation Landlord shall deliver the unused portion of the Security Deposit to Tenant’s Notice Address set forth in Section 1l above. If Xxxxxx’s Notice Address is the address for the Premises, then Tenant shall notify Landlord in writing of a forwarding address to which Landlord should send the Security Deposit. In If: (a) Landlord sends the event unused portion of bankruptcy the Security Deposit to Tenant’s Notice Address or, if applicable, the forwarding address as directed by Xxxxxx; (b) the Security Deposit is returned to Landlord as “undeliverable” for any reason other than an error by Landlord or other debtor-creditor proceedings against Tenantthe mail courier; and (c) Landlord, such security deposit after using its best efforts, is unable to locate Tenant within 90 days thereafter, then Tenant shall be deemed to be applied first have waived any rights Tenant has to the payment unused portion of rent the Security Deposit, and other charges due Landlord may retain the Security Deposit for all periods prior to filing its own use. Tenant may not credit any unused portion of such proceedingsthe Security Deposit against Rent owed under the Lease.

Appears in 1 contract

Samples: Office Lease (Clearside Biomedical, Inc.)

Security Deposit. (a) Tenant has deposited shall deposit the Security Deposit with Landlord upon the sum execution of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) this Lease. The Security Deposit shall be held by Landlord as security for the full and faithful performance by Tenant of every provision all the terms, covenants and conditions of this Lease to be kept and performed by Tenant and not as an advance rental deposit or as a measure of Landlord’s damage in case of Tenant’s default. If an Event of Default by Tenant defaults occurs with respect to any provision of this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may use, apply or retain all or any part of this security deposit utilize the Security Deposit for the payment of any rent or any other sum in default default, or for the payment of any other reasonable amount that which Landlord may spend or become obligated to spend by reason of Tenant's ’s default, or to compensate Landlord for any other loss, cost reasonable loss or damage that which Landlord may suffer by reason of Tenant's ’s default. If any portion of said deposit is so used or applied, Tenant shallexcept to such extent, within five (5) days after written demand thereforif any, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and Tenant's failure to do so as shall be a default under this Leaserequired by law. Landlord shall not, unless otherwise required by law, not be required to keep this security deposit the Security Deposit separate from Landlord's its general funds, nor pay and Tenant shall not be entitled to interest to Tenant. If Landlord is required by law to maintain said deposit in an interest bearing account, Landlord will retain on the maximum amount permitted under applicable law as a bookkeeping and administrative chargeSecurity Deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit Security Deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to the last transferee such time after termination of this Lease when Landlord shall have determined that all of Tenant's interest hereunder’s obligations under this Lease have been fulfilled but no later than ninety (90) at days after the expiration Termination Date. WITNESS the execution hereof under seal effective as of the 29th day of October, 2003. XXX0 XXXXXX XXXXXX, LLC a Delaware limited liability company TENANT: DUNKIN’ DONUTS INCORPORATED By: XXX0 Xxxxxx Xxxxxx Manager, LLC a Delaware limited liability company, its co-manager By: /s/ Xxxxxx Xxxxxx Its duly authorized Chief Financial Officer and Treasurer By: /s/ Xxxxx Xxxxxxx Name: Xxxxx Xxxxxxx Title: Vice President By: Xxxxxx Street, LLC a Delaware limited liability company, its co-manager By: /s/ Xxxxxxx X. Xxxxxx Name: Xxxxxxx X. Xxxxxx Title: Sole Manager EXHIBIT “A” attached to and made a part of Lease Term bearing the Lease Reference Date of October 29, 2003 between LFS3 XXXXXX STREET LLC, as Landlord and upon Tenant's vacation DUNKIN’ DONUTS INCORPORATED, as Tenant PREMISES Plan entitled “Plan of Land, Xxxxxx Street, Canton, Massachusetts” dated August 25, 1999, by RE. Cameron & Associates, Inc., Land Surveyors, Civil Engineers. EXHIBIT “A-1” attached to and made a part of Lease bearing the PremisesLease Reference Date of October 29, 2003 between LFS3 XXXXXX STREET LLC, as Landlord and DUNKIN’ DONUTS INCORPORATED, as Tenant LAND That certain land in Canton, Norfolk County, Massachusetts shown as “Parcel B Area = 486,576 S.F. + 11.2 Acres” on a plan entitled “Plan of Land Xxxxxx Street Canton, Massachusetts” dated August 25, 1999, drawn by R.E. Cameron & Associates, Inc. and recorded with the Norfolk County Registry of Deeds on March 31, 2000, as Plan 150 of 2000 in Plan Book 473. In EXHIBIT “B” attached to and made a part of Lease bearing the event Lease Reference Date of bankruptcy or other debtor-creditor proceedings against TenantOctober 29, such security deposit shall be deemed to be applied first to the payment of rent 2003 between LFS3 XXXXXX STREET LLC, as Landlord and other charges due Landlord for all periods prior to filing of such proceedings.DUNKIN’ DONUTS INCORPORATED, as Tenant WORK LETTER

Appears in 1 contract

Samples: Lease (Dunkin' Brands Group, Inc.)

Security Deposit. (aUpon execution of this Lease, Tenant shall deposit the Security Deposit set forth in Subparagraph 1(o) Tenant has deposited with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) Landlord, in part as security for the full and faithful performance by Tenant of every provision the provisions of this Lease to be performed by Tenantand in part as a cleaning fee. If Tenant defaults with respect to any provision of this Leaseis in default, including, but not limited to, the provisions relating to the payment of rentregardless if such default is monetary or non-monetary, Landlord may use, apply or retain all can use the Security Deposit or any part portion of this security deposit for it to cure the payment of any rent or any other sum in default or for the payment of any other amount that Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that damages sustained by Landlord may suffer by reason of resulting from Tenant's ’s default. If any Upon demand, Tenant shall immediately pay to Landlord a sum equal to the portion of said deposit the Security Deposit expended or applied by Landlord to maintain the Security Deposit in the amount initially deposited with Landlord. If Tenant is so used not in default at the expiration or applied, Tenant shall, within five (5) days after written 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 be a default under termination of this Lease, Landlord shall return the entire Security Deposit to Tenant, except for 10% of first month’s rent or $125, whichever is greater, which Landlord shall retain as a non-refundable cleaning fee. Landlord’s obligations with respect to the Security Deposit are those of a debtor and not of a trustee, and Landlord can commingle the Security Deposit with Landlord’s general funds. Landlord shall not, unless otherwise required by law, not be required to keep this security deposit separate from pay Tenant interest on the Security Deposit. Landlord shall be entitled to immediately endorse and cash Tenant’s Security Deposit; however, such endorsement and cashing shall not constitute Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 ’s acceptance 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 transferee of Tenant's interest hereunder) at the expiration of the Lease Term and upon Tenant's vacation of the PremisesLease. In the event Landlord does not accept this Lease, Landlord shall return said Security Deposit. If Landlord sells the Premises and deposits with the purchaser the then amount of bankruptcy or other debtor-creditor proceedings against Tenantthe Security Deposit, such security deposit Landlord shall be deemed to be applied first discharged from any further liability with respect to the payment Security Deposit. So long as Tenant is not in default and Landlord has not drawn on the Security Deposit and Tenant has paid all base rents and expenses on time as scheduled without exception during the preceding 24 months the principal amount of rent and other charges due Landlord for all periods prior to filing the Security Deposit shall be reduced as follows: Beginning with the 24th month of such proceedings.the term $50,000.00 (August 1, 2005)

Appears in 1 contract

Samples: Letter Agreement (Curon Medical Inc)

Security Deposit. (a) Tenant has deposited with shall pay to Landlord a good-faith deposit in the sum amount of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) $ . Parties agree that this entire lease agreement is null and void until good-faith deposit is paid to Landlord. This good-faith deposit shall be retained by Landlord as damages if Tenant fails to follow through and lease the Premises according to the terms of this lease agreement. The good- faith deposit shall convert into the Tenant’s security deposit after 1st month’s rent is paid. Landlord shall hold deposit as security for the full protection of the Premises from any damages, to be deposited into an account at Bank of Lexington, 000 Xxxxxxxxx Xxxxx, Xxxxxxxxx, XX 00000 in account #200-2922, and faithful performance as security for Tenant’s other obligations under this Lease (“Security Deposit”). Tenant shall be responsible to Landlord for a minimum turnover fee of every provision $150 in all cases, which shall be payable out of the Security Deposit. Tenant shall not be entitled to any interest that may accrue on the Security Deposit. The Security Deposit shall bear no interest. Landlord shall be entitled to co-mingle the Security Deposit with Landlord’s other funds in said account above. If the Premises is rented to more than one person, Tenants agree to work out the details concerning division of any refund among themselves. Landlord may pay the refund to any individual identified as “Tenant” on page 1 of this lease, and in doing so, satisfies its legal obligation for return of the deposit. Tenant shall clean Premises, paying particular attention to the stove, refrigerator, bathrooms, and walls. Premises must be in equal or better condition than at the time of occupancy. Move-in inspection sheet will determine condition. All debris, rubbish, and discards are removed and placed in proper containers, and placed in Herbies or other receptacles appropriate for LFUCG Division of Waste Management pickup. No stickers, scratches, or holes in walls, ceilings, or floors. Tenant shall have all carpet professionally cleaned immediately upon move out and shall provide Landlord a copy of receipt of such work—renting a wet vacuum cleaner from a retailer such as The Home Depot or Lowe’s and doing it yourself is not acceptable. If Tenant fails to have all carpet professionally cleaned and provide Landlord receipt of such work, then Landlord shall have the right to contract with a professional carpet cleaner and deduct the cost of the service from the Tenant’s Security Deposit. Tenant must return all keys, garage door openers, and mailbox keys (if applicable) to Landlord. There is a $50 charge per key or garage door opener that is not returned upon moving out. If Tenant fails to perform as stated above, and Landlord is forced to clean and/or repair premises and/or to restore the Premises to a rentable condition, then Landlord shall have the right to charge the fees and amounts specified within this lease agreement to clean, repair and/or restore the Premises, and to retain Tenant’s Security Deposit according to the fee schedules set forth herein. Although Landlord may assess these charges against the Security Deposit, nothing in this section shall prohibit landlord from fixing or otherwise repairing damage caused by Tenant and invoicing Tenant for said amounts, plus reasonable charges for Landlord’s time and expense, on a monthly basis. If the Premises are not left in the same or substantially the same condition as reflected in the move-in inspection form, Tenant shall be responsible to Landlord for all charges set forth herein for administrative work, cleaning, painting, and other damages to the Premises at the end of the Lease Term, which shall be due and payable by Tenant to Landlord at the end of the Term and payable out of the remainder of the Security Deposit (less the minimum turnover fee and minimum painting fee provided for above and herein). Landlord and Tenant acknowledge that the Uniform Residential Landlord and Tenant Act (“Act”) (Fayette County Ordinance #98-84 / KRS 383), in its definition of security deposit, makes mention of “damage” and “ordinary wear and tear” but does not explicitly define either concept. Landlord and Tenant further acknowledge that the Act fails to even offer examples of what findings constitute “damage” and “ordinary wear and tear.” In light of such ambiguity / lack of clarity, Landlord and Tenant desire to avoid potential dispute at the end of the lease term, specifically with respect to the Premises’ interior paint, regarding what findings fall within the undefined concept of “ordinary wear and tear” and what findings cross the threshold beyond “ordinary wear and tear.” Thus, Landlord and Tenant agree in advance that, specifically with respect to the Premises’ interior paint, the following graduated painting fee schedule shall be utilized at the end of the lease term rather than trying to determine wall by wall and room by room what conditions constitute “ordinary wear and tear.” Tenant shall be responsible to Landlord for a minimum painting fee $175 if length of tenancy is one year or less, $350 if tenancy is between one and two years, $450 if tenancy is between two and three years, and $550 if tenancy is greater than three years. In all cases, the minimum painting fee as set forth above shall be payable out of the Security Deposit. Should Tenant be responsible for damage and/or loss of value to the Premises greater than the value of the remainder of the Security Deposit, less the minimum turnover fee and minimum painting fee provided for above, Tenant agrees to make payment to Landlord for such loss within fourteen (14) days after presentation of a xxxx by Landlord for the damage and/or loss. The Security Deposit, less the minimum turnover fee and minimum painting fee provided for above, less any charges if applicable as set forth above and herein, less rent or other late fees or other charges due and owing, and less any unpaid utilities, is to be refunded within thirty (30) days after Tenant vacates the Premises, provided no damage occurs, the Premises have been left in good condition, appearance and repair, and all of the terms of this Lease have been fulfilled. Any unpaid late fees, return-check charges, or other fees or charges accumulated over the period of this or any prior Lease on this property by this Tenant, at Landlord’s sole discretion, and without notice by Landlord and without Landlord waiving the right to collect such fees monthly or at the termination of the Lease, may be performed deducted by Landlord from the Security Deposit at the termination of the Lease instead being collected monthly from Tenant. If Tenant defaults authorizes the release of the Security Deposit to Landlord for satisfaction and payment of any and all expenses incurred by Landlord due to Tenant’s non-compliance with respect to any provision the terms and conditions of this Lease, includingas well as any late fees not paid in advance by Tenant. Tenant initials Once Tenant notifies Landlord of intent to not renew lease agreement, but not limited toTenant agrees to show Premises to prospective renters for Landlord over the last 60 days of the lease agreement. Tenant gives Landlord authorization to share contact information (e-mail and/or phone number) to prospective renters for the purpose of arranging a time to show Premises. Over the last 60 days of lease agreement Tenant agrees to set aside 15-30 minutes one day / week show Premises to prospective renters. If Tenant fails to cooperate with such showing, the provisions relating then Tenant agrees to the payment of rent, Landlord may use, apply or retain all or any part of this forfeit entire security deposit to cover lost rent Landlord will likely incur by not having a renter secured for the Premises after Tenant’s move out. Tenant initials No portion of the deposit may be applied as Rent by Tenant for payment of any rent due to Landlord and that full monthly Rent shall be received in hand on or any other sum in default or before the 1st day of every month including the last month of occupancy. Tenant shall submit to Landlord a forwarding address within seven (7) days after vacating the premises for the payment purpose of any other amount that Landlord may spend returning the deposit or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other lossreason that might occur. At least seven (7) days prior to the Termination Date, cost Tenant shall schedule a move-out walk through with Landlord, which shall occur after Tenant has vacated the property. Failure to schedule such walk through or damage that Landlord may suffer by reason appear for the move-out walk through shall be deemed a waiver of Tenant's default. If any portion ’s right to object to Landlord’s assessment of said deposit is so used damages or applied, costs against Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore and assessment of the security deposit to its original amount against such damages or costs; and Tenant's failure to do so shall be a default under this Lease. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 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 of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedings.accept

Appears in 1 contract

Samples: Lease Agreement

Security Deposit. (aA) Tenant has deposited Simultaneously with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provision ’s execution of this Lease, including, but Tenant shall deposit with Landlord the Security Deposit. Landlord shall not limited to, be required to maintain the provisions relating to the payment of rent, Landlord Security Deposit in a separate account. Except as 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 that Landlord may spend or become obligated to spend be required by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or appliedlaw, Tenant shall, within shall not be entitled to interest on the Security Deposit. The Security Deposit shall be security for Tenant’s performance of its obligations under this Lease. Within five (5) days after Tenant’s receipt of written demand therefornotice of Landlord’s use of the Security Deposit or portion thereof as a result of a default by Tenant under this Lease, Tenant shall deposit cash with Landlord cash in an amount sufficient to restore the security deposit Security Deposit to its original amount prior to such use, and Tenant's ’s failure to do so shall be constitute a default hereunder. Within approximately thirty (30) days after the later of (a) the expiration or earlier termination of the Lease Term, or (b) Tenant’s vacating the Premises, Landlord shall return the Security Deposit less (i) such portion thereof as Landlord shall have used to satisfy Tenant’s obligations under this Lease. , and (ii) such portion thereof as Landlord shall not, unless otherwise required by law, reasonably determines will be required sufficient to keep this security deposit separate from Landlord's general funds, nor pay interest to satisfy Tenant’s obligations concerning payment of Tenant’s Share of Taxes and Tenant’s Share of Operating Expenses which will not be finally determined until after the end of the calendar year in which the Lease Term ends. If Landlord transfers the Security Deposit to any transferee of the Building or Landlord’s interest therein, then such transferee shall be liable to Tenant for the return of the Security Deposit (which liability for the return of the Security Deposit shall be confirmed in writing to Tenant, upon Tenant’s request for such confirmation), and Landlord shall be released from all liability for the return of the Security Deposit. The holder of any Mortgage shall not be liable for the return of the Security Deposit unless such holder actually receives the Security Deposit. Notwithstanding the foregoing., provided that Tenant is required by law not then in default, and has not previously been in default, beyond the applicable notice and cure period, under the terms of this Lease, then, provided that Tenant can satisfy the Economic Hurdle (as hereinafter defined) with respect to maintain said deposit in an interest bearing accounteach reduction requested, Landlord will retain the maximum amount permitted under applicable law as a bookkeeping and administrative charge. If Tenant shall fully have the right to request that the Security Deposit be reduced, first to $560,000.00 (the “First Reduction”) and faithfully perform every provision subsequently to $200,000.00 (the “Second Reduction”). In no event shall the Security and Restoration Deposit be reduced below the amount of $200,000.00. For purposes of this Lease to be performed by itSection, the security deposit “Economic Hurdle” shall mean that Tenant has demonstrated to Landlord’s reasonable satisfaction (by provision to Landlord of independent third party accounting or any balance thereof shall be returned auditor documentation prepared in accordance with GAAP) that Tenant has received gross annual revenue for the twelve (12) month period immediately preceding Tenant’s reduction request in excess of (x) Fifteen Million Dollars ($15,000,000.00) to Tenant qualify for the First Reduction and (or, at Landlord's option, y) Thirty Million Dollars ($30,000,000.00) to qualify for the last transferee of Tenant's interest hereunder) at the expiration of the Lease Term and upon Tenant's vacation of the PremisesSecond Reduction. In the event of bankruptcy that any audit, conducted at any time subsequent to either the First Reduction or the Second Reduction, or any other debtor-creditor proceedings against financial securities filing, reveals that Tenant’s gross annual revenue has decreased below the aforementioned Economic Hurdle, such security deposit the Security Deposit shall immediately be deemed to be applied first restored to the payment original amount set forth in Section 1.1 hereof and shall remain at such amount for the remainder of rent and other charges due the Lease Term. Provided that Tenant has satisfied the conditions precedent for such reduction, Landlord for all periods prior shall, within thirty (30) days following written confirmation that Tenant has achieved the Economic Hurdle, return to filing Tenant the requisite amount of such proceedingsSecurity Deposit (to the extent that the same is held by Landlord as a cash security deposit). In the event that Tenant has elected pursuant to this Section 16.27 of the Lease to provide a Letter of Credit, Tenant shall, upon satisfaction of the above-referenced conditions, present to Landlord a substitute Letter of Credit that conforms with the terms of the Lease in the proper amount, following which Landlord shall return the Letter of Credit it was previously holding (if any) to Tenant.

