Common use of Security Deposit Clause in Contracts

Security Deposit. Concurrently with Subtenant’s execution of this Sublease, Subtenant shall deposit with Sublandlord the sum of $20,512.89 (the “Security Deposit”). The Security Deposit shall be held by Sublandlord as security for the faithful performance by Subtenant of all the provisions of this Sublease to be performed or observed by Subtenant. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periods, Sublandlord may use, apply or retain all or any portion of the Security Deposit for the payment of any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount thereof and Subtenant’s failure to do so shall be a material breach of this Sublease. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit.

Appears in 2 contracts

Samples: Sublease Agreement, Lease Agreement (Transcend Services Inc)

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Security Deposit. Concurrently with Subtenant’s the execution of this Sublease, Subtenant shall deposit with Sublandlord the sum of Forty-four Thousand Six Hundred Sixty-two Dollars and Thirty-two Cents ($20,512.89 (the “Security Deposit”). The Security Deposit shall be held by Sublandlord 44,662.32) as security for the full and faithful performance by Subtenant of all the provisions every provision of this Sublease to be performed or observed by Subtenant. If Subtenant fails to pay rent breaches any provision, covenant or other sums due hereunder, or otherwise defaults with respect to any provisions condition of this Sublease after all Sublease, beyond applicable notice and cure periods, including, but not limited to, the payment of Base Rent or Additional Rent, Sublandlord may use, apply or retain (but shall not be required to) use all or any portion part of the Security Deposit such security deposit for the payment of any rent or other sum sums in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any other loss or damage which Sublandlord may suffer therebyby reason of Subtenant’s default. If Sublandlord so uses or applies all or any portion of the Security Depositsuch security deposit is so used or applied, Subtenant shall shall, within ten five (105) business days after receipt of written notice therefor demand therefor, deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit security deposit to the full its original amount thereof and Subtenant’s failure to do so shall be a material breach of this Sublease. Sublandlord shall not be required to keep the Security Deposit security deposit separate from its general accountsfunds and Subtenant shall not be entitled to interest on such deposit. If Within thirty (30) days after the expiration of the Sublease Term, and provided there exists no default by Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, Deposit or so much any balance thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, returned to Subtenant (or, at Sublandlord’s option, to Subtenant’s assignee if such assignee is consented to by Sublandlord in its sole and absolute discretion), provided that subsequent to the last assigneeexpiration (or earlier termination) of this Sublease, if anySublandlord may retain from said Security Deposit (a) any and all amounts necessary to cure any default in the payment of Base Rent and/or Additional Rent, to repair any damage to the Sublease Premises caused by the Subtenant, and to clean the Sublease Premises upon termination of this Sublease, (b) any amounts that Sublandlord may incur or be obligated to incur in exercising Sublandlord’s rights under this Sublease and (c) any expense, loss or damage that Sublandlord reasonably estimates it may suffer because of Subtenant’s interest hereunder) following default (including, without limitation, any and all amounts of Base Rent and/or Additional Rent that would have been due under this Sublease had the expiration Sublease remained in effect for the entire term). Without limiting the generality of the Termpreceding sentence, Sublandlord and after Subtenant has vacated hereby agree that Sublandlord may, in addition, claim and retain from the Subleased Premises; in addition Security Deposit those sums necessary to compensate Sublandlord for any other deductions foreseeable or unforeseeable loss or damage caused by the act or omission of Subtenant or any of its officers, agents, employees, affiliates, independent contractors, licensees, sublessees, invitees or other representatives under this Sublease, including, without limitation, the unamortized portion of any leasing commissions and tenant improvements costs (which commissions and tenant improvement costs shall be amortized over the Sublease Term) incurred by Sublandlord in connection with this Sublease and any damages to which Sublandlord is entitled to make pursuant to under applicable law (including, without limitation, Section 1951.2 of the terms California Civil Code) as a result of Subtenant’s default under this Sublease. Should Sublandlord transfer its interest in this Sublease during the term hereof, and if Sublandlord deposits with the assignee the then unapplied funds deposited by Subtenant as aforesaid, Sublandlord shall have the right be discharged from any liability with respect to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the such Security Deposit. Such estimate shall be final Subtenant hereby waives the provisions of California Civil Code § 1950.7, and binding upon all other provisions of law now or hereafter in force, that provide that Sublandlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect , or to clean the Security DepositSublease Premises.

Appears in 2 contracts

Samples: Lease (Pulmonx Corp), Lease (Pulmonx Corp)

Security Deposit. Concurrently with Subtenant’s execution of this Sublease, Subtenant shall pay Sublandlord a security deposit with Sublandlord the sum of $20,512.89 158,077.46 (the “Security Deposit”). The Security Deposit , which shall be held by Sublandlord as security for the faithful performance by Subtenant of all of its obligations under this Sublease. Sublandlord shall not be required to segregate the provisions Security Deposit from other funds of this Sublease to be performed or observed by Subtenantthe Sublandlord. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to any provisions In the event of this Sublease after all a default (beyond applicable notice and cure periods) by Subtenant under this Sublease, Sublandlord may use, apply or retain all or any portion of the Security Deposit for the payment of any rent or other sum charge in default or for the payment of any other sum to which Sublandlord Subtenant may become obligated by reason of Subtenant’s its default, or to compensate Sublandlord for any loss or damage which Sublandlord it may suffer thereby. If Sublandlord so uses or applies all or any portion of the Security Deposit, Provided that Subtenant shall within ten (10) business days after receipt have made all payments and performed all covenants and agreements required under this Sublease and shall have actually vacated the Subleased Premises upon the Expiration Date, then, subject to the other provisions of written notice therefor deposit cash with Sublandlord in an amount sufficient to restore this Section, the Security Deposit then being held by Sublandlord hereunder shall be returned to Subtenant when a final determination is made of all obligations of Subtenant under this Sublease; provided, however, that such determination shall be made no later than sixty (60) days after the Expiration Date, and further provided that, as long as this Sublease is not terminated prior to the full amount thereof and Expiration Date due to a reason other than a default by Subtenant’s failure to do so shall be a material breach of this Sublease. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate retain (and not refund) $100,000 of any unreconciled Operating Costs said Security Deposit as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Depositan exit fee.

Appears in 2 contracts

Samples: Sublease (Jounce Therapeutics, Inc.), Sublease (Jounce Therapeutics, Inc.)

Security Deposit. Concurrently with Subtenant’s execution Prior to the commencement of this Subleaseconstruction of the ---------------- Subtenant Improvements, Subtenant shall deposit with Sublandlord irrevocable, unconditional, standby letter of credit in a form substantially similar to the sum form attached to the Sublease as Exhibit F in the amount of one million dollars ($20,512.89 1,000,000), with Sublandlord as beneficiary (the “"Construction Security Deposit"). The Security Deposit letter of credit shall be held issued by an Issuer (as defined in the Sublease). The final form of the letter of credit, the identity of the Issuer, and the form of any replacement letter of credit shall be acceptable to Sublandlord in its sole discretion. Sublandlord may draw down on the letter of credit in whole or in part and in such amounts as security for the faithful performance by Subtenant of all the provisions of this Sublease to be performed or observed by Subtenant. If it deems appropriate in its sole discretion if Subtenant fails to pay rent comply with any of its obligations under this Agreement or other sums the Sublease relating to the Subtenant Improvements (including, without limitation, full and timely payments of amounts due hereunder, or otherwise defaults with respect to any provisions under Subtenant's construction contracts) and such failure continues for a period of this Sublease after all applicable cure periods, Sublandlord may use, apply or retain all or any portion of the Security Deposit for the payment of any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall within ten (10) business days after receipt of Sublandlord delivers written notice therefor deposit cash with to Subtenant specifying such failure. Sublandlord shall return the aforesaid letter of credit upon the lien free completion of the Subtenant Improvements, payment of all amounts due to the general contractor for the Subtenant Improvements, and acceptance of same by Sublandlord, provided that if those events have not occurred prior to expiration of the letter of credit, Sublandlord shall be entitled to draw on said letter of credit in an amount sufficient to restore the Security Deposit to the full amount thereof and Subtenant’s failure to do so shall be a material breach of this Sublease. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition equal to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant amount then outstanding with respect to the Security Depositconstruction of the Subtenant Improvements or for any other amount then due or unpaid under this Sublease.

Appears in 2 contracts

Samples: Sublease Commencement Date Agreement (Ariba Inc), Lease (Interwoven Inc)

Security Deposit. Concurrently with the execution or this Sublease by Subtenant’s execution of this Sublease, Subtenant shall deposit with Sublandlord the sum of Ten Thousand Eight Hundred Twenty Six and 77 / 100 Dollars ($20,512.89 _$10,826.77) (the “Security Deposit”). The Security Deposit shall be held by Sublandlord as security for the faithful performance by Subtenant of all of the provisions of this Sublease to be performed or observed by Subtenant. If Subtenant fails to pay rent any Base Monthly Rent, Additional Rent or other sums charges due hereunder, or otherwise defaults with respect to any provisions provision of this Sublease after all applicable cure periodsSublease, Sublandlord may use, at its option apply or retain all or any portion of the Security Deposit for the payment of any rent Base Monthly Rent, Additional Rent or other sum charge in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. Subtenant waives the provisions of California Civil Code Section 1950.7, and all other provisions of law now in force or that become in force after the date of execution of this Sublease, that provide that Sublandlord may claim from a security Security Deposit only those sums reasonably necessary to remedy defaults in the payment of Rent, to repair damage caused by Subtenant, or to clean the Subleased Premises. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall then within ten (10) business days after receipt of written notice therefor demand therefor, Subtenant shall deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount thereof thereof, and Subtenant’s failure to do so shall be a material breach of this Sublease. Sublandlord’s application or retention of the Security Deposit shall not constitute a waiver of Subtenant’s default to the extent that the Security Deposit does not fully compensate Sublandlord for all losses or damages incurred by Sublandlord in connection with such default and shall not prejudice any other rights or remedies available to Sublandlord under this Sublease or by law. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interestpayment of interest or other increment for its use, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following within thirty (30) days after the later of: (i) expiration of the TermTerm of this Sublease, and after Subtenant has vacated or (ii) vacation of the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Premises by Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit.

Appears in 2 contracts

Samples: Sublease (Adamis Pharmaceuticals Corp), Sublease (Adamis Pharmaceuticals Corp)

Security Deposit. Concurrently Tenant has deposited with Subtenant’s execution of this Sublease, Subtenant shall deposit with Sublandlord Landlord the sum of $20,512.89 (the “Security Deposit”). The Security Deposit shall be held by Sublandlord set forth in the Basic Provisions as security for the full and faithful performance by Subtenant of all the provisions every provision of this Sublease Lease to be performed or observed by SubtenantTenant. If Subtenant Tenant fails to pay rent Base Rent, Additional Rent or other sums charges due hereunder, hereunder or otherwise defaults with respect to any provisions provision of this Sublease after all applicable cure periodsthe Lease, Sublandlord Landlord may use, apply or retain all or any portion of the Security Deposit for the payment of any rent Base Rent, Additional Rent or other sum charge in default or for the payment of any other sum to which Sublandlord Landlord may become obligated entitled by reason of SubtenantTenant’s default, or to compensate Sublandlord Landlord for any loss or damage which Sublandlord 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 Tenant. If Sublandlord so Landlord uses or applies all or any portion of the Security Deposit, Subtenant Tenant shall within ten (10) business days after receipt of written notice therefor demand, deposit cash with Sublandlord Landlord in an amount sufficient to restore the Security Deposit to the full amount thereof stated above and SubtenantTenant’s failure to do so shall be a material breach of this SubleaseLease. Sublandlord Landlord shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, accounts or to pay interest on the Security Deposit, or so much thereof as has not theretofore been . The balance of the Security Deposit after deducting any amounts applied by SublandlordLandlord as provided above, shall be returned, without interestpayment of interest for its use, to Subtenant Tenant (or, or at SublandlordLandlord’s option, to the last assignee, if any, of SubtenantTenant’s interest hereunder) following within thirty (30) days of the expiration later of (i) the last day of the Term, and after Subtenant has (ii) the date Tenant vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of or (iii) the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon SubtenantTenant has fulfilled all its obligations hereunder. No trust relationship is created herein between Sublandlord Landlord and Subtenant with respect to Tenant regarding the Security Deposit.

Appears in 2 contracts

Samples: Office Lease, Office Lease (Redfin CORP)

Security Deposit. Concurrently with Subtenant’s Within five (5) business days after the execution of this SubleaseSublease by Subtenant, Subtenant shall deposit with pay to Sublandlord the sum amount of $20,512.89 (the Security Deposit”)Deposit specified in the Basic Sublease Information as a non-interest bearing security deposit for Subtenant’s performance under this Sublease. The Security Deposit shall may be held by in the form of cash or an unconditional, irrevocable letter of credit without documents, from a bank and in a form reasonably acceptable to Sublandlord, with Sublandlord as security beneficiary, drawable in whole or in part, and providing for payment at a location in the faithful performance by Subtenant of all the provisions of this Sublease to be performed or observed by Subtenant. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periods, Sublandlord may use, apply or retain all or any portion of the Security Deposit for the payment of any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount thereof and Subtenant’s failure to do so shall be a material breach of this SubleaseSan Francisco Bay Area on presentation. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts. If In the event Subtenant performs has performed all of the terms and conditions of this Sublease throughout the Sublease Term, this amount paid as Security Deposit shall be returned to Subtenant within 30 days after Subtenant’s obligations hereundervacating the Sublease Premises, after first deducting any sums owing to Sublandlord. In the event Subtenant defaults, beyond applicable notice and cure periods, under this Sublease, Sublandlord will be entitled but not obligated to use or retain some or all of this Security Deposit to compensate for any unpaid rent, loss, expense or risk associated with the default, all without seeking judicial relief. In the event of such recourse to the Security Deposit, Sublandlord is entitled to require Subtenant to replenish the Security Deposit funds on ten (10) days’ written notice. In no event will Subtenant be entitled to have access to or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at require any portion of Sublandlord’s optiondeposit with the Master Landlord. If the Security Deposit is in all or in part in the form of a Letter of Credit, the failure of Subtenant to the last assignee, if any, deliver a replacement Letter of Subtenant’s interest hereunderCredit at least thirty (30) following days prior to the expiration of the Termthen-current Letter of Credit, shall constitute a separate default entitling Sublandlord to draw immediately and after entirely on the current Letter of Credit and the proceeds shall constitute a cash Security Deposit. Notwithstanding the foregoing, if for any reason Sublandlord draws on the Letter of Credit, then Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right right, upon ten (10) days’ prior written notice to make Sublandlord, to obtain a good faith estimate refund from Sublandlord of any unreconciled Operating Costs as unapplied proceeds of the date Letter of expiration and Credit which Sublandlord has drawn upon, any such refund being conditioned upon Subtenant simultaneously delivering to deduct any anticipated shortfall from Sublandlord a replacement Letter of Credit meeting the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Depositrequirements of this Section.

Appears in 2 contracts

Samples: Agreement and Certificate (Openwave Systems Inc), Agreement and Certificate (Openwave Systems Inc)

Security Deposit. Concurrently with Subtenant’s execution of this Sublease, Subtenant Tenant shall deposit with Sublandlord Landlord upon execution hereof that sum identified in the sum of $20,512.89 Summary as the Security Deposit (the “Security Deposit”). The Security Deposit shall be held by Sublandlord ) as security for the Tenant’s faithful performance by Subtenant of all the provisions of this Sublease to be performed or observed by SubtenantTenant’s obligations hereunder. If Subtenant Tenant fails to pay rent or other sums charges due hereunderhereunder (all of which, collectively, are defined to be “Rent”), or otherwise defaults with respect to any provisions provision of this Sublease after all applicable cure periodsLease, Sublandlord Landlord may use, apply apply, or retain all or any portion of the Security Deposit said deposit for the payment of any rent or other sum charge in default or for the payment of any other sum to which Sublandlord Landlord may become obligated by reason of SubtenantTenant’s default, or to compensate Sublandlord Landlord for any loss or damage which Sublandlord Landlord may suffer thereby. The use, application, or retention of the Security Deposit by Landlord shall not prevent Landlord from exercising any other remedy provided hereunder or at law and shall not be construed as liquidated damages. If Sublandlord Landlord so uses or applies all or any portion of the Security Depositsaid deposit, Subtenant shall Tenant shall, within ten (10) business days after receipt of written notice therefor demand therefor, deposit cash with Sublandlord Landlord in an amount sufficient to restore the Security Deposit said deposit to the full amount thereof and Subtenant’s failure to do so shall be a material breach then required of this SubleaseTenant. Sublandlord Landlord shall not be required to keep the Security Deposit separate from its general accountsaccounts and Tenant shall not be entitled to, and Tenant hereby specifically waives any requirement that Landlord pay interest on the Security Deposit. If Subtenant Tenant performs all of SubtenantTenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by SublandlordLandlord, shall be returned, without interestpayment of interest or other increment for its use, to Subtenant (Tenant or, at SublandlordLandlord’s option, to the last assignee, if any, of SubtenantTenant’s interest hereunder) following . at the expiration of the TermTerm hereof, and after Subtenant Tenant has vacated the Subleased Leased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust or fiduciary relationship is created herein between Sublandlord Landlord and Subtenant Tenant with respect to the Security Deposit. If Landlord transfers the Leased Premises during the Term hereof, Landlord may pay the Security Deposit to Landlord’s successor in interest in accordance with Civil Code § 1950.7 or any successor statute, in which event the transferring Landlord shall be released from all liability for the return of the Security Deposit.

Appears in 2 contracts

Samples: Industrial Lease, Industrial Lease (Sunpower Corp)

Security Deposit. Concurrently with Subtenant’s execution of this Sublease, Subtenant shall The security deposit with Sublandlord the sum of $20,512.89 (the “Security Deposit”). The Security Deposit shall be held by Sublandlord as security a deposit for the faithful performance by Subtenant Tenant of all the provisions of this Sublease to be performed or observed by SubtenantLease and in the amount identified in Section 1.n. If Subtenant fails to pay rent Tenant is in default, Landlord may use the Security Deposit, as well as any previously unapplied balance of the prepaid Base Monthly Rent or other sums due hereunderthe prepaid Additional Rent, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periods, Sublandlord may use, apply or retain all or any portion of any of them, to cure the Security Deposit for the payment of any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord Landlord for any loss or damage which Sublandlord may suffer therebyresulting from the Tenant’s default. If Sublandlord so uses or applies all or any portion of On demand, Tenant shall immediately pay to Landlord the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient sum necessary to restore the Security Deposit to that amount initially deposited with Landlord, as well as any sum necessary to restore the full amount thereof previously unapplied balance of the prepaid Base Monthly Rent and Subtenant’s failure to do so shall be a material breach the prepaid Additional Rent. In addition, should the Base Monthly Rent increase during the term of this SubleaseLease, Tenant shall deposit the additional sum required to make the prepaid Base Monthly Rent for the month or months indicated in Subsection 6.1, the proper amount. Sublandlord If Tenant is not in default at the expiration or termination of this Lease, or any extension thereof, Landlord shall return the Security Deposit to Tenant. Landlord’s obligations with respect to the Security Deposit and any unapplied portions of the prepaid Base Monthly Rent and the prepaid Additional Rent are those of a debtor and not a trustee. Landlord may maintain such sums separate and apart from Landlord’s general funds or may commingle them with Landlord’s general or other funds. Landlord shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Depositpay Tenant interest on such sums, or so much thereof as has not theretofore been applied by Sublandlordany portion thereof. In the event this Lease is terminated before its normal Expiration Date, any rent paid for any period beyond the termination date shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the considered an additional Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit.Final I-405 CAPA Lease 9-12-07 - 5 - Please Initial _______

Appears in 2 contracts

Samples: Letter Agreement (Captaris Inc), Letter Agreement (Captaris Inc)

Security Deposit. Concurrently Subtenant, concurrently with Subtenant’s execution of signing this Sublease, Subtenant shall deposit with pay to Sublandlord a Security Deposit in the sum amount of $20,512.89 (the “Security Deposit”). The Security Deposit shall 28,882.00 to be held by Sublandlord as security for to guarantee the faithful performance by Subtenant of all of Subtenant's obligations under this Sublease. The Security Deposit may be commingled with Sublandlord's other funds and any interest or other income earned thereon shall be the provisions property of this Sublease to be performed or observed by SubtenantSublandlord. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to any provisions provision of this Sublease after all applicable cure periodsSublease, Sublandlord may use, apply or retain all expend the whole or any portion part of the Security Deposit for the payment of any rent or other sum in default or for the payment of any other sum to amount which Sublandlord may become obligated expend by reason of Subtenant’s such default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion or all of the Security DepositDeposit is so used, Subtenant shall shall, within ten (10) business days after receipt of written notice therefor demand therefor, deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full its original amount thereof and Subtenant’s failure to do so shall be a material breach of this Sublease. Provided no event of default has occurred and is continuing under this Sublease on the later of (a) the first anniversary of the Commencement Date, or (b) the expiration of all contingencies and termination rights under this Sublease (as set forth in Sections 36 and 37), Sublandlord shall not be required to keep return the Security Deposit separate to Subtenant within fifteen (15) days after Sublandlord's receipt of notice from its general accountsSubtenant that each of the foregoing conditions have been met, together with any evidence reasonably required by Sublandlord that all contingencies have been satisfied and all termination rights have expired. If Subtenant performs In the event of a transfer of Sublandlord's interest in the Building, Sublandlord may pay over the Security Deposit to Sublandlord's transferee to be held under the terms of this Sublease and Sublandlord shall be released from all liability for the return of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, . Under no circumstances shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from direct that the Security Deposit. Such estimate shall Deposit be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect applied to the Security Depositpayment of Rent.

Appears in 2 contracts

Samples: Sublease Agreement (Privatebancorp Inc), Sublease Agreement (Privatebancorp Inc)

Security Deposit. Concurrently with Subtenant’s Upon execution of this Subleasehereof, Subtenant shall deposit with Sublandlord the sum of Ninety-Eight Thousand Four Hundred Thirty-Three Dollars and 19/100 ($20,512.89 98,433.19) (the "Security Deposit"). The Security Deposit shall be held by Sublandlord , in cash, as security for the faithful performance by Subtenant of all the provisions terms and conditions of this Sublease to be performed or observed by SubtenantSublease. If Subtenant fails to pay rent Rent or other sums charges due hereunder, under this Sublease or otherwise defaults with respect to any provisions provision of this Sublease, then Sublandlord, without prejudice to any other remedy provided in this Sublease after all applicable cure periodsor by law, Sublandlord may draw upon, use, apply or retain all or any portion of the Security Deposit for the payment of any rent Rent or other sum charge in default or default, for the payment of any other sum to which Sublandlord may has become obligated to pay by reason of Subtenant’s 's default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer has suffered thereby. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall then Subtenant, within ten (10) business days after receipt of written notice therefor demand by Sublandlord therefor, shall deposit cash with Sublandlord in an the amount sufficient required to restore the Security Deposit to the full amount thereof and Subtenant’s failure to do so shall be a material breach of this Subleasestated above. Sublandlord may commingle the Security Deposit with its own funds and Subtenant shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from interest on the Security Deposit. Such estimate The Security Deposit is not an advance rental deposit or a measure of damages incurred by Sublandlord in case of Subtenant's default. Upon the expiration of this Sublease and Subtenant's vacation of the Premises, provided Subtenant is not in default under the terms of this Sublease, Sublandlord shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and return to Subtenant with respect to so much of the Security DepositDeposit as has not been applied by Sublandlord pursuant to this Paragraph, or which is not otherwise required to cure Subtenant's defaults.

Appears in 2 contracts

Samples: Sublease (Adforce Inc), Sublease (Adforce Inc)

Security Deposit. Concurrently with Subtenant’s the execution of this Sublease, Subtenant shall deposit with Sublandlord the sum of Two Thousand Two Hundred Ninety-Four Dollars ($20,512.89 2,294) (the “Security "Deposit"). The Security Deposit , which shall be held by Sublandlord as security for the full and faithful performance by Subtenant of all its covenants and obligations under this Sublease. Effective on the provisions Area 2 Sublease Commencement Date, Subtenant shall deposit with Sublandlord an amount sufficient to increase the Deposit to the sum of this Sublease to be performed Six Thousand Five Hundred Fifty-Seven and Eighty-Eight One Hundredths Dollars ($6,557.88). The Deposit is not an advance Rent deposit, an advance payment of any other kind, or observed by a measure of Sublandlord's damage in case of Subtenant's default. If Subtenant fails defaults in the full and timely performance of any or all of Subtenant's covenants and obligations set forth in this Sublease, then Sublandlord may, from time to pay rent or time, without waiving any other sums due hereunderremedy available to Sublandlord, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periodsuse the Deposit, Sublandlord may use, apply or retain all or any portion of it, to the Security Deposit for extent necessary to cure or remedy the payment of any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion a part of the Security Deposit, damages sustained by Sublandlord resulting from Subtenant's default. Subtenant shall immediately pay to Sublandlord within ten five (105) business days after receipt of written notice therefor deposit cash with Sublandlord following demand, the amount so applied in an amount sufficient order to restore the Security Deposit to the full amount thereof its original amount, and Subtenant’s 's failure to immediately do so shall be constitute a material breach default under this Sublease. If Subtenant is not in default with respect to the covenants and obligations set forth in this Sublease at the expiration or earlier termination of the Sublease, Sublandlord shall return the Deposit to Subtenant after the expiration or earlier termination of this Sublease. Sublandlord's obligations with respect to the Deposit are those of a debtor and not a trustee. Sublandlord shall not be required to keep maintain the Security Deposit separate and apart from its Sublandlord's general accountsor other funds and Sublandlord may commingle the Deposit with any of Sublandlord's general or other funds. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has shall not theretofore been applied by Sublandlord, shall at any time be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to interest on the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit.

Appears in 2 contracts

Samples: Sublease Agreement (Collateral Therapeutics Inc), Sublease Agreement and Furniture Rental Agreement (Collateral Therapeutics Inc)

Security Deposit. Concurrently with Subtenant’s the execution of this Sublease, . Subtenant shall deposit with Sublandlord the sum of $20,512.89 (the “Security Deposit”). The Security Deposit shall ) to be held by Sublandlord as security for the full and faithful performance by Subtenant of all the provisions its covenants and obligations under this Sublease. The Deposit is not an advance Rent deposit, an advance payment of this Sublease to be performed any other kind, or observed by a measure of Sublandlord’s damage in case of Subtenant’s default. If Subtenant fails to pay rent defaults in the full and timely performance of any or other sums due hereunderall of Subtenant’s covenants and obligations set forth in this Sublease, or otherwise defaults with respect to any provisions and such default continues after the expiration of this Sublease after all the applicable cure periodsperiod, if any, then Sublandlord may usemay, apply or retain all from time to time, without waiving any other remedy available to Sublandlord, use the Deposit, or any portion of the Security Deposit for Deposit, to the payment of any rent extent necessary to cure or other sum in remedy the default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion a part of the Security Deposit, damages sustained by Sublandlord resulting from Subtenant’s default. Subtenant shall within ten (10) business days after receipt of written notice therefor deposit cash with immediately pay to Sublandlord in an c ash within five (5) days following demand, the amount sufficient so applied in order to restore the Security Deposit to the full amount thereof its original amount, and Subtenant’s failure to immediately do so shall be constitute a material breach default under this Sublease. If Subtenant is not in default with respect to the covenants and obligations set forth in this Sublease at the expiration or earlier termination of the Sublease, Sublandlord shall return any remaining portion of the Deposit to Subtenant within forty-five (45) days after the expiration or earlier termination of this Sublease. Sublandlord’s obligations with respect to the Deposit are those of a debtor and not a trustee. Sublandlord shall not be required to keep maintain the Security Deposit separate and apart from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to general or other funds and Sublandlord may commingle the last assignee, if any, Deposit with any of SubtenantSublandlord’s interest hereunder) following the expiration of the Term, and after general or other funds. Subtenant has vacated the Subleased Premises; in addition to shall not at any other deductions Sublandlord is time be entitled to make pursuant to interest on the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit.

Appears in 2 contracts

Samples: Sub Sublease Agreement, Sub Sublease Agreement (Responsys Inc)

Security Deposit. Concurrently with (a) Upon Subtenant’s execution and delivery of this Sublease, Subtenant shall deposit with pay to Sublandlord the sum of $20,512.89 205,254.60 in cash or irrevocable standby letter of credit (the “Security Deposit”). The Security Deposit shall , to be held by Sublandlord as security for the faithful performance and observance by Subtenant of all the provisions terms, covenants and conditions of this Sublease to Sublease, it being expressly understood that the Security Deposit shall not be performed considered an advance payment of rent or observed measure of Sublandlord’s damages in case of default by Subtenant. If Subtenant fails provides cash to pay rent or fund the security deposit upon execution of this Sublease, Subtenant shall have the option to exchange such cash in full for an irrevocable letter of credit within sixty (60) days after execution. Subtenant agrees that any irrevocable letter of credit shall be drawn on a US commercial bank and in a form substantially acceptable to Sublandlord. Upon default by Subtenant, Sublandlord, from time to time, without prejudice to any other sums due hereunderremedy, may (but shall not be required to) apply the Security Deposit against any arrearages of Base Sublease Rent, Additional Rent, or otherwise defaults with respect any other damage, injury, loss, cost, expense or liability caused to any provisions Sublandlord by such default on the part of this Sublease after all applicable cure periods, Sublandlord may use, apply or retain Subtenant. Should all or any portion part of the Security Deposit be used for the payment purposes described above during the term of any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s defaultthis Sublease, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion of the Security Deposit, then Subtenant shall remit to Sublandlord immediately (and in all events within ten (10not more than five days) business days after receipt of written notice therefor deposit cash with Sublandlord in an Sublandlord’s request therefor, the amount sufficient necessary to restore the Security Deposit to the full amount thereof and its original balance. Subtenant’s failure to do so restore the Security Deposit upon notice from Sublandlord shall be a material breach of this Sublease. Upon any termination of Sublandlord’s interest in the Premises, Sublandlord shall not have no further obligation to Subtenant with respect to the Security Deposit or any other sums due hereunder and prepaid by Subtenant upon transfer of the Security Deposit and any other such sums to Sublandlord’s successor in interest. No interest shall be required payable on the Security Deposit and Sublandlord shall have no obligation to keep the Security Deposit separate from its general accountsfunds unless otherwise required by applicable Law. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, Subject to the last assigneerequirements of, if anyand conditions imposed by, Laws applicable to security deposits under commercial leases, Sublandlord shall, within thirty (30) days following the later to occur of Subtenant’s interest hereunderthe following: (i) following the expiration of the TermSublease, and after (ii) the date on which Subtenant has vacated surrenders possession of the Subleased Premises; Premises to Sublandlord in addition the condition required hereunder, including, without limitation the conditions set forth in Section 11 below, return to any other deductions Sublandlord is entitled to make pursuant to Subtenant the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as portion of the date of expiration Security Deposit remaining after deducting all damages, charges and to deduct any anticipated shortfall from the Security Depositother amounts permitted by Law. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to agree that such deductions shall include, without limitation, all damages and losses that Sublandlord has suffered or that Sublandlord reasonably estimates that it will suffer as a result of any breach of this Sublease by Subtenant. Subtenant hereby waives the Security Depositprotections of Section 1950.7(c) of the California Civil Code, as it may hereafter be amended, or similar laws of like import.