Appears in 1 contract

Samples: Lease Agreement (Hubspot Inc)

Security Deposit. (a) Tenant has deposited with agrees that a security deposit in an amount equal to one month's rent shall be paid to Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) as security a deposit for the full and faithful performance by Tenant of every provision all of its obligations under this lease as well as any extensions or renewals thereof. Landlord shall hold all such funds in an account provided solely for that purpose. No interest shall be paid on Tenant's security deposit. If Tenant fails to keep and perform any of the terms, covenants and conditions of this Lease lease to be kept and performed by Tenant. If Tenant defaults with respect to any provision , including condition of this Leasethe Premises, including, but not limited to, the provisions relating to the payment of rent, then Landlord 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 that Landlord may spend or become obligated to spend by reason of Tenant's defaultsaid deposit, or so much thereof as may be necessary, to compensate Landlord for any other loss, cost loss or damage that sustained or suffered by Landlord may suffer by reason due to such breach on the part of Tenant's default. If Should the entire deposit, or any portion of said deposit is thereof, be so used or appliedapplied by Landlord, then Tenant shall, upon Landlord’s demand, forthwith remit to Landlord a sufficient sum to restore said security to the original sum deposited, and Tenant’s failure to do so within five (5) days after receipt of such demand shall constitute a breach of this lease. Should the tenant comply with all of said terms, covenants and conditions and promptly pay all of the rents herein provided for as they fall due, and all other sums payable by Tenant to Landlord hereunder, said deposit shall be returned in full to Tenant at the end of the term of this lease, upon the Tenant furnishing the Landlord with written demand thereforfor said security deposit, deposit cash with Landlord which demand shall include the Tenant’s new address. Any damage caused to the Premises by Tenant or by any person while the Premises are under the control of the Tenant, except for normal wear and tear, will be legitimate charges against the security deposit. Loss or damage in an amount sufficient to restore excess of the security deposit to its original amount and will be borne by the Tenant's failure to do so . Any non-payment of rent shall be a default under this Lease. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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, legitimate charge against the security deposit or any balance thereof deposit, shall not 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 of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to used as the payment of rent any month’s rent. Rent includes all shared costs and other charges due Landlord for all periods prior to filing set forth under paragraph 9 of such proceedingsthis lease.

Appears in 1 contract

Samples: County Business Development Center Lease

Security Deposit. (a) Tenant has deposited with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provision Upon execution of this Lease, including, but not limited toTenant shall pay a security deposit in the amount of $1000.00 to be held by The XxXxxxx Companies. The security deposit is required to be posted within 24 hours of lease signing and can most quickly be accomplished via the XxXxxxx on-line payment processor PSN as listed on the homepage of xxx.XxXxxxxXxxxxxxxx.xxx or via this direct link: xxxxx://xxx.XxxxxxxXxxxxxxXxxxxxx.xxx/login.asp?acc=RT18874 Depending on prevailing law or ordinance, the provisions relating to the payment of rent, Landlord may use, apply or retain all or any part of this security deposit may earn simple interest at the annual rate as determined by the Wisconsin Department of Financial Institutions (DFI) annually calculated from the day the deposit is paid until the deposit is accounted for at termination of the payment of tenancy. The deposit, less any rent amounts legally withheld, will be returned in person or any other sum in default or for the payment of any other amount that Landlord may spend or become obligated mailed to spend by reason of Tenant's defaultlast known address within 21 days as required by law after Tenant surrenders the Premises. Surrender shall include vacating the Premises and return of, or to compensate Landlord for any other lossaccounting for, cost or damage that Landlord may suffer Landlord's property held by reason of Tenant's default, including keys. If any portion of said the deposit is so used withheld, Landlord will provide an accompanying itemized statement specifically describing any damage and accounting for any amount legally withheld. The reasonable cost of repairing any waste, neglect or applieddamages for which Tenant is responsible, normal wear and tear excepted, may be deducted from the security deposit. Landlord will give Tenant shall, a written description of any physical damages charged to the previous Tenant's security deposit as soon as such description is available. Tenant has seven days from the beginning of the Lease term to notify Landlord of any additional damage or defect of which written notification is given within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the time stated. Tenant may not use the security deposit as payment of the last month's rent. UTILITIES: Check if paid by: Landlord Tenant Electricity X Heat X Air Conditioning X Water & Sewer* X Cable Television X Internet** X Hot Water X Trash X *Tenant agrees to its original amount pay all specified above utilities as well as a $15.00 per month per person charge for water and sewer usage for the entire duration of the lease term. **Tenant agrees to pay all specified above utilities as well as a $29.00 per month charge for Internet service by SupraNet Communications wired 25 Mbps Download and 5 Mbps Upload service for the entire duration of the lease term. TIME IS OF THE ESSENCE: as to: delivery of possession of Premises to Tenant; completion of repairs promised in writing in the Lease or before vacating the Premises; return of Landlord's failure to do so shall be property; payment of rent; performance of any act for which a default under date is set in this Lease. Landlord shall not, unless otherwise required Lease or by law, . Time is of the essence means that a deadline must be required to keep this security deposit separate from strictly followed. SPECIAL PROVISIONS: The lease addendum attached hereto and made a part of. This lease shall include the provisions on the reverse hereof. Other special provisions: *******N O N E******* Pets are not permitted without the prior written consent of the Landlord's general funds, nor pay interest to Tenant. If Landlord Motorized and/or licensed vehicle parking is required by law to maintain said deposit in an interest bearing account, Landlord will retain the maximum amount permitted under applicable law NOT included as a bookkeeping and administrative charge. If Tenant shall fully and faithfully perform every provision part of this Lease agreement and any violating vehicles not authorized to park on the premises will be towed at vehicle owner’s expense and risk. No City of Madison residential parking permits are able to be performed by it, the security deposit or any balance thereof shall be returned issued to Tenant (or, at Landlord's option, to the last transferee residents of Tenant's interest hereunder) at the expiration of the Lease Term and upon Tenant's vacation of the Premises. In the event of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedings000 X. Xxxxxxxx Street.

Appears in 1 contract

Samples: Residential Lease

Security Deposit. Tenant agrees to deposit the Security Deposit with Landlord on the date hereof. The Security Deposit shall be retained by Landlord as security for the faithful performance and observance by Tenant of its obligations under this Lease, it being expressly agreed that the Security Deposit is not an advance rental deposit or a measure of Landlord's damages. Except as may otherwise be required by applicable Jaw, (a) Tenant has deposited shall not be entitled to any interest on the Security Deposit, (b) Landlord shall not be obligated to hold the Security Deposit in trust or in a separate account, and (c) Landlord shall have the right to commingle the Security Deposit with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) as security for the full and faithful performance of every provision of this Lease to be performed by Tenantits other funds. If Tenant defaults with respect to under this Lease and such default continued uncured after notice and expiration of any provision applicable cure period, without limiting any other right or remedy of this Lease, including, but not limited to, the provisions relating to the payment of rentLandlord, Landlord may use, also 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 rent Rent or any other sum sums payable under this Lease as to which Tenant is in default or for the payment on account of any other amount that sum which Landlord may spend or become obligated to spend has incurred, including those sums not yet paid by reason of Tenant's defaultLandlord. but which Landlord can evidence by written invoice, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit the Security Deposit is so used or appliedapplied by Landlord for any such purpose, Tenant shall, within five ten (510) days after written demand thereforis made by Landlord, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount and Tenant's failure to do so shall be a default under this Lease. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law to maintain said deposit in an interest bearing account, Landlord will retain the maximum amount permitted under applicable law as a bookkeeping and administrative chargeamount. If Tenant shall fully and faithfully perform every provision comply with all of the covenants and conditions of this Lease to be performed by itLease, the security deposit or any balance thereof Security Deposit shall be returned to Tenant (or, at after the expiration date of the Term and the surrender of the Premises to Landlord's option, . In no event shall the Security Deposit be applied to the last transferee monthly installment of Tenant's interest hereunder) at Base Rent or Additional Rent due prior to the expiration date (or earlier termination ) of the Lease Term and upon Tenant's vacation of the PremisesTerm. In the event of bankruptcy or other debtor-creditor proceedings against Tenanta sale of the Premises, such security deposit Landlord shall have the right to transfer the Security Deposit to the purchaser, whereupon Landlord shall be deemed to be applied first released by Tenant from all liability for the return of the Security Deposit and Tenant shall look solely to the payment new landlord for its return, provided that the new owner acknowledges in writing that it has assumed the obligations of rent Landlord under the Lease including without limitation any and other charges due Landlord all obligations in regard to the Security Deposit. 6. Additional Rent for all periods prior to filing of such proceedings.Operating Expenses and Real Estate Taxes. 6.1

Appears in 1 contract

Samples: Lease) Agreement (Value Line Inc)

Security Deposit. (a) Tenant has deposited with The Security Deposit, in the amount of $_2900.00 , is to be retained by Landlord against any breach by the sum Resident of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) as security for the full terms, covenants and faithful performance of every provision conditions of this Lease to be performed by Tenant. If Tenant defaults with respect to any provision of this Leaseagreement, includingincluding without limitation, but not limited to, the provisions relating to the payment of rent, the condition of the premises on termination of the agreement and notice requirements. The security deposit will be used for damages, unpaid utilities, professional cleaning, and professional carpet cleaning of vacated premises, at the Landlord’s discretion. Xxxxxxxx agrees to provide a report to Resident for the Security Deposit within sixty (60) days of Resident’s delivery of possession of the premises to the Landlord. The Security Deposit is not pre-paid rent, and may not be applied to any amount due until such time as Resident delivers possession of the premises to Landlord, however, after delivery of possession, Landlord may use, apply or retain all the deposit to any amounts due pursuant to this agreement or any cost or expense arising out of Resident’s breach of this agreement. Xxxxxxxx’s right to exercise all remedies under this Lease, or as provided by law, shall not be limited by the fact that Landlord holds or applies the Security Deposit. Xxxxxxxx’s recovery of damages may not be limited to the amount of the Security Deposit if Xxxxxxxx’s damages exceed that amount. Landlord reserves the right, in the event there is more than one person as Resident, to return the amount of the Security Deposit, less appropriate charges, if any, by dividing the amount equally among all such persons unless otherwise specified by written notice signed by all such persons and received by Landlord prior to the termination of this Lease. The Security Deposit will be held in Agent’s interest bearing trust account at Citywide Bank. Resident shall not be entitled to any interest earned on such deposit. Earned interest, if any, shall accrue for the benefit of CARHOF, the charitable foundation of the Colorado Association of Realtors which promotes safe, decent and affordable housing in Colorado by providing grants to nonprofit and public housing agencies that serve low to moderate income households. Further information regarding security deposits may be found in the attached Security Deposit Agreement which is hereby made a 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 that Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit 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. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 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 of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingsagreement.

Appears in 1 contract

Samples: Residential Lease Agreement

Security Deposit. (a) On or before the date of this Lease, Tenant has deposited shall deposit with Landlord the sum Security Deposit, stated in Section “E” of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) the Summary of Basic Lease Information, as security for the full and faithful performance by Tenant under this Lease. The Security Deposit shall be returned without interest to Tenant (or, at Landlord’s option, to the last assignee of every provision Tenant’s interest under this Lease) after the expiration of the Term, or sooner termination of this Lease and delivery of possession of the Premises to Landlord in accordance with paragraph 26 if, at such time, Tenant is not in default under this Lease. If Landlord’s interest in this Lease is conveyed, transferred or assigned, Landlord shall transfer or credit the Security Deposit to Landlord’s successor in interest, and Landlord shall be released from any liability for the return of the Security Deposit. Landlord may intermingle the Security Deposit with Landlord’s own funds, and shall not be deemed to be performed by Tenanta trustee of the Security Deposit. If Tenant defaults with respect fails to timely pay or perform any provision of obligation due under this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord 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 that Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other lossexpense, cost loss or damage that which Landlord may suffer incur by reason of Tenant's default. If ’s failure to so pay or perform, including any damage or deficiency in the reletting of the Premises, after any right and period to cure by Tenant has lapsed, Landlord may, in Landlord’s sole discretion (but Landlord shall not be obligated to do so), use and apply all or any portion of said deposit the Security Deposit against such obligation, expense, loss or damage. If all or any portion of the Security Deposit is so used used, applied or appliedretained, Tenant shall, within five (5) days after written demand therefor, shall immediately deposit cash with Landlord cash in an amount sufficient to restore the security deposit Security Deposit to its the original amount amount. Landlord may withhold the Security Deposit after the expiration of the Term or sooner termination of this Lease until Tenant has paid in full Tenant’s Share of Operating Expenses for the Fiscal Year in which such expiration or sooner termination occurs and Tenant's failure to do so shall be a default all other amounts payable under this Lease. Landlord The Security Deposit is not a limitation on Landlord’s damages or other rights under this Lease, a payment of liquidated damages or prepaid Rent, and shall notnot be applied by Tenant to the Rent for the last (or any) month of the Term, unless otherwise required by law, be required or to keep any other amount due under this security deposit separate from Landlord's general funds, nor pay interest to TenantLease. If this Lease is terminated due to any default of Tenant, any portion of the Security Deposit remaining at the time of such termination shall immediately inure to the benefit of Landlord as partial reimbursement for the costs and expenses incurred by Landlord in connection with this Lease, and shall be in addition to any other damages to which Landlord is required by law 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 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 of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingsotherwise entitled.

Appears in 1 contract

Samples: Lease Agreement (Q Comm International Inc)

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Security Deposit. Each Resident must pay a security deposit in the amount of $________ and is due within thirty (a30) Tenant has deposited with Landlord days of signing the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) as security for lease. Upon receiving the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provision of this Lease, including, but not limited todeposit, the provisions relating Owner shall deliver to the payment Tenant a signed receipt stating the amount of rentthe deposit and specifying the place where the deposit will be held and shall notify the Tenant that any conditions in the rental unit in need of repair or correction should be noted on the receipt or given to the Owner, Landlord 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 that Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shallwriting, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the of occupancy. The security deposit shall continue to its original be the money of the Tenant. The Tenant shall not be entitled to any interest on the deposit unless and until it is held for a period of one (1) year or more and then it shall accrue at a rate equal to the interest rate paid on regular savings accounts by the bank it is deposited in. The security deposit, less any unpaid fees, will be retained by Owner during the Lease Term, and will be refunded to the Tenant(s) after termination of this Lease, less any amount and Tenant's failure to do so shall be a default applied towards the repair or replacement of those items shown on the vacating checklist and/or final inspection or any outstanding amounts due Owner under this Lease. Landlord In the event Owner makes such a deduction, Owner shall notsend with the refund, unless otherwise required if any, an itemized list of all deductions to the forwarding address provided to Owner by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to the Tenant. If Landlord is required by law the Tenant fails to maintain said deposit in an interest bearing account, Landlord will retain the maximum amount permitted under applicable law as give Owner a bookkeeping and administrative charge. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by itforwarding address, the list shall be sent to Tenant’s last known address. THE TENANT(S) SHALL NOT BE ENTITLED TO USE ANY PART OF THIS SECURITY DEPOSIT AS PAYMENT OF ANY RENT DUE UNDER THIS LEASE. Renewing resident’s current security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, will transfer over 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 of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingsrenewal lease.