Appears in 2 contracts

Samples: Work Letter (Natera, Inc.), Work Letter (Natera, Inc.)

Security Deposit. Concurrently with Subtenant’s the execution of this Sublease, Subtenant shall deposit with Sublandlord the sum of Three Hundred Seventy-Three Thousand Four Hundred Seventeen and 80/100 Dollars ($20,512.89 373,417.80) (the Security Deposit”). The Security Deposit , which shall be held by Sublandlord as security for the full and faithful performance by Subtenant of all the provisions its covenants and obligations under this Sublease. The Deposit is not an advance Rent deposit, an advance payment of this Sublease to be performed any other kind, or observed by a measure of Sublandlord’s damage in case of Subtenant’s Default. If Subtenant fails Defaults in the full and timely performance of any or all of Subtenant’s covenants and obligations set forth in this Sublease, then Sublandlord may, from time to pay rent or time, without waiving any other sums due hereunderremedy available to Sublandlord, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periodsuse the Deposit, Sublandlord may use, apply or retain all or any portion of it, to the Security Deposit for extent necessary to cure or remedy the payment of any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, Default or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion a part of the Security Deposit, damages sustained by Sublandlord resulting from Subtenant’s Default. Subtenant shall immediately pay to Sublandlord within ten five (105) business days after receipt of written notice therefor deposit cash with Sublandlord following demand, the amount so applied in an amount sufficient order to restore the Security Deposit to the full amount thereof its original amount, and Subtenant’s failure to immediately do so shall be constitute a material breach Default under this Sublease. If Subtenant is not in Default with respect to the covenants and obligations set forth in this Sublease at the expiration or earlier termination of the Sublease, Sublandlord shall return the Deposit to Subtenant after the expiration or earlier termination of this Sublease. Sublandlord’s obligations with respect to the Deposit are those of a debtor and not a trustee. Sublandlord shall not be required to keep maintain the Deposit separate and apart from Sublandlord’s general or other funds and Sublandlord may commingle the Deposit with any of Sublandlord’s general or other funds. Subtenant shall not at any time be entitled to interest on the Deposit If Subtenant is not in Default on the first (1st) anniversary of the Sublease Commencement Date, the Security Deposit separate from its general accounts. If shall be reduced by Ninety-Three Thousand Three Hundred Fifty-Four and 45/100 Dollars ($93,354.45), and if Subtenant performs all is not in Default on the second (2nd) anniversary of Subtenant’s obligations hereunderthe Sublease Commencement Date, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, Deposit shall be returned, without interest, to Subtenant reduced by an additional Ninety-Three Thousand Three Hundred Fifty-Four and 45/100 Dollars (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit$93,354.45).

Appears in 2 contracts

Samples: Sublease Agreement (Oportun Financial Corp), Sublease Agreement (Oportun Financial Corp)

Security Deposit. Concurrently with Subtenant’s Subject to the terms of Article 35 below, the Security Deposit, if any, shall be delivered to Landlord upon the execution of this Sublease, Subtenant Lease by Tenant and shall deposit with Sublandlord be held by Landlord without liability for interest (unless required by Law) as security for the sum performance of $20,512.89 (the “Security Deposit”)Tenant’s obligations. The Security Deposit is not an advance payment of Rent or a measure of Tenant’s liability for damages. The amount of the Security Deposit shall be held by Sublandlord subject to reduction in the manner and at the times specified as security for the faithful performance by Subtenant though it were a Letter of all the provisions of this Sublease Credit (as described in Article 35). Landlord may, from time to be performed or observed by Subtenant. If Subtenant fails to pay rent or other sums due hereundertime, or otherwise defaults with respect without prejudice to any provisions of this Sublease after all applicable cure periodsother remedy, Sublandlord may use, apply or retain use all or any a portion of the Security Deposit for the payment of any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, satisfy past due Rent or to compensate Sublandlord for cure any loss or damage which Sublandlord may suffer therebyuncured default by Tenant. If Sublandlord so Landlord uses or applies all or any portion of the Security Deposit, Subtenant Tenant shall within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient to on demand restore the Security Deposit to its original amount. At the full amount thereof and Subtenant’s failure to do so shall be a material breach later of (1) termination of this Sublease. Sublandlord Lease, or (ii) the date Tenant surrenders the Premises to Landlord in accordance with the provisions of this Lease, Landlord shall not be required to keep return any unapplied portion of the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, (less any amounts retained to reimburse Landlord for any uncured defaults) to Tenant within 10 Business Days after the Security Deposit, date this Lease expires or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration terminates and Tenant surrenders possession of the Term, and after Subtenant has vacated the Subleased Premises; Premises to Landlord in accordance with this Lease. In addition to any other deductions Sublandlord Landlord is entitled to make pursuant to the terms hereof, Sublandlord Landlord shall have the right to make a good faith estimate of any unreconciled Operating Costs Expenses and/or Taxes as of the date of expiration Termination Date and to deduct any anticipated shortfall from the Security Deposit. Such estimate If Landlord transfers its interest in the Premises, Landlord may assign the Security Deposit to the transferee and, following the assignment, Landlord shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant have no further liability for the return of the Security Deposit, provided that such transferee has agreed in writing to assume the obligations of Landlord under this Lease with respect to the Security Deposit. Landlord shall not be required to keep the Security Deposit separate from its other accounts. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code, or any similar or successor Laws now or hereinafter in effect.

Appears in 2 contracts

Samples: Office Lease Agreement (GoPro, Inc.), Office Lease Agreement (GoPro, Inc.)

Security Deposit. Concurrently Concurrent with Subtenant’s its execution of this SubleaseSublease Agreement, Subtenant shall deliver to Sublandlord, as security for Subtenant’s faithful payment of rent and performance of all Subtenant’s other obligations hereunder, a security deposit with Sublandlord the sum of in an amount equal to One Hundred Four Thousand Nine Hundred Ninety-Four and No/100 Dollars ($20,512.89 104,994.00) (the “Security Deposit”). The Sublandlord shall not be required to pay any interest on the Security Deposit Deposit. Sublandlord shall be held by Sublandlord as security for entitled to draw upon the faithful performance by Subtenant of all the provisions of this Sublease to be performed or observed by Subtenant. If Subtenant fails to pay rent or other sums due hereunderSecurity Deposit, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periods, Sublandlord may and use, apply or and retain all or the proceeds thereof, to satisfy any portion of the Security Deposit for the payment of any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, unperformed monetary and/or non-monetary obligations under the Sublease in cases where the Subtenant has failed to remedy or to compensate Sublandlord for cure such obligation within any loss applicable cure periods provided under this Sublease or damage which Sublandlord the Master Lease (as the case may suffer therebybe). If Sublandlord so uses or applies all or any portion of draws upon the Security Deposit, or uses, applies or retains the proceeds thereof, Subtenant shall shall, within ten (10) business days after receipt of written notice therefor deposit following demand, tender to Sublandlord cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount thereof required under this Section 4.05. Sublandlord shall return any unapplied proceeds of the Security Deposit to Subtenant within thirty (30) days after the expiration or earlier termination of this Sublease. Subtenant shall have the right to deliver to Sublandlord an unconditional, irrevocable letter of credit (the “Letter of Credit”) in substitution for the cash Security Deposit, subject to the following terms and conditions. Such letter of credit shall be (a) in form and substance substantially in the form attached hereto as Exhibit C; (b) at all times in the amount of the Security Deposit, and shall permit multiple draws without a corresponding reduction in the aggregate amount of the Letter of Credit; (c) issued by a commercial bank reasonably acceptable to Sublandlord from time to time and located in the New York, New York metropolitan area; (d) payable at sight upon presentment to a local branch of the issuer of a simple sight draft or certificate stating that Subtenant is in default under this Sublease beyond the applicable cure period (provided, however that in the event that a notice of default to Subtenant may not be lawfully given by Sublandlord, then Sublandlord shall be entitled to draw thereunder upon presentment of a certificate stating that a notice of default cannot be lawfully given and that Subtenant has failed to timely pay or perform an obligation of the Subtenant under this Sublease); (e) of a term not less than one year; and (f) at least thirty (30) days prior to the then-current expiration date of such letter of credit, either (1) renewed (or automatically and unconditionally extended) from time to time through the thirtieth (30th) day after the expiration of the Sublease Term, or (2) replaced with cash in the amount of the Security Deposit. Notwithstanding anything in this Sublease to the contrary, any cure or grace periods set forth in this Sublease shall not apply to any of the foregoing, and, specifically, if Subtenant fails to timely comply with the requirements of subsection (f) above, then Sublandlord shall have the right to immediately draw upon the letter of credit without notice to Subtenant and apply the proceeds to the Security Deposit. Each Letter of Credit shall be issued by a commercial bank that has a credit rating with respect to certificates of deposit, short term deposits or commercial paper of at least P-2 (or equivalent) by Xxxxx’x Investor Service, Inc., or at least A-2 (or equivalent) by Standard & Poor’s Corporation, and shall be otherwise acceptable to Sublandlord in its sole and absolute discretion. Each Letter of Credit contemplated hereunder shall be issued by a commercial bank that has a credit rating with respect to certificates of deposit, short term deposits or commercial paper of at least P-2 (or equivalent) by Xxxxx’x Investor Service, Inc., or at least A-2 (or equivalent) by Standard & Poor’s Corporation, and shall be otherwise acceptable to Sublandlord in its reasonable discretion. If the issuer’s credit rating is reduced below P-2 (or equivalent) by Xxxxx’x Investors Service, Inc. or below A-2 (or equivalent) by Standard & Poor’s Corporation, or if the financial condition of such issuer changes in any other materially adverse way, then Sublandlord shall have the right to require that Subtenant obtain from a different issuer a substitute letter of credit that complies in all respects with the requirements of this section, and Subtenant’s failure to obtain such substitute Letter of Credit within ten (10) days following Sublandlord’s written demand therefor (with no other notice or cure or grace period being applicable thereto, notwithstanding anything in this Sublease to the contrary) shall entitle Sublandlord to immediately draw upon the then-existing Letter of Credit in whole or in part, without notice to Subtenant. In the event the issuer of any Letter of Credit held by Sublandlord is placed into receivership or conservatorship by the Federal Deposit Insurance Corporation, or any successor or similar entity, then, effective as of the date such receivership or conservatorship occurs, said Letter of Credit shall be deemed to not meet the requirements of this section, and, within ten (10) days thereof, Subtenant shall replace such Letter of Credit with a Letter of Credit issued by an institution which satisfies the foregoing requirements (and Subtenant’s failure to do so within said ten (10) days shall, notwithstanding anything in this Sublease to the contrary, constitute a Default under the Sublease without the requirement for any further notice hereunder). Any failure or refusal of the issuer to honor the Letter of Credit shall be a material breach of this Sublease. Sublandlord at Subtenant’s sole risk and shall not be required to keep the Security Deposit separate from relieve Subtenant of its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant hereunder with respect to the Security Deposit. Notwithstanding anything in this Sublease to the contrary (including, without limitation, any cure or grace periods set forth in this Sublease), any failure by Subtenant to timely renew or replace said Letter of Credit and any failure by Subtenant to timely deliver to Sublandlord in writing proof of such renewal or replacement shall be deemed a Default hereunder by Subtenant, without the necessity for further notice to Subtenant, entitling Sublandlord to immediately draw upon such Letter of Credit in the full amount thereof. At all times during the Sublease Term, Sublandlord shall be entitled to draw upon the entire amount of such Letter of Credit to cure any outstanding Default. In the event that Sublandlord draws upon the Letter of Credit by reason of Subtenant’s failure to timely renew or replace the Letter of Credit, the proceeds thereof (except for any portion thereof necessary to cure any other Default by Subtenant, if any) shall constitute a cash Security Deposit hereunder, and shall be held in accordance with the terms of the foregoing provisions. In the event Sublandlord transfers or assigns the Sublease, Sublandlord shall simultaneously transfer the security deposit to the transferee or assignee along with such transfer or assignment. In the event the security deposit is in the form of a Letter of Credit, Subtenant shall pay all transfers costs imposed by the issuer of such Letter of Credit.

Appears in 2 contracts

Samples: Innovive Pharmaceuticals, Inc., Innovive Pharmaceuticals, Inc.

Security Deposit. Concurrently with Within ten (10) business days of a fully executed copy of the Consent being delivered to Subtenant’s execution of this Sublease, Subtenant shall deposit with Sublandlord the sum of $20,512.89 214,123.75 (the “Security Deposit”). The Security Deposit shall be held by Sublandlord as security for the faithful performance by Subtenant of all the provisions of this Sublease to be performed or observed by Subtenant. If Subtenant fails to pay rent or other sums due hereunderRent, or otherwise defaults is in breach with respect to any provisions of this Sublease after all applicable cure periods, Sublease. Sublandlord may use, apply or retain all or any portion of the Security Deposit for the payment of any rent or other past due sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s defaultbreach, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer therebyactually and directly suffers thereby following written notice specifying the breach and allowing Subtenant 10 business days to cure such breach (unless the breach in question is one which, under applicable law, delivery of a notice of breach or default is not permitted, for instance a bankruptcy filing or similar proceeding, in which event no such notice or cure period shall be necessary). If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice demand therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount thereof and Subtenant’s failure to do so shall be a material breach of this Sublease. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) within forty five (45) days following the later to occur of (a) the expiration of the Term, and after Subtenant has vacated (b) Subtenant’s vacation from the Subleased PremisesPremises and completion of surrender of the Subleased Premises as described in Section 14(a) of this Sublease; provided, however, Subtenant acknowledges that in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, . Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration Expiration Date and to deduct any anticipated shortfall from the Security Deposit prior to returning the Security Deposit. Such estimate shall be final and binding upon Subtenant, if any, to Subtenant in accordance herewith. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit. Sublandlord shall not be required to keep the Security Deposit separate from its other accounts. Subtenant hereby waives any and all rights under and the benefits of Section 1950.7 of the California Civil Code, and all other provisions of law now in force or that become in force after the date of execution of this Sublease, that provide that Sublandlord may claim from a security deposit only those sums reasonably necessary to remedy any failure to timely pay Rent, to repair damage caused by Subtenant, or to clean the Subleased Premises. Subject to the provisions of Section 12(a), Sublandlord and Subtenant agree that Sublandlord may, in addition, claim those sums reasonably necessary to compensate Sublandlord for any other actual, direct, reasonable and foreseeable loss or damage to the extent caused by the act or omission of Subtenant or Subtenant’s officers, agents, employees, independent contractors, or invitees.

Appears in 2 contracts

Samples: Rubrik, Inc., Rubrik, Inc.

Security Deposit. Concurrently Sublessee agrees to deposit with Subtenant’s Sublessor upon execution of this Sublease, Subtenant shall deposit with Sublandlord the sum of Sublease an amount equal to $20,512.89 126,084 (the “Security Deposit”). The Security Deposit shall will be made, in Sublessee’s sole discretion, in the form of either (i) a cash payment to be held by Sublandlord Sublessor or (ii) an Irrevocable Standby Letter of Credit in favor of Sublessor issued by a bank and under terms and conditions reasonably acceptable to Sublessor. The Security Deposit will be held by or for the benefit of Sublessor as security for the faithful performance by Subtenant Sublessee of all the provisions terms, covenants, and conditions of this Sublease to be kept and performed by Sublessee and not as an advance rental deposit or observed as a measure of Sublessor’s damage in case of Sublessee’s default. Upon the occurrence of any event of default by Subtenant. If Subtenant fails Sublessee or a breach by Sublessee of Sublessee’s covenants under this Sublease, Sublessor may, from time to pay rent or other sums due hereundertime, or otherwise defaults with respect without prejudice to any provisions of this Sublease after all applicable cure periodsother remedy, Sublandlord may use, apply or retain all or use any portion part of the Security Deposit for the payment of any rent or any other sum in default default, or for the payment of any other sum to amount which Sublandlord Sublessor may spend or become obligated to spend by reason of SubtenantSublessee’s default, or to compensate Sublandlord Sublessor for any other loss or damage which Sublandlord Sublessor may suffer therebyby reason of Sublessee’s default. If Sublandlord so uses or applies all or any portion of the Security Depositis so used, Subtenant shall Sublessee will within ten five (105) business days after receipt of written notice therefor demand therefor, deposit cash with Sublandlord in Sublessor an amount sufficient to restore the Security Deposit to its original amount and the full amount thereof and SubtenantSublessee’s failure to do so shall will be a material breach of this Sublease. Sublandlord shall not be required to keep The Sublessor will return the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, or any balance thereof to Sublessee within thirty (30) days after the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration end of the Term, and after Subtenant so long as Sublessee has vacated performed all obligations under the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security DepositSublease.

Appears in 2 contracts

Samples: Sublease Agreement (Blue Apron Holdings, Inc.), Sublease Agreement (Blue Apron Holdings, Inc.)

Security Deposit. Concurrently with Subtenant’s execution of this Sublease, (a) Subtenant shall deposit with pay to Sublandlord the sum of $20,512.89 [REDACTED PORTION FILED SEPARATELY WITH SEC PURSUANT TO CONFIDENTIAL TREATMENT REQUEST] (the “Security Deposit”). The Security Deposit shall be held by , on or before the date that Sublandlord delivers the Premises to Subtenant in accordance with Section 3(a), as security for the Subtenant’s full and faithful performance of all covenants and conditions contained in the Sublease. Sublandlord shall deposit the Security Deposit into a segregated account identified as the repository of a security deposit. If a Default by Subtenant occurs under this Sublease, including, but not limited to, payment of all the provisions of this Sublease to be performed or observed by Subtenant. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periodsBase Rent, Sublandlord may use, apply or retain all the whole or any portion part of the Security Deposit for the payment of any rent or other sum such Base Rent in default default, or for the payment of any other sum to which the Sublandlord may become obligated expend or be required to expend by reason of Subtenant’s defaultDefault, including, without limitation, any damages or to compensate Sublandlord deficiency which shall have occurred before or after re-entry by Sublandlord. The Security Deposit may not be used or applied by Subtenant as a substitute for any loss rent due, but may be so applied by Sublandlord at any time after the occurrence of a Default by Subtenant, at Sublandlord’s sole option. The use, application or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion retention of the Security Deposit, or any portion thereof, by Sublandlord shall not prevent Sublandlord from exercising any other right or remedy provided by this Sublease or by law (it being intended that the Sublandlord shall not first be required to proceed against the Security Deposit) and shall not operate as a limitation on any recovery to which Sublandlord may otherwise be entitled. If any of the Security Deposit shall be so used, applied or retained by Sublandlord at any time or from time to time, Subtenant shall within ten (10) business days after receipt of promptly, in each such instance, on written notice demand therefor deposit by Sublandlord, pay the Sublandlord such additional sum in cash with Sublandlord in an amount sufficient as may be necessary to restore the Security Deposit to the full original amount thereof and Subtenant’s failure to do so shall be a material breach set forth in the first sentence of this section (or the reduced amount set forth in Section 4(b) below, as applicable). Provided that (i) Subtenant has delivered exclusive possession of the Premises to Sublandlord in the condition required by this Sublease. , (ii) no Default exists under this Sublease, and (iii) no act, event or condition exists which, with notice or the passage of time, would constitute a Default under this Sublease, Sublandlord shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, return the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interestany balance thereof, to Subtenant within thirty (or, at Sublandlord’s option, to 30) days after the last assignee, if any, of Subtenant’s interest hereunderlater of: (a) following the expiration Expiration Date or earlier termination of the Term, Term of this Sublease and after (b) the date by which Subtenant has vacated the Subleased Premises; Premises in addition to any other deductions Sublandlord is entitled to make pursuant to accordance with the terms hereof. Except as otherwise required by law, Subtenant shall not be entitled to any interest on the Security Deposit. In the event of a transfer of Sublandlord’s interest in the Prime Lease, Sublandlord shall have the right to make a good faith estimate transfer the Security Deposit to the transferee, whereupon Sublandlord shall be released from all liability for the return of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit.CONFIDENTIAL TREATMENT FOR THIS EXHIBIT HAS BEEN REQUESTED FROM THE SECURITIES AND EXCHANGE COMMISSION PORTIONS OF THIS EXHIBIT HAVE BEEN REDATED, AND THE REDATED PORTIONS HAVE BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION

Appears in 1 contract

Samples: Confidential Treatment (Federal Agricultural Mortgage Corp)

Security Deposit. Concurrently with Subtenant’s the execution of this Sublease, Subtenant shall deposit with Sublandlord the sum of Eighty Four Thousand and no/100 Dollars ($20,512.89 84,000.00) (the “Security "Deposit"). The Security Deposit , which shall be held by Sublandlord as security for the full and faithful performance by Subtenant of all the provisions its covenants and obligations under this Sublease. The Deposit is not an advance Rent deposit, an advance payment of this Sublease to be performed any other kind, or observed by a measure of Sublandlord's damage in case of Subtenant's default. If Subtenant fails defaults in the full and timely performance of any or all of Subtenant's covenants and obligations set forth in this Sublease, then Sublandlord may, from time to pay rent or time, without waving any other sums due hereunderremedy available to Sublandlord, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periodsuse the Deposit, Sublandlord may use, apply or retain all or any portion of it, to the Security Deposit for extent necessary to cure or remedy the payment of any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion a part of the Security Deposit, damages sustained by Sublandlord resulting from Subtenant's default. Subtenant shall immediately pay to Sublandlord within ten five (105) business days after receipt of written notice therefor deposit cash with Sublandlord following demand, the amount so applied in an amount sufficient order to restore the Security Deposit to the full amount thereof its original amount, and Subtenant’s 's failure to immediately do so shall be constitute a material breach default under this Sublease. If Subtenant is not in default with respect to the covenants and obligations set forth in this Sublease at the expiration or expiration or earlier termination of this Sublease, Sublandlord shall return Deposit to Subtenant after the expiration or earlier termination of this Sublease, Sublandlord's obligations with respect to the Deposit are those of a debtor and not a trustee. Sublandlord shall not be required to keep maintain the Security Deposit separate and apart from its Sublandlord's general accountsand other funds and Sublandlord may commingle the Deposit with any of Sublandlord's general or other funds. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has shall not theretofore been applied by Sublandlord, shall at any time be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to interest on the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit.

Appears in 1 contract

Samples: Sublease Agreement (Divx Inc)

Security Deposit. Concurrently Contemporaneously with Subtenant’s the execution of this Subleasehereof, Subtenant shall deposit with Sublandlord Sublandlord, the sum of Twenty-eight Thousand One Hundred Twenty-four Dollars and 25/00 ($20,512.89 28,124.25) (the “Security Deposit”). The Security Deposit shall be held by Sublandlord ) as security for the Subtenant’s faithful performance by Subtenant of all the provisions of this Sublease to be performed or observed by Subtenanthereunder. If Subtenant fails to pay rent or other sums charges when due under this Sublease, or fails to perform any of its obligations hereunder, or otherwise defaults with respect to any provisions in each case after the expiration of this Sublease after all applicable notice and cure periodsperiods (if any), Sublandlord may use, use or apply or retain all or any portion of the Security Deposit for the payment of any rent or other sum in default or amount then due hereunder and unpaid, for the payment of any other sum to for which Sublandlord may become obligated by reason of Subtenant’s defaultdefault or breach, or to compensate Sublandlord for any loss or damage which sustained by Sublandlord may suffer therebyas a result of Subtenant’s default or breach. If Sublandlord so uses or applies all or any portion debits the Security Deposit as a result of Subtenant’s default, Sublandlord shall notify Subtenant of the Security Depositoccurrence and amount of the debit, and Subtenant shall within ten (10) business days after receipt of written notice therefor deposit cash with promptly pay to Sublandlord in an the amount sufficient necessary to restore the Security Deposit to the full amount thereof and Subtenant’s failure to do so shall be a material breach sum of this Sublease. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts$28,124.25. If Subtenant performs all each of its obligations under this Sublease, then the remaining Security Deposit shall be applied against the Base Rent due under this Sublease for the last month of the Sublease Term. At Subtenant’s obligations hereunderelection, and in lieu of cash, the Security DepositDeposit may be in the form of a standby irrevocable letter of credit in the amount of the Security Deposit issued to Sublandlord as beneficiary and in form and substance satisfactory to Sublandlord (“Letter of Credit”). The Letter of Credit shall be issued by a financial institution having a credit rating acceptable to Sublandlord, and shall provide that it will be honored by facsimile presentation or at sight at an office of the issuer upon a certificate signed by Sublandlord or its agent stating that an event of default has occurred under this Sublease and is continuing that entitles Sublandlord to draw on the Letter of Credit, or so much thereof as that a replacement letter of credit in the form required by this Sublease has not theretofore been applied by Sublandlord, shall be returned, without interest, delivered to Subtenant (or, Sublandlord at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the least 30 days before expiration of the Termexisting Letter of Credit. The Letter of Credit shall be in a form that requires the issuer to honor Sublandlord’s certificate without inquiry as to the accuracy of the statements made in the certificate and regardless of whether Subtenant disputes the content of such statements. In the event of a default under this Sublease that entitles Sublandlord to draw under the Letter of Credit, then if Sublandlord elects to draw under the Letter of Credit (i) Sublandlord shall draw the full amount of the Letter of Credit and apply those funds to cure the default, (ii) any sum remaining shall be held as a cash Security Deposit according to terms of this Section 6, (iii) Subtenant shall promptly pay to Sublandlord the amount necessary to restore the Security Deposit to the sum of $28,124.25, and after (iv) Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the no further right to make provide a good faith estimate Letter of any unreconciled Operating Costs as Credit in lieu of the date of expiration and to deduct any anticipated shortfall from cash for the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security DepositDeposit required by this Sublease.

Appears in 1 contract

Samples: Sublease Agreement (Poniard Pharmaceuticals, Inc.)

Security Deposit. Concurrently To secure the faithful performance by Subtenant of all the covenants, conditions and agreements in this Sublease set forth and contained on the part of Subtenant to be fulfilled, kept, observed and performed including, but not by way of limitation, such covenants and agreements in this Sublease which become applicable upon the termination of the same by re-entry or otherwise, Subtenant shall deposit with Subtenant’s Sublandlord, upon execution of this Sublease, Subtenant shall a cash security deposit with Sublandlord in the sum amount of One Hundred Thousand Dollars ($20,512.89 100,000) (the “Security Deposit”). Subtenant agrees that: (a) the Security Deposit or any portion thereof may be applied to the curing of any default that may then exist or to cover any costs, expenses and/or losses resulting from Subtenant’s default with respect to any of the covenants, agreements or conditions of this Sublease, without prejudice to any other remedy or remedies which Sublandlord may have on account thereof, and that upon such application Subtenant shall pay Sublandlord, within five (5) business days following demand therefore, the amount so applied which shall be added to the Security Deposit so the same may be restored to its original amount; and (b) should the Master Sublease be assigned by Sublandlord, the Security Deposit or any portion thereof not previously applied shall be turned over to Sublandlord’s assignee, and upon such delivery and the express written assumption of Sublandlord’s obligations under this Sublease by such assignee, Subtenant shall release Sublandlord from any and all liability with respect to the Security Deposit and/or its application or return. The Security Deposit shall be held by Sublandlord as security for returned to Subtenant without interest within thirty (30) days following the faithful performance expiration or sooner termination of the Term, except to the extent reasonably required to cure any default by Subtenant hereunder and provided that Subtenant has vacated the Sublease Premises and surrendered possession thereof to Sublandlord at the expiration of all the provisions of Term. In the event that Sublandlord terminates this Sublease or Subtenant’s right to be performed or observed possession by reason of an Event of Default by Subtenant. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periods, Sublandlord may use, apply or retain all or any portion of the Security Deposit for against damages suffered to the date of such termination and/or may retain the Security Deposit to apply against such damages as may be suffered or shall accrue thereafter by reason of such Event of Default. In the event any bankruptcy, insolvency, reorganization or other creditor-debtor proceedings shall be instituted by or against Subtenant, or its successors or assigns, the Security Deposit shall be deemed to be applied first to the payment of any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Rent due Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit periods prior to the full amount thereof institution of such proceedings, and Subtenant’s failure to do so shall be a material breach of this Sublease. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assigneebalance, if any, of Subtenantthe Security Deposit may be retained or paid to Sublandlord in partial liquidation of Sublandlord’s interest hereunder) following the expiration damages; and unless otherwise expressly agreed by Sublandlord in writing, no part of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate Deposit shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and considered prepayment for any moneys to be paid by Subtenant with respect to the Security Depositunder this Sublease.

Appears in 1 contract

Samples: Sub Sublease Agreement (Ariba Inc)

Security Deposit. Concurrently with Subtenant’s the execution of this Sublease, Subtenant shall deposit with Sublandlord the sum of One Million Four Hundred Seventy-Five Thousand Four Hundred Thirty-Six and 00/100 Dollars ($20,512.89 1,475,436.00) (the Security Deposit”). The Security Deposit which shall be held by Sublandlord as security for the full and faithful performance by Subtenant of all its covenants and obligations under this Sublease, provided that Sublandlord agrees to return the provisions Deposit to Subtenant in exchange for a letter of this Sublease credit in favor of Sublandlord in form approved by Sublandlord if Subtenant elects to be performed provide such a letter of credit. The Deposit is not an advance Rent deposit, an advance payment of any other kind, or observed by a measure of Sublandlord’s damage in case of Subtenant’s Default. If Subtenant fails Defaults in the full and timely performance of any or all of Subtenant’s covenants and obligations set forth in this Sublease, then Sublandlord may, from time to pay rent or time, without waiving any other sums due hereunderremedy available to Sublandlord, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periodsuse the Deposit, Sublandlord may use, apply or retain all or any portion of it, to the Security Deposit for extent necessary to cure or remedy the payment of any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, Default or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion a part of the Security Deposit, damages sustained by Sublandlord resulting from Subtenant’s Default. Subtenant shall immediately pay to Sublandlord within ten five (105) business days after receipt of written notice therefor deposit cash with Sublandlord following demand, the amount so applied in an amount sufficient order to restore the Security Deposit to the full amount thereof its original amount, and Subtenant’s failure to immediately do so shall be constitute a material breach Default under this Sublease. If Subtenant is not in Default with respect to the covenants and obligations set forth in this Sublease at the expiration or earlier termination of the Sublease. Sublandlord shall return the Deposit to Subtenant after the expiration or earlier termination of this Sublease. Sublandlord’s obligations with respect to the Deposit are those of a debtor and not a trustee. Sublandlord shall not be required to keep maintain the Security Deposit separate and apart from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to general or other funds and Sublandlord may commingle the last assignee, if any, Deposit with any of SubtenantSublandlord’s interest hereunder) following the expiration of the Term, and after general or other funds. Subtenant has vacated the Subleased Premises; in addition to shall not at any other deductions Sublandlord is time be entitled to make pursuant to interest on the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect Confidential Treatment Requested by Oportun Financial Corporation Pursuant to the Security Deposit.17 C.F.R. Section 200.83

Appears in 1 contract

Samples: Sublease Agreement (Oportun Financial Corp)

Security Deposit. Concurrently with Subtenant’s its execution of this SubleaseLease, Subtenant Tenant shall deposit with Sublandlord Landlord the sum of $20,512.89 specified in the Basic Lease Information (the "Security Deposit"). The Security Deposit shall be held by Sublandlord Landlord as security for the faithful performance by Subtenant Tenant of all the provisions of this Sublease Lease to be performed or observed by SubtenantTenaxx. If Subtenant Xx Tenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to any provisions provision of this Sublease after all applicable cure periodsLease, Sublandlord Landlord may use, apply or retain all or any portion of the Security Deposit for the payment of any rent or other sum in default or for the payment of any other sum to which Sublandlord Landlord may become obligated by reason of Subtenant’s Tenant's default, or to compensate Sublandlord Landlord for any loss or damage which Sublandlord Landlord may suffer thereby. If Sublandlord Landlord so uses or applies all or any portion of the Security Deposit, Subtenant Tenant shall within ten (10) business days after receipt of written notice demand therefor deposit cash with Sublandlord Landlord in an amount sufficient to restore the Security Deposit to the full amount thereof and Subtenant’s failure Tenaxx'x xailure to do so shall be a material breach of this SubleaseLease. Sublandlord Landlord shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs Tenaxx xxxforms all of Subtenant’s Tenant's obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by SublandlordLandlord, shall be returned, without interest, to Subtenant Tenant (or, at Sublandlord’s Landlord's option, to the last assignee, if any, of Subtenant’s interest Tenaxx'x xnterest hereunder) following at the expiration of the TermTerm hereof, and after Subtenant has Tenaxx xxx vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord Landlord and Subtenant Tenant with respect to the Security Deposit. If this Lease provides for periodic increases in Base Rent, Lessee shall, within ten (10) days after demand by Landlord, increase the amount of the Security Deposit to equal the Base Rent then in effect.

Appears in 1 contract

Samples: Office Lease (Ixia)

Security Deposit. Concurrently with Subtenant’s execution of this SubleaseOn or prior to the Commencement Date, Subtenant Sublessee shall deposit with Sublandlord Sublessor the sum of $20,512.89 (the “Security Deposit”). The Security Deposit shall be held by Sublandlord 230,033.33 as security for the full and faithful performance by Subtenant of all the provisions every provision of this Sublease to be performed or observed by SubtenantSublessee. If Subtenant fails to pay rent or other sums due hereunderSublessee defaults, or otherwise defaults with respect to any provisions provision of this Sublease after all applicable cure periodsSublease, Sublandlord including but not limited to the provisions relating to the payment of Rent, Sublessor may use, apply or retain all or any portion part of the Security Deposit said security deposit for the payment of any rent or Rent and any other sum in default or for the payment of any other sum to amount which Sublandlord Sublessor may spend or become obligated to spend by reason of Subtenant’s default, Sublessee's default or to compensate Sublandlord Sublessor for any other loss or damage which Sublandlord Sublessor may suffer therebyby reason of Sublessee's default. If Sublandlord so uses or applies all or any portion of Provided Sublessor does not deposit the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice therefor security deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount thereof and Subtenant’s failure to do so shall be a material breach of this Sublease. Sublandlord interest bearing account, Sublessee shall not be required entitled to keep the Security Deposit separate from its general accountsinterest on any security deposit. If Subtenant performs all Sublessor elects to deposit the security deposit in an interest bearing account, Sublessee shall be entitled to the accrued interest. If Sublessee shall fully and faithfully perform every provision of Subtenant’s obligations hereunder, the Security Depositthis Sublease to be performed by it, or so much shall timely cure any and all defaults, said security deposit or any balance thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, returned to Subtenant Sublessee upon the date which is thirty (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder30) following days after the expiration of the TermSublease Term and Sublessee's vacation of the Premises. Notwithstanding the forgoing and provided that (i) Sublessor has not then used, applied or retained any part of the Security Deposit as provided under the terms of this Sublease and after Subtenant has vacated the Subleased Premises; (ii) Sublessee is not then in addition to any other deductions Sublandlord is default under this Sublease, Sublessee shall be entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as receive partial refunds of the date Security Deposit in the amount of expiration $57,508.33 on the first and to deduct any anticipated shortfall from third anniversaries of the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security DepositCommencement Date.

Appears in 1 contract

Samples: Sublease Agreement (Web Street Inc //)

Security Deposit. Concurrently with Subtenant’s (a) Upon execution of this Sublease, Subtenant shall deposit with pay to Sublandlord the sum of One Hundred Twenty One Thousand One Hundred Eleven Dollars and 20/100 ($20,512.89 121,111.20) as a security deposit (the “"Security Deposit"). The Security Deposit shall be held by Sublandlord as security for the faithful performance by Subtenant of all the provisions of this Sublease to be performed or observed by Subtenant. If Subtenant fails to pay rent Rent or other sums charges when due hereunderunder this Sublease, or otherwise defaults with respect fails to perform any provisions of its other obligations hereunder and provided all applicable notice and cure periods provided in this Sublease after all applicable cure periods, or incorporated through the Master Lease have expired. Sublandlord may use, use or apply or retain all or any portion of the Security Deposit for the payment of any rent Rent or other sum in default or amount then due hereunder and unpaid, for the payment of any other sum to for which Sublandlord may become obligated by reason of Subtenant’s default's default or breach, or to compensate Sublandlord for any loss or damage which sustained by Sublandlord may suffer therebyas a result of Subtenant's default or breach. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount thereof and Subtenant’s failure to do so shall be a material breach of this Subleaseoriginally deposited within ten (10) days after Sublandlord's written demand. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. If Subtenant performs all of Subtenant’s obligations hereunder, the The Security Deposit, or so much thereof as has had not theretofore been applied by Sublandlord, shall be returned, without interest, returned to Subtenant within thirty (or, at Sublandlord’s option, to the last assignee, if any, 30) days of Subtenant’s interest hereunder) following the expiration or earlier termination of the Termthis Sublease, and after provided Subtenant has vacated the Subleased Sublease Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit.

Appears in 1 contract

Samples: SCM Microsystems Inc

Security Deposit. Concurrently with Subtenant’s To secure the faithful performance by Subtenant of all the covenants, conditions and agreements in this Sublease set forth and contained on the part of Subtenant to be fulfilled, kept, observed and performed, five (5) business days following execution of this Sublease, Subtenant shall deliver to Sublandlord a security deposit with Sublandlord in the sum amount of $20,512.89 44,642.00 (the “Security Deposit”). The Security Deposit shall be held by Sublandlord as security for the faithful performance by Subtenant of all the provisions of this Sublease to be performed or observed by Subtenant. If Subtenant fails to pay rent defaults, beyond any applicable grace or other sums due hereundercure period, or otherwise defaults with respect to any provisions provision of this Sublease after all applicable cure periodsSublease, including payment of the Rent, then Sublandlord may use, apply apply, draw upon or retain all or any portion part of the Security Deposit to the extent necessary for the payment of any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s defaultrent, or to compensate Sublandlord for any loss other loss, cost or damage which that Sublandlord may suffer therebyby reason of Subtenant’s default. If Sublandlord so uses or applies all or any portion of the Security DepositDeposit is so used, applied, or drawn upon, Subtenant shall shall, within ten (10) business 30 days after receipt of written notice therefor thereof, deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount thereof and its original amount. Subtenant’s failure to do so shall be a material breach an Event of Default under this Sublease. Sublandlord shall not not, unless otherwise required by law, be required to keep the Security Deposit separate from its general accountsfunds, nor pay interest to Subtenant. If As long as Subtenant performs all is not then in an Event of Subtenant’s obligations hereunderDefault, the Security Deposit, Deposit or so much any balance thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, returned to Subtenant (or, at Sublandlord’s option, or to the last assignee, if any, transferee of Subtenant’s interest hereunder) following after the expiration of the TermSublease Term (or sooner termination of this Sublease) and upon Subtenant’s vacation of the Sublease Space in accordance with this Sublease, and after provided Subtenant has vacated the Subleased Premises; Sublease Space and surrendered possession thereof to Sublandlord in addition to any other deductions the condition required under this Sublease and the Lease. Sublandlord is entitled to make pursuant confirms that no improvements, alterations or installations have been made to the terms hereof, Sublandlord shall have Sublease Space since the right to make a good faith estimate of any unreconciled Operating Costs term commenced under the Lease other than cosmetic improvements such as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Depositpainting.

Appears in 1 contract

Samples: Sublease (Everbridge, Inc.)

Security Deposit. Concurrently Upon the expiration of the Guaranty, Tenant shall pay to Landlord a security deposit of [Illegible] of the Annual Fixed Rent then payable under this Lease. Upon any increase in the Annual Fixed Rent, Tenant shall supplement its security deposit by paying Landlord [Illegible] of the amount by which- tire Annual Fixed Rent is increased. Landlord shall maintain the security deposit in a segregated account with Subtenant’s execution any interest earned thereon accruing to the benefit of this Sublease, Subtenant shall Tenant and with the effect of increasing the security deposit with Sublandlord hereunder by the sum aggregate amount of $20,512.89 (the “Security Deposit”)such interest. The Security Deposit shall be held by Sublandlord as security for the faithful performance by Subtenant of all the provisions of this Sublease to be performed or observed by Subtenant. If Subtenant fails to pay rent or other sums due Provided Tenant is not then in default hereunder, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periods, Sublandlord may use, apply or retain all or any Landlord shall return the then remaining portion of the Security Deposit for security deposit to Tenant within thirty (30) days after the payment expiration of this Lease. In the event Landlord applies any such funds, Tenant shall pay to Landlord as additional rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall within ten (10) business days after receipt invoice therefor, the amount of written notice therefor the security deposit cash with Sublandlord in an amount sufficient to restore applied by Landlord, such that the Security Deposit to balance of the full amount thereof and Subtenant’s failure to do so security deposit shall be restored to its original amount (as supplemented as hereinabove provided). Notwithstanding the foregoing, in lieu of a material breach cash security deposit, during the Term Tenant may furnish Landlord with a clean, irrevocable letter of this Sublease. Sublandlord shall not be credit in the same amount as the security deposit required to keep be paid by Tenant hereunder (excluding any interest which may have accrued thereon), provided that Landlord shall be entitled to impose such reasonable terms and conditions as Landlord may require to ensure the Security Deposit separate from its general accountssecurity offered by the security deposit (e.g. written on a local bank of sufficient creditworthiness). If Subtenant performs all Tenant shall furnish Landlord with a letter of Subtenant’s obligations hereundercredit under the circumstances as aforesaid, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, any cash security deposit and interest which may have accrued thereon shall be returned, without interest, returned by Landlord to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security DepositTenant contemporaneously therewith.

Appears in 1 contract

Samples: Sublease (Viacell Inc)

Security Deposit. Concurrently with Subtenant’s the execution of this Sublease, Subtenant shall deposit with Sublandlord the sum of Twenty Thousand Four Hundred and No/100 Dollars ($20,512.89 20,400.00) (the “Security Deposit”). The , which Security Deposit shall be held by Sublandlord as security for during the faithful performance by Subtenant of all Sublease Term to secure Subtenant’s full compliance with the provisions terms and conditions of this Sublease to be performed or observed by SubtenantSublease, including the payment of Base Rent. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periods, Sublandlord may use, apply or retain all the whole or any portion part of the Security Deposit to the extent required for the payment of any rent Base Rent or any other sum as to which Subtenant is in default or for the payment of any other sum to which Sublandlord may become obligated expend or may be required to expended by reason of Subtenant’s defaultdefault in respect of any of the terms, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer therebycovenants and conditions of this Sublease. If Sublandlord so uses uses, applies or applies all retains the whole or any portion part of the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient to restore replenish the Security Deposit to the full amount thereof and Subtenant’s failure then required to do so shall be a material breach deposited with the Sublandlord pursuant to this Sublease within three (3) business days after being notified by Sublandlord of the amount due. Notwithstanding anything to the contrary set forth in this Sublease, an Event of Default by Subtenant shall have occurred hereunder if the amount due is not paid within the foregoing time period. The Security Deposit may be commingled with Sublandlord’s general funds and need not be deposited in an interest-bearing account. Sublandlord shall not be required to keep refund any remaining portion of the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant within thirty (or30) days following the Sublease Expiration Date or such earlier termination of this Sublease (provided such termination is not caused by a default or breach by Subtenant hereunder), at Sublandlord’s option, less any deductions required to restore the Sublease Premises to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after condition required under this Sublease or otherwise required to cure any then-outstanding Subtenant has vacated the Subleased Premises; in addition to default and/or apply toward any other deductions damages incurred by Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Depositby reason thereof.

Appears in 1 contract

Samples: Office Sublease (Project Angel Parent, LLC)

Security Deposit. Concurrently Simultaneously with Subtenant’s execution of this Sublease, Subtenant shall deposit with Sublandlord the sum of $20,512.89 (the “Security Deposit”). The Security Deposit shall be held by Sublandlord deliver to Sublandlord, as security for the faithful performance and observance by Subtenant of all of the provisions terms, covenants, and conditions of this Sublease on Subtenant’s part to be performed or observed by Subtenantand observed, a security deposit in the amount of $37,835.00. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to any provisions provision of this Sublease after all applicable cure periodsSublease, including payment of the Rent, Sublandlord may use, apply apply, draw upon or retain all or any portion part of the Security Deposit to the extent necessary for the payment of any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s defaultRent, or to compensate Sublandlord for any loss other loss, cost or damage which Sublandlord may suffer therebyby reason of Subtenant’s default. If Sublandlord so uses or applies all or any portion of the Security DepositDeposit is so used, applied, or drawn upon, Subtenant shall shall, within ten (10) business 10 days after receipt of written notice therefor thereof, deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount thereof and its original amount. Subtenant’s failure to do so shall be a material breach of this Sublease. Sublandlord shall not not, unless otherwise required by law, be required to keep the Security Deposit separate from its general accountsfunds, nor pay interest to Subtenant. If Subtenant performs all shall fully and faithfully perform every provision of Subtenant’s obligations hereunderthis Sublease to be performed by it, the Security Deposit, Deposit or so much any balance thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, returned to Subtenant (or, at Sublandlord’s option, or to the last assignee, if any, transferee of Subtenant’s 's interest hereunder) following after the expiration of the TermTerm (or sooner termination of this Sublease) and upon Subtenant's vacation of the Premises in accordance with this Sublease. If the Sublease is assigned, then the Security Deposit shall be transferred to the assignee, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, thereupon Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall be discharged from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant further liability with respect to the Security Depositthereto.

Appears in 1 contract

Samples: Lease Agreement (Support.com, Inc.)

Security Deposit. Concurrently with Subtenant’s execution of this SubleaseOn or before the Commencement Date, Subtenant shall deliver to Sublandlord a security deposit with Sublandlord the sum of $20,512.89 (the “Security Deposit”)) in the amount of One Hundred Sixty Three Two Hundred Ninety Six and 0/100 Dollars ($163,296.00) in the form of cash or an unconditional, irrevocable standby letter of credit without documents, i.e., no obligation on Sublandlord’s part to present anything but a sight draft, with Sublandlord as beneficiary, drawable in whole or in part, providing for payment in Boston, Massachusetts, on presentation of Sublandlord’s drafts on sight, providing for multiple draws and multiple successors and otherwise both from a bank and in a form acceptable to Sublandlord. The Security Deposit shall be held by Sublandlord as security for the faithful performance by Subtenant of all the provisions terms, covenants, and conditions of this Sublease applicable to be performed or observed by Subtenant. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to any provisions provision of this Sublease after all applicable cure periodsSublease, including but not limited to the provisions relating to the condition of the Subleased Premises upon the Expiration Date, Sublandlord may (but shall not be required to) use, apply or retain all or any portion part of the Security Deposit for the payment of any rent or other sum in default or for the payment of any other sum to amount which Sublandlord may become obligated spend by reason of Subtenant’s default, default or to compensate Sublandlord for any loss or damage which Sublandlord may suffer therebyby reason of Subtenant’s default and Sublandlord may draw on all or any part of the Security Deposit and thereafter retain any unapplied portion as a cash Security Deposit. If Sublandlord so uses or applies all or any portion of the Security DepositDeposit is so used or applied, Subtenant shall shall, within ten (10) business thirty days after receipt of written notice therefor demand therefor, deposit cash or a replacement letter of credit (in form and substance subject to the same requirements as the original letter of credit) with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount thereof and its original amount. Subtenant’s failure to do so shall be a material default and breach of this SubleaseSublease by Subtenant. The rights of Sublandlord shall not pursuant to this Section are in addition to any rights which Sublandlord may have pursuant to Section 11 below. Once the Subtenant fully and faithfully performs every provision of this Sublease to be required to keep performed by it, the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much any balance thereof as has not theretofore been applied by Sublandlord, shall be returned, returned (without interest, ) to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, Sublease termination and after Subtenant has vacated the Subleased Premises; in addition to any other deductions . Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate will only use such portion of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon , if any, to cover the costs of any repairs or damage caused by the Subtenant. No trust relationship is created herein between Failure of Subtenant to deliver a replacement letter of credit to Sublandlord and Subtenant with respect at least forty-five (45) business days prior to the expiration date of any current letter of credit shall constitute a separate default entitling Sublandlord to draw down immediately and entirely on the current letter of credit and the proceeds shall constitute a cash Security Deposit.

Appears in 1 contract

Samples: Sublease (Salary. Com, Inc.)

Security Deposit. Concurrently (a) Concurrent with Subtenant’s execution and delivery of this SubleaseSublease to Sublandlord, Subtenant shall deposit with pay to Sublandlord by bank check or wire transfer of immediately available federal funds the sum of $20,512.89 197,370 (the “Security Deposit”). The Security Deposit shall ) to be held by the Sublandlord as security for the faithful Subtenant’s performance by Subtenant of all the provisions of Subtenant’s obligations under this Sublease to be performed or observed by SubtenantSublease. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periods, Sublandlord may use, apply or shall retain all or any portion of the Security Deposit in a non-interest-bearing account. Sublandlord shall in no event be obligated to apply the Security Deposit to Rental in arrears or damages for Subtenant’s default, although Sublandlord may so apply the Security Deposit, at its option. The Security Deposit, if not applied toward the payment of any rent Rental in arrears or other sum in default or for toward the payment of any other sum to which damages suffered by Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount thereof and Subtenant’s failure to do so shall be a material breach of this Sublease. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, returned to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s without interest hereunder) following the expiration of the Term, and after when this Sublease is terminated or as otherwise provided in this Sublease once Subtenant has vacated the Subleased Premises; Premises and delivered possession thereof to Sublandlord in addition to any other deductions Sublandlord is entitled to make pursuant to accordance with the terms and provisions hereof. If Sublandlord legally repossesses the Subleased Premises because of Subtenant’s default, Sublandlord shall have may apply the right Security Deposit to make a good faith estimate of any unreconciled Operating Costs as of damages suffered to the date of expiration such repossession and to deduct any anticipated shortfall from may apply the Security DepositDeposit to such damages as may be suffered or shall accrue thereafter by reason of Subtenant’s default. Such estimate If Sublandlord applies the Security Deposit in whole or in part, Subtenant shall, upon demand by Sublandlord, deposit sufficient funds to maintain the Security Deposit in an amount equal to $197,370. Failure of Subtenant to deposit such additional security shall entitle Sublandlord to avail itself of the remedies provided in this Sublease for nonpayment of Base Rent and Additional Rent by Subtenant. Provided that no Default by Subtenant then exists (after notice and a reasonable opportunity to cure), on the third anniversary of the Commencement Date, the Security Deposit shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect reduced to $131,580 for the Security Depositremainder of the Term.

Appears in 1 contract

Samples: Sublease (Atea Pharmaceuticals, Inc.)

Security Deposit. Concurrently with Subtenant’s its execution of this Sublease, Subtenant shall deposit with Sublandlord the sum of Sixty-Three Thousand Seven Hundred Seventy-Four Dollars ($20,512.89 (the “Security Deposit”). The Security Deposit shall be held by Sublandlord 63,774.00) as security for the full and faithful performance by Subtenant of all the provisions every provision of this Sublease to be performed or observed by Subtenant. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults beyond applicable notice and cure periods with respect to any provisions provision of this Sublease after all applicable cure periodsSublease, including, but not limited to, the provisions relating to the payment of rent, Sublandlord may use, apply or retain all or any portion part of the Security Deposit said security deposit for the payment of any rent or and any other sum in default default, or for the payment of any other sum to amount which Sublandlord may reasonably spend or become obligated to spend by reason of Subtenant’s default, default or to reasonably compensate Sublandlord for any other actual loss or damage which Sublandlord may suffer therebyby reason of Subtenant’s default. If Sublandlord so uses or applies all or any portion of the Security Depositsaid security deposit is so used or applied, Subtenant shall shall, within ten five (105) business days after receipt of written notice therefor demand therefor, deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit security deposit to the full amount thereof its original amount, and Subtenant’s failure to do so shall be a material breach of this Sublease. Except to the extent required by law, Sublandlord shall not be required to keep the Security Deposit said security deposit separate from its general accountsfunds, and Subtenant shall not be entitled to interest on any security deposit. If Subtenant performs all of Subtenant’s obligations hereunder, Said security deposit or any balance thereof after appropriate application under the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, terms hereof shall be returned, without interest, returned to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, assignee of Subtenant’s interest hereunder) following within thirty (30) days after the expiration of the Term, term and after Subtenant has vacated Subtenant’s vacation of the Subleased Premises; in addition . Nothing herein shall be construed to limit the amount of damages recoverable by Sublandlord or any other deductions Sublandlord is entitled to make pursuant remedy to the terms hereofsecurity deposit. Notwithstanding any of the foregoing to the contrary, (i) if at the end of the first Sublease Year Subtenant is not in default beyond any applicable notice and cure periods hereunder, Sublandlord shall have shall, within five (5) days after the right to make a good faith estimate end of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall such Sublease Year, release $21,258.00 from the Security Deposit. Such estimate shall be final and binding upon Deposit back to Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to , thereby reducing the Security DepositDeposit to $42,516.00, and (ii) if at the end of the second Sublease Year Subtenant is not in default beyond any applicable notice and cure periods hereunder, Sublandlord shall, within five (5) days after the end of such Sublease Year, release an additional $21,258.00 from the Security Deposit back to Subtenant, thereby reducing the Security Deposit to $21,258.00.

Appears in 1 contract

Samples: Sublease (Capitalsource Inc)

Security Deposit. Concurrently with Subtenant’s Upon execution of this Sublease, Subtenant shall deposit with Sublandlord the sum of $20,512.89 175,587.50 as a security deposit (the “Security Deposit”). The Subtenant hereby grants to Sublandlord a security interest in the Security Deposit shall be held by Sublandlord as security for the faithful performance by Subtenant of all the provisions of this Sublease Deposit, including but not limited to be performed or observed by Subtenantreplenishments thereof. If Subtenant fails to pay rent Rent or other sums charges when due hereunderunder this Sublease, or otherwise defaults with respect fails to perform any provisions of this Sublease after all applicable cure periodsits other obligations hereunder, Sublandlord may use, use or apply or retain all or any portion of the Security Deposit for the payment of any rent Rent or other sum in default or amount then due hereunder and unpaid, for the payment of any other sum to for which Sublandlord may become obligated by reason of Subtenant’s defaultdefault or breach, or to compensate Sublandlord for any loss or damage which sustained by Sublandlord may suffer therebyas a result of Subtenant’s default or breach. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount thereof and Subtenantoriginally deposited within ten (10) days after Sublandlord’s failure to do so shall be a material breach of this Subleasewritten demand. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. If Subtenant performs all of Subtenant’s obligations hereunder, the The Security Deposit, or so much thereof as has had not theretofore been applied by Sublandlord, shall be returned, without interest, returned to Subtenant within thirty (or, at Sublandlord’s option, to the last assignee, if any, 30) days of Subtenant’s interest hereunder) following the expiration or earlier termination of the Termthis Sublease, and after provided Subtenant has vacated the Subleased Sublease Premises; . Notwithstanding the foregoing, Subtenant may deliver to Sublandlord a clean, unconditional, irrevocable, transferable letter of credit in addition lieu of cash for the Security Deposit (the “Letter of Credit”) in form and issued by a financial institution (“Issuer”) satisfactory to any other deductions Sublandlord is entitled in its sole discretion. The Letter of Credit shall permit partial draws, and provide that draws thereunder will be honored upon presentation by Sublandlord. The Letter of Credit shall have an expiration period of one (1) year but shall automatically renew by its terms unless affirmatively cancelled by either Issuer or Subtenant, in which case Issuer must provide Sublandlord 30 days’ prior written notice of such expiration or cancellation. The Letter of Credit shall remain in effect until sixty (60) days after the Lease Expiration Date. Any amount drawn under the Letter of Credit and not utilized by Sublandlord for the purposes permitted by this Lease shall be held in accordance with this Section 4. If the Subtenant fails to make pursuant renew or replace the Letter of Credit as required under this Lease at least thirty (30) days before its stated expiration date, Sublandlord may draw upon the entire amount of the Letter of Credit. No fees applicable to the terms hereof, Sublandlord shall have the right to make a good faith estimate Letter of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate Credit shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect charged to the Security DepositSublandlord.

Appears in 1 contract

Samples: Sublease (Renovis Inc)

Security Deposit. Concurrently Simultaneously with Subtenant’s the execution and delivery of this Sub-Sublease, Subtenant shall First Potomac will deposit with Sublandlord the sum InforMax cash or a Letter of Credit (as defined below) in an amount equal to Thirty-Nine Thousand Two Hundred Five and 83/100 Dollars ($20,512.89 39,205.83) (the “Security Deposit”)) to secure, in part, First Potomac’s due performance and observance of the obligations, conditions, or agreements of this Sub-Sublease. The Security Deposit shall be Deposit, if in the form of cash, will not bear interest while being held by Sublandlord as security for the faithful performance by Subtenant of all the provisions of this Sublease to be performed or observed by SubtenantInforMax hereunder. If Subtenant fails an Event of Default by First Potomac occurs under this Sub-Sublease, without prejudice to pay rent or InforMax’s other sums due hereunderremedies, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periods, Sublandlord may use, InforMax shall apply or retain all or any portion of the Security Deposit for the payment of any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord InforMax (whether in whole or in part) for any loss or damage which Sublandlord may suffer therebysuch Event of Default. If Sublandlord so uses or applies all or any portion of the Security Deposit is so applied and the Event of Default is subsequently cured or waived, First Potomac will be obligated to deposit with InforMax, within fifteen (15) days thereafter, the amount necessary to restore the balance of the Security Deposit to its original amount. If any sale or transfer occurs of InforMax’s interest in this Sub-Sublease, InforMax may transfer the Security Deposit to such purchaser or transferee, in which event Tenant will look solely to the new sub-sublandlord for the return of the Security Deposit and InforMax will thereupon be released from all liability to Tenant for the return of the Security Deposit. The Security Deposit will not be transferable by Tenant to any assignee or subtenant, but will be held and returned directly to Tenant. In lieu of providing a cash Security Deposit, Subtenant simultaneously with the execution and delivery of this Sub-Sublease, First Potomac may deliver to InforMax an irrevocable and transferable letter of credit (“Letter of Credit”) running in favor of InforMax, with the Letter of Credit securing First Potomac’s obligations hereunder subject to the terms and conditions set forth in this Section 22. The Letter of Credit shall be issued by a bank acceptable to InforMax in InforMax’s sole but reasonable discretion and under the supervision of the banking commission of the State of Maryland or the Federal Deposit Insurance Corporation. Such issuing bank shall have banking offices at which the Letter of Credit may be drawn upon in the Washington, D.C. metropolitan area. If the credit of the bank that originally issues the Letter of Credit becomes unacceptable to InforMax in InforMax’s sole but reasonable discretion, First Potomac shall substitute another Letter of Credit from a bank that is acceptable to InforMax in InforMax’s sole reasonable discretion. The Letter of Credit shall be irrevocable for the period ending no less than one (1) year after the date of issuance. First Potomac shall renew the Letter of Credit and maintain it for the period ending five (5) days after the later of (a) the date of actual termination of this Sub-Sublease, or (b) the date First Potomac shall have vacated and surrendered the entire Premises to InforMax in accordance with the terms hereof and shall provide that it is automatically renewable for the Term, unless released pursuant to the provisions of this Section or unless the issuing bank delivers a notice of non-renewal no later than thirty (30) days before expiration. If First Potomac fails to renew the Letter of Credit within ten (10) business days after of its expiration, InforMax may draw on the existing Letter of Credit and maintain the funds as a non-interest-bearing deposit to be returned to First Potomac on receipt by InforMax of written notice therefor deposit cash with Sublandlord in an amount sufficient to restore a substitute Letter of Credit from First Potomac. The form and terms of the Security Deposit to the full amount thereof and Subtenant’s failure to do so Letter of Credit shall be a material breach of this Sublease. Sublandlord reasonably acceptable to InforMax and shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunderprovide, the Security Depositamong other things, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit.effect that:

Appears in 1 contract

Samples: Sub Sublease (First Potomac Realty Trust)

Security Deposit. (a) Concurrently with Subtenant’s its execution of this Sublease, Subtenant shall deposit with Sublandlord the sum of Twenty-One Thousand One Hundred Twenty-Seven and 98/100 Dollars ($20,512.89 (the “Security Deposit”). The Security Deposit shall be held by Sublandlord 21,127.98) as security for the full and faithful performance by Subtenant of all the provisions every provision of this Sublease to be performed or observed by Subtenant. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to any provisions provision of this Sublease after all applicable cure periodsSublease, including, but not limited to, the provisions relating to the payment of rent, Sublandlord may use, apply or retain all or any portion part of the Security Deposit said security deposit for the payment of any rent or and any other sum in default default, or for the payment of any other sum to amount which Sublandlord may spend or become obligated to spend by reason of Subtenant’s default, default or to compensate Sublandlord for any other loss or damage which Sublandlord may suffer therebyby reason of Subtenant’s default. If Sublandlord so uses or applies all or any portion of the Security Depositsaid security deposit is so used or applied, Subtenant shall shall, within ten five (105) business days after receipt of written notice therefor demand therefor, deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit security deposit to the full amount thereof its original amount, and Subtenant’s failure to do so shall be a material breach of this Sublease. Except to the extent required by law, Sublandlord shall not be required to keep the Security Deposit said security deposit separate from its general accountsfunds, and Subtenant shall not be entitled to interest on any security deposit. If Subtenant performs all shall fully and faithfully perform every provision of Subtenant’s obligations hereunderthis Sublease to be performed by it, the Security Deposit, said security deposit or so much any balance thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, returned to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, assignee of Subtenant’s interest hereunder) following within thirty (30) days after the expiration of the Term, term and after Subtenant has vacated Subtenant’s vacation of the Subleased Premises; in addition . Nothing herein shall be construed to limit the amount of damages recoverable by Sublandlord or any other deductions Sublandlord is entitled to make pursuant remedy to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Depositsecurity deposit.