Appears in 1 contract

Samples: Residential Lease Agreement

Security Deposit. (a) 20. Tenant has deposited shall deposit with Landlord Landlord, upon execution of this Lease, a Security Deposit as stated in the Basic Lease Information, which sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) shall be held by Landlord, without obligation for interest, as security for the full and faithful performance of every provision Tenant’s covenants and obligations under this Lease. The Security Deposit is not an advance rental deposit or a measure of damages incurred by Landlord in case of Tenant’s default. Upon the occurrence of any event of default by Tenant beyond any applicable cure period provided for under this Lease Lease, Landlord may, from time to be performed by Tenant. If Tenant defaults with respect time, without prejudice to any provision other remedy provided herein or provided by law, use such funds to the extent necessary to make good any arrears of Rent or other payments due to Landlord hereunder, and any other damage, injury, expense or liability caused by such event of default, and Tenant shall pay to Landlord, on demand, the amount so applied in order to restore the Security Deposit to its original amount. Although the Security Deposit shall be deemed the property of Landlord, any remaining balance of such deposit shall be returned by Landlord to Tenant at such time after termination of this Lease, includingat the earliest of the time required by law or when all of Tenant’s obligations under this Lease have been fulfilled. Landlord may use and commingle the Security Deposit with other funds of Landlord. If Landlord consents to a change in control of Tenant and such change in control occurs during this Lease and following such change the financial condition of Tenant is, but not limited toin Landlord’s reasonable judgment, reduced, Tenant shall deposit such additional monies with Landlord as shall be sufficient to cause the Security Deposit to be at a commercially reasonable level based on such change in financial condition. Tenant waives the provisions relating of California Civil Code Section 1950.7, and all other provisions of law now in force or that become in force after the date of execution of this Lease, that provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rentRent, to repair damage caused by Tenant, or to clean the Premises. Landlord 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 and tenant agree that Landlord may spend or become obligated to spend by reason of Tenant's defaultmay, or in addition, claim those sums reasonably necessary to compensate Landlord for any other loss, cost foreseeable or unforeseeable loss or damage that Landlord may suffer caused by reason the act or omission of Tenant or Tenant's default. If any portion of said deposit is so used ’s officers, agents, employees, independent contractors, or applied, Tenant shall, within five (5) days after written 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 be a default under this Lease. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 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 of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingsinvitees.

Appears in 1 contract

Samples: Lease Agreement (BioTrove, Inc.)

Security Deposit. (a) Not later than two weeks prior to the Rent Commencement Date, Tenant has deposited with shall pay Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 Nine Thousand Dollars and No/100 Dollars ($10,171.959,000) (hereinafter referred to as "Security Deposit") as security evidence of good faith on the part of Tenant in the fulfillment of the terms of this Lease, which shall be held by the Landlord during the Term of this Lease, or any renewal thereof. Under no circumstances will Tenant be entitled to any interest on the Security Deposit. The Security Deposit may be used by Landlord, at its discretion, to apply to any amount owing to Landlord hereunder, to pay the expenses of repairing any damage to the Premises or any other expense or liability caused by Tenant. Following any such application of the Security Deposit, Tenant shall pay to Landlord on demand, in immediately available funds, the amount so applied in order to restore the Security Deposit to its original amount. In addition to any other rights available to Landlord hereunder, the Security Deposit shall be forfeited in any event if Tenant fails to occupy the Premises as Tenant for the full original term of this Lease, or if this Lease should for any reason whatsoever be terminated prior to the normal Expiration Date of the original term, or of any renewal thereof. If there are no payments to be made from the Security Deposit as set out in this paragraph, or if there is any balance of the Security Deposit remaining after all payments have been made, the Security Deposit, or such balance thereof remaining, will be refunded to the Tenant within thirty (30) days after fulfillment by Tenant of all obligations hereunder. In no event shall Tenant be entitled to apply the Security Deposit to any Rent due hereunder. In the event of an act of bankruptcy by or insolvency of Tenant, or the appointment of a receiver for Tenant or a general assignment for the benefit of Tenant's creditors, then the Security Deposit shall be deemed immediately assigned to Landlord. The right to retain the Security Deposit shall be in addition and not alternative to Landlord's other remedies under this Lease or as may be provided by law and shall not be affected by summary proceedings or other proceedings to recover possession of the Premises. In the event Landlord should have good cause to doubt the full and faithful performance of every provision of this Lease to be performed by Tenant, Landlord shall have the right to demand that Tenant post an additional Security Deposit in the same amount as the original Security Deposit. If Tenant defaults with respect to any provision Upon sale or conveyance of this Lease, including, but not limited to, the provisions relating to the payment of rentBuilding, Landlord may usetransfer or assign the Security Deposit to any new owner of the Premises, apply or retain and upon such transfer all or any part liability of this security deposit Landlord for the payment of any rent or any other sum in default or for the payment of any other amount that Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and Tenant's failure to do so Security Deposit shall be a default under this Leaseterminate. Landlord shall not, unless otherwise required by law, be required entitled to keep this security deposit separate from Landlord's general commingle the Security Deposit with its other funds, nor pay interest to Tenant. If Landlord is required by law 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 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 of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedings.

Appears in 1 contract

Samples: Lease Agreement (Nemus Bioscience, Inc.)

Security Deposit. (a) Simultaneously with the delivery by Tenant has deposited with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) as security for the full and faithful performance of every provision of this Lease fully executed by Tenant, Tenant shall deposit with Landlord a security deposit in the amount of $24,041.67 (the "Security Deposit"). The Security Deposit shall be held by Landlord in a non-interest bearing account, and shall be security for Tenant's payment and performance of all Tenant's obligations, covenants, conditions and agreements under this Lease. Tenant hereby waives any applicable law requiring the placement of the Security Deposit in an escrow account. Landlord shall have the right, upon prior written notice to be performed Tenant, to apply all or any portion of the Security Deposit to cure any default by Tenant. If Landlord so applies any or all of the Security Deposit, Tenant defaults shall be obligated to promptly deposit with respect Landlord the amount necessary to any provision restore the Security Deposit to its original amount. In the event Tenant fails to perform its obligations, including but not limited to accepting possession of the Premises on the Commencement Date provided for herein, then the Security Deposit shall not be deemed liquidated damages and Landlord may apply the deposit to reduce Landlord's damages, and 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, including, but not limited to, the provisions relating to the payment of rent, Landlord 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 that Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit 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. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 thereof Security Deposit shall be returned to Tenant within forty-five (or, at Landlord's option, to the last transferee of Tenant's interest hereunder45) at days following the expiration of the Lease Term and upon Tenant's vacation surrender of the PremisesPremises in accordance with the terms of this Lease. In the event No holder of bankruptcy a mortgage or other debtor-creditor proceedings against Tenant, such security deposit deed of trust to which this Lease is subordinate shall be deemed to be applied first to responsible for the payment of rent and other charges due Landlord for all periods prior to filing Security Deposit unless such mortgagee or holder of such proceedingsdeed of trust shall have actually received or obtained control over the Security Deposit.

Appears in 1 contract

Samples: Infonautics Inc

Security Deposit. (a) Tenant has deposited agrees to deposit with Landlord ---------------- Landlord, upon the sum execution of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) this Lease, the Security Deposit as security for the full and faithful performance by Tenant of each and every provision term, provision, covenant and condition of this Lease to be performed by TenantLease. If Tenant defaults with beyond any applicable grace and/or cure period in respect to any provision of the terms, provisions, covenants and conditions of this Lease, Lease including, but not limited to, the provisions relating to the payment of rentall rental and other sums required to be paid by Tenant hereunder, Landlord may use, apply or retain all the whole or any part of this security deposit the Security Deposit for the payment of such rent in default, for any rent or any other sum in default or for the payment of any other amount that which Landlord may spend expend or become obligated be required to spend expend by reason of Tenant's defaultdefault including, without limitation, any damages or to compensate Landlord for any other lossdeficiency in the reletting of the Premises, cost whether such damages or damage that Landlord may suffer deficiency shall have accrued before or after re-entry by reason of Tenant's defaultLandlord. If any portion of said deposit is the Security Deposit shall be so used used, applied or appliedretained by Landlord at any time or from time to time, Tenant shallshall promptly, in each such instance, within five (5) days after of written demand therefortherefor by Landlord, deposit cash with pay to Landlord in an amount sufficient such additional sums as may be necessary to restore the security deposit Security Deposit to its the original amount and Tenant's failure to do so shall be a default under set forth in the first Section of this Lease. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 comply with all the terms, provisions, covenants and conditions of this Lease to be performed by itLease, the security deposit Security Deposit, or any the balance thereof thereof, shall be returned to Tenant within thirty (or, at Landlord's option, to 30) days after the last transferee later of Tenant's interest hereunder(a) at the time fixed as the expiration of the Lease Term of this Lease, including any early termination pursuant to the terms of Articles X and upon Tenant's vacation XIII; (b) the removal of Tenant from the Premises; (c) the surrender of the PremisesPremises by Tenant to Landlord in accordance with this Lease; and (d) final determination of all amounts payable by Tenant hereunder and payment of same. Except as otherwise required by law, Tenant shall not be entitled to any interest on the aforesaid Security Deposit. In the event absence of bankruptcy evidence satisfactory to Landlord of an assignment of the right to receive the Security Deposit or other debtor-creditor proceedings against the remaining balance thereof, Landlord may return the security deposit to the original Tenant, such security deposit shall be deemed to be applied first to the payment regardless of rent and other charges due Landlord for all periods prior to filing one or more assignments of such proceedingsthis Lease.

Appears in 1 contract

Samples: Lease (Exodus Communications Inc)

Security Deposit. (a) Simultaneously with Tenant’s execution and delivery of the Lease, Tenant has deposited shall deposit with Landlord a Security Deposit in the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) amount set forth in Section 1h. Landlord shall retain the Security Deposit as security for the full and faithful performance by Tenant of every provision all of this its Lease to be performed by Tenantobligations. The Security Deposit shall not bear interest. If Tenant defaults with respect at any time fails to perform any provision of its obligations under this Lease, including, but without limitation, its Rent or other payment obligations, its restoration obligations, or its insurance and indemnity obligations, then Landlord, at its option, may apply the Security Deposit (or any portion) to cure Tenant’s default or to pay for damages caused by Tenant’s default. If the Lease has been terminated, then Landlord may apply the Security Deposit (or any portion) against the damages incurred as a consequence of Tenant’s breach. The application of the Security Deposit shall not limited tolimit Landlord’s remedies for default under the terms of this Lease. If Landlord depletes the Security Deposit, the provisions relating in whole or in part, prior to the payment Expiration Date or any termination of rentthis Lease, then Tenant shall restore immediately the amount so used by Landlord. Within 30 days after the expiration or earlier termination date of this Lease, Landlord may useshall refund to Tenant any unused portion of the Security Deposit after first deducting the amounts, apply or retain all or if any, necessary to cure any part of this security deposit for the payment of any rent or any other sum in outstanding default or for the payment of any other amount that Landlord may spend or become obligated to spend by reason of Tenant's default, to pay any outstanding damages for Tenant’s breach of the Lease, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit Premises to its original amount and Tenant's failure the condition to do so shall be a default under this which Tenant is required to leave the Premises upon the expiration or termination of the Lease. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest deliver the unused portion of the Security Deposit to Tenant’s Notice Address set forth in Section 1l above. If Landlord Tenant’s Notice Address is required by law to maintain said deposit in an interest bearing accountthe address for the Premises, Landlord will retain the maximum amount permitted under applicable law as a bookkeeping and administrative charge. If then Tenant shall fully and faithfully perform every provision notify Landlord in writing of this Lease a forwarding address to be performed by itwhich Landlord should send the Security Deposit. If: (a) Landlord sends the unused portion of the Security Deposit to Tenant’s Notice Address or, if applicable, the security deposit or any balance thereof shall be forwarding address as directed by Tenant; (b) the Security Deposit is returned to Landlord as “undeliverable” for any reason other than an error by Landlord or the mail courier; and (c) Landlord, after using its best efforts, is unable to locate Tenant (orwithin 90 days thereafter, 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 of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit then Tenant shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedings.have waived any TT

Appears in 1 contract

Samples: Office Lease (Comprehensive Care Corp)

Security Deposit. (a) Cash Security Deposit. Concurrently with Tenant's execution of this Lease, Tenant has deposited will deposit with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) Security Deposit designated in Subparagraph 1(o). The Security Deposit will be held by Landlord as security for the full and faithful performance by Tenant of every provision all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Term hereof. If Tenant fully and faithfully performs its obligations under this Lease, including, without limitation, surrendering the Premises upon the expiration or sooner termination of this Lease in compliance with Subparagraph 11(a) below, the Security Deposit or any balance thereof will be returned to Tenant (or, at Tenant's direction, to the last assignee of Tenant's interest hereunder) within thirty (30) days following the expiration of the Lease Term or as required under applicable law, provided that Landlord may retain the Security Deposit until such time as any outstanding rent or additional rent amount has been determined and paid in full. The Security Deposit is not, and may not be construed by Tenant to constitute, rent for the last month or any portion thereof. If Tenant defaults with respect to any provision provisions of this Lease, Lease including, but not limited to, the provisions relating to the payment of rent or additional rent, Landlord may (but will not be required to) use, apply or retain all or any part of this security deposit the Security Deposit for the payment of any rent or any other sum in default default, or for the payment of any other amount that which Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit the Security Deposit is so used or applied, Tenant shallagrees, within five ten (510) business days after Landlord's written demand therefor, to deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount and Tenant's failure to do so shall be constitute a default under this Lease. Landlord shall not, unless otherwise required by law, be is not required to keep this security deposit Tenant's Security Deposit separate from Landlord's its general funds, nor pay and Tenant is not entitled to interest to Tenanton such Security Deposit. If Should Landlord is required by law to maintain said deposit sell its interest in an interest bearing accountthe Premises during the Term hereof, Landlord will retain the maximum amount permitted comply with its obligations 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 thereof shall be returned to Tenant (or, at Landlord's option, California Civil Code Section 1950.7(d) with regard to the last transferee relief of Tenant's interest hereunder) at the expiration of the Lease Term and upon Tenant's vacation of the Premises. In the event of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first Landlord for further liability with respect to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingsSecurity Deposit.

Appears in 1 contract

Samples: Wave Systems Corp

Security Deposit. (a) Prior to the Commencement Date and prior to the start of any construction or alterations, Tenant has deposited shall deposit with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) Authority the Security Deposit described in Section 1.1 as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provision of this Lease, including, including but not limited to, the provisions relating to the payment of rentRent or Additional Rent, Landlord the Authority may use, apply or retain all or any part of this security deposit the Security Deposit for the payment of any rent Rent, Additional Rent or any other sum in default default, or for the payment of any other amount that Landlord which the Authority may spend or may become obligated to spend by reason of Tenant's default, ’s default or to compensate Landlord the Authority for any other loss, cost or damage that Landlord which the Authority may suffer by reason of Tenant's ’s default. Such application shall not preclude the Authority from recovering greater damages if the same can be established. If any portion of said deposit the Security Deposit is so used or applied, Tenant shall, within five thirty (530) days after written demand therefor, deposit cash with Landlord the Authority in an amount sufficient to restore the security deposit Security Deposit to its original the amount and Tenant's failure to do so shall be a default required under this Lease. Landlord The Authority shall not, unless otherwise required by law, be required have any obligation to pay interest on the Security Deposit or keep this security deposit the Security Deposit separate from Landlord's its general funds, nor pay interest to Tenant. If Landlord is required by law 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 Security Deposit or any balance thereof shall be returned to Tenant (or, at Landlord's the Authority’s option, to the last transferee of Tenant's ’s interest hereunder) at within a reasonable time after both the expiration or earlier termination of the Lease Term and upon Tenant's vacation ’s delivery of the PremisesPremises to the Authority in compliance with the requirements of Section 3.4, provided, however, that the Authority may retain the Security Deposit until such time as any amount due from Tenant under this Lease has been determined and paid in full. Tenant shall not assign nor encumber its contingent rights in the Security Deposit separate from this Lease, and neither shall the Authority nor its successors or assigns be bound by any such assignment or encumbrance. In the event of bankruptcy or other debtor-creditor proceedings against Tenantan adjustment in the Base Rent Rate during the Term, such security deposit Tenant agrees that the Security Deposit required to be deposited by Tenant hereunder, shall be deemed adjusted to be applied first reflect such change in the Base Rent Rate. Tenant shall promptly deposit with the Authority the amount of the adjustment to the payment Security Deposit on or before the 1st day of rent and other charges due Landlord for all periods prior to filing of the month following such proceedingsadjustment in the Base Rent Rate.

Appears in 1 contract

Samples: Lease Agreement

Security Deposit. (a) Tenant has deposited with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provision Upon execution of this Lease, including, but not limited to, Tenant shall deposit a security deposit (“Security Deposit”) in the provisions relating to the payment of rentamount set forth in ¶1. with Landlord. If Tenant is in default beyond applicable cure periods, Landlord may use, apply or retain all can (but without any requirement to do so) use the Security Deposit or any part portion of this security deposit for it to cure the payment of any rent or any other sum in default or for the payment of any other amount that Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that damages sustained by Landlord may suffer by reason of resulting from Tenant's ’s default. If any Upon demand, Tenant shall immediately pay to Landlord a sum equal to the portion of said deposit is so used the Security Deposit expended or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with applied by Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount and Tenant's failure full amount. In no event will Tenant have the right to do so shall be a default apply any part of the Security Deposit to any Rent due under this Lease. Landlord’s obligations with respect to the Security Deposit are those of a debtor and not a trustee, and Landlord can commingle the Security Deposit with Landlord’s general funds. Landlord shall not, unless otherwise required by law, not be required to keep pay Tenant interest on the Security Deposit. Tenant hereby waives the provisions of California Civil Code Section 1950.7, and all other provisions of law now in force or which may become in force after the date of execution of this Lease that provide that Landlord may claim from its security deposit separate from Landlord's general fundsonly those sums reasonably necessary to remedy defaults in the payment of rent, nor pay interest to Tenantrepair damages caused by the tenant, or to clean the premises or otherwise limit the application of a security deposit. If Landlord is required by law With respect to maintain said deposit in an interest bearing accountthe Security Deposit, Landlord will retain and Tenant agree that Landlord may claim and employ the maximum amount permitted under applicable law Security Deposit in connection with any and all sums reasonably necessary to compensate Landlord for any foreseeable or unforeseeable loss or damage caused by or resulting from any default by Tenant pursuant to this Lease as a bookkeeping and administrative chargewell as any foreseeable or unforeseeable loss or damage resulting from any act or omission by Tenant or Tenant’s officers, agents, employees, independent contractors, or invitees. If Tenant shall fully and faithfully perform every provision is not in default at the expiration or termination of this Lease and has fully complied with the provisions of ¶13.d.6) and ¶26., Landlord shall return the Security Deposit 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 transferee of Tenant's interest hereunder) at the expiration of the Lease Term and upon Tenant's vacation of the Premises. In the event of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedings.

Appears in 1 contract

Samples: Lsi Logic Corp

Security Deposit. (a) Prior to the Lease Commencement Date, Tenant has deposited shall deposit with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 One Hundred Twenty Five Thousand and No/100 Dollars ($10,171.95125,000.00) ("Security "Deposit"). Landlord agrees that in lieu of a cash Security Deposit, Tenant 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 security 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 so renew or extend the full and faithful performance letter of every provision credit shall be a material default of this Lease to be performed 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. Landlord shall not be deemed a trustee of the Security Deposit, may use the Security Deposit in business, and shall not be required to segregate it from its general accounts. Tenant shall not be entitled to interest on the Security Deposit.. If Tenant defaults with respect to any provision provisions of this the Lease, including, including but not limited to, to the provisions relating to the payment of rentBase Monthly Rent or other charges, Landlord may usemay, apply to the extent reasonably necessary to remedy Tenant's default, use any or retain all or any part of this security deposit for the Security Deposit towards payment of any rent the following: (i) Base Monthly Rent or any other sum charges in default or for the payment of default; (ii) any other amount that which Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for ; and (iii) any other loss, cost loss or damage that which Landlord may suffer by reason of Tenant's default. If any portion of said deposit the Security Deposit is so used or applied, Tenant shall, within five ten (510) days after written demand thereforfrom Landlord, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its full original amount, and shall pay to Landlord such other sums as necessary to reimburse Landlord for any sums paid by Landlord. If Tenant shall default more than three (3) times in any twelve (12) month period, irrespective of whether or not such default is cured, then the Security Deposit shall, within ten (10) days after demand by Landlord, be increased by Tenant to an amount equal to three (3) times the Base Monthly Rent. Tenant waives the provisions of California Civil Code Section 1950.7, and all other provisions of law now in force or that become in force after the date of execution of this Lease, that provide that Landlord may claim from a security deposit only those sums reasonably necessary to its original amount remedy defaults in the payment of Rent, to repair damage caused by Tenant, or to clean the Premises. Landlord and Tenant agree that Landlord may, in addition, claim those sums reasonably necessary to compensate Landlord for any other foreseeable or unforeseeable loss or damage caused by the act or omission of Tenant or Tenant's failure agents, employees, contractors and invitees ("Tenant's Agents"). Tenant may not assign or encumber the Security Deposit without the consent of Landlord. any attempt to do so shall be a default under this Lease. Landlord void and shall not, unless otherwise required by law, not be required to keep this security deposit separate from binding on Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 performs every provision of this Lease to be performed by itTenant, the security deposit or any balance thereof Security Deposit shall be returned to Tenant within thirty (or30) days after the Expiration Date and surrender of the Premises to Landlord, at less any amount deducted in accordance with this Section, together with Landlord's option, to written notice itemizing the last transferee of Tenant's interest hereunder) at the expiration of the Lease Term amounts and upon Tenant's vacation of the Premisespurposes for such deduction. In the event of bankruptcy termination of Landlord's interest in this Lease, Landlord may deliver or other debtor-creditor proceedings against Tenant, such credit the security deposit shall Deposit to Landlord's successor in interest in the Premises and thereupon be deemed to be applied first relieved of further responsibility with respect to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingsSecurity Deposit.

Appears in 1 contract

Samples: Network Equipment Technologies Inc

Security Deposit. (a) It is agreed that, concurrently with the execution of this Lease, Tenant has deposited with Landlord and will keep on deposit at all times during the sum term of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) this Lease, the Security Deposit, the receipt of which is hereby acknowledged, as security for the full payment by Tenant of all Rent and other amounts herein agreed to be paid and for the faithful performance of every provision all the terms, conditions, and covenants of this Lease. Landlord’s acceptance of the Security Deposit shall not render this Lease effective unless and until Landlord shall have executed and delivered to be performed by TenantTenant a fully executed copy of this Lease. If Tenant defaults with respect to If, at any provision time during the term of this Lease, including, but not limited to, an Event of Default on the provisions relating to the payment part of rentTenant under this Lease shall occur, Landlord may useshall have the right to use the Security Deposit, apply or retain all or any part of this security deposit for the so much thereof as necessary, in payment of any rent Rent or other amount in default, in reimbursement of any other sum reasonable expenses incurred by Landlord, and in default or for the payment of any other amount that provable damages incurred by Landlord may spend or become obligated to spend solely by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's ’s default. If any portion of said deposit is so used or appliedIn such event, Tenant shall, within five (5) days after on written demand thereforof Landlord, deposit forthwith remit to Landlord a sufficient amount in cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original an amount and Tenant's failure to do so shall be a default under this Lease. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 thereof shall be returned to Tenant (or, at Landlord's option, equal to the last transferee of Tenant's interest hereunder) at the expiration of the Lease Term and upon Tenant's vacation of the Premisesinitial Security Deposit. In the event the Security Deposit has not been utilized as aforesaid, the Security Deposit, or as much thereof as not utilized for such purposes, shall be refunded to Tenant or to whomever is then the holder of bankruptcy Tenant’s interest in this Lease, without interest, 30 days after full performance of this Lease by Tenant. Landlord shall have the right to commingle the Security Deposit with other funds of Landlord, but must maintain adequate books and records to establish the amount and nature Tenant’s interest in the Security Deposit . At Landlord’s election, Landlord may elect to have the Security Deposit held by Landlord’s manager in a separate security deposit trust, trustee or other debtor-creditor proceedings against escrow account established and maintained by such manager with respect to certain security deposits of tenants within the Building. Unless Tenant is so notified, (i) Landlord will hold the Security Deposit and be responsible for its return; (ii) Tenant may request return of the Security Deposit by giving Landlord written notice in accordance with the provisions of the Lease, addressed to Landlord as provided in this Lease; and (iii) Landlord’s manager, if there is one, agrees that in the event of a dispute over the ownership of the Security Deposit, the manager will not wrongfully withhold Landlord’s true name and current mailing address from Tenant. Upon providing Tenant with written notice of the transfer of the Security Deposit to a third party, Landlord may deliver the funds deposited herein by Tenant to the purchaser of Landlord’s interest in the Premises in the event such interest be sold and, thereupon, Landlord shall be discharged from further liability with respect to such deposit. In the event that Landlord does not return the entire balance of the Security Deposit to Tenant, Landlord shall provide Tenant with an accounting of the actual expenditures made by Tenant and deducted from the Security Deposit. Tenant agrees that if claims of Landlord exceed the Security Deposit, Tenant shall remain liable for the balance of such security deposit shall claims that can be deemed to be applied first to the documented. The Security Deposit is not an advance payment of rent and Rent or any other charges amount due Landlord for all periods prior to filing of such proceedingsunder this Lease.

Appears in 1 contract

Samples: Escrow Agreement (Ada-Es Inc)

Security Deposit. (aA) Upon Tenant’s execution and submission of this Lease, as a condition to the effectiveness of this Lease, Tenant has deposited with shall deliver to Landlord a Lease Bond in favor of Landlord issued by Zurich Insurance Company or other surety acceptable to Landlord in Landlord’s sole discretion (the sum “Surety”) in the form attached hereto as Exhibit G and that otherwise conforms to the requirements of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 this Article ($10,171.95) “Lease Bond”). The Lease Bond shall serve as security for the prompt, full and faithful performance by Tenant of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provision the terms, covenants and conditions of this Lease, including, but not limited to, . In the provisions relating event that Tenant is in Default hereunder and fails to the payment of rentcure within any applicable time permitted under this Lease, Landlord may use, apply or retain all or any part of this security deposit recover from the surety for the payment of Tenant’s obligations hereunder. Furthermore, in the event Tenant Defaults under 20(A)(v) or in the event Tenant Defaults and Landlord files suit to exercise its remedies under this Lease, then Landlord may recover from the surety the unamortized portion of all inducement amounts expended by Landlord in connection with this Lease including, without limitation, to reimburse Landlord for the Construction Allowance and broker commissions, such amortization to be on a straight line basis from the Commencement Date to the Expiration Date. If additional funds remain after Landlord or Tenant has cured such Default(s), Landlord shall hold the remainder of such cash paid to it by the Surety for the faithful performance and observance by Tenant of the terms, covenants, and conditions of this Lease on Tenant’s part to be observed and performed, with the same rights as hereinabove set forth to apply or retain the same in the event of any rent further Default by Tenant under this Lease, subject to Tenant’s right to substitute said cash collateral with a Lease Bond or Letter of Credit, satisfying the requirements of this Article 30. The Lease Bond shall not prevent Landlord from exercising any other sum right or remedy provided hereunder or under any Law and shall not be construed as liquidated damages. In no event shall the Lease Bond be considered an advance payment of Rent, and in default or no event shall Tenant be entitled to use the Lease Bond for the payment of Rent. Landlord shall transfer the Lease Bond to any other purchaser of the Property. Upon such transfer, provided that such purchaser assumes in writing this Lease, Tenant shall look solely to such purchaser for return of the Lease Bond and Landlord shall be relieved of any liability with respect to the Lease Bond. All costs of obtaining, maintaining, replacing, renewing and/or restoring the Lease Bond shall be borne by Tenant. The Lease Bond shall be: (a) in form and substance satisfactory to Landlord in its sole discretion (it being agreed that a Lease Bond in the form attached hereto as Exhibit G shall be deemed satisfactory) with the following criteria at a minimum; (b) in the stated face amount of One Million Nine Hundred Fifty-Eight Thousand Sixty-Four Dollars ($1,958,064.00); (c) issued by a company with an A.M. Best rating of at least A, VI, who is acceptable to Landlord from time to time with an office in the Chicago area; (d) made in favor of, and expressly transferable and assignable one or more times at no charge by, the owner from time to time of the Property or its lender (which transfer/assignment shall be conditioned only upon the execution of a reasonable and customary assignment document), whether or not the original principal of the Lease Bond continues to be the initial tenant under this Lease by virtue of a change in name or structure, merger, assignment, transfer or otherwise; (e) of a term not less than one year, and shall on its face state that the same shall be renewed automatically, without the need for any further written notice or amendment, for successive minimum one year periods through the sixtieth (60th) day after the expiration of the Lease Term. Tenant shall use its best efforts to renew or replace the bond annually. Tenant shall cooperate with Landlord to effect any modifications, transfers or replacements of the Lease Bond requested by Landlord in order to assure that Landlord is at all times fully secured by a valid Lease Bond under which Landlord, its successors and assigns, may spend receive full payment. Landlord reserves the right to require that Tenant provide a letter of credit in the required amount of the Lease Bond in the event that a Lease Bond that meets the requirements of this Article is no longer in effect or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage in the event that Landlord may suffer by reason of Tenant's defaultis entitled but unable to receive any required payment from the Surety. Notwithstanding anything in this Lease to the contrary, any cure or grace period provided in connection with a Default shall not apply to any requirements associated with the Lease Bond. If any of the aforesaid requirements are not complied with timely, then an immediate Default shall occur and Landlord shall have the right to immediately receive payment from the surety in the full amount of the Lease Bond and Landlord may hold any portion of the proceeds as a cash security deposit, without payment of interest to Tenant. In the event the Surety of the Lease Bond ever receives an A.M. Best rating of less than A-, VI, or is placed into receivership, or if a trustee, receiver or liquidator is appointed for the Surety, then, effective as of the date of such occurrence, said deposit is so used or appliedLease Bond shall be deemed to not meet the requirements of this Article and, within ten (10) business days thereof, Tenant shall, within five shall replace such Lease Bond with other collateral meeting the requirements of this Article (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and Tenant's ’s failure to do so shall, notwithstanding anything in this Lease to the contrary, constitute a Default for which there shall be no notice or grace or cure periods being applicable thereto other than the aforesaid ten (10) day period). Any failure or refusal of the Surety to make payment to Landlord shall be at Tenant’s sole risk and shall not relieve Tenant of its obligations hereunder. The Lease Bond may be drawn upon in part or in full, periodically or at one time, upon presentation of only the Lease Bond and a default written statement from an authorized representative of Landlord stating that Landlord is entitled to draw and the amount of the draw. If Landlord shall at any time draw upon the Lease Bond in accordance with this Article, Tenant shall restore all amounts drawn by Landlord within ten (10) business days of such draw. Tenant agrees that the Lease Bond may be presented by Landlord for payment (a) upon a Default by Tenant under this Lease, (b) if an immediate Default occurs under this Article, and/or (c) in the event that Tenant has not delivered to Landlord at least thirty (30) days prior to the expiration of the term of the Lease Bond a renewed or replacement Lease Bond complying with all the requirements of this Lease. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If draw only such amount as Landlord is entitled to draw pursuant to this Article 30. Notwithstanding the foregoing, provided no material Default has occurred hereunder, then on the first day of the sixth Lease Year Tenant may reduce the required by law 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 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 Bond to Nine Hundred Seventy Nine Thousand Thirty-Two Dollars ($979,032.00), on the first day of the Premises. In seventh Lease Year, Tenant may reduce the event required amount of bankruptcy or other debtor-creditor proceedings against Tenantthe Lease Bond to Four Hundred Eighty Nine Thousand Five Hundred Sixteen Dollars ($489,516.00), such security deposit and as of the first day of the eighth Lease Year, no Lease Bond shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingsrequired.

Appears in 1 contract

Samples: Office Lease (SP Plus Corp)

Security Deposit. Resident agrees to deposit with Agent $«GarageParkingDeposit» for garage deposit, $«RemoteDeposit» for remote deposit, $«AccessCardDeposit» for access card deposit, $«PetDeposit» for a pet deposit, $«SatelliteDeposit» satellite deposit, and $«AptDeposit» as a general security deposit. Resident’s deposits total $«TotalDeposits» (ahereinafter collectively “Security Deposit”) Tenant has deposited with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) as security for the full and faithful to secure Resident’s performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provision of this Lease. Resident’s Security Deposit will not be more than the total of two months’ rent. Regardless of the purpose of any Security Deposit, includingAgent may apply any deposit to any sum owed by Resident. Agent on behalf of Owner shall retain any interest earned on the Security Deposit unless otherwise required by law. Agent shall initially hold Resident's Security Deposit, but not limited tosubject to further assignment, as authorized by law. If Owner sells the provisions premises, upon Agent’s compliance with the applicable law, Resident will look solely to any successor owner or landlord (collectively “Landlord”), or the successor landlord's broker or manager, as the case may be, for satisfaction of all claims relating to said Security Deposit, and shall not look to Agent. Upon a sale or change in management, Resident specifically consents to and authorizes the transfer of Resident’s Security Deposit to a successor Owner or management company. Resident shall not apply or use any portion of the Security Deposit as an offset or reduction to the payment of rent or other sums due under this Lease at anytime for any reason whatsoever. Agent shall have the right to apply such portion(s) of the Security Deposit reasonably necessary to remedy any default(s) by Resident in the payment of rent, Landlord may useor to repair any damage to the Premises or to Agent’s or Owner’s property caused by Resident. Regardless of whether specifically stated in any applicable provision of the Lease, apply or retain all or Resident shall always be liable to Agent for any part damage caused by Resident, any occupant, child, family member, guest, invitee, licensee of this security deposit for the payment of any rent Resident, or any other sum in default person on the Premises or for the payment community due to Resident. Regardless of any other Security Deposit, if Resident is liable for any damages, Resident shall pay Agent such damages upon demand. Agent’s right to possession of the Premises upon Resident’s default shall not be limited in any respect because Agent holds any Security Deposit. If Agent applies any portion of the Security Deposit for any purpose while Resident is in possession of the premises, Resident shall promptly pay Agent upon demand the amount that Landlord necessary to restore the deposit to the original amount. Resident’s legal liability to Agent shall not be limited under any circumstance to the amount of the Security Deposit. Resident remains liable for and shall promptly pay Agent all sums due under this Lease in Revised 1/2015 excess of the Security Deposit including but not limited to all amounts for damages or repairs. Upon vacating for any reason, if Resident does not leave the Premises in as good condition as when received by Resident from Agent, normal wear and tear excepted, Agent may spend or become obligated apply such portion of the Security Deposit reasonably necessary to spend by reason of Tenant's defaultrestore the Premises to said condition. Agent may also apply the Security Deposit to effect repairs, or to compensate Landlord pay any sum owed by Resident to Agent whatsoever, including but not limited to any amount for final cleaning or repair of floors, floor coverings, drapes, blinds, windows, walls, fixtures, and appliances, and any other loss, cost damage caused to the Premises by smoking or damage that Landlord may suffer by reason of Tenant's defaultsmoke. If Resident fails to clean the premises in accordance with Agent’s written move-out policies, Agent may withhold or deduct reasonable charges to complete such cleaning from the Security Deposit. Resident contracts for such cleaning. If Resident fails to leave the premises infestation free or otherwise causes any portion infestation, Resident contracts to pay reasonable extermination charges to restore the premises to infestation free status. Any extermination charges may be deducted from Resident's Security Deposit. Upon move-out, Resident agrees to schedule with Agent an inspection of said deposit Premises. If Resident fails to do so, Resident waives all rights to a joint inspection, and any damage caused to the Premises will be determined solely by Agent. Agent agrees within forty-five (45) days after termination of this Lease, or surrender and acceptance of the Premises whichever occurs last, Agent shall mail to Resident at Resident’s last known address a written statement listing the full and specific reasons for all charges against the Security Deposit together with a refund of the balance, if any, of the Security Deposit to Resident. Prior to vacating, Resident shall provide in writing to Agent and the U.S. Postal Service each Resident’s individual forwarding or last known address. Resident agrees that any change of forwarding or last known address provided by Resident to Agent shall only bind Agent if receipted for by Agent. If more than one person signed this lease, Agent may issue one check for the Security Deposit refund payable jointly to all Residents and mail such check to any last known address of any Resident. Pursuant to Maryland Code Xxx. § 8-203.1, this Lease constitutes your receipt for your payment of $<<TotalDeposits>> as a Security Deposit as defined in this section. Resident is so used or appliednotified of the following: (a) Resident has the right to have the Premises inspected by Agent in Resident’s presence for the purpose of making a written list of damages that exist at the commencement of the tenancy if Resident requests an inspection, Tenant shallvia certified mail, within fifteen (15) days of Resident taking possession of the Premises; (b) Resident has the right to be present when Agent insect the Premises at the end of the tenancy in order to determine any damages to the Premises, if Resident notifies Agent, via certified mail, at least fifteen (15) days prior to the date of Resident’s intended move, of Resident’s intention to move, the date of moving, and Resident’s new address; (c) Agent is obligated to inspect the Premises within five (5) days before or after Resident’s stated date of intended moving; (d) Agent is obligated to notify Resident in writing of the date of the inspection; (e) Resident is entitled to receive, by first-class mail, delivered to Resident’s last known address, a written demand thereforlist of the charges against the Security Deposit claimed by Agent and the actual costs, deposit cash within forty-five (45) days after termination of the tenancy; (f) Agent is obligated to return any unused portion of the Security Deposit, by first-class mail, to Resident’s last known address, within forty-five (45) days after the termination of tenancy; and (g) if Agent fails to comply 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. Landlord shall not, unless otherwise required by law, Agent may be required liable to keep this security deposit separate from Landlord's general fundsResident for a penalty of up to three (3) times the Security Deposit withheld, nor pay interest to Tenant. If Landlord is required by law 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 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 of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingsplus reasonable attorney’s fees.