Appears in 1 contract

Samples: Sublease (Capitalsource Inc)

Security Deposit. Concurrently Contemporaneously with Subtenant’s the execution of this Sublease, Subtenant shall has delivered to Sublandlord a security deposit with Sublandlord the sum of $20,512.89 (the “Security Deposit”"SECURITY DEPOSIT") in the amount of One Hundred Fifty Thousand Dollars ($150,000). The Security Deposit shall be held by Sublandlord as security for the payment by Subtenant of all sums required to be paid by Subtenant hereunder, and for the due and faithful performance by Subtenant of all of the provisions other terms, provisions, covenants and conditions of this Sublease Sublease, and may be applied, at Sublandlord's option towards the curing of any default (as such term is defined in Paragraph 14 of this Sublease) without limiting Sublandlord's right to be performed or observed by pursue any and all other rights and remedies available to it against Subtenant. If Subtenant fails In the event the Security Deposit shall not be utilized for any of the purposes set forth herein, the same shall be returned by Sublandlord to pay rent Subtenant, without the payment of any interest thereon, within sixty (60) days following termination or other sums due hereunder, or otherwise defaults with respect to any provisions expiration of the term of this Sublease after all applicable cure periodsSublease, whether by lapse of time or otherwise, provided the outstanding balances of Base Rent and Additional Rent, if any, have been paid to Sublandlord may use, apply or retain in full. Should all or any portion part of the Security Deposit for be applied by Sublandlord in accordance with the payment terms hereof to the curing of any rent or other default, Subtenant immediately shall pay Sublandlord a sufficient sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount thereof and Subtenant’s failure to do so shall be a material breach of this SubleaseOne Hundred Fifty Thousand Dollars ($150,000). Sublandlord shall not be required to keep may commingle the Security Deposit separate from its general accountswith other funds of Sublandlord. If Subtenant performs all of Subtenant’s obligations hereunder, shall not assign or encumber or attempt to assign or encumber the monies deposited herein as the Security Deposit, Deposit and neither Sublandlord nor its successors or so much thereof as has not theretofore been applied by Sublandlord, assigns shall be returnedbound by any such assignment, without interestencumbrance, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make attempted assignment or encumbrance. This Sublease does not create a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit, and Sublandlord shall be entitled to treat such Security Deposit as Sublandlord's own property, subject only to Subtenant's right to receive repayment of it as and to the extent provided in this Paragraph 3.

Appears in 1 contract

Samples: Sublease Agreement (Dt Industries Inc)

Security Deposit. Concurrently with Subtenant’s Upon execution of this Sublease, Subtenant shall deposit with Sublandlord the sum of $20,512.89 stated in Section 1.6 (the “Security Deposit”). The Security Deposit shall , to be held by Sublandlord as security for the full and faithful performance by Subtenant of all the provisions of Subtenant’s obligations under this Sublease to be performed or observed Sublease. Upon any default by Subtenant. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periods, Sublandlord may use, apply or retain all or part of the Security Deposit as full or partial compensation. If any portion of the Security Deposit for the payment of any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord is so uses or applies all or any portion of the Security Depositapplied, Subtenant shall within ten five (105) business days after receipt of written notice therefor demand by Sublandlord deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount thereof and Subtenant’s failure to do so shall be a material breach of this Subleaseits original amount. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts. If funds, and Subtenant performs all of Subtenant’s obligations hereunder, shall not be entitled to interest on the Security Deposit, . In no event may Subtenant utilize all or so much thereof any portion of the Security Deposit as has not theretofore been applied by Sublandlord, a payment toward any rental sum due under this Sublease. Any unapplied balance of the Security Deposit shall be returned, without interest, returned to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, assignee of Subtenant’s interest hereunderin this Sublease within thirty (30) days following the expiration termination of this Sublease and Subtenant's vacation of the TermPremises. Subtenant waives the provisions of California Civil Code §1950.7, and after or any similar or successor laws now or hereafter in effect, which (i) establish the time frame by which a landlord must refund collateral or security for performance of a tenant's obligations under a lease, and/or (ii) provide that a landlord may claim from collateral or security for performance of a tenant's obligations under a lease only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by the tenant or to clean the Premises. In that regard, Subtenant has vacated agrees that Sublandlord may, in addition, claim those sums specified hereinabove and/or those sums reasonably necessary to compensate Sublandlord for any loss or damage caused by Subtenant's breach of this Sublease or the Subleased Premises; in addition to acts or omission of Subtenant or any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs Subtenant's Agents (as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposithereinafter defined).

Appears in 1 contract

Samples: Sublease

Security Deposit. Concurrently with Subtenant’s Prior to Early Access Date but no later than thirty (30) business days after mutual execution of this Sublease, Subtenant shall deposit with pay to Sublandlord the sum of $20,512.89 760,726.80 (the “Security Deposit”). The Security Deposit shall be held by Sublandlord ) as security for the faithful Subtenant’s performance by Subtenant of all the provisions of Subtenant’s covenants and obligations under this Sublease to be performed or observed by Subtenant. If Subtenant fails to pay rent or other sums due hereunderSublease; provided, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periodshowever, Sublandlord may use, apply or retain all or any portion of that the Security Deposit for the payment of any is not an advance rent deposit or other sum in default or for the an advance payment of any other sum to which Sublandlord may become obligated by reason kind, nor a measure of Sublandlord’s damages upon Subtenant’s default, . Sublandlord shall not be required to segregate the Security Deposit from its other funds and no interest shall accrue or be payable to Subtenant with respect thereto. Sublandlord may (but shall not be required to) use the Security Deposit or any portion thereof to cure any default or to compensate Sublandlord for any loss damage Sublandlord incurs as a result of Subtenant’s failure to perform any of its covenants or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or obligations hereunder, it being understood that any portion use of the Security DepositDeposit shall not constitute a bar or defense to any of Sublandlord’s remedies under this Sublease or at law. In such event and upon written notice from Sublandlord to Subtenant specifying the amount of the Security Deposit so utilized by Sublandlord and the particular purpose for which such amount was applied, Subtenant shall immediately deposit with Sublandlord an amount sufficient to return the Security Deposit to an amount equal to one hundred percent (100%) of the amount specified in the first sentence of this Section. Subtenant’s failure to make such payment to Sublandlord within ten (10) business days after receipt of written Sublandlord’s notice therefor deposit cash with shall constitute a default. If Subtenant is not in default at the expiration or termination of this Sublease, Sublandlord shall return to Subtenant the Security Deposit or the balance thereof then held by Sublandlord within thirty (30) days; provided, however, that in no event shall any such return be construed as an amount sufficient to restore admission by Sublandlord that Subtenant has performed all of its covenants and obligations hereunder. Subtenant hereby unconditionally and irrevocably waives the benefits and protections of California Civil Code Section 1950.7, and, without limitation of the scope of such waiver, acknowledges that Sublandlord may use all or any part of the Security Deposit to the full amount thereof and Subtenant’s failure to do so shall be a material breach compensate Sublandlord for damages resulting from termination of this SubleaseSublease and the tenancy created hereunder (including, without limitation, damages recoverable under California Civil Code Section 1951.2). Subtenant may at its election provide to Sublandlord shall not a letter of credit reasonably acceptable to Sublandlord from a commercial bank (that has offices in the Bay Area at which the letter of credit may be required drawn) reasonably acceptable to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunderSublandlord, as replacement for the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, in which event Sublandlord shall be returned, without interest, refund to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, then-current amount of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit.

Appears in 1 contract

Samples: Lease Agreement (Versartis, Inc.)

Security Deposit. Concurrently with (a) Upon Subtenant’s execution of this Sublease, Subtenant shall deposit with deliver to Sublandlord a letter of credit equal to the sum of One Hundred Ninety Five Thousand Dollars ($20,512.89 195,000.00) (the “Security Deposit”), which Security Deposit shall be in the form of an unconditional, irrevocable and transferable letter of credit (hereinafter the “Letter of Credit”) issued for the account of Sublandlord by a bank reasonably acceptable to Sublandlord, in form and substance reasonably satisfactory to Sublandlord and shall comply with all requirements set forth in Section 27(b) below. The Security Deposit shall be held by Sublandlord as security for the faithful performance by of Subtenant’s obligations and covenants under this Sublease. Subtenant acknowledges and agrees that the Security Deposit is not an advance rental deposit or a measure of all Sublandlord’s damages in case Subtenant fails to faithfully uphold and perform the provisions terms and obligations of this Sublease to be performed or observed by Subtenantand the Prime Lease. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to any provisions so uphold and perform the terms and conditions of this Sublease or the Prime Lease (after all expiration of the applicable notice and cure periodsperiods of this Sublease or the Prime Lease, as applicable), or if upon an early termination of this Sublease Subtenant fails to surrender the Subleased Premises in the condition required by this Sublease, Sublandlord shall have the right (but not the obligation), and without prejudice to any other remedy which Sublandlord may usehave on account thereof, to apply or retain all or any portion of the Security Deposit for the payment of any rent or other sum in to cure such default or for to remedy the payment condition of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer therebythe Subleased Premises. If Sublandlord so uses or applies all the Security Deposit or any portion thereof before the Expiration Date or earlier termination of this Sublease, Subtenant shall increase the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an upon demand, by the amount sufficient necessary to restore the Security Deposit to the full amount thereof and Subtenant’s failure to do so shall be a material breach its original amount. Any remaining balance of this Sublease. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts. If shall be returned to Subtenant performs at such time after the Expiration Date that all of Subtenant’s obligations hereunderunder this Sublease have been fulfilled, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant but in no event later than forty-five (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder45) days following the expiration Expiration Date. Sublandlord shall conduct a “Post Termination Inspection” of the Term, and Subleased Premises within fifteen (15) days after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate termination of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Depositthis Sublease.

Appears in 1 contract

Samples: Sublease (K12 Inc)

Security Deposit. Concurrently Contemporaneously with Subtenant’s the execution of this Sublease, Subtenant shall pay to Sublandlord a security deposit with Sublandlord in the sum amount of $20,512.89 9,894.00 (the “Sublease Security Deposit”). The Security Deposit If Subtenant shall be held by Sublandlord as security for default in respect of any of the faithful performance by Subtenant of all the provisions terms, provisions, covenants or conditions of this Sublease Sublease, including but not limited to be performed the payment of Rent or observed by Subtenant. If Subtenant fails to pay rent or any other sums sum due hereunder, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periods, Sublandlord may use, apply or retain all the whole or any portion part of the such Sublease Security Deposit for the payment of any rent Rent or any other sum in default or for the payment of any other sum to which Sublandlord may become obligated spend or be required to spend by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer therebybut such Sublease Security Deposit shall in no event be construed as liquidated damages. If Sublandlord so uses or applies all or any portion of the Sublease Security DepositDeposit as herein provided, Subtenant shall within ten (10) business days after receipt written demand from Sublandlord to Subtenant, and with itemized justification detailing the reasoning for such use of written notice therefor any Sublease Security Deposit sums, Subtenant shall deposit cash with Sublandlord cash in an amount sufficient equal to restore that portion of the Sublease Security Deposit to used by Sublandlord. Should Subtenant faithfully and fully comply with all the full amount thereof terms, provisions, covenants and Subtenant’s failure to do so shall be a material breach conditions of this Sublease, the Sublease Security Deposit or any balance thereof shall be returned to Subtenant or, at the option of Sublandlord, to the last assignee of Subtenant’s interest in this Sublease within thirty (30) days after the expiration of the term hereof. Sublandlord shall not be required to keep segregate the Sublease Security Deposit separate from its Sublandlord’s general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition shall not be entitled to any other deductions Sublandlord is entitled to make pursuant to interest on the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Sublease Security Deposit.

Appears in 1 contract

Samples: Sublease (Signing Day Sports, Inc.)

Security Deposit. Concurrently with Subtenant’s execution of this Sublease, Subtenant shall deposit with Sublandlord on execution of this Sublease the sum of $20,512.89 13,981 in cash as security for Subtenant’s faithful performance of Subtenant’s obligations under this Sublease (the “Security Deposit). The amount of the Security Deposit, upon Sublandlord’s written request shall be increased at any time that the Base Rent is increased so that the amount of the Security Deposit shall be held by Sublandlord as security for at all times bear the faithful performance by Subtenant of all same ratio to the provisions of this Sublease current Base Rent that the initial Security Deposit bears to be performed or observed by Subtenantthe initial Base Rent. If Subtenant fails to pay rent or other sums charges when due hereunderunder this Sublease, or otherwise defaults with respect fails to perform any provisions of obligations under this Sublease after all applicable cure periodsSublease, Sublandlord may use, apply or retain all or use any portion of the Security Deposit for the payment of any rent or other sum in default or amount then due and unpaid, within ten (10) days after written demand by Sublandlord, for the payment of any other sum to for which Sublandlord may become obligated by reason because of Subtenant’s defaultdefault or breach, or to compensate Sublandlord for any loss sustained by Sublandlord as a result of Subtenant’s default or damage which Sublandlord may suffer therebybreach. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall shall, within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient to demand by Sublandlord, restore the Security Deposit to the full amount thereof and originally deposited. Subtenant’s failure to do so shall be constitute a material breach of default under this Sublease. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all , and shall have no obligation or liability for payment of Subtenant’s obligations hereunder, interest on the Security Deposit. If Sublandlord assigns its interest in this Sublease, or so Sublandlord shall deliver to its assignee as much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and Security Deposit as Sublandlord then holds. Within ten (10) days after the Term has expired or Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, whichever occurs last, Sublandlord shall have the right pay to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from Subtenant the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and , or as much as remains that has not been applied by Sublandlord, less any amount required to cover incurred Subtenant with respect to the Security Depositdefaults.

Appears in 1 contract

Samples: Office Lease (Ign Entertainment Inc)

Security Deposit. Concurrently Concurrent with Subtenant’s 's execution of this Sublease, Subtenant shall deposit with Sublandlord immediately available funds (cashier's check, cash or wire transfer) the sum amount of $20,512.89 25,198.69, representing the security deposit (the “"Security Deposit”)") under this Sublease. The Security Deposit shall be held by Sublandlord as security for the faithful performance by Subtenant of all the provisions terms, covenants, and conditions of this Sublease to be kept and performed by Subtenant during the Sublease Term. The Security Deposit shall not be mortgaged, assigned or observed encumbered in any manner whatsoever by SubtenantSubtenant without the prior written consent of Sublandlord. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periodsSublease, including, but not limited to, the provisions relating to the payment of Rents, Sublandlord may may, but shall not be required to, use, apply or retain all or any portion part of the Security Deposit for the payment of any rent Rents or any other sum in default default, or for the payment of any other sum to which amount that Sublandlord may spend or become obligated to spend by reason of Subtenant’s 's default, or to compensate Sublandlord for any other loss or damage which that Sublandlord may suffer therebyby reason of Subtenant's default. If Sublandlord so uses or applies all or any portion of the Security DepositDeposit is so used or applied, Subtenant shall shall, within ten five (105) business days after receipt of written notice therefor demand therefor, deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount thereof its original amount, and Subtenant’s 's failure to do so shall be a material breach of default under this Sublease. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all The use, application or retention of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has any portion thereof, by Sublandlord shall not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to prevent Sublandlord from exercising any other deductions right or remedy provided by this Sublease or by law, it being intended that Sublandlord is entitled shall not first be required to make pursuant proceed against the Security Deposit, nor operate as a limitation on any recovery to which Sublandlord may otherwise be entitled. Subtenant acknowledges that Sublandlord has the terms hereofright to transfer or mortgage its interest in the Building and in this Sublease and Subtenant agrees that in the event of any such transfer or mortgage, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as transfer or assign the Security Deposit to the transferee or mortgagee. Upon such transfer or assignment of the date Security Deposit, Sublandlord shall thereby be released by Subtenant from all liability or obligation for the return of expiration such Security Deposit and Subtenant shall look solely to deduct any anticipated shortfall from such transferee or mortgagee for the return of the Security Deposit. Such estimate If Subtenant shall fully and faithfully perform every provision of this Sublease to be performed by it, the Security Deposit, or any balance thereof, shall be final and binding upon returned to Subtenant, or, at Sublandlord's option, to the last assignee of Subtenant's interest hereunder, within sixty (60) days following the expiration of the Sublease Term. No trust relationship is created herein between Sublandlord and Subtenant with respect shall not be entitled to any interest on the Security Deposit.

Appears in 1 contract

Samples: Focal Communications Corp

Security Deposit. Concurrently Concurrent with Subtenant’s execution and delivery of this Sublease to Sublandlord, Subtenant has delivered to Sublandlord the Security Deposit to be held by Sublandlord without interest, unless Sublandlord deposits the Security Deposit in an interest bearing account, in which case any interest earned thereon will be added to and become a part of the Security Deposit, as security for the performance by Subtenant of every covenant and condition of this Sublease, including, without limitation, the surrender of possession of the Sublease Space as herein provided. It is agreed that in the event Subtenant shall deposit with Sublandlord defaults in respect of any of the sum of $20,512.89 (the “Security Deposit”). The Security Deposit shall be held by Sublandlord as security for the faithful performance by Subtenant of all the terms or provisions of this Sublease to be performed or observed by Subtenant. If Subtenant fails to pay rent Sublease, including, but not limited to, the payment of Rent or other sums due hereunder, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periods, Sublandlord may use, apply or retain all the whole or any portion part of the Security Deposit to the extent required for the payment of any rent such Rent or any other sum as to which Subtenant is in default or for the payment of any other sum to which Sublandlord may become obligated expend or may be required to expend by reason of such default, including, but not limited to, any damage to the Sublease Space or any deficiency in the reletting of the Sublease Space, whether such damage or deficiency should accrue before or after summary proceedings or any re-entry by Sublandlord. The Security Deposit may not be used or applied by Subtenant as a substitute for any Rent due, but may be so applied by Sublandlord at Sublandlord’s sole option at any time(s) following Subtenant’s defaultdefault hereunder. The use, application or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion retention of the Security Deposit, or any portion thereof, by Sublandlord shall not prevent Sublandlord from exercising any other right or remedy provided by this Sublease or by law or in equity, and shall not operate as a limitation on any recovery to which Sublandlord may otherwise be entitled. If Sublandlord applies or retains any part of the Security Deposit, upon written demand therefor by Sublandlord, Subtenant shall within ten (10) business days after receipt of written notice therefor promptly deposit cash with Sublandlord in an such amount sufficient to restore the Security Deposit to so that Sublandlord shall have the full amount thereof deposit on hand at all times during the Sublease Term. If Subtenant shall fully and Subtenant’s failure to do so shall be a faithfully comply with all of the material breach terms and provisions of this Sublease. , Sublandlord shall not be required to keep return the Security Deposit separate from its general accounts. If Subtenant performs all unused balance of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interestif any, to Subtenant within thirty (or, at Sublandlord’s option, to 30) days after the last assignee, if any, of Subtenant’s interest hereunder) following the expiration Expiration Date and delivery of the Term, and after Subtenant has vacated the Subleased Premises; Sublease Space to Sublandlord in addition to any other deductions Sublandlord is entitled to make pursuant to accordance with the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Depositthis Sublease.

Appears in 1 contract

Samples: Sublease Agreement (Talk America Holdings Inc)

Security Deposit. Concurrently with Subtenant’s the execution of this Sublease, Subtenant shall deposit with Sublandlord the sum of One Hundred Forty-Eight Thousand One Hundred Forty-Eight and 00/100 Dollars ($20,512.89 148,148.00) (the Security Deposit”). The Security Deposit , which shall be held by Sublandlord as security for the full and faithful performance by Subtenant of all the provisions its covenants and obligations under this Sublease. The Deposit is not an advance Rent deposit, an advance payment of this Sublease to be performed any other kind, or observed by a measure of Sublandlord’s damages in case of Subtenant’s default. If Subtenant fails defaults in the full and timely performance of any or all of Subtenant’s covenants and obligations set forth in this Sublease, then Sublandlord may, from time to pay rent or time, without waiving any other sums due hereunderremedy available to Sublandlord, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periodsuse the Deposit, Sublandlord may use, apply or retain all or any portion of it, to the Security Deposit for extent necessary to cure or remedy the payment of any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion a part of the Security Deposit, damages sustained by Sublandlord resulting from Subtenant’s default. Subtenant shall immediately pay to Sublandlord within ten five (105) business days after receipt of written notice therefor deposit cash with Sublandlord following demand, the amount so applied in an amount sufficient order to restore the Security Deposit to the full amount thereof its original amount, and Subtenant’s failure to immediately do so shall be constitute a material breach default under this Sublease. If Subtenant is not in default with respect to the covenants and obligations set forth in this Sublease at the expiration or earlier termination of the Sublease, Sublandlord shall return the Deposit to Subtenant after the expiration or earlier termination of this SubleaseSublease in accordance with the provisions of California Civil Code Section 1950.7. Sublandlord’s obligations with respect to the Deposit are those of a debtor and not a trustee. Sublandlord shall not be required to keep maintain the Security Deposit separate and apart from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to general or other funds and Sublandlord may commingle the last assignee, if any, Deposit with any of SubtenantSublandlord’s interest hereunder) following the expiration of the Term, and after general or other funds. Subtenant has vacated the Subleased Premises; in addition to shall not at any other deductions Sublandlord is time be entitled to make pursuant to interest on the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit.

Appears in 1 contract

Samples: Sublease Agreement (Cytori Therapeutics, Inc.)

Security Deposit. Concurrently Subtenant acknowledges that, as required by Section 12.11 of the Prime Lease, Sublandlord has provided Prime Landlord with Subtenant’s execution a bank letter of this Subleasecredit in the amount of $327,646 ("Letter of Credit") to secure timely performance by Sublandlord of its obligations as "Tenant" under the Prime Lease. In lieu of providing a cash security deposit to Sublandlord hereunder, Subtenant shall deposit with pay to Sublandlord as Additional Rent Subtenant's Proportionate Share of Sublandlord's cost of providing and maintaining the Letter of Credit, which cost shall be calculated as the sum of $20,512.89 (the “Security Deposit”). The Security Deposit shall be held i) Subtenant's Proportionate Share of any fees or costs paid by Sublandlord as security for during the faithful performance by Subtenant of all the provisions Term of this Sublease to be performed or observed by Subtenant. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periods, Sublandlord may use, apply or retain all or any portion for the continued issuance of the Security Deposit for Letter of Credit (not to exceed 1.5% per annum of the payment stated amount of any rent or other sum in default or for the payment Letter of any other sum Credit) and (ii) an amount computed at an interest rate equal to which Sublandlord may become obligated the "Prime Lending Rate" as determined on December 1st of each year by reason the Wall Street Journal per annum of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion 's Proportionate Share of the Security Deposit, Subtenant shall within ten amount of cash or cash equivalent security (10) business days after receipt not to exceed 120% of written notice therefor deposit cash with Sublandlord in an the stated amount sufficient to restore of the Security Deposit to the full amount thereof and Subtenant’s failure to do so shall be a material breach Letter of this Sublease. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assigneeCredit), if any, pledged by Sublandlord as collateral security for the Letter of Credit. The amount of Additional Rent payable by Subtenant pursuant to this Section 8.05 shall adjust from time to time if, as and when the stated amount of the Letter of Credit is adjusted. If during the Term of this Sublease Sublandlord elects to replace the Letter of Credit with cash or cash equivalent security deposited with Prime Landlord, the Additional Rent payable by Subtenant pursuant to this Section 8.05 shall equal an amount computed using an interest rate calculated as the "Prime Lending Rate" as determined on December 1st of each year by the Wall Street Journal per annum of Subtenant’s interest hereunder) following the expiration 's Proportionate Share of the Term, and after Subtenant has vacated the Subleased Premises; in addition cash or cash equivalent security deposited from time to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant time with respect to the Security DepositPrime Landlord.

Appears in 1 contract

Samples: Agreement of Sublease (Ariad Pharmaceuticals Inc)

Security Deposit. Concurrently with Subtenant’s execution of this SubleaseOn or before December 31, 2008, Subtenant shall deposit with Sublandlord the sum of $20,512.89 69,169.11 Dollars (the “Security Deposit”). The Security Deposit shall be held by Sublandlord ) as security for the faithful performance and observance by Subtenant of all of the provisions terms, covenants and conditions of this Sublease on Subtenant’s part to be performed or observed by Subtenantand observed. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periods, Sublandlord may use, apply or retain all the whole or any portion part of the Security Deposit to the extent required for the payment of any rent or Rent and any other sum sums as to which Subtenant may be in default or hereunder beyond the expiration of applicable grace and notice periods and for the payment of any other sum to which Sublandlord may become obligated expend or may be required to expend by reason of Subtenant’s defaultdefault beyond the expiration of applicable grace and notice periods in respect of any of the terms, or covenants and conditions of this Sublease. In the event Subtenant is not in default of any Subtenant covenant hereunder, past any applicable grace and notice periods, then the Security Deposit shall be applied, in equal amounts, to compensate Sublandlord for any loss or damage which the last three installments of the Base Sublease Rent due and owing hereunder by Subtenant. Sublandlord may suffer thereby. If Sublandlord so uses or applies all or commingle the Security Deposit with Sublandlord’s other funds Following any portion application of the Security Deposit, Subtenant Subtenant, on demand, shall within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full its original amount thereof and Subtenant’s failure to do so within ten (10) days of written notice from Sublandlord shall be a material breach default hereunder. In the event that Subtenant shall fully and faithfully comply with all of the terms, provisions, covenants and conditions of this Sublease. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has shall not theretofore have been applied by SublandlordSublandlord as aforesaid, shall be returned, without interest, returned to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) promptly following the expiration date of the Term, S&N Sublease or date of earlier termination and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as delivery of the date entire possession of expiration and the Premises to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security DepositSublandlord.

Appears in 1 contract

Samples: Sublease Agreement (Advanced BioHealing Inc)

Security Deposit. Concurrently with Upon Subtenant’s execution and delivery of this Sublease, Subtenant shall deposit with pay to Sublandlord the sum of Two Hundred Fifty-seven Thousand Forty-nine and 00/100 ($20,512.89 257,049.00) in cash (the “Security Deposit”). The Security Deposit shall , to be held by Sublandlord as security for the faithful performance and observance by Subtenant of all the provisions terms, covenants and conditions of this Sublease to Sublease, it being expressly understood that the Security Deposit shall not be performed considered an advance payment of rental or observed measure of Sublandlord’s damages in case of default by Subtenant. If Subtenant fails Upon default by Subtenant, Sublandlord, from time to pay rent or time, without prejudice to any other sums due hereunderremedy, may (but shall not be required to) apply the Security Deposit against any arrearages of Base Sublease Rent, Additional Rent, or otherwise defaults with respect any other damage, injury, loss, cost, expense or liability caused or likely to any provisions be caused to Sublandlord by such default on the part of this Sublease after all applicable cure periods, Sublandlord may use, apply or retain Subtenant. Should all or any portion part of the Security Deposit be used for the payment of any rent or other sum in default or for purposes described above during the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s defaultSublease Term, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion of the Security Deposit, then Subtenant shall remit to Sublandlord immediately (and in all events within ten not more than five (105) business days days) after receipt of written notice therefor deposit cash with Sublandlord in an Sublandlord’s request therefor, the amount sufficient necessary to restore the Security Deposit to the full amount thereof and its original balance. Subtenant’s failure to do so restore the Security Deposit upon written notice from Sublandlord shall be a material breach of this Sublease. Upon any termination of Sublandlord’s interest in the Premises, Sublandlord shall not have no further obligation to Subtenant with respect to the Security Deposit or any other sums due hereunder and prepaid by Subtenant upon transfer of the Security Deposit and any other such sums to Sublandlord’s successor in interest. No interest shall be required payable on the Security Deposit and Sublandlord shall have no obligation to keep the Security Deposit separate from its general accountsfunds unless otherwise required by applicable law. If Subtenant performs all Within thirty (30) days of the later of the termination of this Sublease or Subtenant’s obligations hereundersurrender of the Premises in the condition required by this Sublease, Sublandlord shall return to Subtenant that portion of the Security Deposit not used or applied by Sublandlord. Subtenant hereby waives all provisions of law, now or hereafter enforced, which limit the recovery a Sublandlord may claim from a Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interestit being agreed that Sublandlord may claim those sums reasonably necessary to remedy defaults in the payment of rent, to Subtenant (or, at Sublandlord’s optionrepair damage caused by Subtenant, to clean the last assigneePremises or to compensate Sublandlord from any loss or damage, if anyforeseeable or unforeseeable, caused by the act or omission of Subtenant’s interest hereunder) following the expiration Subtenant or any of the TermSubtenant Parties. Subtenant hereby waives the provisions of California Civil Code § 1950.7, and after Subtenant has vacated the Subleased Premises; or any similar or successor laws now or hereinafter in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Depositeffect.