Appears in 1 contract

Samples: Property Management Agreement (KBS Legacy Partners Apartment REIT, Inc.)

Security Deposit. (a) Tenant has deposited shall deposit with Landlord on the sum date of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) as this Lease, security for the full and faithful performance of every provision all of this Lease to be performed by Tenantits obligations in the amount set forth on the Schedule. Landlord hereby acknowledges receipt of the initial security deposit for the Existing Premises in the amount of $4,259.15. If Tenant defaults with respect to any provision of under this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may use, apply or retain all or use any part of this security deposit the Security Deposit to make any defaulted payment, to pay for the payment Landlord's cure of any rent or any other sum in default or for the payment of any other amount that Landlord may spend or become obligated to spend by reason of Tenant's defaultdefaulted obligation, or to compensate Landlord for any other loss, cost loss or damage that Landlord may suffer by reason of Tenant's resulting from any default. If To the extent any portion of said the deposit is so used or appliedused, Tenant shall, shall within five (5) days after written demand therefor, deposit cash with from Landlord in an amount sufficient to restore the security deposit to its original amount full amount. Landlord may keep the Security Deposit in its general funds and Tenantshall not be required to pay interest to Tenant on the deposit amount. If Tenant shall perform all of its obligations under this Lease and return the Premises to Landlord at the end of the Term, Landlord shall return all of the remaining Security Deposit to Tenant not later than thirty (30) days after the delivery of possession of the Premises to Landlord. The Security Deposit shall not serve as an advance payment of Rent or a measure of Landlord's failure to do so shall be a damages for any default under this Lease. If the Base Rent shall, from time to time, increase during the term of this Lease (as extended from time to time), Tenant shall, upon Landlord's election, deposit with Landlord additional money as a Security Deposit so that the total amount of Security Deposit held by Landlord shall not, unless otherwise required by law, be required at all times bear the same proportion to keep this security deposit separate from Landlord's general funds, nor pay interest the then current Base Rent as the initial Security Deposit bears to Tenantthe initial Base Rent set forth in the Schedule. If Landlord is required by law to maintain said deposit transfers its interest in an interest bearing accountthe Project or this Lease, Landlord will retain shall either (a) transfer the maximum amount permitted under applicable law as a bookkeeping and administrative charge. If Tenant shall fully and faithfully perform every provision portion of this Lease the Security Deposit then held by Landlord to be performed by it, the security deposit its transferee or any balance thereof shall be returned (b) return to Tenant (orthe portion of the Security Deposit then held by Landlord and remaining after the deductions permitted herein. Upon such transfer to such transferee or the return of the Security Deposit to Tenant, at Landlord shall have no further obligation with respect to the Security Deposit, and Tenant's right to the return of the Security Deposit shall apply solely against Landlord's option, transferee. Notwithstanding anything contained herein to the last transferee contrary, provided Tenant is not in default of Tenant's interest hereunder) at the expiration any of the Lease Term and upon Tenant's vacation terms of the Premises. In Lease, Landlord shall return to Tenant $19,596.20 from the event Security Deposit on each anniversary of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingsCommencement Date.

Appears in 1 contract

Samples: Lease Agreement (Education Lending Group Inc)

Security Deposit. The Security Deposit (aif any) Tenant has deposited with shall be held by Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) as security for the full and faithful performance by Tenant of every provision all the terms, covenants and conditions of this Lease Agreement to be observed and performed by Tenant. The Security Deposit shall not be mortgaged, assigned, transferred or otherwise encumbered by Tenant, any Guarantor or any of their respective Affiliated Persons without the prior written consent of Landlord and any such act on the part of Tenant or any such Guarantor or Affiliated Person without first having obtained Landlord's consent shall be without force and effect and shall not be binding upon Landlord. If Tenant defaults with respect any Default or Event of Default shall occur and be continuing, Landlord may, at its option and without prejudice to any provision of this Leaseother remedy which Landlord may have on account thereof, including, but not limited to, appropriate and apply the provisions relating entire Security Deposit or so much thereof as may be necessary to compensate Landlord toward the payment of the Rent or other sums or loss or damage sustained by Landlord due to such breach by Tenant and Tenant shall, upon demand, restore the Security Deposit to the original sum deposited. It is understood and agreed that the Security Deposit is not to be considered as prepaid rent, nor shall damages be limited to the amount of the Security Deposit. Landlord may useshall have no obligation to pay interest on the Security Deposit and shall have the right to commingle the same with Landlord's other funds. Should Tenant comply with all the terms, apply or retain all covenants and conditions of this Agreement, the Security Deposit shall be returned in full to Tenant at the end of the Term. If Landlord conveys Landlord's interest under this Agreement, the Security Deposit, or any part thereof not previously applied, shall be turned over by Landlord to Landlord's grantee, and Tenant shall look solely to such grantee for proper application of the Security Deposit in accordance with the terms of this security deposit Section 3.5 and the return thereof in accordance herewith. Landlord agrees that it shall not pledge the Security Deposit to any Facility Mortgagee. No Facility Mortgagee shall be responsible to Tenant for the payment return or application of any rent the Security Deposit, whether or any other sum in default or for the payment of any other amount that Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit 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. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 thereof shall be returned to Tenant (or, at Landlord's option, not it succeeds to the last transferee position of Tenant's interest Landlord hereunder) at the expiration of the Lease Term and upon Tenant's vacation of the Premises. In the event of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedings.-27- ARTICLE 4 USE OF THE LEASED PROPERTY 4.1

Appears in 1 contract

Samples: Lease Agreement

Security Deposit. (a) Tenant has deposited with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 Ten Thousand Dollars ($10,171.9510,000.00) as security for the full and faithful performance of every provision of this Lease obligation to Landlord to be performed by Tenant. If Tenant defaults with respect to any provision of this Leasesuch obligation, including, but not limited to, the provisions relating to the payment of rentRent, after any required notice is given and the expiration of any applicable cure period, Landlord may use, apply or retain all or any part of this security deposit for the payment of any rent or Rent and any other sum in default default, or for the payment of any other amount that 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, cost loss or damage that which Landlord may suffer by reason of Tenant's ’s default, or which is otherwise owing by Tenant to Landlord. If any portion of said deposit is so to be used or applied, Tenant shall, shall within five (5) business days after written demand therefor, therefor deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and Tenant's ’s failure to do so shall be a default material breach of this lease. Tenant may not elect to apply any portion of the security deposit toward the payment of Rent or other charges payable by Tenant under this Leaselease. Landlord shall not, unless otherwise required by law, not be required to keep this security deposit separate from Landlord's its general funds, nor pay funds and Tenant shall not he entitled to interest to Tenant. If Landlord is required by law to maintain said deposit in an interest bearing account, Landlord will retain the maximum amount permitted under applicable law as a bookkeeping and administrative chargeon such deposit. If Tenant shall fully and faithfully perform every provision of this Lease obligation to be performed by itTenant, the security deposit or any balance thereof shall be returned to Tenant (or, or at Landlord's option, ’s option to the last transferee assignee of Tenant's ’s interest hereunder) at within thirty (30) days after the expiration of the Lease lease Term and upon Tenant's ’s vacation of the Premises. Tenant hereby agrees not to look to any mortgagee as mortgagee, mortgagee in possession, or successor in title to the Building for accountability for any security deposit required by the Landlord hereunder, unless said sums have actually been received by said mortgagee or successor in title as security for the Tenant’s performance of this lease. In connection with a purchase of the event of bankruptcy or other debtor-creditor proceedings against TenantBuilding, such the security deposit shall be deemed to be applied first have been actually received by the purchaser to the payment extent same received a credit therefor on any so called “closing” statement or the like. The Landlord may deliver the funds deposited hereunder by Tenant to the purchaser of rent Landlord’s interest in the Building, in the event that such interest is sold, or credit same on any closing statement, and other charges due thereupon Landlord for all periods prior shall be discharged from any further liability with respect to filing of such proceedingssecurity deposit.

Appears in 1 contract

Samples: Haemonetics Corp

Security Deposit. (a) Tenant has deposited with Pursuant to the provisions of the Termination Agreement, Landlord hereby agrees that upon the sum termination of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provision of this Current Lease, includingCurrent Landlord shall, but not limited toafter first deducting all amounts necessary to cure all defaults by Tenant under the Current Lease, the provisions relating transfer to the payment of rent, Landlord may use, apply or retain all or any part of this amounts then held by Current Landlord as a security deposit for the payment benefit of any rent Tenant pursuant to the Current Lease, and all sums so transferred shall be held by Landlord as a Security Deposit for the faithful performance by Tenant of its obligations under this Lease. Within five (5) days following written demand from Landlord, Tenant shall deliver to Landlord the difference, if any, between the remainder of the security deposit under the Current Lease delivered by Current Landlord to Landlord and the amount of the Security Deposit required by and as set forth in the Basic Lease Information. If Tenant is in default hereunder, Landlord may, but without obligation to do so, use all or any other sum in portion of the Security Deposit to cure the default or for the payment of any other amount that Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that all damages sustained by Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or appliedin connection therewith, Tenant shall, within five ten (510) business days of written demand, pay to Landlord a sum equal to the portion of the Security Deposit so applied or used to replenish the amount of the Security Deposit held to increase such deposit to the amount initially deposited with Landlord. Such notice by Landlord may be in the form of a notice to perform covenant or quit pursuant to Code of Civil Procedure 1161, or any successor statute. Within thirty (30) days after written demand thereforthe expiration or termination of this Lease and vacation of the Premises by Tenant, deposit cash with Landlord in an amount sufficient shall return the Security Deposit to Tenant, less such amounts as are reasonably necessary, as determined by Landlord, to remedy Tenant’s default(s) hereunder or to otherwise restore the Premises to the condition required hereunder. If the cost to restore the security deposit Premises exceeds the amount of the Security Deposit Tenant shall promptly deliver to its original amount Landlord any and Tenant's failure to do so shall be a default under this Leaseall of such excess sums. Landlord shall notnot be required to keep the Security Deposit separate from other funds, and, unless otherwise required by law, Tenant shall not be required entitled to keep this security deposit separate from Landlord's general fundsinterest on the Security Deposit. In no event or circumstance shall Tenant have the right to any use of the Security Deposit and, nor pay interest to Tenant. If Landlord is required by law to maintain said deposit in an interest bearing accountspecifically, Landlord will retain Tenant may not use the maximum amount permitted under applicable law Security Deposit as a bookkeeping and administrative charge. If Tenant shall fully and faithfully perform every provision of this Lease credit or to be performed by it, the security deposit or otherwise offset any balance thereof shall be returned to Tenant (or, at Landlord's option, to the last transferee of Tenant's interest payments required hereunder) at the expiration of the Lease Term and upon Tenant's vacation of the Premises. In the event of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedings.

Appears in 1 contract

Samples: Lease Agreement (Conor Medsystems Inc)

Security Deposit. The Security Deposit shall be in the form of an irrevocable letter of credit (the "Letter of Credit") which shall: (a) be in the amount of $1,200,000.00; (b) be issued on the form attached hereto as Exhibit G; (c) name Landlord as its beneficiary; (d) be drawn on an FDIC insured financial institution satisfactory to Landlord; and (e) expire no earlier than 30 days after the Termination Date of this Lease. The Security Deposit shall be delivered to Landlord upon the execution of this Lease by Tenant has deposited with and shall be held by Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 without liability for interest ($10,171.95unless required by Law) as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provision of this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord 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 that Landlord may spend or become obligated to spend by reason of Tenant's default, obligations. The Security Deposit is not an advance payment of Rent or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason a measure of Tenant's defaultliability for damages. Landlord may, from time to time, without prejudice to any other remedy, use only that portion of the Security Deposit required to satisfy past due Rent or to cure any default by Tenant that remains uncured beyond any applicable notice and cure period. If any portion of said deposit is so used or appliedLandlord uses the Security Deposit, Tenant shall, within five (5) days after written shall on demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount and Tenant's failure to do so shall be a default under this Leaseamount. Landlord shall notreturn any unapplied portion of the Security Deposit to Tenant within 30 days after the later to occur of: (1) the date Tenant surrenders possession of the Premises to Landlord in accordance with this Lease; or (2) the date this Lease terminates. If Landlord transfers its interest in the Premises, unless otherwise required by lawLandlord shall assign the Security Deposit to the transferee and, following the assignment, Landlord shall have no further liability for the return of the Security Deposit, provided the transferee assumes in writing Landlord's liability hereunder. Landlord shall not be required to keep this security deposit the Security Deposit separate from Landlord's general fundsits other accounts. Notwithstanding anything herein to the contrary, nor pay interest to Tenant. If Landlord provided Tenant is required by law to maintain said deposit not in an interest bearing accountdefault under this Lease beyond any applicable notice or cure period as of the effective date of any reduction of the Security Deposit, 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 have the right to reduce the amount of this Lease the Security Deposit (i.e., the Letter of Credit) to be performed by it, as follows: (i) $800,000.00 effective as of the security deposit or any balance thereof 5th anniversary of the Commencement Date; and (ii) $400,000.00 effective as of the 6th anniversary of the Commencement Date. Such reduction shall be returned to accomplished by having Tenant (or, at Landlord's option, to provide Landlord with a substitute letter of credit in 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 of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingsreduced amount.