Appears in 1 contract

Samples: Sublease (Audience Inc)

Security Deposit. Concurrently (a) Within one (1) business day after Sub-Sublandlord provides Sub-Subtenant with Subtenantwritten notice of Landlord’s execution and Sublandlord’s acceptance of this Sub-Sublease, Sub-Subtenant shall deliver to Sub-Sublandlord a security deposit with Sublandlord the sum of $20,512.89 (the “Security Deposit”). The ) in the amount of the then-current amount of three (3) Monthly Installments of Annual Base Sub-Subrent, which Security Deposit shall may be held by Sublandlord as security in the form of cash or a letter of credit that conforms to the requirements for the faithful form of Letter of Credit set forth in Section 11(b) of the Sublease, to secure the payment and performance by Sub-Subtenant of all the provisions of Sub-Subtenant’s obligations, covenants, conditions and agreements under this Sublease to be performed or observed by SubtenantSub-Sublease. If Subtenant fails to pay rent or other sums due hereunderin the form of cash, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periods, Sublandlord may use, apply or retain all or any portion of the Security Deposit for the payment of any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount thereof and Subtenant’s failure to do so shall be a material breach of this Sublease. Sub-Sublandlord shall not be required to keep the Security Deposit separate from its general accountsother funds or accounts of Sub-Sublandlord and the Security Deposit shall not bear interest. If Sub-Subtenant performs defaults in the observance or performance of any of such terms and conditions (beyond any applicable notice and cure period of any covenant or obligation under this Sub-Sublease), Sub-Sublandlord may use or apply all or any part of the Security Deposit for the payment of any Rent not paid when due or for the payment of any other amounts due Sub-Sublandlord by reason of such default, including any actual and reasonable costs of Sub-Sublandlord’s observing or performing such terms or conditions on Sub-Subtenant’s behalf and any deficiencies in reletting or damages incurred by Sub-Sublandlord. If Sub-Sublandlord shall use or apply all or any part of the Security Deposit, Sub-Subtenant shall, within five (5) business days’ after receipt of written notice of such use or application, deliver to Sub-Sublandlord additional funds so as to restore the Security Deposit to the amount specified above. If Sub-Subtenant shall faithfully observe and perform all of Subtenant’s obligations hereunderthe terms and conditions of this Sub-Sublease or cure any default thereof, the Security Deposit, or so much thereof as has shall not theretofore have been used or applied by Sublandlordin accordance with this Section 14, shall be returnedreturned to Sub-Subtenant within thirty (30) days after the expiration or sooner termination of this Sub-Sublease and the vacation and surrender of the Sub-Sublet Premises in accordance with this Sub-Sublease. In the event of any assignment of Sub-Sublandlord’s interest in this Sub-Sublease, Sub-Sublandlord shall transfer the Security Deposit to such assignee, in which event such assignee shall hold, use and apply the Security Deposit in accordance with the covenants, terms and conditions of this Sub-Sublease. Following receipt of written notice of transfer of the Security Deposit, Sub-Subtenant shall look solely to the assignee for the return of the Security Deposit and Sub-Sublandlord shall thereupon be released from all liability to Sub-Subtenant for the return of the Security Deposit. Sub-Subtenant shall not assign (other than to a permitted assignee of this Sub-Sublease) or encumber its interest in the Security Deposit and no such assignment or encumbrance shall be valid or binding upon Sub-Sublandlord unless Sub-Sublandlord provides written consent to such assignment or encumbrance. Broker. Each party represents and warrants to the other that, except for CBRE, Inc. (“Sub-Sublandlord’s Broker”) and Xxxxx Xxxx LaSalle Brokerage, Inc. (“Sub-Subtenant’s Broker” and, together with Sub-Sublandlord’s Broker, “Brokers”) (i) no broker brought about this transaction or dealt with either party in connection herewith, and (ii) neither party has had any dealings with any real estate broker, finder or other person, with respect to this Sub-Sublease in any manner. Each party agrees to indemnify, defend and hold harmless the other against and from any and all losses, costs, claims, damages and expenses (including, without interestlimitation, reasonable attorneys’ fees) which may be claimed by any broker (other than the Brokers) by reason of any dealings, actions or agreements with the indemnifying party. Sub-Sublandlord agrees to Subtenant (or, at Sublandlord’s option, to compensate the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make Brokers pursuant to the terms hereof, Sublandlord shall have the right to make of a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein separate agreement between Sub-Sublandlord and Subtenant with respect to the Security DepositBrokers.

Appears in 1 contract

Samples: Sub Sublease Agreement (Rosetta Stone Inc)

Security Deposit. Concurrently with Subtenant’s execution At the same time that Subtenant pays Sublandlord the first installment of this SubleaseRent (as described in Section 3.1 above), Subtenant shall deposit with Sublandlord the following: (a) the sum of Twenty Four Thousand Seven Hundred Ninety One Dollars and Sixty Seven Cents ($20,512.89 24,791.67) (the Initial Security Deposit”). The Security Deposit , which sum shall be held by Sublandlord as security for the full and faithful performance of all terms, conditions and agreements contained in this Sublease by Subtenant during the first full year of the Term; and (b) the sum of Thirty Seven Thousand Nine Hundred Forty Nine Dollars and Sixty Seven Cents ($37,949.67) (“Security Deposit”), which sum shall be held by Sublandlord as security for the full and faithful performance of all the provisions of terms, conditions and agreements contained in this Sublease by Subtenant throughout the Term. The Initial Security Deposit and the Security Deposit are collectively referenced herein as the “Deposits”. The Deposits shall be paid to be performed Sublandlord by cashiers check or observed wire transfer. In the event of any default by Subtenant. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periods, in the event Sublandlord may use, apply or retain all or any portion of the Security Deposit for the payment of any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of advances sums on Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount thereof and Subtenant’s failure to do so shall be a material breach of this Sublease. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereofbehalf, Sublandlord shall have the right to make a good faith estimate use the Deposits to recover its expenditures, and Subtenant shall, within ten (10) days request of any unreconciled Operating Costs as Sublandlord, restore the Deposit so used to its original amount. Sublandlord may commingle the Deposits with Sublandlord’s other funds and shall not be required to pay interest on the deposits. Within thirty (30) days after the end of the date first full year of expiration and the Term, Sublandlord shall return the Initial Security Deposit to deduct Subtenant, less any anticipated shortfall from costs incurred by Sublandlord due to Subtenant’s failure to comply with the terms of this Sublease which have not been reimbursed as described in the preceding paragraph. Within thirty (30) days after the Expiration Date, Sublandlord shall return the Security Deposit. Such estimate shall be final and binding upon Deposit to Subtenant. No trust relationship is created herein between , less any costs incurred by Sublandlord and Subtenant due to Subtenant’s failure to comply with respect to the Security Depositterms of this Sublease which have not been reimbursed as described in the preceding paragraph.

Appears in 1 contract

Samples: Sublease (Marchex Inc)

Security Deposit. Concurrently with Subtenant’s execution of this Sublease, Subtenant Sublessee shall continue to maintain deposit with Sublandlord Sublessor the sum of Twenty-Five Thousand Six Hundred Ten and 00/100 Dollars ($20,512.89 25,610.00) to secure the obligations of Sublessee under this Sublease (the “Security Deposit”) unless Computervision requires the Security Deposit to be transferred to Computervision in which event prior to such transfer Computervision agrees to be bound by the terms of this Sublease applicable to the Security Deposit. Sublessor acknowledges there exists no default under the Envoy Worldwide Sublease for which Sublessor is entitled to use any portion of the Security Deposit (as defined in the Envoy Worldwide Sublease). The Security Deposit shall be held by Sublandlord as security for Sublessor throughout the faithful performance Renewed Sublease Term in a segregated, interest-bearing account of a federally insured bank with a branch office in the Boston, Massachusetts metropolitan area. Within ten (10) business days alter Sublessee’s delivery of the Security Deposit to Sublessor, Sublessor shall provide to Sublessee notice of the name and location of such depository bank and the name and account number of the account in which the Security Deposit is being held (the “Security Deposit Account”). At any time, and from time to time, during the Renewed Sublease Term, but no more frequently than once each calendar month, Sublessor shall, within five (5) business days alter Sublessee’s request therefor, provide Sublessee with written evidence of the then current balance of the Security Deposit Account. Sublessor may apply all or any part of the Security Deposit to any default by Subtenant of all the provisions of this Sublease to be performed or observed by SubtenantSublessee that occurs and is continuing beyond applicable grace and cure periods hereunder. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periods, Sublandlord may use, apply or retain all or any portion of the Security Deposit for is applied •to any default of Sublessee hereunder, Sublessee shall immediately upon request by Sublessor restore the payment Security Deposit to its original amount Upon full performance by Sublessee of any rent its obligations hereunder, the Security Deposit (or other sum the remaining unapplied portion thereof) shall be returned to Sublessee within thirty (30) days after the expiration or earlier termination of this Sublease and surrender of possession of the Sublease Premises by Sublessee in default or for accordance with the payment terms of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer therebythis Sublease (including without limitation Section 20 hereof). If Sublandlord so uses or In the event Sublessor (i) applies all or any part of the Security Deposit to any alleged default by Sublessee without first providing Sublessee with written notice of such default, if required under this Sublease, and an opportunity to cure such default in accordance with Section 5 hereof; or (ii) otherwise makes an unauthorized withdrawal of any portion of the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient to restore Deposit from the Security Deposit to the full amount thereof and Subtenant’s failure to do so Account, Sublessee shall be a material breach permitted to offset the amount of this Sublease. Sublandlord shall not be required such withdrawal against payments of Minimum Rent and Additional Rent next due to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations Sublessor hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit.

Appears in 1 contract

Samples: Sub Sublease (Varolii CORP)

Security Deposit. Concurrently Subtenant will deposit with Subtenant’s Sublandlord on execution of this Sublease, Subtenant shall deposit with Sublandlord Sublease the sum of $20,512.89 (the “Security Deposit”). The Security Deposit shall be held by Sublandlord 5,000.00 as security for the Subtenant's faithful performance by Subtenant of all the provisions of Subtenant's obligations under this Sublease to be performed or observed by Subtenant("Security Deposit"). If Subtenant fails to pay rent or other sums charges when due hereunderunder this Sublease, or otherwise defaults with respect fails to perform any provisions of obligations under this Sublease after all applicable cure periodsSublease, Sublandlord may use, apply or retain all or use any portion of the Security Deposit for the payment of any rent (including, without limitation, additional rent) or other sum in default or amount then due and unpaid, for the payment of any other sum to for which Sublandlord may become obligated by reason because of Subtenant’s default's default or breach, or to compensate Sublandlord for any loss sustained by Sublandlord as a result of Subtenant's default or damage which Sublandlord may suffer therebybreach. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall will, within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient to demand by Sublandlord, restore the Security Deposit to the full amount thereof and originally deposited. Subtenant’s 's failure to do so shall be will constitute a material breach of default under this Sublease. Sublandlord shall will not be required to keep the Security Deposit separate from its general accounts, and will have no obligation or liability for payment of interest on the Security Deposit. If Sublandlord assigns its interest in this Sublease, Sublandlord will deliver to its assignee as much of the Security Deposit as Sublandlord then holds. Within thirty (30) days after the Lease has expired or terminated, Subtenant performs all of Subtenant’s obligations hereunderhas vacated the Premises, whichever occurs last, and provided that Subtenant is not then in default under this Sublease, the Security Deposit, or so as much thereof as remains that has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit.by

Appears in 1 contract

Samples: Valley National Corp /De/

Security Deposit. Concurrently with Subtenant’s execution of this Sublease, Subtenant shall deposit with Sublandlord Landlord acknowledges that it has received from Tenant the sum of $20,512.89 29,529.41 of which -0- shall apply to the first month’s rent obligation of Tenant after the Commencement Date, and the balance of $29,529.41 (the “Security Deposit”)) to remain on deposit with Landlord during the Term as security for the payment of rent and the full and faithful performance by Tenant of the covenants and conditions of this lease. In the event of any default, the Security Deposit shall be retained by Landlord and may be applied toward damages arising from such default. The Security Deposit shall not be held construed as liquidated damages. Upon yielding of the Premises at the termination of this lease and provided no default by Sublandlord Tenant exists, Landlord shall return the Security Deposit to Tenant within fifteen (15) days of such termination. No interest shall be payable on the Security Deposit. Landlord may apply the Security Deposit, or portion thereof, to the curing of any default that may exist. Should Landlord convey its interest under this lease, the Security Deposit, or the part or portion thereof not previously applied, shall be turned over to Landlord’s grantees or assigns: Tenant hereby releases Landlord from any liability with respect to the Security Deposit and agrees to look solely to such grantee or assignee, and this provision shall also apply to subsequent grantees or assignees. Tenant agrees it shall not assign, pledge, mortgage or otherwise hypothecate its interest in the Security Deposit. It is agreed that the Security Deposit is not made in payment of rent but is paid solely as security by Tenant for the full and faithful performance by Subtenant of all the provisions obligations and terms of this Sublease to lease. Should the entire Security Deposit or any portion thereof be performed or observed applied by Subtenant. If Subtenant fails to pay Landlord for the payment of overdue rent or other sums due hereunderand payable to Landlord by Tenant, or otherwise defaults with respect then Tenant shall, upon written demand by Landlord, remit to any provisions of this Sublease after all applicable cure periods, Sublandlord may use, apply or retain all or any portion of the Security Deposit for the payment of any rent or other sum Landlord a sufficient amount in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount thereof original sum deposited, and SubtenantTenant’s failure to do so shall be within ten (10) days after receipt of such demand will constitute a material breach of this Sublease. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Depositlease.

Appears in 1 contract

Samples: Lease Agreement (Air T Inc)

Security Deposit. Concurrently with Subtenant’s A. Upon execution of this SubleaseSublease by Subtenant, Subtenant shall deposit with Sublandlord the sum of $20,512.89 * in cash and * in the form of a letter of credit (the “Security Deposit”). The Security Deposit shall be held by Sublandlord "Letter of Credit") as security for the faithful performance by Subtenant of all its obligations under this Sublease, and not as a prepayment of rent (collectively, the provisions of this Sublease to be performed or observed by Subtenant"Security Deposit"). If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to any provisions of under this Sublease after all applicable cure periodsSublease, Sublandlord may use, apply or retain all or any portion part of the Security Deposit for the payment of any rent or other sum in default default, the repair of any damage to the Subleased Premises caused by Subtenant or for the payment of any other sum to amount which Sublandlord may spend or become obligated to spend by reason of Subtenant’s default, 's default or to compensate Sublandlord for any other loss or damage which Sublandlord may suffer therebyby reason of Subtenant's default to the full extent permitted by law. If Sublandlord so uses or applies all or To the extent any portion of the Security DepositDeposit is used, Subtenant shall within ten (10) business days * after receipt of written notice therefor deposit cash with demand from Sublandlord in an amount sufficient to restore the Security Deposit to the its full amount thereof and Subtenant’s failure to do so shall be a material breach of this Subleaseamount. Sublandlord may keep the Security Deposit in its general funds and shall not be required to keep pay interest to Subtenant on the Security Deposit separate from its general accountsdeposit amount. If Subtenant performs shall perform all of Subtenant’s its obligations hereunder, under this Sublease and return the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, Subleased Premises to Subtenant (or, Sublandlord at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration end of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as return all of the date remaining Security Deposit to Subtenant within * after the end of expiration the Term. The Security Deposit shall not serve as an advance payment of rent or a measure of Sublandlord's damages for any default under this Sublease. Subtenant covenants and agrees that it shall not assign or encumber or attempt to deduct any anticipated shortfall from assign or encumber the Security Deposit. Such estimate Deposit and neither Sublandlord or its successors or assigns shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Depositbound by any such agreement, encumbrance, attempted assignment or attempted encumbrance.

Appears in 1 contract

Samples: Sublease (Va Linux Systems Inc)

Security Deposit. Concurrently Subtenant shall deliver with Subtenant’s execution executed copies of this SubleaseSublease a letter of credit (the "Letter of Credit") in the amount of $61,109.98. The Letter of Credit shall (i) be unconditional, irrevocable, transferable, and payable to Landlord solely upon presentment by Landlord or Landlord’s agent of a sight draft in person, by courier, overnight mail, or by facsimile transmission in partial or full draws, and (ii) contain an "evergreen" provision which provides that it is automatically renewed on an annual basis unless the issuer delivers sixty (60) days' prior written notice of cancellation to Landlord. If the Letter of Credit is lost, mutilated, stolen, or destroyed, Subtenant shall deposit cooperate with Sublandlord to have the sum Letter of $20,512.89 (Credit replaced. Without limiting any of Sublandlord’s rights or remedies hereunder, if the “Security Deposit”)bank issuing the Letter of Credit provides Sublandlord with a cancellation notice, Sublandlord may immediately draw upon all or any part of the Letter of Credit and Subtenant shall provide Sublandlord with a replacement letter of credit in similar form, at which time Sublandlord shall return to Subtenant any amounts drawn prior thereto and not applied in respect of any default hereunder. Any and all fees or costs charged by the issuer in connection with the issuance, maintenance or transfer of the Letter of Credit shall be paid by Subtenant. The Security Deposit Letter of Credit shall be held by remain effective through the date that is sixty (60) days following the expiration of this Lease (including any applicable extension periods) and the delivery of possession of the Subleased Premises to Sublandlord as security for the faithful performance by Subtenant of all in accordance with the provisions of this Sublease to be performed or observed by SubtenantLease. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to any provisions provision of this Sublease after all applicable cure periodsSublease, including but not limited to the provisions relating to the payment of rent, Sublandlord may usemay, apply or retain but will not be required to, draw upon all or any part of the Letter of Credit. If any portion of the Letter of Credit is drawn upon, Subtenant will cause the Letter of Credit to be increased to the amount required as the Security Deposit for the payment under this Sublease within five (5) business days after written demand from Sublandlord. The Letter of Credit will not operate as a limitation on any rent or other sum in default or for the payment of any other sum recovery to which Sublandlord may become obligated by reason be entitled. The initial Letter of Subtenant’s defaultCredit shall be in the amount of $61,109.98. In the event Subtenant is not then in default and no prior default has occurred beyond any applicable notice and cure period and Subtenant has not assigned this Sublease in whole or in part to any entity other than a “Permitted Assignee” (as defined in Section 8, below) nor sublet the Subleased Premises in whole or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion of the Security Depositin part, Subtenant shall within ten (10) business days after receipt may reduce the Letter of written notice therefor deposit cash with Sublandlord in an amount sufficient Credit to restore the Security Deposit to the full amount thereof and Subtenant’s failure to do so shall be a material breach of this Sublease. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder$30,054.99 on April 31, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit2012.

Appears in 1 contract

Samples: Sublease (Interleukin Genetics Inc)

Security Deposit. Concurrently with Subtenant’s execution If, during the Sub-Sublease Term, Sublandlord revokes the Offset Payments, then, within three (3) days after notice of this Subleasesuch revocation, Sub-Subtenant shall deliver to Sub-Sublandlord a security deposit with Sublandlord the sum of $20,512.89 (the “Security Deposit”). The ) in the amount of the then-current amount of one Monthly Installment of Annual Base Sub-Subrent, which Security Deposit shall may be held by Sublandlord as security in the form of cash or a letter of credit that conforms to the requirements for the faithful form of Letter of Credit set forth in Section 11(b) of the Sublease, to secure the payment and performance by Sub-Subtenant of all the provisions of Sub-Subtenant’s obligations, covenants, conditions and agreements under this Sublease to be performed or observed by SubtenantSub-Sublease. If Subtenant fails to pay rent or other sums due hereunderin the form of cash, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periods, Sublandlord may use, apply or retain all or any portion of the Security Deposit for the payment of any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount thereof and Subtenant’s failure to do so shall be a material breach of this Sublease. Sublandlord Sub-Sublandord shall not be required to keep the Security Deposit separate from its general accountsother funds or accounts of Sub-Sublandord and the Security Deposit shall not bear interest. If Sub-Subtenant performs defaults in the observance or performance of any of such terms and conditions (beyond any applicable notice and cure period of any covenant or obligation under this Sub-Sublease), Sub-Sublandord may use or apply all or any part of the Security Deposit for the payment of any Rent not paid when due or for the payment of any other amounts due Sub-Sublandord by reason of such default, including any costs of Sub-Sublandord’s observing or performing such terms or conditions on Sub-Subtenant’s behalf and any deficiencies in reletting or damages incurred by Sub-Sublandord. If Sub-Sublandord shall use or apply all or any part of the Security Deposit, Sub-Subtenant shall, immediately upon notice from Sub-Sublandlord (and in any event within three (3) business days’ thereafter), shall deliver to Sub-Sublandord additional funds so as to restore the Security Deposit to the amount specified above. If Sub-Subtenant shall faithfully observe and perform all of Subtenant’s obligations hereunderthe terms and conditions of this Sub-Sublease, the Security Deposit, or so much thereof as has shall not theretofore have been used or applied by Sublandlordin accordance with this Section 14, shall be returned, without interest, returned to Sub-Subtenant within thirty (or, at Sublandlord’s option, to 30) days after the last assignee, if any, expiration or sooner termination of Subtenantthis Sub-Sublease and the vacation and surrender of the Sub-Sublet Premises in accordance with this Sub-Sublease. In the event of any assignment of Sub-Sublandord’s interest hereunder) following the expiration of the Termin this Sub-Sublease, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord Sub-Sublandord shall have the right to make a good faith estimate transfer the Security Deposit to such assignee, in which event such assignee shall hold, use and apply the Security Deposit in accordance with the covenants, terms and conditions of any unreconciled Operating Costs as this Sub-Sublease. Sub-Subtenant shall look solely to the assignee for the return of the date Security Deposit and Sub-Sublandord shall thereupon be released from all liability to Sub-Subtenant for the return of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate Sub-Subtenant shall not assign (other than to a permitted assignee of this Sub-Sublease) or encumber its interest in the Security Deposit and no such assignment or encumbrance shall be final and valid or binding upon SubtenantSub-Sublandord. No trust relationship is created Notwithstanding anything contained herein between Sublandlord and Subtenant with respect to the contrary, if, after posting the Security Deposit, Sublandlord reinstates the Offset Payment, then Sub-Sublandlord shall return the Security Deposit to Sub-Sublandlord within five (5) days after notice of such reinstatement, and if, after reinstatement, the Offset Payments are again revoked, then the provisions of this Section 14 shall again apply and Sub-Sublandlord shall deposit the Security Deposit with Sub-Sublandlord. For clarity, the intention is that so long as the Offset Payment provision of the Consent is applicable, then no Security Deposit shall be required under this Sub-Sublease, but if the Offset Payment provision of the Consent is not applicable, then during any period in which the Offset Payment provision is not applicable, Sub-tenant shall be required to deposit and maintain the Security Deposit with Sub-Sublandlord in accordance with the provisions of this Section 14.

Appears in 1 contract

Samples: Sub Sublease Agreement (Rosetta Stone Inc)

Security Deposit. Concurrently Simultaneously with Subtenant’s the execution of this Sublease, Subtenant shall pay to and deposit with Sublandlord the sum of $20,512.89 25,000 (the “Security Deposit”). The Sublandlord shall hold the Security Deposit shall be held by Sublandlord throughout the term of this Sublease as security for the faithful performance by Subtenant of all obligations on the provisions part of this Sublease to be performed or observed by SubtenantSubtenant hereunder. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periods, Sublandlord may use, apply or retain all or any portion of the The Security Deposit for the payment of any shall not be deemed an advance rent deposit or other sum in default or for the an advance payment of any other sum kind, or a measure or limitation of Sublandlord’s damages or constitute a bar or defense to which Sublandlord may become obligated by reason any of Sublandlord’s other remedies under this Sublease or at law or in equity upon Subtenant’s default. Sublandlord shall have the right from time to time, without prejudice to any other remedy Sublandlord may have on account thereof, to apply such deposit, or any part thereof, to Sublandlord’s damages arising from, or to compensate Sublandlord for cure, any loss or damage which Sublandlord may suffer therebydefault of Subtenant. If Sublandlord shall so uses apply any or applies all or any portion of the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice therefor demand from Sublandlord deposit cash with Sublandlord in an the amount sufficient so applied to restore replenish the Security Deposit to the full amount thereof and Subtenant’s failure to do so shall be a material breach of this SubleaseDeposit. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, return the Security Deposit, or so much thereof as has shall not have theretofore been applied by Sublandlord, shall be returned, without interestin accordance with the terms of this Section 7, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following on the expiration or earlier termination of the TermTerm of this Sublease and surrender of possession of the Sublet Premises by Subtenant to Sublandlord at such time, and after Subtenant has vacated provided that if there is then existing a default (or any circumstance which, with the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to passage of time or the terms hereofgiving of notice, or both, would constitute a default), Sublandlord shall retain a portion of the Security Deposit sufficient to cure such default and shall return the remainder of the Security Deposit to Subtenant within thirty (30) days after the Termination Date. While Sublandlord holds the Security Deposit, Sublandlord shall have no obligation to pay interest on the same and shall have the right to make a good faith estimate of any unreconciled Operating Costs as of commingle the date of expiration and to deduct any anticipated shortfall from same with Sublandlord’s other funds. If Sublandlord conveys Sublandlord’s interest under this Sublease, the Security Deposit. Such estimate , or any part thereof not previously applied, shall be final and binding upon Subtenant. No trust relationship is created herein between turned over by Sublandlord and to Sublandlord’s grantee, and, if so turned over, Subtenant with respect agrees to look solely to such grantee for proper application of the Security DepositDeposit in accordance with the terms of this Section 7, and the return thereof in accordance herewith.

Appears in 1 contract

Samples: Sublease Agreement (Demandware Inc)

Security Deposit. Concurrently with Upon Subtenant’s execution of this Sublease, Subtenant shall deposit with Sublandlord Sublandlord, and shall maintain from the date of such deposit until (45) forty-five days following the expiration of the Term, the sum of ONE HUNDRED TWENTY-TWO THOUSAND AND NO/100 ($20,512.89 122,000.00) DOLLARS in certified funds benefiting Sublandlord, to secure Subtenant’s faithful performance of all the terms and conditions of this Sublease (the “Security Deposit”). The ; provided, however, that upon Subtenant’s execution of this Sublease, the Security Deposit shall be held satisfied pro tanto by Sublandlord as security for the faithful performance Subtenant Equis Liability defined in, and assumed by Subtenant of all pursuant to, Article 14 hereof. In the provisions of this Sublease event that Subtenant is in default on the Expiration Date or prior to be performed or observed by Subtenant. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with the Expiration Date beyond any applicable cure period in respect to any of the terms, provisions and conditions of this Sublease after all applicable cure periodsSublease, including without limitation, the payment of rent and any additional amounts due hereunder, Sublandlord may use, apply or retain all the whole or any part of the Security Deposit to the extent required (i) for the payment of any rent, or any other sum as to which Subtenant is in default or (ii) for any reasonable sum which Sublandlord may expend or may be required to expend by reason of Subtenant’s default on the Expiration Date or beyond any applicable grace period in respect to any of the terms, covenants and conditions of this Sublease, including without limitation, any damages or deficiency in reletting the Sub-Premises accrued before or after any summary proceedings or other re-entry by Sublandlord. Subtenant agrees that in the event that Sublandlord applies any portion of the Security Deposit for in accordance with the payment provisions of any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s defaultthis Sublease, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall within ten (10) business days after receipt delivery of written notice therefor deposit cash with from Sublandlord, Subtenant will reimburse or pay Sublandlord in an for the amount sufficient of the Security Deposit so applied so that the amount constituting the Security Deposit during the Term hereof shall always be equal to restore at least ONE HUNDRED TWENTY-TWO THOUSAND AND NO/100 ($122,000.00) DOLLARS. To the extent the Sublandlord has not applied the Security Deposit to Subtenant defaults in accordance with the full amount thereof and Subtenant’s failure to do so shall be a material breach provisions of this Sublease. , and provided that Subtenant has delivered exclusive possession of the entire Sub-Premises to Sublandlord on the Expiration Date and otherwise in accordance with all the terms and provisions of this Sublease, Sublandlord shall not be required return to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof of the Security Deposit as has not theretofore been applied by Sublandlordused to cure Subtenant defaults, shall be returned, without interest, to Subtenant within forty-five (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder45) days following the expiration Expiration Date. The provisions of this Article 3 Section B shall survive the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms Expiration Date hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit.

Appears in 1 contract

Samples: Agreement of Sublease (Mercator Software Inc)

Security Deposit. Concurrently with Subtenant’s Sub-Subtenant shall pay to Sub-Sublandlord upon execution of this Sub-Sublease, Subtenant shall deposit with the Security Deposit to be held by Sub-Sublandlord as security for the sum performance of $20,512.89 (the “Security Deposit”)Sub-Subtenant’s obligations under this Sub-Sublease as provided below. The Security Deposit shall be held by Sublandlord Sub-Sublandlord, without liability for interest, as security for the faithful performance by Sub-Subtenant of all the provisions of its obligations under this Sublease to be performed or observed by Subtenant. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periods, Sublandlord may use, apply or retain all or any portion of the Security Deposit for the payment of any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount thereof and Subtenant’s failure to do so shall be a material breach of this Sub-Sublease. Sub-Sublandlord shall not be required to keep the Security Deposit separate from its general other accounts. Sub-Sublandlord may apply all or a part of the Security Deposit to any monetary Default or to cure any other Default of Sub-Subtenant hereunder, and to compensate Sub-Sublandlord for all damage and expense sustained as a result of such Default. If all or any portion of the Security Deposit is so applied, Sub-Subtenant performs shall deposit cash sufficient to restore the Security Deposit to its original amount within five (5) days after Sub-Subtenant’s receipt of Sub-Sublandlord’s written demand therefor. Provided that Sub-Subtenant complies with all of Subtenant’s its obligations hereunderhereunder and promptly pays Sub-Sublease Rent when due, Sub-Sublandlord shall refund the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, Deposit to Sub-Subtenant within thirty (or, at Sublandlord’s option, to 30) days after the last assignee, if any, later of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as earlier termination of the date Sub-Sublease or Sub-Subtenant’s vacating of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon SubtenantSub-Sublease Premises. No trust relationship is created herein between Sub-Sublandlord and Sub-Subtenant with respect to the Security Deposit. Any deposit under the Sublease which may be returned by the Sublessor will be the property of Sub-Sublandlord. In lieu of a cash Security Deposit, Sub-Subtenant may deliver to Sub-Sublandlord a clean, irrevocable, non-documentary and unconditional letter of credit (the “Letter of Credit”) issued by and drawn upon a financial institution with credit ratings of at least “A-” (long term) as issued by Standard and Poor’s and at least “A3” (long term) as issued by Mxxxx’x (provided that if such financial institution is then rated by only one of such rating bureaus, it satisfies the aforesaid rating requirement for such rating bureau), and otherwise acceptable to Sub-Sublandlord (the “Issuer”), which Letter of Credit shall have a term of not less than one year, be in form and content satisfactory to Sub-Sublandlord, be for the account of Sub-Sublandlord, be in the amount of the Security Deposit then required to be deposited hereunder, and be fully transferable by Sub-Sublandlord to its successors and/or assigns without the payment of any fees or charges, it being agreed that if any such fees or charges shall be so imposed, then such fees or charges, shall be paid by Sub-Subtenant. The Letter of Credit shall provide that it shall be deemed automatically renewed, without amendment, for consecutive periods of one (1) year each thereafter during the Sub-Sublease Term, unless the Issuer sends notice (the “Non-Renewal Notice”) to Sub-Sublandlord by certified mail, return receipt requested, not less than sixty (60) days next preceding the then expiration date of the Letter of Credit that it elects not to have such Letter of Credit renewed. Additionally, the Letter of Credit shall provide that Sub-Sublandlord shall have the right, exercisable upon its receipt of the Non-Renewal Notice, by sight draft on the Issuer, to receive the monies represented by the existing Letter of Credit and in such event, Sub-Sublandlord shall hold such proceeds pursuant to the terms of this Section as a cash security pending the replacement of such Letter of Credit. If a Default shall have occurred and be continuing with respect to any provision of this Sub-Sublease, including but not limited to the provisions relating to the payment of Sub-Sublease Rent, Sub-Sublandlord may apply or retain the whole or any part of the cash security so deposited or may notify the Issuer and thereupon receive all the monies represented by the Letter of Credit and use, apply, or retain the whole or any part of such proceeds, as provided in this Section. Sub-Sublandlord shall also have the right at its option to make partial draws upon the Letter of Credit to cure a Default existing on a current basis, without prejudicing any right of Sub-Sublandlord to make future draws upon the Letter of Credit to address a Default occurring subsequently. Any portion of the cash proceeds of the Letter of Credit drawn upon by Sub-Sublandlord and not so used or applied by Sub-Sublandlord in satisfaction of the obligations of Sub-Subtenant as to which such a Default shall have occurred shall be retained by Sub-Sublandlord as a cash Security Deposit as provided herein. If Sublandlord applies or retains any part of the cash security or proceeds of the Letter of Credit, as the case may be, Sub-Subtenant shall, within five (5) days after written demand therefor, deposit with Sub-Sublandlord the amount so applied or retained so that Sub-Sublandlord shall have the full Security Deposit required pursuant to this Section on hand at all times during the Sub-Sublease Term. If Subtenant shall fully and faithfully comply with all of the terms, provisions, covenants and conditions of this Sub-Sublease, the Letter of Credit shall be returned to Sub-Subtenant after this Sub-Sublease expires and after delivery of possession of the Sub-Sublease Premises to Sub-Sublandlord. In the event of a transfer of Sub-Sublandlord’s interest in the Sub-Sublease Premises, within thirty (30) days of notice of such transfer, Sub-Subtenant, at Sub-Subtenant’s sole cost and expense, shall arrange for the transfer of the Letter of Credit to the new Sub-Sublandlord, as designated by Sub-Sublandlord, or have the Letter of Credit reissued in the name of the new Sub-Sublandlord and Sub-Sublandlord shall thereupon be released by Sub-Subtenant from all liability for the return of the reissued Letter of Credit, provided that Sub-Sublandlord shall return the original Letter of Credit issued in Sub-Sublandlord’s name to Sub-Subtenant. Sub-Subtenant acknowledges and agrees that the Letter of Credit is a separate and independent obligation of the Issuer to Sub-Sublandlord and that Sub-Subtenant is not a third party beneficiary of such obligation. In addition, Sub-Subtenant agrees that Sub-Sublandlord’s right to draw upon the Letter of Credit in whole or in part as set forth herein, shall not in any way be restricted, impaired, altered or limited by virtue of any provision of the United States Bankruptcy Code or any other law affecting creditors rights.

Appears in 1 contract

Samples: Sub Sublease Agreement (Bonds.com Group, Inc.)

Security Deposit. Concurrently with Subtenant’s Upon execution of this SubleaseLease, Subtenant Tenant shall deposit with Sublandlord Landlord, the sum of Eight Hundred Sixty Eight and 15/100 Dollars ($20,512.89 868.15) (the “"Security Deposit”)") as security for its prompt and proper performance of all the terms, covenants and agreements contained in this Lease. Tenant understands, acknowledges and agrees (i) that the Security Deposit is not a prepayment of rent; (ii) that Landlord shall not be obligated to apply the Security Deposit to any unpaid Rent or portion thereof, although it may do so at its option; (iii) that the Security Deposit does not constitute a trust fund; (iv) that the Security Deposit may be deposited in any account including an interest bearing account maintained by Landlord, in any bank or depository selected by Landlord, and commingled with Landlord's other funds; and (v) that Landlord shall have no obligation to pay interest on the Security Deposit and Tenant shall have no right to recover from Landlord and Landlord shall have no obligation to account to Tenant for any interest, earnings or other increments which may accrue during the time the Security Deposit is held by Landlord, except as otherwise specifically provided in this Lease. The Security Deposit shall be held by Sublandlord Landlord as security for the faithful performance by Subtenant Tenant of all the provisions of Tenant's covenants and obligations under this Sublease Lease. Landlord may, from time to be performed or observed by Subtenant. If Subtenant fails to pay rent or other sums due hereundertime, or otherwise defaults with respect without prejudice to any provisions of this Sublease after all applicable cure periodsother remedy, Sublandlord may use, apply or retain all or any portion of use the Security Deposit for to the payment extent necessary to make good any arrearage of any rent Rent or other sum in default or for the payment of to satisfy any other sum to which Sublandlord may become obligated by reason covenant or obligation of Subtenant’s default, or to compensate Sublandlord for the Tenant hereunder. Following any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion such application of the Security Deposit, Subtenant Tenant shall within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord pay to Landlord on demand the amount so applied in an amount sufficient order to restore the Security Deposit to its original amount. If Tenant is not in default at the full amount thereof and Subtenant’s failure to do so shall be a material breach termination of this Sublease. Sublandlord shall Lease and has paid in full all Rent and prorations and assuming Landlord is not be required to keep make repairs to the Leased Premises caused by Tenant's vacating or by extraordinary wear and tear, or remove any then existing leasehold improvements, then the balance of the Security Deposit separate from its general accountsremaining after any such application shall be returned by Landlord to Tenant. If Subtenant performs all Landlord transfers its interest in the Leased Premises during the term of Subtenant’s obligations hereunderthis Lease, Landlord may assign the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, Deposit to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, transferee and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord thereafter shall have no further liability for the right to make a good faith estimate return of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the such Security Deposit.

Appears in 1 contract

Samples: Sublease (National Information Consortium)

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Security Deposit. Concurrently Subtenant will deposit with Subtenant’s Sublandlord on execution of this Sublease, Subtenant shall deposit with Sublandlord Sublease the sum of $20,512.89 one months' Rent (the “Security Deposit”determined in accordance with Section 4(a). The Security Deposit shall be held by Sublandlord ) as security for the Subtenant's faithful performance by Subtenant of all the provisions of Subtenant's obligations under this Sublease to be performed or observed by Subtenant(Security Deposit). If Subtenant fails to pay rent or other sums charges when due hereunderunder this Sublease, or otherwise defaults with respect fails to perform any provisions of obligations under this Sublease after all applicable cure periodsSublease, Sublandlord may use, apply or retain all or use any portion of the Security Deposit for the payment of any rent or other sum in default or amount then due and unpaid, for the payment of any other sum to for which Sublandlord may become obligated by reason because of Subtenant’s default's default or breach, or to compensate Sublandlord for any loss sustained by Sublandlord as a result of Subtenant's default or damage which Sublandlord may suffer therebybreach. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall will, within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient to demand by Sublandlord, restore the Security Deposit to the full amount thereof and originally deposited. Subtenant’s 's failure to do so shall be will constitute a material breach of default under this Sublease. Sublandlord shall will not be required to keep the Security Deposit separate from its general accounts, and will have no obligation or liability for payment of interest on the Security Deposit. If Sublandlord assigns its interest in this Sublease, Sublandlord will deliver to its assignee as much of the Security Deposit as Sublandlord then holds. Within ten (10) days after the Term has expired or Subtenant performs all has vacated the Premises or any final adjustment pursuant to Subsection 4(b) of Subtenant’s obligations hereunderthis Sublease has been made, whichever occurs last, and provided that Subtenant is not then in default under this Sublease, the Security Deposit, or so as much thereof as remains that has not theretofore been applied by Sublandlord, shall will be returned, without interest, returned to Subtenant (or, at Sublandlord’s option, or to the last assignee, if any, of Subtenant’s 's interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Depositunder this Sublease.

Appears in 1 contract

Samples: Zapworld Com

Security Deposit. Concurrently Subtenant shall provide Sublandlord, upon execution hereof, with access to a one year Certificate of Deposit issued by Silicon Valley Bank in the amount of $80,000 as security for Subtenant’s execution 's faithful performance of Subtenant's obligations hereunder. Interest earned by this Certificate of Deposit shall accrue to the account of Subtenant. In the event of any breach of any of the terms of this Sublease, Sublandlord shall have the unrestricted right, upon five (5) days written notice to both Subtenant and to Silicon Valley Bank, to payment from Silicon Valley Bank to the account of Sublandlord of so much of the Certificate of Deposit as is then due and unpaid from Subtenant to Sublandlord, together with any other damages incurred by Sublandlord as a result of the breach. Subtenant shall deposit immediately replace any such amount with Sublandlord another Silicon Valley Bank Certificate of Deposit with the sum same terms. Failure to so replace the Certificate of $20,512.89 (the “Security Deposit”). The Security Deposit shall be held by a material breach of this Sublease. Upon expiration of the one year Certificate of Deposit, Subtenant shall provide Sublandlord with a cash security deposit in the amount of (Twenty-One Thousand and no/100 Dollars ($21.000) as security for the Subtenant's faithful performance by Subtenant of all the provisions of this Sublease to be performed or observed by Subtenant's obligations hereunder. If Subtenant fails to pay rent or other sums charges due hereunder, or otherwise defaults with respect to any provisions provision of this Sublease after all applicable cure periodsSublease, Sublandlord may use, apply or retain all or any portion of the Security Deposit said deposit for the payment of any rent or other sum charge in default or to for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s 's default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion of the Security Depositsaid deposit, Subtenant shall within ten (10) business days after receipt of written notice therefor Written demand therefore deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit said deposit to the full amount thereof herein above stated and Subtenant’s 's failure to do so shall be a material breach of this Sublease. Sublandlord shall not be required to keep the Security Deposit said deposit separate from its general accounts. If Subtenant performs all of Subtenant’s 's obligations hereunder, the Security Depositsaid deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, payment of interest or other increment for its use to Subtenant (or, or at Sublandlord’s 's option, to the last assignee, if any, of Subtenant’s 's interest hereunder) following at the expiration of the Termterm hereof, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the said Security Deposit.

Appears in 1 contract

Samples: Extension Agreement (Concentric Network Corp)

Security Deposit. Concurrently with Subtenant’s execution of this Sublease, Subtenant shall deposit with Sublandlord upon the sum execution of $20,512.89 this Sublease a cash security deposit (the “Security Deposit”). The Security Deposit shall be held by Sublandlord ) in the amount set forth in Section I of the Preamble above as security for the faithful performance and observance by Subtenant of all the terms, conditions, covenants and provisions of this Sublease, including without limitation the surrender of possession of the Subleased Premises to Sublandlord as herein provided. The Security Deposit is not required to be held by Sublandlord in a segregated account and any interest earned on the Security Deposit shall be the exclusive property of Sublandlord. The Security Deposit shall not be mortgaged, assigned, transferred or encumbered by Subtenant without the prior written consent of Sublandlord, which consent may be withheld or conditioned in Sublandlord’s sole discretion, and any such act on the part of Subtenant without Sublandlord’s prior written consent shall be without force and effect and shall not be binding upon Sublandlord. If any item of Base Rent or Additional Rent herein reserved or any other sum payable by Subtenant to Sublandlord shall be overdue and unpaid, after notice and the expiration of any applicable cure period, or if Sublandlord shall make payments on behalf of Subtenant in accordance with the provisions of this Sublease to be performed or observed by Subtenant. If if Subtenant fails to pay rent or other sums due hereunderperform any of the terms and conditions of this Sublease, or otherwise defaults with respect after notice and the expiration of any applicable cure period, then Sublandlord may, at its sole option and without prejudice to any provisions of this Sublease after all applicable cure periods, other remedy which Sublandlord may usehave on account thereof, appropriate and apply or retain all or any portion of the Security Deposit for (or so much thereof as may be necessary) to compensate Sublandlord toward the payment of any rent Base Rent, Additional Rent or other sum in default or for the payment of any other sum payable by Subtenant to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which sustained by Sublandlord due to such breach on the part of Subtenant, as the case may suffer thereby. If Sublandlord so uses or applies all or any portion of the Security Depositbe, and Subtenant shall shall, within ten five (105) business calendar days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient to demand therefor, restore the Security Deposit to the full amount thereof and Subtenant’s failure to do so shall be a material breach of this Subleaseoriginal sum deposited. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the The Security Deposit, or so much thereof as has not theretofore been applied by Sublandlordsuch amount that is remaining, shall be returned, without interest, returned in full to Subtenant (orat the end of the term of this Sublease when Subtenant has surrendered possession of the Subleased Premises to Sublandlord in accordance with the terms and conditions contained herein. In the event of bankruptcy or other creditor-debtor proceedings against Subtenant, at the Security Deposit shall be deemed to be applied first to the payment of Base Rent, Additional Rent and other charges due Sublandlord for all periods prior to the filing of such proceedings. The Security Deposit shall not constitute liquidated damages. Sublandlord, and its successors and assigns, may deliver the Security Deposit to any purchaser of Sublandlord’s option, to interest in the last assignee, if any, of SubtenantSubleased Premises in the event that Sublandlord’s interest hereunder) following the expiration of the Termis sold, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, thereupon Sublandlord shall have the right to make a good faith estimate of be discharged from any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant further liability with respect to the Security Deposit, and Subtenant shall look solely to such purchaser for the return of the Security Deposit.

Appears in 1 contract

Samples: Sublease Agreement by and Between (Eledon Pharmaceuticals, Inc.)

Security Deposit. Concurrently with Subtenant’s Subtenant agrees to deliver to Sublandlord, upon the execution and delivery of this Sublease, a security deposit in the amount of One Hundred Sixty-Six Thousand Six Hundred Sixty-Seven and 00/100 ($166,667.00) Dollars in the form of cash or an irrevocable, unconditional, absolutely "clean" letter of credit, in the face amount equal to the security deposit, running to Sublandlord as the sole beneficiary, which letter of credit shall in all ways be satisfactory to Sublandlord in its reasonable discretion (the "Letter of Credit"). If Subtenant elects to deliver the security deposit in the form of a letter of credit, the Letter of Credit shall have a stated duration of and shall be effective for at least one (1) year with provision for automatic successive annual one-year extensions during the Sublease Term. Subtenant shall deposit with keep the Letter of Credit in force throughout the Sublease Term. Subtenant shall deliver to Sublandlord a renewal Letter of Credit no later than thirty (30) days prior to the sum expiration date of $20,512.89 (any Letter of Credit issued under this paragraph, and if Subtenant fails to do so, Sublandlord may draw the entire amount of the expiring Letter of Credit and hold the proceeds in cash as the Security Deposit”). The Security Deposit Any cash security deposit shall not be held by Sublandlord in a separate interest bearing account nor shall interest accrue or be payable thereon. The Letter of Credit shall be issued by a financially sound major regional or national financial institution satisfactory to and approved by Sublandlord in its reasonable discretion. If the issuer of the Letter of Credit shall admit in writing its inability to pay its debts generally as they become due, shall file a petition in bankruptcy or a petition to take advantage of any insolvency act, shall consent to the appointment of a receiver or conservator of itself or the whole or any substantial part of its property, shall file a petition or answer seeking reorganization or arrangement under the United States Bankruptcy Code, shall have a receiver or conservator appointed or shall become subject to operational supervision by any Federal or State regulatory authority, then Subtenant within thirty (30) days after written demand by Sublandlord shall obtain a replacement Letter of Credit from another financial institution satisfactory to Sublandlord, in its reasonable judgment. The security deposit is given as security for the faithful performance by Subtenant of all the provisions terms, covenants and conditions of this Sublease to be kept and performed or observed by Subtenant, and not as an advance rental deposit or as a measure of Sublandlord's damage in case of Subtenant's default. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to after the expiration of any provisions of this Sublease after all applicable cure grace periods, Sublandlord may use, apply draw upon the security deposit in whole or retain all or any portion of the Security Deposit in part for the payment of any rent or and/or any other sum in default or default, and/or for the payment of any other sum to amount which Sublandlord may spend or become obligated to spend by reason of Subtenant’s such default, or and/or to compensate Sublandlord for any other loss or damage amount which Sublandlord may suffer therebyby reason of Subtenant's default to which Sublandlord may be entitled under this Sublease. If Sublandlord so uses or applies all or any portion of the Security Depositis so used, Subtenant shall within ten five (105) business days after receipt of written notice therefor demand therefor, increase the security deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount thereof required hereunder, and Subtenant’s 's failure to do so shall be deemed to be a material breach of default under this Sublease. Sublandlord shall not be required to keep indemnify itself from the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Depositsecurity deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant portion therefore with respect to any particular violation or default of the Security DepositSubtenant, and the appropriation of such money from the security deposit shall be discretionary with Sublandlord.

Appears in 1 contract

Samples: Sublease Agreement (Altus Pharmaceuticals Inc.)

Security Deposit. Concurrently with Subtenant’s execution of this SubleaseSublease by Subtenant, Subtenant shall deliver to Sublandlord as security for the faithful performance of all of its obligations under this Sublease a security deposit with Sublandlord in the sum amount of Twenty-five Thousand Six Hundred Dollars ($20,512.89 25,600) (the "Security Deposit"). The Security Deposit shall be held by Sublandlord as security for the faithful performance by Subtenant of all of the provisions of this Sublease to be performed or observed by Subtenant. If Subtenant fails to pay rent or other sums charges due hereunder, under this Sublease or otherwise defaults with respect to any provisions provision of this Sublease after all applicable cure periodsSublease, Sublandlord may use, at its sole option apply or retain all or any portion of the Security Deposit for the payment of any rent or other sum charges so in default or for the payment of any other sum to which Sublandlord may become obligated entitled by reason of Subtenant’s such default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall then within ten (10) business days after receipt of written notice therefor demand therefor, Subtenant shall deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount thereof thereof, and Subtenant’s 's failure to do so shall be a material breach of this Sublease. Sublandlord's application or retention of the Security Deposit shall not constitute a waiver of such default to the extent that the Security Deposit does not fully compensate Sublandlord for all losses or damages incurred by Sublandlord in connection with such default and shall not prejudice any other rights or remedies available to Sublandlord under this Sublease or by law. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts. The Security Deposit shall not accrue interest. If Subtenant performs all of Subtenant’s 's obligations hereunderunder this Sublease, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, returned to Subtenant within thirty (or, at Sublandlord’s option, to 30) days after the last assignee, if any, earlier of Subtenant’s interest hereunder(i) following the expiration of the Termterm of this Sublease, and after Subtenant has vacated or (ii) vacation of the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make Premises by Subtenant pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate exercise of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit's or Sublandlord's Early Termination Rights.

Appears in 1 contract

Samples: Sublease Agreement (Rivals Com Inc)

Security Deposit. Concurrently with Subtenant’s execution of this SubleaseIn further consideration for the Additional TI Allowance, Subtenant shall deposit with Sublandlord the sum of Security Deposit is hereby increased by One Million Three Hundred Ninety Thousand Dollars ($20,512.89 1,390,000.00) (the “Additional Security Deposit”) to One Million Seven Hundred Fifty Thousand Dollars ($1,750,000.00). The , provided that the Additional Security Deposit shall be held paid in installments in accordance with this Section 8. In connection with any funding of the TI Allowance, Landlord shall deduct from the amount of the TI Allowance requested by Sublandlord as security for Xxxxxx and approved by Landlord in connection with a Fund Request pursuant to Section 6.3 of the faithful performance by Subtenant Work Letter (the “TI Allowance Payment”), a proportionate amount of all the provisions of this Sublease TI Allowance Payment to be performed or observed retained by SubtenantLandlord as part of the Additional Security Deposit (the “Additional Security Deposit Installment”), which proportionate amount shall be determined based upon the percentage derived from dividing the amount of the TI Allowance Payment by Fifty-Six Million Three Hundred impacted soils and the remediation of any contamination to the Premises related to the discovery of the UST and resulting release to the extent required by Applicable Laws, and Landlord’s insurance providers, at Tenant’s sole cost and expense. If Subtenant fails Tenant shall keep Landlord apprised of such remediation efforts and shall provide Landlord with copies of any notices and submittals to pay rent or other sums due hereunder, or otherwise defaults and from the NYSDEC with respect to such contamination and remediation and any provisions of this Sublease after all applicable cure periods, Sublandlord may use, apply or retain all or any portion of the Security Deposit for the payment of any rent or other sum reports issued in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer therebyconnection with such remediation. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount thereof and Subtenant’s failure to do so shall be a material breach of this Sublease. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord Landlord shall have the right to make withhold from disbursements of the TI Allowance an amount equal to one hundred fifty percent (150%) of the estimated remaining cost to complete the remediation of the Premises in accordance with all Applicable Laws (“Completion of Remediation”) until such time as Landlord has received evidence of the Completion of Remediation, including an updated Phase II Environmental Assessment confirming that no further action or remediation is recommended. Furthermore, in the event the estimated costs of the remediation will exceed Thirty Thousand Dollars ($30,000.00), Landlord may require Tenant to deliver a good faith estimate cash deposit equal to the estimated costs for Landlord to hold in escrow pending completion of the remediation to Landlord’s reasonable satisfaction. For the avoidance of doubt, Xxxxxx shall indemnify, save, defend (at Landlord’s option and with counsel reasonably acceptable to Landlord) and hold the Landlord Indemnitees harmless from and against any and all Claims of any unreconciled Operating Costs kind or nature that arise during or after the Term as a result of or in connection with the discovery of the date UST, any resulting release and the remediation of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security DepositPremises.

Appears in 1 contract

Samples: Lease Agreement

Security Deposit. Concurrently with Subtenant’s execution of this SubleaseUpon the Commencement Date, Subtenant shall deposit with Sublandlord the sum amount of $20,512.89 100,000.00 as security for Subtenant's faithful performance of Subtenant's obligations under this Sublease (the “"Security Deposit"). The Provided no default by Subtenant has occurred under the Sublease as of August 1, 2013, the Security Deposit shall be held reduced to the amount of $60,000.00, by Sublandlord as security for a credit provided to Subtenant against the faithful performance payment of Rent next due under this Sublease (the “First Deposit Credit”). Thereafter, provided no default by Subtenant has occurred under the Sublease as of all August 1, 2014, the provisions Security Deposit shall be reduced to the amount of $20,000.00, by a credit provided to Subtenant against the payment of Rent next due under this Sublease (the “Second Deposit Credit”). At the same time and on the same conditions that the First Deposit Credit is provided to Subtenant, Sublandlord shall also provide a credit to Subtenant for an amount equal to interest on $80,000.00 of the Security Deposit, calculated at the rate of 2.75% per annum, and at the same time and on the same conditions that the Second Deposit Credit is provided to Subtenant, Sublandlord shall also provide a credit to Subtenant for an amount equal to interest on $40,000.00 of the Security Deposit, calculated at the rate of 2.75% per annum. Sublandlord shall not in any event be obligated to pay or credit any interest to Subtenant on the first $20,000.00 of the Security Deposit. If any default by Subtenant under this Sublease has occurred prior to the applicable dates set forth above, Subtenant shall not be entitled to reduce its Security Deposit at any time during the Term of this Sublease Sublease, nor shall Subtenant be entitled in that event to be performed or observed by Subtenantany credit for interest on any portion of the Security Deposit. If Subtenant fails to pay rent Base Rent or any other sums charges when due hereunder, or otherwise defaults with respect to any provisions of under this Sublease after all or fails to perform any obligations under this Sublease and such failure continues beyond applicable notice and cure periods, Sublandlord may use, apply or retain all or use any portion of the Security Deposit for the payment of any rent Rent or other sum in default or amount then due and unpaid, for the payment of any other sum to for which Sublandlord may become obligated by reason because of Subtenant’s default's default or breach, or to compensate Sublandlord for any loss sustained by Sublandlord as a result of Subtenant's default or damage which Sublandlord may suffer therebybreach. If Sublandlord so uses or applies all or any portion of the Security DepositDeposit as set forth above, Subtenant shall shall, within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient to demand by Sublandlord, restore the Security Deposit to the full amount thereof and originally deposited. Subtenant’s 's failure to do so shall be will constitute a material breach of default under this Sublease. Sublandlord shall will not be required to keep the Security Deposit separate from its general accountsaccounts and will have no obligation or liability for payment of interest on the Security Deposit. If Sublandlord assigns its interest in this Sublease, Sublandlord shall deliver to its assignee as much of the Security Deposit as Sublandlord then holds. Within thirty (30) days after the expiration or termination of this Sublease, provided that Subtenant performs all of Subtenant’s obligations hereunderis not then in default under this Sublease, the Security Deposit, or so as much thereof as remains that has not theretofore been applied by Sublandlord, shall will be returned, without interest, returned to Subtenant (or, at Sublandlord’s option, or to the last assignee, if any, of Subtenant’s 's interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Depositunder this Sublease.

Appears in 1 contract

Samples: Sublease Agreement (Remark Media, Inc.)