Appears in 1 contract

Samples: Office Lease Agreement (E Stamp Corp)

Security Deposit. (a) Tenant has deposited shall provide Landlord with a ---------------- letter of credit as specified below, which letter of credit shall be held by Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) as a security deposit for the full and faithful performance by Tenant of every provision all of the terms, covenants and conditions of this Lease lease to be kept and performed by Tenant. If Tenant defaults with respect to any provision of this Leaselease, including, including but not limited to, to the provisions relating to the payment of rentbasic rent and direct expenses, Landlord 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 rent or any other sum in default or for the payment of any other amount that which Landlord may spend or become obligated to spend by reason of Tenant's default, default or to compensate Landlord for any other loss, cost loss or damage that which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or appliedused, Tenant shall, within five ten (510) days after written demand therefor, deposit cash with Landlord in an the amount sufficient to restore the security deposit to its original amount and amount; Tenant's failure to do so shall be a default under material breach of this Leaselease. Landlord shall not, unless otherwise required by law, not be required to keep this security deposit separate from Landlord's its general funds, nor pay funds and Tenant shall not be entitled to interest to Tenant. If Landlord is required by law to maintain said deposit in an interest bearing account, Landlord will retain the maximum amount permitted under applicable law as a bookkeeping and administrative chargeon such deposit. If Tenant shall fully and faithfully perform every provision is not in default as the expiration or termination of this Lease to be performed by itlease, the security deposit or 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 after Tenant has vacated the Premises. In the event of bankruptcy 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 other debtorany 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-creditor proceedings against 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 Xxxx X. XxXxxxxxxx or Xxxxxx X. Xxxx 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 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 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 letter 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, such security deposit shall be deemed including without limitation the timely payment of basic rent and direct expenses and other amounts due Landlord, Landlord may immediately and without further notice resort to be applied first said letter of credit (or the funds received therefrom) and use or apply all or any part of same to compensate Landlord for any loss or expense occasioned thereby and for the payment of rent and other charges any amount due Landlord for all periods prior under the terms o this lease. If any portion of said letter of credit (or the funds received therefrom) is so used as specified above, Tenant shall, within ten (10) days after written demand therefor, restore the letter of credit (or the funds received therefrom) to filing its original amount, and Tenant's failure to do so shall be a material breach of this lease. Landlord's resort to said letter of credit (or use of the funds received therefrom) shall in no way or manner constitute an acceptance of or waiver of such proceedingsdefault by Tenant; nor shall such resort or use terminate, or permit Tenant to terminate, or 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 first 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

Samples: Work Letter Agreement (Ebay Inc)

Security Deposit. (a) Tenant has deposited with will pay Landlord on the sum date this Lease is executed by Tenant the Security Deposit set forth in Item 11 of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) the Basic Lease Provisions as security for the full and faithful performance of every provision the terms hereof by Tenant. Landlord shall deposit the Security Deposit into a segregated money market or savings account with a national banking association or a bank chartered with the Texas Department of this Lease Banking, but Tenant shall not be entitled to interest thereon. Landlord may not commingle such Security Deposit with any other funds of Landlord. The Security Deposit shall not be performed considered an advance payment of rental or a measure of Landlord’s damages in case of default by Tenant. If Tenant defaults beyond any applicable notice and cure periods with respect to any provision of this Lease, includingLandlord may, but shall not limited be required to, the provisions relating from time to the payment of renttime, Landlord may without prejudice to any other remedy, use, apply or retain all or any part of this security deposit Security Deposit for the payment of any rent Rent or any other sum in default or for the payment of any other actual, reasonable out-of-pocket amount that 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, cost loss or damage that which Landlord may suffer by reason of Tenant's ’s default, including, without limitation, actual and reasonable out-of-pocket costs and actual and reasonable attorneys’ fees incurred by Landlord to recover possession of the Premises. If Landlord ever uses, applies or retains all or any portion of said deposit is so used or appliedthe Security Deposit pursuant to the preceding sentence, Tenant shallwill, within five ten (510) days after receipt of a written demand thereforfrom Landlord, deposit cash with deliver to Landlord in an amount sufficient to restore which will increase the security deposit balance of the Security Deposit to its original amount and Tenant's failure to do level. The Security Deposit, or so much thereof, if any, as shall be a default under this Lease. not have been applied by Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law to maintain said deposit in an interest bearing account, Landlord will retain accordance with the maximum amount permitted under applicable law as a bookkeeping and administrative charge. If Tenant shall fully and faithfully perform every provision terms of this Lease to be performed by itArticle 3, the security deposit or any balance thereof shall be returned to Tenant within sixty (or60) days after the Expiration Date. Tenant agrees that it will not assign or encumber or attempt to assign or encumber the monies deposited herein as the Security Deposit and that Landlord and its successors and assigns shall not be bound by any such actual or attempted assignment or encumbrance. Regardless of any assignment of this Lease by Tenant, at Landlord's option, Landlord may return the Security Deposit to the last transferee original Tenant, in the absence of Tenant's interest hereunder) at the expiration evidence satisfactory to Landlord of an assignment of the Lease Term and upon Tenant's vacation right to receive the Security Deposit or any part of the Premisesbalance thereof. In To the event fullest extent permitted by applicable law, Tenant agrees that the provisions of bankruptcy this Article 3 shall supersede and replace all statutory rights under applicable law regarding the retention, application or other debtor-creditor proceedings against Tenantreturn of security deposits. Renaissance Tower/ Priority Fulfillment Services, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedings.Inc.

Appears in 1 contract

Samples: Renaissance Tower (Pfsweb Inc)

Security Deposit. The Security Deposit shall be delivered to Landlord upon the execution of this Lease by Xxxxxx and shall be held by Landlord without liability for interest (a) Tenant has deposited with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95unless required by applicable Law) as security for the full and faithful performance of every provision Tenant’s obligations. The Security Deposit is not an advance payment of Rent or a measure of Tenant’s liability for damages. Landlord may, from time to time, without prejudice to any other remedy, use all or a portion of the Security Deposit to satisfy past due Rent or to cure any Event of Default. After each application from the Security Deposit, Tenant shall on demand restore the Security Deposit to its original amount. Landlord shall return any unapplied portion of the Security Deposit to Tenant within forty-five (45) days after the latest to occur of: (a) the prompt determination of Tenant’s Share of any Tax Excess and Tenant’s Share of any Expense Excess for the final year of the Lease Term; (b) the date Tenant surrenders possession of the Premises to Landlord in accordance with this Lease; or (c) the Lease Expiration Date. The covenants in this Section 21 are personal covenants between Landlord and Tenant and not covenants running with the land. In no event will any Mortgagee or any purchaser at a foreclosure sale or sale in lieu of foreclosure be liable to be performed by TenantTenant for the return of the Security Deposit. If Tenant defaults with respect to any provision of this Lease, including, but not limited to, Landlord transfers its interest in the provisions relating to the payment of rentPremises, Landlord may useassign the Security Deposit to the transferee and, apply or retain all or any part of this security deposit following the assignment, Landlord shall have no further liability for the payment return of any rent or any other sum in default or the Security Deposit and Tenant shall look solely to be new landlord for the payment return of any other amount that Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit 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 LeaseSecurity Deposit. Landlord shall not, unless otherwise required by law, not be required to keep this security deposit the Security Deposit separate from Landlord's general funds, nor pay interest its other accounts. Subject to Tenant. If Landlord is required by law 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 remaining terms of this Article 21, and provided Xxxxxx has timely paid all Rent due under this Lease to be performed by itduring the first twenty-four (24) full months of the Lease Term, then as of the security deposit or any balance thereof shall be returned to Tenant first day of the twenty-fifth (or, at Landlord's option, to the last transferee of Tenant's interest hereunder25th) at the expiration full month of the Lease Term and upon Tenant's vacation (the “Reduction Date”), Tenant shall have the right to reduce the amount of the PremisesSecurity Deposit so that the new Security Deposit shall equal Sixty Thousand Five Hundred Fifty-Eight and 96/100 Dollars ($60,558.96). In the event of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first Notwithstanding anything to the payment contrary contained herein, if an Event of rent and other charges due Landlord for all periods Default has occurred at any time prior to filing the Reduction Date, then Tenant shall have no right to reduce the amount of such proceedingsthe Security Deposit as described herein. If Tenant is entitled to a reduction in the Security Deposit, Tenant shall provide Landlord with written notice requesting that the Security Deposit be reduced as provided above (the “Reduction Notice”). If Tenant provides Landlord with a Reduction Notice, and Tenant is entitled to reduce the Security Deposit as provided herein, Landlord shall refund the applicable portion of the Security Deposit to Tenant within 45 days after the later to occur of (a) Landlord’s receipt of the Reduction Notice, or (b) the Reduction Date.

Appears in 1 contract

Samples: Office Lease (Cambium Networks Corp)

Security Deposit. (a) Tenant has deposited with Landlord a cash deposit in the amount of the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) set forth in the Basic Provisions as security for the full and faithful performance of every provision of this Lease to be performed by TenantTenant (“Security Deposit”). If Tenant fails to pay Base Rent, Additional Rent or other charges due hereunder or otherwise defaults with respect to any provision of this the Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may use, apply or retain all or any part portion of this security deposit the Security Deposit for the payment of any rent Base Rent, Additional Rent or any other sum charge in default or for the payment of any other amount that sum to which Landlord may spend or become obligated to spend entitled by reason of Tenant's ’s default, or to compensate Landlord for any other loss, cost non-consequential loss or damage that which Landlord may suffer thereby. Tenant acknowledges and agrees that the Security Deposit is not an advance payment of Rent, nor a measure of or limit on the amount of Landlord’s damages in the event of any default by reason of Tenant's default. If Landlord uses or applies all or any portion of said deposit is so used or appliedthe Security Deposit, Tenant shall, shall within five ten (510) days after written demand therefordemand, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original the full amount stated above and Tenant's ’s failure to do so shall be a default under material breach of this Lease. Landlord shall not, unless otherwise required by law, not be required to keep this security deposit the Security Deposit separate from Landlord's its general funds, nor accounts or to pay interest to Tenanton the Security Deposit. If The balance of the Security Deposit after deducting any amounts applied by Landlord is required by law to maintain said deposit in an interest bearing accountas provided above, 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 thereof shall be returned returned, without payment of interest for its use, to Tenant (or, or at Landlord's ’s option, to the last transferee assignee, if any, of Tenant's ’s interest hereunder) at the expiration within sixty (60) days of the Lease Term and upon Tenant's vacation later of (i) the last day of the Term, (ii) the date Tenant vacated the Premises, or (iii) the date Tenant has fulfilled all its obligations hereunder. In No trust relationship is created between Landlord and Tenant regarding the event of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingsSecurity Deposit.

Appears in 1 contract

Samples: Office Lease (Tableau Software Inc)

Security Deposit. (a) Upon the execution of this Sublease, Tenant has deposited shall deposit the Security Deposit with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) Landlord, as security for the full and faithful performance by Tenant of every provision of its obligations under this Lease to be performed by TenantSublease. If Tenant defaults with respect to under any provision of this Lease, including, but not limited to, the provisions relating to the payment of renthereof, Landlord may useshall be entitled, at its option, to 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 default, any other amount that which Landlord may spend or become obligated to spend by reason because of Tenant's default, or to compensate Landlord for any other loss, cost loss or damage that which Landlord may suffer by reason because of Tenant's default. If any portion of said deposit the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefortherefore, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount and Tenant's failure to do so amount. In no event shall the Security Deposit be deemed or treated as a default prepayment of any rental or other amounts payable by Tenant under this LeaseSublease, including without limitation, the last monthly installment of rent. Landlord shall not, unless otherwise required by law, not be required to keep this security deposit the Security Deposit separate from Landlord's its general funds, nor pay and Tenant shall not be entitled to interest to Tenant. If Landlord is required by law to maintain said deposit in an interest bearing account, Landlord will retain on the maximum amount permitted under applicable law as a bookkeeping and administrative chargeSecurity Deposit. If Tenant shall fully and faithfully perform every provision of this Lease Sublease 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 transferee of Tenant's interest hereunder) at the expiration of the Lease Term and upon Tenant's vacation of the PremisesPremises and within thirty (30) days after the expiration of the Sublease, Landlord shall return the Security Deposit, or any remaining balance thereof, together with its written explanation of the application of the funds, to Tenant. In the event of bankruptcy or other debtor-creditor proceedings against termination of Landlord's interest in this Sublease, Landlord shall transfer the deposit to Landlord's successor in interest, giving notice to Tenant, and Tenant waives any claim to approve the transfer. Tenant agrees that, upon a transfer of the Security Deposit, Landlord shall have no further liability to return or account for it; provided, however, that Landlord may retain the Security Deposit until such security deposit time as any amount due from Tenant in accordance with this Sublease has been determined and paid in full. Landlord's rights with respect to the Security Deposit shall be deemed in addition to be applied first and shall not preclude concurrent, alternative or successive exercise of any other rights or remedies available to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingsLandlord.

Appears in 1 contract

Samples: Sublease Agreement (Category 5 Technologies Inc)

Security Deposit. (a) On or before the Effective Date, Tenant has deposited shall deposit with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) specified in Article 1 as "Security Deposit". Said deposit shall be held by Landlord without liability for interest as security for the full and faithful performance by Tenant of every provision all of its obligations under this Lease to Lease. The Security Deposit shall not be performed mortgaged, assigned, transferred or encumbered by TenantTenant without the prior written consent of Landlord and any such act on the part of Tenant shall be without force and effect and shall not be binding upon Landlord. If any of the rents herein reserved or any other sum payable by Tenant defaults with respect to Landlord shall be overdue and unpaid or should Landlord make payments on behalf of Tenant, or if Tenant shall fail to perform any provision of the terms of this Lease, includingthen Landlord may, but not limited to, the provisions relating at its option and without prejudice to the payment of rent, any other remedy which Landlord may usehave on account thereof, appropriate and apply said entire Security Deposit 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 that Landlord so much thereof as may spend or become obligated to spend by reason of Tenant's default, or be necessary to compensate Landlord for any other lossMinimum Annual Rental or Additional Rent, cost loss or damage that sustained by Landlord may suffer by reason of Tenant's defaultas a result thereof, and Tenant shall forthwith upon demand restore said Security Deposit to the original sum deposited. If any portion Should Tenant comply with all of said deposit is so used or appliedobligations and promptly pay all of the rentals as they fall due and all other sums payable by Tenant to Landlord, said Security Deposit shall be refunded in full to Tenant shall, within forty-five (545) days after written 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 be a default under this Lease. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 thereof shall be returned to Tenant (or, at Landlord's option, to the last transferee of Tenant's interest hereunder) at the expiration or earlier termination of the Lease Term and upon Tenant's vacation of the PremisesTerm. In the event of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit 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 filing of such proceedings. Landlord may deliver the funds deposited hereunder by Tenant to the purchaser or assignee of Landlord's interest in the Premises in the event that such interest is transferred and thereupon Landlord shall be discharged from any further liability with respect to such Security Deposit, and this provision shall also apply to any subsequent transfer of Landlord's interest in the Premises.

Appears in 1 contract

Samples: Lease Agreement (Play Co Toys & Entertainment Corp)

Security Deposit. (a) Tenant has deposited shall deposit with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) as security $ 500 to be paid upon lease execution for the full and faithful performance of every provision Tenant's promises and duties contained herein (the "Security Deposit"). If Tenant provides no Guarantor, then the Security Deposit shall be set at $1,000. Landlord shall not be required to pay any interest to Tenant upon the Security Deposit. Landlord shall deposit the Security Deposit with M&T bank. Landlord may deduct from the Security Deposit amounts sufficient to pay (1) any damages sustained by Landlord as a result of Tenant's nonpayment of rent or non fulfillment of the term of this Lease Agreement; (2) any damages to the Premises for which Tenant is responsible; (3) any unpaid bills which become a lien against the Premises due to Tenant's occupancy; (4) any costs of re-renting the Premises after a breach of this Agreement by Tenant; (5) any court costs incurred by Landlord in connection with terminating the tenancy; and (6) any other damages of Landlord which may then be performed a permitted use of the Security Deposit under the laws of this State. If Landlord uses or applies any of the Security Deposit during the Term, Tenant shall immediately replenish it to its originally required amount. After having deducted the above amount, Landlord shall, if Tenant's address is known to him, refund to Tenant, within thirty (30) days after the termination of the tenancy and delivery of possession, the balance of the Security Deposit along with an itemized statement of any deductions. Landlord shall have no obligation to track Tenant’s post occupancy address and it shall be the responsibility of the Tenant to provide a valid new address for the Tenant. No security deposit can be returned to Tenant without a valid forwarding address provided by Tenant. If Tenant defaults with respect fails to any provision provide a valid forwarding address within six (6) months of this Lease, including, but not limited tothe Tenant vacating the apartment, the provisions relating to the payment of rent, Landlord 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 that Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore will surrender the security deposit to its original amount and Tenant's failure the NYS Comptroller pursuant to do so the New York State Abandoned Property Law and, upon surrender, Landlord shall not thereafter be liable to Tenant for a refund of the Security Deposit or any part thereof. The Security Deposit shall be payable to Landlord via Check or Money Order and shall be remitted to the address provided above or such other address as Landlord may provide in writing to Tenant. There will be a default under this Lease$25.00 service charge on all returned checks. Landlord shall not, unless otherwise required by law, also accept Security Deposit payments via ACH. There will be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 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 of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord $30 charge for all periods prior to filing of such proceedingsACH transactions.

Appears in 1 contract

Samples: Lease Agreement

Security Deposit. (a) Tenant has deposited with Landlord the Security Deposit designated in Paragraph 1. Said sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) shall be held by Landlord as security for the full and faithful performance by Tenant of every provision all of the terms, covenants, and conditions of this Lease to be kept and performed by TenantTenant during the term hereof. If Tenant defaults with respect to any provision provisions of this Lease, including, including but not limited to, to the provisions relating to the payment of rent, Landlord landlord 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 rent or any other sum in default default, or for the payment of any other amount that which Landlord may spend or become obligated to spend by reason of Tenant's default, default or to compensate Landlord for any other loss, cost loss or damage that which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five ten (510) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount and Tenant's failure to do so shall be a default under material breach to this Lease. Landlord shall not, unless otherwise required by law, not be required to keep this security deposit Security Deposit separate from Landlord's its general funds, nor pay and Tenant shall not be entitled to interest to Tenant. If Landlord is required by law to maintain said deposit in an interest bearing account, Landlord will retain the maximum amount permitted under applicable law as a bookkeeping and administrative chargeon such Security Deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit Security Deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to the last transferee assignee of Tenant's interest interests hereunder) at the expiration of the Lease Term term. Should Landlord sell its interest in the Premises during the term hereof and upon Tenant's vacation of if Landlord deposits with the Premises. In purchaser thereof the event of bankruptcy or other debtor-creditor proceedings against Tenantthen unappropriated funds deposited by Tenant as aforesaid, such security deposit thereupon Landlord shall be deemed discharged from any further liability with respect to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingsSecurity Deposit.

Appears in 1 contract

Samples: Office Lease (Norpac Technologies, Inc.)