Security Deposit. Concurrently with Subtenant’s Within eleven (11) business days after the execution of this SubleaseLease, Subtenant Tenant shall deposit with Sublandlord execute and deliver to Landlord a Pledge Agreement in substantially the sum form attached hereto as Exhibit F-1, an Account Control Agreement in substantially the form attached hereto as Exhibit F-2 and an Account Management Agreement in the form of $20,512.89 Exhibit F-3 (or such other forms as are reasonably acceptable to the parties thereto) granting Landlord a first position security interest in an account (the "Pledge Account") containing securities meeting the critical specified therein and/or cash in the total amount specified in Section 1 as a Security Deposit as such amount may be reduced pursuant to the following paragraph. Upon written notice of its intention to do so after an Event of Default has occurred, Landlord shall be permitted to immediately direct the sale of bonds or other assets in the Pledge Account and the disbursal of the proceeds thereof (not to exceed the amount required to cure the Event of Default) for application by Landlord on the same terms and conditions as Landlord would be permitted to apply a cash security deposit. Landlord may apply all or part of the Security Deposit to any unpaid rent from Tenant or to cure any other defaults of Tenant. If Landlord uses any part of the Security Deposit, Tenant shall restore the Security Deposit or the Pledge Account to the amount required under the preceding paragraph as of the date of Landlord's application of the Security Deposit or any part thereof, within 10 days after Landlord's written request. If Landlord transfers its interest in the Premises, Tenant shall cooperate with Landlord (at Landlord's expense) to assign the Landlord's interest in the Pledge Account to its successor in interest, whereupon Landlord shall be automatically released from any liability for the return of the Security Deposit. If this Lease is terminated prior to the end of the Initial Term or the Renewal Option Term (if exercised), any Rent paid for any period beyond the termination date will be considered an additional Security Deposit. The If, at the end of the Lease Term, Tenant has fully complied with all obligations under this Lease, then the remaining Security Deposit shall be held returned to Tenant within thirty (30) days after the final inspection of the Premises, after Landlord has verified that Tenant has fully vacated the Premises, removed all of its property and surrendered the Premises in the condition required by Sublandlord as security for the faithful performance by Subtenant of all the provisions of this Sublease to be performed or observed by Subtenant. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periods, Sublandlord Lease; provided that Landlord may use, apply or retain all or any hold back a portion of the Security Deposit for the payment until final determination of Tenant's share of costs such as insurance and taxes, whereupon any rent or other sum in default or for the payment of final adjustment shall be made and any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient to restore the remaining Security Deposit to the full amount thereof and Subtenant’s failure to do so shall be a material breach of this Subleasereturned to Tenant. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs As with all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assigneeother defaults, if anythe Premises are not surrendered in the condition required, of Subtenant’s interest hereunder) following Landlord may perform the expiration of work necessary to put them in that condition and deduct the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall cost from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant Landlord's obligations with respect to the Security Deposit.Deposit are those of a secured creditor and not of a trustee. The amount of the Security Deposit and/or securities in the Pledge Account may be reduced through two mechanisms, provided that the total Security Deposit shall not in any circumstances fall below Four Hundred Seventy Eight Thousand One Hundred Twenty-five Dollars ($478,125):

Appears in 1 contract

Samples: Seattle Genetics Inc /Wa

Security Deposit. Concurrently with Subtenant’s execution of this Sublease, Sublandlord hereby acknowledges receipt from Subtenant shall deposit with Sublandlord the sum of One Million Four Hundred Thirty-Two Eight Hundred Ninety-Five and 40/100 Dollars ($20,512.89 (the “Security Deposit”1,432,895.40). The Security Deposit , which Sublandlord shall be held by Sublandlord retain as security for the faithful performance by Subtenant of all the provisions each of this Sublease to be performed or observed by Subtenantits obligations hereunder. If Subtenant fails at any time to pay rent or other sums due perform its obligations hereunder, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periods, Sublandlord may use, at its option apply or retain all or any portion of the Security Deposit for the payment of any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount thereof and Subtenant’s failure to do so shall be a material breach of this Sublease. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied is required, to cure Subtenant's default, but if prior to the expiration or termination of this Master Lease, Sublandlord depletes the Security Deposit in whole or in part, Subtenant shall immediately restore the amount so used by Sublandlord. The Security Deposit shall not bear interest for the benefit of Subtenant and may be commingled with the funds of Sublandlord, shall be returnedand unless Sublandlord uses the same to cure a default of Subtenant under the Sublease, without interest, or to Subtenant (or, at Sublandlord’s option, restore the Subleased Premises to the last assignee, if any, of Subtenant’s interest hereunder) following condition that Subtenant is required to leave at the expiration conclusion of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereofterm of this Sublease, Sublandlord shall within thirty (30) days of the expiration or termination of this Sublease, refund to Subtenant so much of the Security Deposit as it continues to hold provided Subtenant has provided Sublandlord a forwarding address. In lieu of the cash Security Deposit hereinabove provided for, Subtenant shall have the right option to make deposit with Sublandlord a good faith estimate letter of any unreconciled Operating Costs as credit (the "Letter of the date of expiration and Credit") in an amount equal to deduct any anticipated shortfall from the Security Deposit. Such estimate Any Letter of Credit shall be final in the form of an irrevocable, unconditional stand by letter of credit, drawn on a bank that is reasonably acceptable to Sublandlord. The Letter of Credit shall permit partial draws, and binding shall be assignable by Sublandlord to any entity who assumes in writing any and all of Sublandlord's obligations under this Sublease. The Letter of Credit shall be for an initial term of at least one (1) year and shall be automatically renewable for successive one (1) year periods, so that it remains outstanding for as long as this Sublease is in effect, shall provide that upon Subtenant. No trust relationship is created herein between presentation to the issuing institution of: (i) the original letter of credit; (ii) Sublandlord's sight draft in the amount sought to be drawn, and (iii) Sublandlord's written certification certifying, under penalty of perjury, that Subtenant has defaulted under this sublease, that Sublandlord has given Subtenant written notice of such default and Subtenant with respect has failed to cure such default within any time period provided therefor under this sublease and that Sublandlord has incurred damages in the amount sought to be drawn under the letter of credit and shall otherwise be in a form that is reasonably acceptable to Sublandlord. In the event that Sublandlord wishes, from time to time, to assign the Letter of Credit as aforesaid, but the Letter of Credit is, pursuant to its terms or applicable law, not capable of being further assigned, then Subtenant shall, upon written request from Sublandlord, promptly cause the issuing bank to issue a new Letter of Credit in substitution of the then existing Letter of Credit. In the event of any default by Subtenant under this Sublease, Sublandlord shall be entitled to draw from the Letter of Credit and/or apply the cash portion of the Security Deposit, to the extent of, and to reimburse Sublandlord for, any and all damages owed to Sublandlord by Subtenant as a result of such default, but if prior to the expiration or termination of the Sublease, Sublandlord depletes the Security Deposit in whole or in part, Subtenant shall immediately restore the amount so used by Sublandlord. The Security Deposit shall not bear interest for the benefit of Subtenant and may be commingled with the funds of Sublandlord, and unless Sublandlord uses the same to cure a default of Subtenant under the Sublease, or to restore the Subleased Premises to the condition that Subtenant is required to leave at the conclusion of the term of this Sublease, Sublandlord shall within thirty (30) days of the expiration or termination of this Sublease, refund to Subtenant so much of the Security Deposit as it continues to hold provided Subtenant has provided Sublandlord a forwarding address. If at any time the Letter of Credit is due to expire or Sublandlord receives notice that it will expire, other than due to the expiration of this Sublease, and Sublandlord has not received written evidence of a new Letter of Credit reasonably acceptable to Sublandlord thereof at least ten (10) days before such expiration, Sublandlord may draw upon the Letter of Credit for the full amount thereof in which event the proceeds shall become a cash security deposit which will thereafter be held by Sublandlord in accordance with the provisions of this Sublease. In the event that Sublandlord draws on the letter of credit solely due to Subtenant's failure to renew the letter of credit at least ten (10) days before such expiration (1) such failure to renew shall not constitute a default hereunder and (2) Subtenant shall at any time thereafter be entitled to provide Sublandlord with a replacement letter of credit that satisfies the requirements hereunder, at which time Sublandlord shall return the cash proceeds of the original letter of credit drawn by Sublandlord.

Appears in 1 contract

Samples: Sublease Agreement (Digital Impact Inc /De/)

Security Deposit. Concurrently Simultaneously with Subtenant’s the execution of this Sublease, Subtenant shall deposit with Sublandlord a cash security deposit in the sum amount of $20,512.89 (the “Security Deposit”). The Security Deposit shall 17,595.00 to be held by Sublandlord as security for the faithful performance by Subtenant of all the provisions of this Sublease to be performed or observed by secure, in part, Subtenant. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periods, Sublandlord may use, apply or retain all or any portion of the Security Deposit for the payment of any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount thereof and Subtenant’s failure to do so shall be a material breach of 's obligations under this Sublease. Sublandlord shall not be required have the right from time to keep the time, without prejudice to any other remedy Sublandlord may have on account thereof, to apply such Security Deposit, or any part thereof, to Sublandlord’s damages arising from, or to cute, a default by Subtenant under this Sublease. Sublandlord shall return any Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Depositthen held by Sublandlord, or so much thereof as has shall not have theretofore been applied in accordance with the terms of this paragraph, to Subtenant upon the expiration or earlier termination of the Term of this Sublease and surrender of possession of the Subleased Premises by Subtenant to Sublandlord as required by this Sublease; provided, that if there is then-existing a default hereunder (or any circumstance which, with the passage of time or the giving of notice, or both, would constitute a default hereunder), Sublandlord shall retain a portion of the Security Deposit reasonably necessary to cure such default and shall return the remainder of the Security Deposit to Subtenant; provided that such retained portion will be returned to Subtenant if (a) such retained portion is not applied to cure such default by Sublandlord, shall be returned(b) the amount applied to such cure is less than the retained portion, without interest, to Subtenant and (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunderc) following such default does not materialize within thirty (30) days after the expiration or earlier termination of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions this Sublease. While Sublandlord is entitled to make pursuant to the terms hereofholds such deposit, Sublandlord shall have no obligation to pay interest on the same and shall have the right to make a good faith estimate of commingle the same with Sublandlord’s other funds. lf Sublandlord conveys Sublandlord's interest under this Sublease, the deposit, or any unreconciled Operating Costs as part thereof not previously applied, shall be turned over by Sublandlord to Sublandlord's grantee, and, if so turned over, Subtenant agrees to look solely to such grantee for proper application of the date Security Deposit in accordance with the terms of expiration this paragraph, and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Depositreturn thereof in accordance herewith.

Appears in 1 contract

Samples: Sublease Agreement (Atara Biotherapeutics, Inc.)

Security Deposit. Concurrently with Subtenant’s execution of this Sublease, Subtenant shall deposit has previously deposited with Sublandlord (and Sublandlord hereby acknowledges receipt of) a cash deposit equal to $[***] for the sum of $20,512.89 Original Subleased Premises (the “Security Deposit”)) and shall not be required to deposit any additional cash deposit. The Security Such Deposit shall be held by Sublandlord as security for the Subtenant’s faithful performance by Subtenant of all the provisions of this Sublease to be performed or observed by Subtenant’s obligations hereunder. If Subtenant fails to pay rent or other sums charges due hereunder, or otherwise defaults with respect to any provisions provision of this Sublease after all applicable cure periodsSublease, Sublandlord may usemay, upon notice to Subtenant and the expiration of five (5) days, use or apply or retain all or any portion of the Security Deposit for the payment of any rent or other sum charge in default default, or for the payment of any other sum to losses or damages which Sublandlord may become obligated reasonably incurs by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion of the Security DepositDeposit for the purposes set forth herein, Subtenant shall within ten (10) business days after receipt of written notice demand therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the its full amount thereof and Subtenant’s failure to do so shall will be a material breach of this Sublease. Sublandlord shall will not be required to keep the Security Deposit [***] INDICATES MATERIAL THAT WAS OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 UNDER THE SECURITIES ACT OF 1933, AS AMENDED. separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been used or applied by Sublandlord, shall will be returned, without interest, returned to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Sublease Term, and within ten (10) business days after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit.

Appears in 1 contract

Samples: Lease Agreement (NextCure, Inc.)

Security Deposit. Concurrently with Upon execution hereof, Subtenant has delivered to Prime Landlord the amount of $26,400.00 (“Subtenant’s execution of this Sublease, Subtenant shall deposit with Sublandlord the sum of $20,512.89 (the “Security Deposit”). The Security Deposit shall , such sum to be held by Sublandlord Prime Landlord as security for the faithful performance of Subtenant’s obligations under this Sublease. Upon the occurrence of any default by Subtenant hereunder beyond applicable notice and grace periods, Subtenant agrees that Sublandlord and/or Prime Landlord may apply all or any part of all the provisions Subtenant’s Security Deposit, together with accrued interest, if any, to any obligation of this Sublease to be performed or observed by SubtenantSubtenant hereunder. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periods, Sublandlord may use, apply or retain all or any portion of the Subtenant’s Security Deposit for the payment of is applied by Sublandlord and/or Prime Landlord against any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount thereof and Subtenant’s failure to do so shall be a material breach of this Sublease. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, Subtenant shall promptly restore Subtenant’s Security Deposit to its original amount. Interest actually earned on Subtenant’s Security Deposit shall, on an annual basis, be credited to and become part of the Subtenant’s Security Deposit. If Subtenant shall have complied with its obligations under the Sublease, Subtenant’s Security Deposit, or so much thereof as has not theretofore been applied by Sublandlordany unapplied balance thereof, shall be returned, without interest, returned to Subtenant within thirty (or, at Sublandlord’s option, to 30) days after the last assignee, if any, of Subtenant’s interest hereunder) following time fixed as the expiration of the Term, Sublease Term hereof and after the yield up and surrender by Subtenant has vacated of the Subleased Premises; Premises in addition to accordance with the provisions of the Sublease. If Sublandlord assigns its interest in this Sublease, it will also assign its interest in the Subtenant’s Security Deposit, or any other deductions Sublandlord is entitled to make pursuant unapplied portion thereof, to the terms hereofassignee. Upon such delivery, the Sublandlord shall have the right to make a good faith estimate named herein will be released of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant all obligations with respect to the Subtenant’s Security Deposit.

Appears in 1 contract

Samples: Sublease (Boston Life Sciences Inc /De)

Security Deposit. Concurrently with Subtenant’s execution of Upon executing this SubleaseAmendment, Subtenant Sublessee shall deposit with Sublandlord Sublessor a Security Deposit in the sum amount of Fifty-Eight Thousand Five Hundred Forty-One Dollars and Eighty-Four Cents ($20,512.89 (58,541.84). The Security Deposit shall secure Sublessee's obligations under the Sublease to pay rent and other monetary amounts, to maintain the Premises and repair damages thereto, to surrender the Premises to Sublessor in clean and sanitary condition and to discharge Sublessee's other obligations hereunder. Sublessor may use and commingle the Security Deposit with other funds of Sublessor. If Sublessee fails to perform Sublessee's obligations hereunder, Sublessor may, but without any obligation to do so, apply all or any portion of the Security Deposit towards fulfillment of Sublessee's unperformed obligations. If Sublessor does so apply any portion of the Security Deposit”), Sublessee shall immediately pay Sublessor a sufficient amount in cash to restore the Security Deposit to the full original amount. In the event that Sublessor shall expend the same in order to cure Sublessee's default hereunder, Sublessee's failure to forthwith remit to Sublessor a sufficient amount in cash to restore the Security Deposit to the original sum deposited within five (5) days after Sublessee's receipt of notice from Sublessor that such amounts have been so expended shall constitute a material default of the Sublease. The Security Deposit shall be held by Sublandlord as security Sublessor without liability for interest on the faithful performance by Subtenant of all the provisions same. Upon termination of this Sublease to be Lease, if Sublessee has then performed or observed by Subtenant. If Subtenant fails to pay rent or other sums due all of Sublessee's obligations hereunder, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periods, Sublandlord may use, apply or retain all or any portion of Sublessor shall return the Security Deposit for the payment of any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer therebySublessee. If Sublandlord so uses Sublessor sells or applies all otherwise transfers Sublessor's rights or any portion of the Security Depositinterest under this Lease, Subtenant shall within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient to restore Sublessor may deliver the Security Deposit to the full amount thereof and Subtenant’s failure to do so transferee, whereupon Sublessor shall be a material breach of this Sublease. Sublandlord shall not be required released from any further liability to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant Sublessee with respect to the Security Deposit.

Appears in 1 contract

Samples: Molecular Biosystems Inc

Security Deposit. Concurrently with Subtenant’s Upon execution of this SubleaseSublease by Subtenant, Subtenant it shall deposit with pay to Sublandlord the sum of $20,512.89 10,205.00 (such amount, together with any interest theretofore earned thereon, if any, being herein called the “Security Deposit”). The Security Deposit shall be held by Sublandlord ) as security for the faithful full and timely payment and performance by Subtenant of all the provisions of Subtenant’s obligations under this Sublease to be performed or observed by SubtenantSublease. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to perform in a full and timely manner any provisions of its obligations under this Sublease after beyond all applicable notice and cure periods, Sublandlord may use, apply or retain all or any portion of the Security Deposit for toward curing any such failure and, to the payment extent such amounts are due and owing to Sublandlord pursuant to the terms of any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s defaultthis Sublease, or to compensate compensating Sublandlord for any loss loss, damage or damage which Sublandlord may suffer therebyexpenses arising from such failure. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice therefor deposit cash with immediately pay to Sublandlord in an the amount sufficient necessary to restore the Security Deposit to the full amount thereof its original amount, and Subtenant’s failure to do so shall automatically be a material breach deemed an Event of this SubleaseDefault, without the need for additional notice and/or cure periods. Sublandlord may commingle the Security Deposit with Sublandlord’s funds and shall not be required obligated to keep pay interest on the Security Deposit separate from its general accountsto Subtenant. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant Within thirty (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder30) following days after the expiration or earlier termination of this Sublease and the vacating of the Term, and after Subleased Premises by Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereofaccordance with Section 19 below, Sublandlord shall have the right to make a good faith estimate of return any unreconciled Operating Costs as remaining balance of the date Security Deposit to Subtenant. If Sublandlord assigns its interest in this Sublease to an assignee that assumes the obligation of expiration Sublandlord in writing and to deduct any anticipated shortfall from transfers the Security Deposit. Such estimate Deposit (or any balance thereof) to its assignee, Subtenant shall be final look only to such assignee for the application and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to return of the Security Deposit.

Appears in 1 contract

Samples: Sublease Agreement (Emisphere Technologies Inc)

Security Deposit. Concurrently with Subtenant’s execution and delivery of this Sublease, and as security for its obligations under the Sublease, Subtenant shall deposit with Sublandlord the sum of fifty thousand dollars ($20,512.89 50,000) as a security deposit, in cash (the “Security Deposit”). The Security Deposit shall be held by Sublandlord as security for the faithful performance by Subtenant of all the provisions of this Sublease to be performed or observed by Subtenant. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periodsSublease, Sublandlord may use, apply or retain all or any portion of the Security Deposit for the payment of any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice demand therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount thereof and Subtenant’s failure to do so shall be a material breach of this Sublease. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord . Subtenant agrees that this Section 4 shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration determine Sublandlord’s and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final Subtenant’s rights and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant obligations with respect to the Security return of the Deposit., and Subtenant expressly waives the provisions of Section 1950.7

Appears in 1 contract

Samples: Sublease (Atheros Communications Inc)

Security Deposit. Concurrently with Subtenant’s Upon the execution of this SubleaseSublease by Sublessee, Subtenant Sublessee shall deposit with Sublandlord Sublessor, in cash, the sum of Two Hundred Thirty-Seven Thousand Five Hundred and No/100 Dollars ($20,512.89 (the “Security Deposit”). The Security Deposit shall be held by Sublandlord 237,500.00) as security for the faithful performance by Subtenant Sublessee of all the provisions terms and conditions of this Sublease to be performed or observed by Subtenant("Security Deposit"). If Subtenant Sublessee fails to pay rent Rent or other sums charges due hereunder, hereunder or otherwise defaults with respect to any provisions provision of this Sublease Sublease, and such default continues after all the passage of applicable notice and cure periods, Sublandlord may then Sublessor may, but shall not be required to, draw upon, use, apply or retain all or any portion of the Security Deposit for the payment of any rent Rent or other sum charge in default or default, for the payment of any other sum to which Sublandlord may Sublessor has become obligated to pay by reason of Subtenant’s Sublessee's default, or to compensate Sublandlord Sublessor for any loss or damage which Sublandlord may suffer Sublessor has suffered thereby. The use, application or retention of the Security Deposit, or any portion thereof, by Sublessor shall not prevent Sublessor from exercising any other right or remedy provided by this Sublease or by law, it being intended that Sublessor shall not first be required to proceed against the Security Deposit, and the Security Deposit shall not operate as a limitation on any recovery to which Sublessor otherwise may be entitled. If Sublandlord Sublessor so uses or applies all or any portion of the Security Deposit, Subtenant shall then Sublessee shall, within ten five (105) business days after receipt of written notice therefor demand therefor, deposit cash with Sublandlord Sublessor in an the amount sufficient required to restore the Security Deposit to the full amount thereof and Subtenant’s failure to do so shall be a material breach stated above. Within thirty (30) days after the later of the expiration or earlier termination of this Sublease and the date that Sublessee surrenders the Subleased Premises in the condition required by this Sublease. Sublandlord shall not be required to keep , if Sublessee is then in default hereunder beyond applicable notice and cure periods, Sublessor may retain so much of the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Depositas is permitted to be applied by Sublessor pursuant to this Paragraph, or so much thereof as has not theretofore been applied by Sublandlord, which otherwise is required to cure Sublessee's defaults. Sublessor shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to return the last assigneebalance, if any, to Sublessee. If Sublessee has not been in default beyond applicable notice and cure periods under this Sublease, and, at the beginning of Subtenant’s interest hereunder) following the expiration second-to-last and last months of the Term, respectively, Sublessee is not then in default beyond applicable notice and cure periods, then Sublessor shall credit one-half of the Security Deposit to Monthly Base Rent for the second-to-last month of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant remaining balance to the terms hereoflast month of the Term, Sublandlord and Sublessor thereafter shall have the right to make a good faith estimate be relieved of any unreconciled Operating Costs as of the date of expiration and obligation to deduct any anticipated shortfall from return the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect Deposit to the Security DepositSublessee.

Appears in 1 contract

Samples: Organic Inc

Security Deposit. Concurrently Contemporaneously with Subtenant’s the execution of this Sublease, Subtenant shall deposit with pay to Sublandlord the sum of seven hundred fifty-seven dollars and fifty cents ($20,512.89 757.50) (the “Security Deposit”). The Security Deposit , which shall be held by Sublandlord as security for to secure Subtenant’s performance of its obligations under this Sublease. The Security Deposit is not an advance payment of the faithful performance by Subtenant Sublease Rent or a measure or limit of all the provisions of Sublandlord’s damages or other rights under this Sublease or a payment of liquidated damages. Sublandlord may, from time to be performed or observed by Subtenant. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect time and without prejudice to any provisions of this Sublease after all applicable cure periodsother remedy, Sublandlord may use, apply or retain use all or any portion a part of the Security Deposit for to perform any obligation which Subtenant fails to perform hereunder on or before the payment expiration of the applicable notice and cure period. Following any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion such application of the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice therefor deposit cash with pay to Sublandlord on demand the amount so applied in an amount sufficient order to restore the Security Deposit to its original amount. Provided that Subtenant has performed all of its obligations hereunder, Sublandlord shall, within sixty (60) days after the full amount thereof and Subtenant’s failure Sublease Term ends, return to do so shall be a material breach Subtenant the portion of this Sublease. Sublandlord shall not be required to keep the Security Deposit separate from its general accountswhich was not applied to satisfy Subtenant’s obligations. The Security Deposit may be commingled with other funds, and no interest shall be paid thereon. If Subtenant performs all of SubtenantSublandlord transfers its interest in the Sublease Premises and the transferee assumes Sublandlord’s obligations hereunderunder this Sublease, then Sublandlord may assign the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, Deposit to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, transferee and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord thereafter shall have no further liability for the right to make a good faith estimate return of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit.

Appears in 1 contract

Samples: Sublease Agreement (Intrepid Potash, Inc.)

Security Deposit. Concurrently with Subtenant’s execution of this SubleaseOn the Commencement Date, Subtenant shall pay to Sublandlord a security deposit with Sublandlord the sum of equal to approximately three month’s rent hereunder, which shall be FIFTY TWO THOUSAND, EIGHT HUNDRED SIXTY TWO and 63/100 Dollars ($20,512.89 52,862.63) (the “Security Deposit”), to secure the faithful performance of the terms of this Sublease, including the payment of all rental amounts that come due. The Sublandlord shall maintain the same in a risk-free, interest-bearing separate account (e.g., certificate of deposit, or the like), earmarked as being Subtenant’s Security Deposit hereunder and established using Subtenant’s taxpayer identification number. It is agreed that in the event Subtenant defaults beyond any applicable notice and cure period in respect of any of the terms, provisions, covenants, and conditions of this Sublease, including, but not limited to, the payment of Fixed Rent and Subtenant Surcharges, Sublandlord may draw upon the funds held on account as the Security Deposit to the extent required for the payment of any Fixed Rent and Subtenant Surcharge or any other sum as to which Subtenant is in default or for any sum which Sublandlord may expend or may be required to expend by reason of Subtenant’s default (beyond applicable notice and cure periods) in respect of any of the terms, provisions, covenants, and conditions of this Sublease, including, but not limited to, any damages or deficiency accrued before or after summary proceedings or other re-entry by Sublandlord. In the event that Subtenant shall fully and faithfully comply with all of the terms, provisions, covenants, and conditions of this Sublease, the funds on deposit with Sublandlord, including all interest accrued thereon, shall be returned to Subtenant within thirty (30) days after the Expiration Date and after delivery of entire possession of the Subleased Premises to Sublandlord. In the event of the termination of the Master Lease prior to expiration of this Sublease, Sublandlord shall return the Security Deposit and all interest accrued thereon to Subtenant within three (3) business days following expiration of the Master Lease. Sublandlord agrees to return the Security Deposit and all accrued interest thereon to Subtenant within three (3) business days following the deposit with Sublandlord by a permitted assignee of funds equal to the original Security Deposit, to be held as the new Security Deposit hereunder, in the name of such assignee (or, at Subtenant’s direction, to apply the security deposit for the benefit of the designated assignee of this Sublease) and, otherwise, Subtenant covenants that it will not assign or encumber or attempt to assign or encumber any funds on deposit, and that, except as provided herein, neither Sublandlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance. Except in connection with the termination or expiration of this Sublease, in the event Sublandlord withdraws funds on deposit as the Security Deposit as permitted hereunder, Subtenant shall provide cash in the amount of the amount so drawn within seven (7) days after Sublandlord notifies Subtenant of the withdrawal so that at all times the total amount of funds in the account held by Sublandlord as security for shall be equal to the faithful performance by Subtenant aggregate Security Deposit. Notwithstanding anything to the contrary above, in the event Sublandlord is involved in a bankruptcy or insolvency proceeding under state or Federal law at any time during the final three months of all the provisions Term of this Sublease Sublease, then the parties hereto agree that Subtenant may elect to be performed or observed satisfy its then current monthly rental obligation hereunder by Subtenant. If Subtenant fails directing Sublandlord, in writing, to pay rent or other sums due hereunder, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periods, Sublandlord may use, apply or retain all or any the corresponding portion of the Security Deposit for the payment of any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of as a credit toward Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount thereof and Subtenant’s failure to do so shall be a material breach of this Sublease. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s rental obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit.

Appears in 1 contract

Samples: Sublease (DSL Net Inc)

Security Deposit. Concurrently with Subtenant’s execution of this SubleaseNot later than October 1, 2017, Subtenant shall deposit with pay to Sublandlord the sum of $20,512.89 419,772 in cash (the “Security Deposit”). The Security Deposit shall , to be held by Sublandlord as security for the faithful performance and observance by Subtenant of all the provisions terms, covenants and conditions of this Sublease to Sublease, it being expressly understood that the Security Deposit shall not be performed considered an advance payment of rental or observed measure of Sublandlord’s damages in case of default by Subtenant. If Subtenant fails Upon default by Subtenant, Sublandlord, from time to pay rent or other sums due hereundertime, or otherwise defaults with respect without prejudice to any provisions other remedy, may (but shall not be required to) apply the Security Deposit against any arrearages of this Sublease after all applicable cure periodsBase Rent or any other damage, injury, loss, cost, expense or liability caused to Sublandlord may use, apply or retain by such default on the part of Subtenant. Should all or any portion part of the Security Deposit be used for the payment of any rent or other sum in default or for purposes described above during the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s defaultSublease Term, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion of the Security Deposit, then Subtenant shall remit to Sublandlord immediately (and in all events within not more than ten (10) business days days) after receipt of written notice therefor deposit cash with Sublandlord in an Sublandlord’s request therefor, the amount sufficient necessary to restore the Security Deposit to the full amount thereof and its original balance. Subtenant’s failure to do so restore the Security Deposit upon notice from Sublandlord shall be a material breach of this Sublease. No interest shall be payable on the Security Deposit and Sublandlord shall not be required have no obligation to keep the Security Deposit separate from its general accountsfunds unless otherwise required by applicable Law. Subject to the requirements of, and conditions imposed by, Laws applicable to security deposits under commercial leases, Sublandlord shall, within the time required by applicable Law, or within thirty (30) days of the expiration or earlier termination of this Sublease, whichever is earlier, return to Subtenant the portion of the Security Deposit remaining after deducting all damages, charges and other amounts permitted by Law. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s Sublandlord transfers its interest hereunder) following the expiration of the Term, and after Subtenant has vacated in the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall assign the Security Deposit to the transferee and, upon such transfer, Sublandlord thereafter shall have no further liability for the right to make a good faith estimate return of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final Subtenant hereby waives the provisions of Section 1950.7(c) of the California Civil Code, and binding upon all other provisions of Law, now or hereafter in force, which provide that Sublandlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Subtenant or to clean the Subleased Premises, it being agreed that Sublandlord may, in addition, claim those sums reasonably necessary to compensate Sublandlord for any other loss or damage, foreseeable or unforeseeable, caused by any default by Subtenant under this Sublease or by any act or omission of Subtenant or any officer, employee, agent or invitee of Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit.

Appears in 1 contract

Samples: Office Lease (Model N, Inc.)

Security Deposit. Concurrently with Subtenant’s execution A. Subject to the provisions of this SubleaseSection 16B, Subtenant shall deposit with Sublandlord on or before the date hereof, the sum of $20,512.89 226,050.00 (hereinafter referred to as the "Security Deposit”). The Security Deposit shall be held by Sublandlord ") as security for the faithful full and punctual performance by Subtenant of all the terms of this sublease. Such Security Deposit shall be retained by Sublandlord in accordance with the provisions of this Sublease Article 16. The security shall be deposited in a separate interest bearing account segregated from Sublandlord's funds, in a bank selected by Sublandlord and any interest earned thereon (less any administrative fee to which Sublandlord may be performed entitled pursuant to applicable law) shall be paid to Subtenant annually provided Subtenant is not then in default in the observance or observed by Subtenantperformance of any of its obligations under this lease which continues after notice and the expiration of any applicable cure period. If In the event Subtenant fails to pay rent or other sums due hereunderdefaults in the performance of any of the terms of this Sublease, including the payment of Fixed Rent, Additional Rent, or otherwise defaults with respect to any provisions other sum owing by Subtenant hereunder which continues after any required notice and the expiration of this Sublease after all any applicable cure periodsperiod, Sublandlord may use, apply or retain all the whole or any portion part of the Security Deposit to the extent required for the payment of any rent Fixed Rent, Additional Rent, or other sum in default or for the payment of any other sum to which Sublandlord may become obligated expend or may be required to expend by reason of Subtenant’s default, or to compensate Sublandlord for 's default in respect of any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion of the Security Depositterms of this Sublease, including any damages or deficiency in the re-letting of the Sublease Premises, whether accruing before or after summary proceedings or other re-entry by Sublandlord. In the case of every such use, application or retention, Subtenant shall, on demand, pay to Sublandlord the sum so used, applied or retained which shall within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient be added to restore the Security Deposit to so that the full amount thereof and Subtenant’s failure to do so same shall be a material breach replenished to its former amount. If Subtenant shall fully and punctually comply with all of the terms of this Sublease. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlordwith any interest earned thereon, shall be returned, without interest, returned to Subtenant after the termination of this Sublease and delivery of exclusive possession of the Sublet Premises to Sublandlord (or, at Sublandlord’s option, subject to the last assignee, if any, provisions of Subtenant’s interest hereunder) following this Article). In the expiration event of an assignment of the Term, and after Main Lease by Sublandlord or any attorment by Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereofLandlord, Sublandlord shall have the right to make a good faith estimate transfer the Security Deposit or any letter of any unreconciled Operating Costs credit provided for in this Article 16 to the assignee or Landlord, as the case may be, and Sublandlord shall ipso facto be released by Subtenant from all liability for the return of the date Security Deposit or such letter of expiration credit; and Subtenant agrees to deduct any anticipated shortfall from look solely to the new landlord for the return of the Security DepositDeposit or such letter of credit and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the Security Deposit or the letter of credit to a new landlord. Such estimate Subtenant shall not assign or encumber or attempt to assign or encumber the monies or letter of credit deposited herein as security and neither Sublandlord nor its successors or assigns shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Depositbound by any such assignment, encumbrance, attempted assignment or encumbrance.