Security Deposit. Maximum Two (a2) Tenant has deposited with Landlord months’ rent is the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) as security most a landlord may charge for the full total of a security deposit (§ 562A.12(1)) Security Deposit Return Once the term of the lease agreement has ended, the landlord will have thirty (30) days to return the tenant’s security deposit funds, so long as the tenant provides a new mailing address (§ 562A.12(3)(a)). Landlord’s Entry If a landlord needs to access a tenant’s property for repairs, services, showings, etc., the state mandates that the landlord gives the tenant a minimum of twenty-four (24) hours notice of entry, unless it is an emergency (§ 562A.19(3)). All entries must be within “reasonable” hours of the day. The Iowa residential lease agreement (“rental agreement”) outlines the conditions of the residential use of real estate in exchange for rent payments. The landlord will usually have a tenant fill out an application before signing a lease to make sure they are qualified to pay the rent amount each month. Iowa Lease Agreement Disclosures The below disclosures are required for some or all residential lease agreements in Iowa. Landlord’s Name & Address Applicable to all rental units in Iowa. Creates a line of communication for important notices and faithful performance demands between tenant and landlord. Landlords or any authorized individual to act on behalf of every provision the property should provide contact information (including their address) within or alongside the lease. This information should be provided at or before the commencement of this Lease the tenancy. Additionally, the tenant should be notified immediately if there are any changes in contact information. Shared Utility Meter Disclosure Applicable to be performed by Tenantunits that share utility meters in Iowa. If Tenant defaults the utilities supplied to the dwelling unit are shared with respect to any provision of this Lease, including, but not limited toanother unit or common area and the utilities are paid by the landlord on the tenants’ behalf, the provisions relating landlord must explain the breakdown of how utilities are charged and any service fees that will be charged to the payment tenant. If the tenant pays the utility company directly, this section does not apply. The following notice is an example of rentsufficient disclosure: UTILITIES: This rental unit shares the following utilities with another unit or common area: [ ] Electricity [ ] Water [ ] Gas [ ] Sewage [ ] Other: This lease uses the following method for calculating utility charges between Tenant(s): [ ] Home Square Footage [ ] Number of Tenants [ ] Even Split Between Tenants [ ] Other: Tenant agrees to pay the monthly utility charge to Landlord, Landlord may use, apply or retain all or any plus a $ service charge as part of this security deposit for each month’s rental payment. Download: Iowa Shared Utility Disclosure Form (PDF) CERCLA (Superfund) Disclosure Applicable to rental properties that are listed in the payment CERCLA system in Iowa. The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), also known as “Superfund” aims to reduce pollutants and contaminants in the environment. Some properties in Iowa are located and listed in the CERCLA directory and must be disclosed in the rental agreement. The below notice is an example of any rent or any other sum in default or for the payment of any other amount that Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five sufficient disclosure: CERCLA (5) days after written 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 be a default under this Lease. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 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 of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedings.SUPERFUND)

Appears in 1 contract

Samples: static1.squarespace.com

Security Deposit. (a) Tenant has deposited shall deposit with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) 9032.67, which sum shall be held by Landlord as a security for deposit throughout the full term of this Lease. If Tenant performs and faithful performance observes all of every provision the terms of this Lease to be performed and observed by Tenant, Landlord shall return the security deposit, or balance thereof then held by Landlord if Landlord has applied any of such deposit as permitted under this Lease, without interest, to Tenant within thirty (30) days after the date. on which this Lease expires or terminates or after Tenant surrenders possession of the Premises, whichever is later. If Tenant defaults with respect to in the payment of Base Rent or other charges or in the performance or observance of any provision of the other terms of this Lease, includingthen Landlord may, but not limited to, the provisions relating to the payment of rent, Landlord may useat its option and without notice, apply or retain all or any part of this the security deposit for the in payment of any rent such Base Rent -or other charges or to cure any other sum in default or for the payment of any other amount that Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion Landlord does so, upon request of said deposit is so used or appliedLandlord, Tenant shall, within five (5) days after written demand therefor, shall deposit cash with Landlord in an the amount sufficient so applied so that Landlord shall have on hand at all times throughout the term of this Lease the full amount of the security deposit. Landlord shall not be required to restore hold the security deposit as a separate account, but may commingle such security deposit with Landlord's other funds. In the event of a sale or ground lease of the Development, Landlord shall have the right to transfer the security deposit to its original amount purchaser or tenant and Tenant's failure to do so shall be a default under this Lease. Landlord shall not, unless otherwise required thereupon be released by law, be required to keep this security deposit separate Tenant from Landlord's general funds, nor pay interest to Tenantall responsibility for the return of such deposit. If Landlord is required by law 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 look solely to such purchaser or tenant for the return 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 transferee of Tenant's interest hereunder) at the expiration of the Lease Term and upon Tenant's vacation of the Premisessuch deposit. In the event of bankruptcy or other debtor-creditor proceedings against Tenantan assignment of this Lease by Landlord, such the security deposit shall be deemed to be applied first to held by the payment of rent assignee and other charges due Landlord shall have no further responsibility for all periods prior to filing the return of such proceedingsdeposit.

Appears in 1 contract

Samples: Ydi Wireless Inc

Security Deposit. Paragraph 20 (aSecurity Deposit) shall be deleted in its entirety and the following paragraph shall be inserted in its place: Tenant has deposited shall deposit with Landlord upon execution of this First Amendment to Lease the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 THOUSAND AND NO/100THS Dollars ($10,171.95100,000.00) as security the Security Deposit for the full and faithful performance of every provision of this Lease to be performed by Tenant. These funds shall be placed in an interest bearing account at a Federally Chartered Financial Institution, the location of which shall be at the discretion of Landlord, where the interest thereon shall accumulate within said account and shall accrue to Tenant, except as provided for in the following sentence. If Tenant defaults with respect to any provision of this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may 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 default, the repair of such damage to the Premises or for the payment of any other amount that which Landlord may spend or become obligated to spend by reason of Tenant's default, default or to compensate Landlord for any other loss, cost loss or damage that which Landlord may suffer by reason of Tenant's defaultdefault to the full extent permitted by law. If any portion of said deposit the Security Deposit is so used or applied, Tenant shall, within five ten (510) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount and Tenant's failure to do so shall be a default under this Leaseamount. Landlord shall not, unless otherwise required by law, not be required to keep this security deposit the Security Deposit separate from Landlord's its general funds, nor pay however, Tenant shall be entitled to interest to Tenant. If Landlord is required by law to maintain said deposit in an interest bearing account, Landlord will retain on the maximum amount permitted under applicable law as a bookkeeping and administrative chargeSecurity Deposit. If Tenant shall fully and faithfully perform every provision of this Lease is not otherwise in default pursuant to be performed by itParagraph 12 herein, the security deposit Security Deposit or any balance thereof thereof, including interest, shall be returned to Tenant within thirty (or, at Landlord's option, to the last transferee 30) days of Tenant's interest hereunder) at the expiration termination of the Lease Term and upon Tenant's vacation of the Premises. In the event of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingsLease.

Appears in 1 contract

Samples: Lease (Centigram Communications Corp)

Security Deposit. (a) Tenant has concurrently with the execution of this Lease, deposited with the Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) set forth for the Security Deposit in the Fundamental Lease Provisions as security for the full and faithful performance of each and every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provision of this Lease, including, but not limited to, the provisions relating Lease by it to the payment of rentbe performed, Landlord may, in addition to any other remedy it may have, 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 default, or for the payment of any other amount that which Landlord may spend or become obligated to spend by reason of Tenant's default, default or to compensate Landlord for any other loss, cost loss or damage that which Landlord may suffer by reason of Tenant's default. If any portion proportion of said deposit the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount and Tenant's failure to do so shall be a default under this Leaseamount. Landlord shall not, unless otherwise required by law, not be required to keep this security deposit the Security Deposit separate from Landlord's its general funds, nor pay funds and Tenant shall not be entitled to interest to Tenant. If Landlord is required by law to maintain said deposit in an interest bearing account, Landlord will retain the maximum amount permitted under applicable law as a bookkeeping and administrative chargeon such deposit. If Tenant shall fully and faithfully perform every each provision of this Lease to be performed by it, the security deposit Security Deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to the last transferee of Tenant's interest hereunder) at only upon the expiration of the full stated term of this Lease Term and upon Tenant's vacation after payment by Tenant of all sums due or to become due Landlord under any provisions of this Lease, it being the intention of the Premisesparties that such sum of money shall secure Landlord not only as to default by Tenant prior to termination but as to any deficiency in the sums to be paid by Tenant to Landlord for the full stated term hereof. In the event even of bankruptcy a sale, lease or other debtor-creditor proceedings against Tenanttransfer of the Shopping Center, Landlord shall have the right to transfer the Security Deposit to the vendee, lessee or transferee, and Landlord shall thereupon be released form all liability for the return of such security deposit Security Deposit; and this provision shall apply to every transfer or assignment made of the Security Deposit to a new landlord. The Security Deposit shall not be assigned or encumbered by Tenant without the written consent of Landlord, and any such assignment or encumbrance shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingsvoid.

Appears in 1 contract

Samples: Lease Agreement (Talk America)

Security Deposit. (a) Within 7 days of signing this Lease and in any event before Tenant has deposited takes possession of the Leased Premises, Tenant will deposit with Landlord a security deposit in an amount equal to $175 (the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95"Security Deposit") as security for the full and faithful to secure Tenant's performance of every the terms, conditions, covenants and provisions of this Lease. Tenant shall also pay, at the time of application for residency, a non-refundable administrative fee of $95, which shall NOT become a part of the Security Deposit. Failure to pay the administrative fee and/or Security Deposit will not be construed as a release of Tenant's responsibilities and obligations or from the legal and binding nature of this contract. Tenant may not deduct any portion of the Security Deposit from Rent or other charges due to Landlord. Landlord shall have the right, but not the obligation, to apply the Security Deposit in whole or in part to the payment of any unpaid Rent or other sums due from Tenant under the terms of this Lease or for damages suffered by Landlord due to non-performance or breach of any term, condition, covenant or provision of this Lease to be performed by Tenant or Tenant's guests or invitees, and Tenant shall replace such amounts used within 10 days notice from the Landlord. If Tenant defaults with respect to any provision Upon expiration or earlier termination of this Lease, includingand upon surrender of the Leased Premises to Landlord pursuant to the conditions set forth in this Lease, but not limited toLandlord shall give Tenant reasonable notice of the time and date Landlord intends to inspect the Leased Premises. Within 30 days of such expiration or termination, the provisions relating to the payment of rent, Landlord may use, apply or retain all Security Deposit or any part of this security deposit for the payment of portion remaining (without any rent or any other sum in default or for the payment of any other amount that Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5interest) days after written 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 be a default under this Lease. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 thereof shall be returned to Tenant (oralong with an itemized list of damages for which all or a portion of the Security Deposit was applied. Tenant is responsible for furnishing Landlord, at Landlord's option, to the last transferee upon termination of Tenant's interest hereunder) at the expiration occupancy of the Leased Premises, with a forwarding address for all communications regarding the Security Deposit. Landlord's right to repossess the Leased Premises for nonpayment of Rent or for any other breach of this Lease Term by Tenant shall not be affected by the fact that Landlord holds a Security Deposit and upon payment of the Security Deposit shall in no way be interpreted to limit Tenant's vacation liability hereunder. Tenant acknowledges and agrees that the Security Deposit and any charges applied against same are joint and several obligations with the other tenants and guarantors in the Dwelling and that Landlord may refund any remaining Security Deposit by a check made payable to Tenant and such other tenants or guarantors in the Dwelling. Each Tenant shall be jointly and severally liable for animal violation charges, missing smoke detector batteries, and damages to the common areas in the Dwelling if we cannot in our sole and exclusive judgment, ascertain the identity of who was at fault. Tenant understands that the Security Deposit is separate from, and in addition to, any applicable pet fee or other fees. Damages, charges and fees due as a result of redecoration, a pet, or otherwise may be deducted from the Security Deposit. Smoking of any kind within the Dwelling will result in an automatic forfeit of the PremisesSecurity Deposit as well as additional charges to cover cost of smoke odor removal and other damages. In Should Tenant execute a renewal lease or transfer to another Dwelling in the event Neighborhood, the Security Deposit will be held until the termination of bankruptcy the final lease term. A walk-through will be performed by a representative of Agent between lease periods or other debtor-creditor proceedings against after Tenant has transferred to the new Dwelling. Tenant will be responsible for the immediate payment of any damages at this time. Security Deposit refund checks that have not been deposited by Tenant after 180 days, due to incorrect mailing address, negligence on behalf of the Tenant, such security deposit shall or any other reason, will be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingsvoided after 180 days.

Appears in 1 contract

Samples: Aspen Heights Columbia Missouri Lease Agreement

Security Deposit. Xxxxxx agrees to provide Landlord a Security Deposit of Dollars (a) Tenant has deposited with $ ), which shall be payable to Landlord upon the sum signing of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) this Lease. Landlord shall hold this deposit as security for the full and faithful Xxxxxx’s performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provision of ’s obligations under this Lease, including, but . Tenant may not limited to, apply any portion of the provisions relating Security Deposit toward the last month’s rent or toward any other sums due under this Lease. Landlord may apply such portion(s) of the Security Deposit reasonably necessary to remedy any default(s) by Tenant in the payment of rent, Landlord may use, apply or retain all or any part of this security deposit for the payment of any rent late fees or any other sum in default or for the payment of any other amount that Landlord may spend or become obligated to spend by reason of Tenant's defaultsum, or to compensate Landlord for repair any other loss, cost or damage that to the Premises caused by Tenant and Tenant will replenish the portion(s) of the Security Deposit applied towards Xxxxxx’s default(s) upon written notice from Landlord. Landlord may suffer comingle the Security Deposit in an account with the security deposits of other tenants for other properties, which may include an interest-bearing account controlled by reason Landlord. Any interest earned on such an account shall be the property of Landlord, and Tenant shall not be entitled to any portion of any earned interest. Landlord shall have up to sixty (60) days after the termination of this Lease, or surrender and acceptance of the Premises (including returning all keys), whichever occurs last, to mail the Security Deposit, without interest, to Tenant at the last known address of Tenant's default, less any amount owed by Tenant under this Lease, any unpaid utility charges or any amounts required to clean or repair the Premises and to place the Premises in the condition required below, normal wear and tear excepted. If any portion of said deposit the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord 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. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law to maintain said deposit in an interest bearing accountretained, Landlord will retain provide Tenant a written statement of the maximum reasons for the retention of any portion of the Security Deposit retained, together with any portion of the Security Deposit returned. In the event the amount permitted under applicable law as a bookkeeping due Landlord exceeds the amount of Security Deposit, Tenant shall be liable to Landlord for payment of such amount, which shall become immediately due and administrative chargeowing. If any portion of the Security Deposit is returned, all persons authorized as Tenant under this Lease shall fully and faithfully perform every provision be named on one check, which shall be mailed to one forwarding address, which must be provided by Tenant to Landlord in writing, receipt to be acknowledged by Landlord prior to the expiration of this Lease to be performed by itLease, or in the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's optionabsence thereof, to the last transferee known address of Tenant's interest hereunder) any Tenant signing this Lease. If multiple forwarding addresses are provided by Tenants, Landlord shall select one at the expiration of the Lease Term and upon Tenant's vacation of the Premises. In the event of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingsLandlord’s discretion.

Appears in 1 contract

Samples: Rental Agreement

Security Deposit. (a) Tenant has deposited with ­‐ Landlord hereby acknowledges receipt of the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 $XX ($10,171.95an amount not to exceed the first full month’s rent) which is to be retained as a security deposit for the full performance by Tenant of all covenants, conditions and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provision terms of this Lease, includingto be held and deposited in accordance with the applicable provisions of the Housing Regulations of the District of Columbia. Landlord shall not be obligated to apply the same on rent or other charges and arrears or on damages for Tenant's failure to perform said covenants, but conditions and terms, although Landlord may so apply the security at Landlord's option. Tenant's loss or Tenant's right to possession of the premises for nonpayment of rent or for any other reason shall not limited toin any event be affected by reason of the fact that Landlord or Agent holds the security deposit. In the event Landlord repossesses said premises because of the Tenant's default or because of Tenant's failure to carry out the covenants, the provisions relating to the payment conditions and terms of rentthis Lease, Landlord may use, apply or retain such security on account of 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 that Landlord may spend or become obligated to spend damages suffered by reason of Tenant's defaultdefault or breach. Pursuant to the D.C. Housing Code, after a tenancy is terminated, Landlord has forty-­‐five (45) days to return the deposit, or notify the Tenant in writing of his or her intention to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason withhold and apply the monies toward expenses incurred under the terms and conditions of Tenant's defaultthis lease. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient elects to restore apply the security deposit to its original amount monies owed by the Tenant to the Landlord, either for rent, additional rent, or damages, then Landlord shall notify Tenant that he/she intends to withhold the deposit and Tenant's failure Landlord has thirty (30) days, from the date the Tenant was first notified, to do so refund the balance of the deposit that was not used to pay costs of expenses incurred, and at the same time must provide Tenant with an itemized statement, including costs, of the repairs for which the money was spent. All utility services in the premises shall be a default under this Lease. Landlord shall notordered disconnected and all final bills paid by Tenant, unless otherwise required by lawwith proof of receipts, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law 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 before any part of this Lease to be performed by it, the security deposit or any balance thereof will be returned. Interest shall be returned to paid or credited Tenant (or, at Landlord's option, to in accordance with the last transferee provisions of Tenant's interest hereunder) at the expiration of the Lease Term and upon Tenant's vacation of the Premisessaid Housing Regulations. NO PORTION OF SAID DEPOSIT SHALL BE USED BY TENANT FOR ANY PAYMENT OF ANY RENT DUE. In the event of bankruptcy a sale of the property upon which the premises are situated or other debtor-creditor proceedings against Tenantthe transfer or assignment by the Landlord/Agent of this Lease, the Landlord/Agent has the obligation to transfer the security deposit to the transferee. After the transfer is made and after written notice of same is given to the Tenant with the name and address of the transferee, Landlord/Agent is released from all liability for the return of the security deposit and the Tenant must look solely to the new Landlord/Agent for the return of his security deposit. It is agreed that the foregoing will apply to every transfer or assignment made of the security deposit to a new Landlord/Agent. In the event of any rightful or permitted assignment of this Lease by the Tenant to any assignee or sublessee, the security deposit is deemed to be held by the Landlord/Agent as a deposit made by the assignee or sublessee and the Landlord/Agent will have no further liability with respect to return of such security deposit shall be deemed to be applied first to the payment assignor. The Landlord, or Landlord's estate, but not the managing agent or court appointed receiver, shall remain liable to the Tenant for the maintenance of rent and other charges due Landlord for all periods prior to filing of such proceedingsthe security deposit as required by law.

Appears in 1 contract

Samples: Lease Agreement

Security Deposit. (a) Tenant has deposited with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) 120,561.00, as security (the "Security Deposit") for the full and faithful and performance and observance by Tenant of every provision of Tenant's covenants and obligations under this Lease to be performed by TenantLease. If Tenant defaults with respect to beyond notice and applicable grace period in the performance of any provision of Tenant's covenants and obligations under this Lease, including, Landlord may (but shall not limited be required to, ) apply all or part of the provisions relating Security Deposit to the payment of rent, Landlord may use, apply or retain all or any part of this security deposit for the payment of any rent or any other sum Rents in default or for to the payment of any other amount that sum incurred by Landlord may spend or become obligated to spend by reason of Tenant's defaultdefault under this Lease, or and otherwise to compensate Landlord for any other loss, cost loss or damage that which Landlord may suffer by reason of Tenant's default. If all or any portion part of said deposit the Security Deposit is so used or appliedapplied pursuant hereto, Tenant shall, within five ten (510) days after of written demand therefordemand, immediately deposit cash with Landlord in an the sum necessary to replace the 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. Landlord shall not, unless otherwise required by law, be required to keep this security deposit separate from Landlord's general funds, nor pay interest to Tenant. If Landlord is required by law to maintain said deposit in an interest bearing account, Landlord will retain the maximum amount permitted under applicable law as a bookkeeping and administrative chargeused. If Tenant shall fully comply with all of Tenant's covenants and faithfully perform every provision of obligations under this Lease to be performed by itLease, the security deposit Security Deposit, or any balance thereof thereof, shall be returned or paid over to Tenant within thirty (or, at Landlord's option, to the last transferee of Tenant's interest hereunder30) at the days after expiration of the Lease Term and upon Tenant's vacation delivery to Landlord of possession of the Demised Premises. In If another person shall succeed to Landlord's interest hereunder, Landlord shall either return the event Security Deposit, or the remaining balance thereof, to Tenant or deliver the same to Landlord's successor in interest and any such delivery shall release Landlord from all liability to Tenant for the return or payment of bankruptcy the Security Deposit. Tenant thereafter shall look solely to Landlord's successor for the return or payment of the Security Deposit. Tenant shall not assign or encumber or attempt to assign or encumber the Security Deposit or any interest therein and Landlord shall not be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance. Landlord shall be required to keep the Security Deposit in a segregated account, separate from its general funds and shall not have any fiduciary or other debtor-creditor proceedings against Tenant, such security deposit duties concerning the Security Deposit except as set forth in this Article 6. Tenant shall not be deemed entitled to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingsinterest on its Security Deposit.

Appears in 1 contract

Samples: Agreement of Lease (Bion Environmental Technologies Inc)

Security Deposit. (a) Concurrently with execution hereof, Tenant has deposited with paid to Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) Security Deposit specified in the Basic Lease Information as security for the full and faithful performance of every provision of Tenant’s obligations under this Lease to be performed by TenantLease. If Tenant defaults with respect to any provision of a default occurs under this Lease, including, but not limited to, or if Tenant is the provisions relating to the payment subject of rentan Insolvency Proceeding, Landlord may use, apply or retain all or use the Security Deposit to remedy any part of this security deposit for the payment of any rent or any other sum in such default or for the payment of any other amount that Landlord may spend or become obligated to spend by reason of Tenant's default, or and to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's defaultdamages incurred. If Landlord uses any portion of said deposit is so used or appliedthe Security Deposit to cure any default by Tenant hereunder, Tenant shall, within five (5) days after written demand therefor, shall deposit additional cash with Landlord in an amount sufficient equal to restore the security deposit Security Deposit to its original amount within ten (10) days of notice from Landlord; and Tenant's ’s failure to do so shall become be a default under material breach of this Lease. Landlord shall nothold the Security Deposit for the foregoing purposes; provided, unless otherwise required by lawhowever, be required that Landlord shall have no obligation to keep this security deposit separate segregate the Security Deposit from Landlord's its general funds, nor funds or to pay interest to Tenantthereon. If Landlord is required by law to maintain said deposit in an interest bearing account, Landlord will retain Within thirty (30) days after the maximum amount permitted under applicable law as a bookkeeping and administrative charge. If Tenant shall fully and faithfully perform every provision expiration of this Lease to be performed by itthe Term or earlier termination, the security deposit or any balance thereof Security Deposit shall be returned to Tenant, reduced by those amounts that may be required by Landlord to remedy defaults on the part of Tenant (or, at Landlord's optionin the payment of Rent, to repair damages to the last transferee of Tenant's interest hereunder) at the expiration of the Lease Term Premises caused by Tenant and upon Tenant's vacation of to clean the Premises. If Landlord conveys or transfers its interest in the Leased Premises, and as a part of such conveyance or transfer, assigns its interest in this Lease and Security Deposit, or any portion thereof not previously applied, the Security Deposit shall be transferred to Landlord’s successor and Landlord shall be released and discharged from any further liability to Tenant with respect to such Security Deposit. In no event shall any mortgagee or beneficiary under a mortgage or deed of trust encumbering all or any portion of the Project, or any purchaser of all or any portion of the Project at a public or private foreclosure sale under such mortgage or deed of trust, have any liability or obligation whatsoever to Tenant or Tenant’s successors or assigns for the return of all or any part of the Security Deposit in the event any such mortgagee, beneficiary or purchaser becomes a mortgagee in possession or succeeds to the interest of bankruptcy or other debtor-creditor proceedings against TenantLandlord under this Lease unless, and then only to the extent that, such security deposit shall be deemed to be applied first to mortgagee, beneficiary or purchaser has received all or any part of the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingsSecurity Deposit.

Appears in 1 contract

Samples: Lease Agreement (Omnivision Technologies Inc)

Security Deposit. Landlord and Tenant acknowledge and agree that Landlord is, as of the date hereof, holding an amount equal to Thirty-One Thousand Dollars (a$31,000.00) as the security deposit (“Existing Deposit”) under that certain office lease dated January 22, 1997 by and between Landlord (as successor-in-interest in the lease to the prior landlord) and Tenant has deposited (as amended, the “Existing Lease”). On the date of the full execution and delivery of this Lease by Landlord and Tenant, such Existing Deposit (less any amounts of the Existing Deposit applied by Landlord to remedy any default by Tenant under the Existing Lease) shall be transferred by Landlord so that the Existing Deposit (or portion thereof) shall constitute a portion of the Security Deposit required hereunder. Concurrently with Tenant's execution and delivery of this Lease to Landlord, Tenant shall deposit with Landlord the sum difference (i.e., $4,273.92 as of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95the date hereof) between the Security Deposit required hereunder and the actual amount of the Existing Deposit under the Existing Lease so transferred by Landlord. The Security Deposit shall be held by Landlord as security for the full and faithful performance by Tenant of every provision all of the terms, covenants and conditions of this Lease to be performed by TenantTenant during the Term. If Tenant defaults with respect to any provision of its obligations under this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord 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 any other sum in default default, or for the payment of any other amount that amount, loss or damage which Landlord may spend spend, incur or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's ’s default. If any portion of said deposit the Security Deposit is so used or applied, Tenant shall, within five ten (510) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount and Tenant's failure to do so shall be a default under this Leaseamount. Landlord shall not, unless otherwise required by law, not be required to keep this security deposit the Security Deposit separate from Landlord's its general funds, nor pay and Tenant shall not be entitled to interest to Tenanton the Security Deposit. If Landlord is required by law to maintain said deposit sells its interest in an interest bearing accountthe Building during the Term and if Landlord deposits with the purchaser the Security Deposit (or balance thereof), and such purchaser acknowledges receipt thereof, then, upon such sale, Landlord will retain shall be discharged from any further liability with respect to the maximum amount permitted under applicable law Security Deposit. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code, and all other provisions of law, now or hereafter in force, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the act or omission of Tenant or any Tenant Parties (as a bookkeeping defined in Section 6.4 below). Within sixty (60) days after the expiration of the Term, and administrative charge. If provided Tenant shall fully and faithfully perform performs every provision of this Lease to be performed by itLease, the security deposit Security Deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to the last transferee of Tenant's interest hereunder) at ’s “Transferee”, as such term is defined in Section 14 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said Security Deposit (i) an amount reasonably estimated by Landlord to cover potential Operating Expense reconciliation payments due with respect to the calendar year in which this Lease Term terminates or expires (and upon Tenant's vacation any amounts so retained and not applied to such reconciliation shall be returned to Tenant within sixty (60) days after Landlord’s delivery of the Premises. In Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the event of bankruptcy or anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other debtor-creditor proceedings against Tenant, items required to be removed by Tenant under this Lease and to repair any damage caused by such security deposit removal (in which case any excess amount so retained by Landlord shall be deemed returned to be applied first to the payment of rent Tenant within sixty (60) days after such removal and other charges due Landlord for repair), and (iii) any and all periods prior to filing of such proceedingsamounts permitted by law or this Section 5.

Appears in 1 contract

Samples: Work Letter Agreement (Hi/Fn Inc)

Security Deposit. (a) On or before the date of this Lease, Tenant has deposited shall deposit with Landlord the sum Security Deposit, stated in Section “E” of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) the Basic Lease Information, as security for the full and faithful performance by Tenant under this Lease. The Security Deposit shall be returned (without interest) to Tenant (or, at Landlord’s option, to the last assignee of every provision Tenant’s interest under this Lease) after the expiration of the Term, or sooner termination of this Lease and delivery of possession of the Premises to Landlord in accordance with Section 26 if, at such time, Tenant is not in default under this Lease. If Landlord’s interest in this Lease is conveyed, transferred or assigned, Landlord shall transfer or credit the Security Deposit to Landlord’s successor in interest, and Landlord shall be released from any liability for the return of the Security Deposit. Landlord may intermingle the Security Deposit with Landlord’s own funds, and shall not be deemed to be performed by Tenanta trustee of the Security Deposit. If Tenant defaults with respect fails to timely pay or perform any provision of obligation under this Lease, includingLandlord may, but not limited prior to, the provisions relating concurrently with or subsequent to the payment of rentexercising any other right or remedy, Landlord may 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 that Landlord may spend or become obligated to spend by reason of Tenant's defaultmonetary obligation due under this Lease, or to compensate Landlord for any other lossexpense, cost loss or damage that which Landlord may suffer incur by reason of Tenant's default’s failure, including any damage or deficiency in the reletting of the Premises. If all or any portion of said deposit the Security Deposit is so used used, applied or appliedretained, Tenant shall, within five (5) days after written demand therefor, shall immediately deposit cash with Landlord cash in an amount sufficient to restore the security deposit Security Deposit to its the original amount amount. Landlord may withhold the Security Deposit after the expiration of the Term or sooner termination of this Lease until Tenant has paid in full Tenant’s Operating Expenses for the Fiscal Year in which such expiration or sooner termination occurs and Tenant's failure to do so shall be a default all other amounts payable under this Lease. Landlord The Security Deposit is not a limitation on Landlord’s damages or other rights under this Lease, a payment of liquidated damages or prepaid Rent, and shall notnot be applied by Tenant to the Rent for the last (or any) month of the Term, unless otherwise required by law, be required or to keep any other amount due under this security deposit separate from Landlord's general funds, nor pay interest to TenantLease. If this Lease is terminated due to any default of Tenant, any portion of the Security Deposit remaining at the time of such termination shall immediately inure to the benefit of Landlord as partial compensation for the costs and expenses incurred by Landlord in connection with this Lease, and shall be in addition to any other damages to which Landlord is required by law 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 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 of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingsotherwise entitled.

Appears in 1 contract

Samples: Lease Agreement (Skullcandy, Inc.)

Security Deposit. The Security Deposit shall be delivered to Landlord on or before the Commencement Date of the Lease by Tenant and shall be held by Landlord (a) Tenant has deposited with Landlord without liability for interest, except to the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95extent required by Law) as security for the full and faithful performance of every provision Tenant’s obligations under this Lease. The Security Deposit is not an advance payment of Rent or a measure of Tenant’s liability for damages. Landlord may, from time to time while an event of default remains uncured, without prejudice to any other remedy, use all or a portion of the Security Deposit to satisfy past due Rent, cure any uncured default by Tenant, or repay Landlord for damages and charges for which Tenant is legally liable under this Lease to be performed by or resulting from Tenant. If Tenant defaults with respect to any provision ’s breach of this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord 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 that Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or appliedLandlord uses the Security Deposit, Tenant shall, within five (5) days after written shall on demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount and Tenant's failure such use by Landlord of the Security Deposit shall not constitute a cure of the existing event of default until such time as the entire amount owing to do so Landlord is paid in full and the Security Deposit is fully restored. Provided that Tenant has performed all of its obligations hereunder, Landlord shall be a default under return any unapplied portion of the Security Deposit to Tenant within 30 days after the later to occur of: (A) the date Tenant surrenders possession of the Premises to Landlord in accordance with this Lease; or (B) the Expiration Date. Tenant does hereby authorize Landlord to withhold from the Security Deposit all amounts allowed by Law and the amount reasonably anticipated by Landlord to be owed by Tenant as a result of an underpayment of Tenant’s Pro Rata Share of any Excess Operating Expenses for the final year of the Term. To the fullest extent permitted by applicable Law, Tenant agrees that the provisions of this Article 6 shall supersede and replace all statutory rights of Tenant under applicable Law regarding the retention, application or return of security deposits. If Landlord transfers its interest in the Premises, Landlord shall assign the Security Deposit to the transferee and, following the assignment and the delivery to Tenant of an acknowledgement of the transferee’s responsibility for the Security Deposit if required by Law, Landlord shall have no further liability for the return of the Security Deposit. Landlord shall not, unless otherwise required by law, not be required to keep this security deposit the Security Deposit separate from Landlord's general funds, nor pay interest to Tenantits other accounts. If Landlord is required by law to maintain said deposit in an interest bearing accountNotwithstanding the foregoing and provided no event of default has occurred, 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 thereof shall be returned to Tenant (or, at Landlord's option, to the last transferee of Tenant's interest hereunder) at the expiration credit one-third of the Lease Term and upon Tenant's vacation Security Deposit against the Base Rent due for the thirty-seventh (37) month of the Premises. In Term, and one-third of the event Security Deposit (being one-half of bankruptcy or other debtorthe remaining balance thereof) against the Base Rent due for the forty-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to ninth (49) month of the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingsTerm.

Appears in 1 contract

Samples: Office Lease (Power Efficiency Corp)

Security Deposit. (a) Tenant has deposited with Landlord the sum of TEN THOUSAND ONE HUNDRED SEVENTY ONE DOLLARS & 95/100 ($10,171.95) as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provision Upon execution of this Lease, includingTenant shall deposit the sum of $ to be held by Landlord as a security deposit for reasonable cleaning of, but not limited and repair of damages to, the provisions relating premises upon the expiration or termination of this Lease, or other reasonable damages resulting from a default by Tenant. Tenant shall be liable to Landlord for all damages to the payment of rent, Landlord may use, apply or retain all or any part leased premises upon the termination of this Lease, ordinary wear and tear excepted. Tenant is not entitled to interest on the security deposit for the payment of any rent or any other sum in default or for the payment of any other amount that Landlord deposit. Tenant may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss, cost or damage that Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore not apply the security deposit to its original amount and Tenant's failure to do so shall be a default any rent due under this Lease. If Landlord sells or assigns the leased premises, Landlord shall not, unless otherwise required by law, be required have the right to keep this transfer Xxxxxx’s security deposit separate to the new owner or assignee to hold under this Lease, and upon so doing Landlord shall be released from Landlord's general fundsall liability to Tenant for return of said security deposit. In compliance with North Carolina Code 42 – 50 et seq.: Security deposits shall be deposited in a trust account with a licensed and insured bank or savings institution located in the State of North Carolina. The security deposit is being held at Nantahala Bank and Trust in Franklin, nor pay interest NC. Security deposits for residential dwelling units shall be used only for the tenant’s possible nonpayment of rent, damage to Tenantthe premises, non-fulfillment of rental period, any unpaid bills which become a lien against the demised property due to the tenant’s occupancy, costs of re-renting the remises after breach by the tenant, costs of removal and storage of tenant’s property after a summary ejectment proceeding or court costs in connection with terminating a Lease. Upon termination of the Lease, money held by the landlord as security may be applied as permitted above, or, if not so applied, shall be refunded to the tenant. In either case the landlord in writing shall itemize any damage and mail or deliver same to the tenant, together with the balance of the security deposit, no later than 30 days after termination of the Lease and delivery of possession by the tenant. If Landlord the tenant’s address is required unknown the landlord shall apply the deposit as permitted herein after a period of 30 days and the landlord shall hold the balance of the deposit for collection by law to maintain said deposit in an interest bearing account, Landlord will retain the maximum amount permitted under applicable law tenant for at least six months. The landlord may not withhold as a bookkeeping and administrative charge. If Tenant shall fully and faithfully perform every provision damages part of this Lease to be performed by it, the security deposit or any balance thereof shall be returned for conditions that are due to Tenant (or, at Landlord's option, to normal wear and tear nor may the last transferee of Tenant's interest hereunder) at landlord retain an amount from the expiration of the Lease Term and upon Tenant's vacation of the Premises. In the event of bankruptcy or other debtor-creditor proceedings against Tenant, such security deposit shall be deemed to be applied first to the payment of rent and other charges due Landlord for all periods prior to filing of such proceedingswhich exceeds his actual damages.

Appears in 1 contract

Samples: Residential Lease Agreement

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