Appears in 1 contract

Samples: First Albany Companies Inc

Security Deposit. 4.1 Concurrently with Subtenant’s execution and delivery of this Sublease, and as security for its obligations under the Sublease, Subtenant shall deposit with Sublandlord the sum of One Million Two Hundred Fifty Thousand Dollars ($20,512.89 1,250,000) as a security deposit, in cash or in the form of a Letter of Credit, as defined below (the “Security Deposit”). The Security Deposit shall be held by Sublandlord as security for the faithful performance by Subtenant of all the provisions of this Sublease to be performed or observed by Subtenant. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periodsSublease, Sublandlord may use, apply or retain all or any portion of the Security Deposit for the payment of any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice demand therefor deposit cash or an amended or replacement letter of credit with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount thereof and Subtenant’s failure to do so shall be a material breach of this Sublease. In the event the Deposit is cash, Sublandlord shall not be required to keep the Security Deposit in a separate from its general accountsinterest-bearing account approved by Subtenant, with interest distributed semi-annually to Subtenant. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without along with all accrued but unpaid interest, to so Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit.

Appears in 1 contract

Samples: Sublease Agreement (Zoran Corp \De\)

Security Deposit. Concurrently with Subtenant’s its execution of this SubleaseLease, Subtenant Tenant shall deposit with Sublandlord Landlord the sum of $20,512.89 specified in the Basic Lease Information (the "Security Deposit"). The Security Deposit shall be held by Sublandlord Landlord as security for the faithful performance by Subtenant Tenant of all the provisions of this Sublease Lease to be performed or observed by SubtenantTenaxx. If Subtenant Xx Tenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to any provisions provision of this Sublease after all applicable cure periodsLease, Sublandlord Landlord may use, apply or retain all or any portion of the Security Deposit for the payment of any rent or other sum in default or for the payment of any other sum to which Sublandlord Landlord may become obligated by reason of Subtenant’s Tenant's default, or to compensate Sublandlord Landlord for any loss or damage which Sublandlord Landlord may suffer thereby. If Sublandlord Landlord so uses or applies all or any portion of the Security Deposit, Subtenant Tenant shall within ten (10) business days after receipt of written notice demand therefor deposit cash with Sublandlord Landlord in an amount sufficient to restore the Security Deposit to the full amount thereof and Subtenant’s failure Tenaxx'x xailure to do so shall be a material breach of this SubleaseLease. Sublandlord Landlord shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs Tenaxx xxxforms all of Subtenant’s Tenant's obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by SublandlordLandlord, shall be returned, without interestinterest (except as provided below), to Subtenant Tenant (or, at Sublandlord’s Landlord's option, to the last assignee, if any, of Subtenant’s interest Tenaxx'x xnterest hereunder) following at the expiration of the TermTerm hereof, and after Subtenant has Tenaxx xxx vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord Landlord and Subtenant Tenant with respect to the Security Deposit. If this Lease provides for periodic increases in Base Rent, Lessee shall, within ten (10) days after demand by Landlord, increase the amount of the Security Deposit to equal the Base Rent then in effect.

Appears in 1 contract

Samples: Office Lease (Act Networks Inc)

Security Deposit. Concurrently with Subtenant’s Following the complete execution of this SubleaseSub-Sublease by the parties and prior to the Commencement Date, as stated in Section 5 of this Agreement, Sub-Subtenant shall deposit with Sub-Sublandlord the a sum equal to four (4) months of base rent, equal to $20,512.89 (the “Security Deposit”). The Security Deposit shall be held by Sublandlord 79,110.00, as security for the Sub-Subtenant's faithful performance by Subtenant of all of the provisions terms and conditions of this Sub-Sublease including the obligation to pay rent. For so long as the Security Deposit has not been repaid by Sub-Sublandlord or applied to base rent pursuant to Section 5 of this Agreement, it shall constitute an account payable by Sub-Sublandlord to Sub-Subtenant within thirty (30) days after the termination of this Sub-Sublease to be performed or observed the extent, if any, that the Security Deposit has not been applied by SubtenantSub-Sublandlord as hereinafter provided. If Sub-Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults shall default beyond any applicable notice and cure periods as defined herein with respect to any provisions term and condition hereunder, then the Security Deposit or any part hereof may be applied by Sub-Sublandlord (but Sub-Sublandlord shall not be obligated to do so) to the actual damages sustained by Sub-Sublandlord by reason thereof. No such application shall be construed as an agreement to limit the amount of this Sublease after all applicable cure periodsSub-Sublandlord's claim, nor as a waiver of any damage, nor as a release of any indebtedness, and Sub-Sublandlord may use, apply or shall retain its claims against Sub-Subtenant to the extent not recovered in full from the Security Deposit. If Sub-Sublandlord has so applied all or any portion of the Security Deposit for the payment of any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion part of the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount thereof and Subtenant’s failure to do so shall be a material breach of this Sublease. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sub-Sublandlord shall have the right (but not the obligation) at any time thereafter to make demand that Sub-Subtenant pay to Sub-Sublandlord a good faith estimate sum equal to the amount so applied so that Sub-Sublandlord will always be in possession of any unreconciled Operating Costs as a sum equal to the amount of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate Sub-Subtenant shall be final and binding upon Subtenantmake each such remittance within thirty (30) days following such demand by Sub-Sublandlord. No trust relationship is created herein between Sublandlord and Subtenant with respect Said remittance shall thereupon constitute a part of the Security Deposit subject to the Security Depositterms and provisions hereof. The failure of Sub-Subtenant to make any such requested remittance within such thirty (30) day period, and after applicable notice and cure period, may be treated by Sub-Sublandlord as a failure by Sub-Subtenant to make timely payment of rent and as an event of default.

Appears in 1 contract

Samples: Sub Sublease Agreement (Alphanet Solutions Inc)

Security Deposit. 4.1 Concurrently with Subtenant’s the parties’ execution of this Sublease, Subtenant shall deposit with Sublandlord the sum of upon Subtenant’s execution hereof $20,512.89 415,601.68 (the “Security Deposit”). The Security Deposit shall be held by Sublandlord ) as security for the Subtenant’s faithful performance by Subtenant of all Subtenant’s obligations hereunder in the provisions form of this Sublease to be performed or observed by Subtenanta letter of credit as more particularly identified below. If Subtenant fails to pay rent Rent or other sums charges due hereunder, or otherwise defaults with respect to any provisions provision of this Sublease after Sublease, all beyond applicable notice and cure periods, Sublandlord may use, apply or retain all or any portion of the Security Deposit for the payment of Rent or any rent or other sum charge in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer has suffered thereby. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice demand therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the its full amount thereof amount, and Subtenant’s failure to do so shall be a material breach of this Sublease. Sublandlord shall not be required to keep the Security Deposit separate from its general accountsaccounts and the Security Deposit shall not bear interest. If Subtenant performs At the expiration or earlier termination of the Term hereof and following performance of all of Subtenant’s obligations hereunderhereunder (including, without limitation, vacation of the Premises in accordance with the provisions hereof), the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, payment of interest or other incurment for its use to Subtenant (or, or at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant). No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit. Any deposit under the Master Lease which may be returned by the Master Landlord shall be the property of Sublandlord.

Appears in 1 contract

Samples: Sublease (Praxis Precision Medicines, Inc.)

Security Deposit. Concurrently with Subtenant’s execution of this Sublease, Subtenant shall give Sublandlord a check in the amount of Ten Thousand Dollars ($10,000.00) on the Sublease Commencement Date as a security deposit with Sublandlord the sum of $20,512.89 (the "Security Deposit”). The Security Deposit shall ") to be held by Sublandlord as security for in an non-interest bearing account. During the faithful performance by Subtenant of all the provisions of this Sublease Term, if Sublandlord determines, in its reasonable discretion, that any deduction is to be performed or observed by Subtenant. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periods, Sublandlord may use, apply or retain all or any portion of made from the Security Deposit for charges arising under this Sublease or by law, Sublandlord will give written notice to Subtenant of such deduction and the payment of any rent or other sum in default or reason for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall such deduction within ten thirty (1030) business days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient makes such deduction. Subtenant agrees to pay Sublandlord such sums as may be necessary to restore the Security Deposit to the full amount thereof and set forth above. Within 30 days after the termination of this Sublease, Sublandlord may apply the Security Deposit to offset any damages Sublandlord has sustained due to Subtenant’s 's failure to do so shall be a material breach (a) maintain the Subleased Premises, (b) surrender possession of the Subleased Premises as specified in paragraph 14(a) hereof (reasonable wear and tear excepted), or (c) fully comply with the terms of this Sublease. Any remaining balance shall be applied to unpaid Annual Rent and/or unpaid Additional Rent. Sublandlord shall not be required provide Subtenant with an itemized written accounting, showing all such deductions and the reasons for such deductions. Within thirty (30) days after the termination or expiration of this Sublease, Sublandlord shall give or mail to keep Subtenant the Security Deposit separate from of its general accountsbalance, and any interest earned thereon. If Subtenant performs Sublandlord sells, assigns or otherwise transfers all of Subtenant’s obligations hereunderits interest in the Subleased Premises during the Term or does not renew the master Lease, Subtenant agrees that Sublandlord may transfer the Security Deposit to the purchaser or DRI, respectively. Upon written notice to Subtenant of such Security Deposit transfer, the Security Deposit, Sublandlord shall no longer have any obligations or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, responsibility to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect regard to the Security Deposit.

Appears in 1 contract

Samples: Sublease Agreement (Net2000 Communications Inc)

Security Deposit. Concurrently with Subtenant’s This Section 4 shall not apply to Pharmedium Healthcare Corporation as the original tenant under this Lease, or to any affiliate of Pharmedium Healthcare Corporation (either, a “Pharmedium Party”), but shall apply to any subsequent party succeeding to the interests of a Pharmedium Party under this Lease. Upon the earlier of (i) the execution of any assignment of the tenant’s interest in this SubleaseLease to any party other than a Pharmedium Party, Subtenant or (ii) the date on which any party other than a Pharmedium Party shall take possession of the Premises, Tenant shall deposit with Sublandlord Landlord the sum of $20,512.89 amount specified in the Basic Lease Information as the Security Deposit (the “Security Deposit”). The Security Deposit shall be held by Sublandlord , as security for the faithful performance by Subtenant of all Tenant’s obligations under this Lease. Landlord may (but shall have no obligation to) use the provisions of this Sublease to be performed or observed by Subtenant. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periods, Sublandlord may use, apply or retain all Security Deposit or any portion thereof to cure any Event of the Security Deposit for the payment of any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, Default under this Lease or to compensate Sublandlord Landlord for any loss or damage which Sublandlord may suffer therebyLandlord incurs as a result of Tenant’s failure to perform any of Tenant’s obligations hereunder. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant In such event Tenant shall within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in pay to Landlord on demand an amount sufficient to restore replenish the Security Deposit. If Tenant is not in default at the expiration or termination of this Lease, Landlord shall return to Tenant the Security Deposit to or the full amount balance thereof then held by Landlord and Subtenantnot applied as provided above. Landlord may commingle the Security Deposit with Landlord’s failure to do so shall be a material breach of this Subleasegeneral and other funds. Sublandlord Landlord shall not be required to keep pay interest on the Security Deposit separate from its general accountsto Tenant. If Subtenant performs all The provisions of Subtenantthis Section 4 do not in any way alter or expand any Tenant’s (including any Pharmedium Party) rights or obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to assignment of the Security DepositLease or subletting the Premises as otherwise provided in this Lease.

Appears in 1 contract

Samples: Lease Agreement (PharMEDium Healthcare Holdings, Inc.)

Security Deposit. Concurrently with Subtenant’s Upon execution of this Subleasehereof, Subtenant shall deposit with ---------------- Sublandlord the sum of Thirty Six Thousand Eight Hundred Twenty One and 40/100ths Dollars ($20,512.89 36,821.40) (the "Security Deposit"). The Security Deposit shall be held by Sublandlord , in cash, as security for the faithful performance by Subtenant of all the provisions terms and conditions of this Sublease to be performed or observed by SubtenantSublease. If Subtenant fails to pay rent Rent or other sums charges due hereunder, under this Sublease or otherwise defaults beyond applicable notice and cure periods with respect to any provisions provision of this Sublease after all applicable cure periodsSublease, then Sublandlord may draw upon, use, apply or retain all or any portion of the Security Deposit for the payment of any rent Rent or other sum charge or obligation in default or default, for the payment of any other sum to which Sublandlord may has become obligated to pay by reason of Subtenant’s 's default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer therebyhas suffered by reason of Subtenant's default (including, without limitation, damage to the Subleased Premises). If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall then Subtenant, within ten (10) business days after receipt of written notice therefor demand by Sublandlord therefor, shall deposit cash with Sublandlord in an the amount sufficient required to restore the Security Deposit to the full amount thereof and Subtenant’s failure to do so shall be a material breach of this Subleasestated above. Sublandlord may commingle the Security Deposit with its own funds and Subtenant shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from interest on the Security Deposit. Such estimate Upon the expiration or earlier termination of this Sublease and Subtenant's vacation of the Subleased Premises, Sublandlord shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and return to Subtenant with respect to so much of the Security DepositDeposit as has not been applied by Sublandlord pursuant to this paragraph or which is not otherwise required to cure Subtenant's defaults.

Appears in 1 contract

Samples: Maxygen Inc

Security Deposit. Concurrently with Subtenant’s (a) Contemporaneously upon execution of this Sublease, Subtenant shall deposit with Sublandlord cash in the sum amount of $20,512.89 13,306 (the “Security Deposit”). The Security Deposit shall be held by Sublandlord ) as security for the faithful performance and observance by Subtenant of all the provisions terms, provisions, covenants and conditions of this Sublease. Failure to deliver the same upon execution of this Sublease to be performed or observed by Subtenant. If shall render this Sublease void ab initio .. In the event Subtenant fails to pay rent or other sums due hereunderdefaults in respect of any of the terms, or otherwise defaults with respect to any provisions provisions, covenants and conditions of this Sublease after all applicable notice and cure periodsperiods have passed, including, but not limited to, the payment of Rent, Sublandlord may use, apply or retain all the whole or any portion part of the Security Deposit to the extent required for the payment of any rent or Rent and any other sum as to which Subtenant is in default or for the payment of any other sum to which Sublandlord may become obligated expend or may be required to expend by reason of Subtenant’s default, or to compensate Sublandlord for default in respect of any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion of the Security Depositterms, provisions, covenants and conditions of this Sublease, including but not limited to, any damages or deficiency accrued before or after summary proceedings or other re-entry by Sublandlord. In the event that Subtenant shall within ten (10) business days fully and faithfully comply with all of the terms, provisions, covenants and conditions of this Sublease, the Security Deposit shall be returned to Subtenant promptly after receipt the date fixed as the end of written notice therefor deposit cash with this Sublease and after delivery of entire possession of the Subleased Premises to Sublandlord. In the event of an assignment by Sublandlord of its interest in an amount sufficient to restore the Lease, Sublandlord shall transfer the Security Deposit to the full amount thereof assignee and Subtenant’s failure to do so shall be provide Subtenant with a material breach written notice indicating the name and address of this Subleasethe assignee. In such event, Sublandlord shall not thereupon be required released by Subtenant from all liability for the return of such Security Deposit, and Subtenant agrees to keep look solely to the new Sublandlord for the return of said Security Deposit; and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by to a new Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit.

Appears in 1 contract

Samples: Sublease Agreement (Northwest Biotherapeutics Inc)

Security Deposit. Concurrently (a) Subtenant shall deposit with Sublandlord on the signing of this Sublease the sum of One Hundred Thirty Three Thousand Five Hundred and 00/100 ($133,500.00) Dollars as security for the performance of Subtenant’s execution obligations under this Sublease, including without limitation, the surrender of possession of the Subleased Premises to Sublandlord as herein provided. The security shall be in the form of an irrevocable letter of credit (the “Security Deposit L/C”). The Security Deposit L/C shall be delivered to Sublandlord at Subtenant’s sole cost and expense. The Security Deposit L/C shall be issued by and drawn on a bank or financial institution reasonably acceptable to Sublandlord maintaining an office within the State of New Jersey and shall name Sublandlord as beneficiary. If the maturity date of the Security Deposit L/C is prior to the end of the term of this Sublease, Subtenant shall deposit with Sublandlord renew the sum of $20,512.89 (the “Security Deposit”). The Security Deposit shall be held by Sublandlord L/C as security for often as necessary with the faithful performance by Subtenant of all same bank or financial institution (or a similar bank or financial institution reasonably acceptable to Sublandlord) and upon the provisions of this Sublease same terms and conditions, not less than thirty (30) days prior to be performed or observed by Subtenant. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periods, Sublandlord may use, apply or retain all or any portion the purported expiration date of the Security Deposit for L/C. In the payment of any rent or other sum in default or for event Subtenant fails to timely renew the payment of any other sum Security Deposit L/C as aforesaid, Sublandlord shall be entitled to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion draw against the entire amount of the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient to restore the Deposit L/C. The Security Deposit to the full amount thereof and Subtenant’s failure to do so L/C shall be a material breach of assignable by Sublandlord and upon such assignment to any party assuming in writing the sublessor interest in this Sublease. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right be relieved from all liability to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposittherefor.

Appears in 1 contract

Samples: Sublease (Pdi Inc)

Security Deposit. Concurrently with Subtenant’s execution A security deposit in the amount of this Sublease, Subtenant shall deposit with Sublandlord the sum of $20,512.89 [redacted] (the “Security Deposit”)) shall be delivered to Landlord no later than two (2) business days after the execution and delivery of this Lease by Tenant and Landlord. The Security Deposit shall be held by Sublandlord Landlord as security for the faithful performance by Subtenant of all the provisions Tenant’s obligations under this Lease. The Security Deposit is not an advance rental deposit or a measure of this Sublease to be performed or observed by SubtenantLandlord’s damages in case of Tenant’s default. If Subtenant fails to pay rent or other sums due hereunderUpon each occurrence of a Default, or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periods, Sublandlord Landlord may use, apply or retain use all or any portion part of the Security Deposit for to pay delinquent payments due under this Lease, and the payment cost of any rent damage, injury, expense or other sum in default or for the payment of liability caused by such Default, without prejudice to any other sum to which Sublandlord may become obligated remedy provided herein or provided by reason of Subtenant’s default, or to compensate Sublandlord for law. In the event Landlord applies any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion part of the Security DepositDeposit as provided for hereinabove, Subtenant Tenant shall within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an pay Landlord on demand the amount sufficient to that will restore the Security Deposit to the full amount thereof its original amount, and SubtenantTenant’s failure to do so shall be a material breach of this SubleaseDefault. Sublandlord shall not be required to keep Landlord’s obligation respecting the Security Deposit separate from its general accountsis that of a debtor, not a trustee; no interest shall accrue thereon. If Subtenant performs all of SubtenantThe Security Deposit shall be paid to Tenant when Tenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore under this Lease have been applied by Sublandlord, completely fulfilled. Landlord shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to released from any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant obligation with respect to the Security DepositDeposit upon transfer of this Lease and the Premises to a person or entity assuming Landlord’s obligations under this Section 36. Tenant agrees that it will not assign or encumber or attempt to assign or encumber the monies deposited with Landlord 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. The unused portion of the Security Deposit will be returned to Tenant within [redacted] after the expiration of the Term (or earlier termination of this Lease), or otherwise in compliance with applicable Laws, provided that Tenant has fully and timely performed its obligations under this Lease.

Appears in 1 contract

Samples: Office Lease (Aurinia Pharmaceuticals Inc.)

Security Deposit. Concurrently As an inducement for Landlord to enter into this Lease with Subtenant’s execution of this Subleasethe Tenants, Subtenant the Tenants shall have paid in full and placed on deposit with Sublandlord prior to executing the Lease Agreement, the sum of $20,512.89 (the “Security Deposit”). $ ) The Security Deposit shall be held by Sublandlord as paid herein represents a security for the faithful performance of the Lease Agreement by Subtenant the Tenants. Landlord right to possession in whole or in part to the payment of all the provisions any unpaid rent or any other breach of this Sublease Lease by Tenant shall not be affected by the fact that the Landlord holds a security deposit. IN THE EVENT THAT SOME BUT NOT ALL TENANTS SIGN A LEASE FOR THE CONSECUTIVE TERM: either all Tenant(s) must move out and a new deposit be paid for the consecutive term or the Current/Vacating Tenant(s) whom are moving out will grant Landlord or Landlord’s Agent permission to be performed or observed by Subtenant. If Subtenant fails continue to pay rent or other sums due hereunder, or otherwise defaults with respect hold in escrow the Security Deposit and to any provisions transfer the credit of this Sublease after all applicable cure periods, Sublandlord may use, apply or retain all or said Security Deposit into the name of the New Tenant(s) & Current/Staying Tenant(s) who will remain in the Premises for the Consecutive Lease term and Current/Vacating Tenant(s) whom are moving out will release their claim to any portion of the Security Deposit escrowed with Landlord or Landlord’s Agent. The responsibility to collect any funds due from New Tenant(s) to Current/Vacating Tenant(s) is the responsibility of all Tenant(s), not Landlord or Landlord’s Agent. If Security Deposit is transferred, all Tenant(s) fully understand and agree that Landlord or Landlord’s Agent will not perform any services (cleaning or repairs), a move out inspection or impose any deductions to said Security Deposit when the Current/Vacating Tenant(s) vacate and the New Tenant(s) occupy. New Tenant(s) & Current/Staying Tenant(s) who will remain in the Premises will accept the property in “AS IN” condition and will be responsible for Lease requirements of vacating and any damages that were not present or documented by Current Tenant(s), for the payment of any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion commencement period of the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient to restore Lease Term when the Security Deposit was paid to the full amount thereof and Subtenantescrowed with Landlord or Landlord’s failure to do so shall be a material breach of this Sublease. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security DepositAgent.

Appears in 1 contract

Samples: Residential Lease Agreement

Security Deposit. Concurrently with Subtenant’s execution of this Sublease, Subtenant shall deposit with provide to Sublandlord the sum of $20,512.89 a cash Security Deposit (the “Security Deposit”) in the amount of Forty Thousand Dollars and Zero Cents ($40,000.00). The Security Deposit shall be held by Sublandlord as security for the faithful performance by Subtenant of all the provisions of this Sublease to be performed or observed by Subtenant. If Subtenant fails to pay rent Rent or any other sums as and when due hereunder, or otherwise defaults with respect to any provisions provision of this Sublease after all beyond the applicable notice and cure periodsperiod, Sublandlord may (but shall not be obligated to) use, apply or retain all or any portion of the Security Deposit for the payment of any rent sum for which Subtenant is obligated or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to will compensate Sublandlord for any costs, loss or damage which Sublandlord may suffer thereby. Any draw or partial draw of the Security Deposit shall not constitute a waiver by Sublandlord of its right to enforce its other remedies hereunder, at law or in equity. If Sublandlord so uses or applies all or any portion of the Security DepositDeposit is so used or applied, Subtenant shall shall, within ten (10) business days after receipt of written notice therefor demand therefor, deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount thereof and its original amount. Subtenant’s failure to do so shall be a material breach default of this Sublease. Sublandlord shall not be required to keep the Security Deposit separate from its general accountsfunds, and Subtenant shall not be entitled to interest thereon. If Subtenant shall default more than three (3) times in the payment of Base Rent or Additional Rent, irrespective of whether or not such default is cured, then Subtenant shall deliver to Sublandlord a replacement Security Deposit within ten (10) days after demand by Sublandlord in an amount equal to three (3) times the Base Rent and Additional Rent. If Subtenant fully and faithfully performs all every provision of Subtenant’s obligations hereunderthis Sublease to be performed by it, the Security Deposit, Deposit or so much any remaining balance thereof as has not theretofore been applied by Sublandlord, shall be returnedreturned to Subtenant, without interest, to Subtenant (or, at Sublandlord’s optiondiscretion, to the Subtenant’s last assignee, if anyapplicable, of Subtenant’s interest hereunderwithin thirty (30) following days after the expiration of the Term, Sublease Term (or earlier termination of the Sublease) and after Subtenant has vacated Subtenant’s vacation and surrender of the Subleased Premises; Premises in addition to any other deductions Sublandlord is entitled to make pursuant to accordance with the terms hereof, Sublandlord shall have of this Sublease. Subtenant hereby waives the right to make a good faith estimate provisions of any unreconciled Operating Costs as of the date of expiration California Civil Code Section 1950.7 (other than Paragraph 1950.7(b)) and to deduct any anticipated shortfall from 1951.7 and agrees that the Security Deposit. Such estimate Deposit shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to governed by the Security Depositprovisions of this Sublease.

Appears in 1 contract

Samples: Sublease (Exelixis, Inc.)

Security Deposit. Concurrently with Subtenant’s execution If Tenant fails to timely deliver said Security Deposit, Landlord shall have the right to terminate this Lease by notice to Tenant. Landlord shall not be required to maintain such deposit in a separate account. If the Security Deposit is in the form of this Subleasecash, Subtenant it shall accumulate simple interest for the benefit of Tenant at a rate of three percent (3%), less any applicable bank fees. In the event that there is an increase in the Rentable Area of the Premises during the Term, then Tenant, upon demand from Landlord, shall immediately deposit with Sublandlord the Landlord an additional sum of $20,512.89 money to become part of the Security Deposit equal to the product of the square foot increase in Rentable Area of the Premises times the (i) Base Rent or Adjusted Rent, as the “Security Deposit”)case may be, or (ii) the Base Rent agreed to by Landlord and Tenant for such square foot increase, as either (i) or (ii) may be applicable, calculate on a one (1) month basis. The Security Deposit shall be held by Sublandlord as security for the faithful performance by Subtenant Tenant of all of Tenant's obligations, covenants, conditions, and agreements under this Lease. Within thirty (30) days after the provisions expiration of this Sublease to be performed or observed by Subtenant. If Subtenant fails to pay rent or other sums due the Term, and provided Tenant has vacated the Premises and is not then in Default hereunder, or otherwise defaults with respect Landlord shall return the Security Deposit to Tenant, less such portion thereof as Landlord shall have appropriated to satisfy any provisions Default by Tenant hereunder. In the event of this Sublease after all applicable cure periodsany Default by Tenant hereunder, Sublandlord may Landlord shall have the right, but shall not be obligated to use, apply or retain all or any portion of the Security Deposit for (i) the payment of any rent Base Rent, Adjusted Rent, Additional Rent or any other sum as to which Tenant is in default or for Default, (ii) the payment of any other sum to amount which Sublandlord Landlord may spend or become obligated to spend to repair physical damage to the Premises or the Building pursuant to Part 11 hereof, or (iii) the payment of any amount Landlord may spend or become obligated to spend or for compensation of Landlord for any losses incurred by reason of Subtenant’s defaultTenant's Default, including, but not limited to, any damage or to compensate Sublandlord for any loss or damage which Sublandlord may suffer therebydeficiency arising in connection with the reletting of the Premises. If Sublandlord so uses or applies all or any portion of the Security DepositDeposit is so used or applied, Subtenant shall within ten (10) business days after receipt of written notice therefor to Tenant of such use or application, Tenant shall deposit cash with Sublandlord in Landlord an amount sufficient to restore the Security Deposit to the full amount thereof its original amount, and Subtenant’s Tenant's failure to do so shall be constitute a material breach of Default under this Sublease. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security DepositLease.

Appears in 1 contract

Samples: Office Lease Agreement (Digital Commerce Corp)

Security Deposit. Concurrently with Subtenant’s the execution of this Sublease, Subtenant shall deposit Xxxxxx has deposited with Sublandlord Landlord the sum of $20,512.89 ____________________________________ (the “"Security Deposit"), which shall not exceed one month's rental. The Security Deposit shall be held retained by Sublandlord Landlord as security for the payment by Tenant of the rents herein agreed upon for the faithful performance by Subtenant Tenant of all the provisions terms and conditions of this Sublease Lease, and to be performed cover any damage to the Premises or observed by Subtenantto fixtures and equipment therein for which Tenant is liable. If Subtenant fails to pay rent Landlord may apply the total Security Deposit, or any portion thereof, towards the payment of the rents and all other sums due hereunder, payable by Tenant under this Sublease. Tenant shall remain liable for any amount by which the Security Deposit shall be insufficient. Landlord may pursue any other appropriate legal or otherwise defaults with respect to any provisions of this Sublease after all applicable cure periods, Sublandlord may use, apply or retain all or any equitable rights and remedies. Any portion of the Security Deposit for (including any interest which may be due under applicable law or regulations) which is not applied as aforesaid shall be refunded to the payment Tenant within forty-five (45) days after Tenant has vacated the Premises (or as otherwise may be required by applicable law or regulations). If there is found to be damage which the Security Deposit would properly defray, Landlord shall notify Tenant, in writing, or otherwise as required by law, of any rent or Landlord's intention to withhold a specified amount of the Security Deposit to defray expenses of correcting the damage. Landlord shall provide Tenant with an itemized statement of repairs and other sum in default or for the payment of any other sum uses to which Sublandlord may become obligated the Security Deposit is to be applied. Security Deposit funds received by reason Landlord shall be deposited promptly upon receipt in a banking or savings institution within the District of Subtenant’s default, or Columbia in an account which shall be devoted exclusively to compensate Sublandlord for any loss or damage security deposits and which Sublandlord may suffer therebyshall accrue interest at a rate not less than that required by the Housing Regulations of the District of Columbia. If Sublandlord so uses or applies all Tenant shall not apply the Security Deposit or any portion of it towards the Security Depositpayment of rent for any month during the term of this Sublease or any renewals or extensions thereof. If Xxxxxx withdraws from this Sublease prior to approval of the Board of Directors of the Cooperative or prior to the commencement of the Term of this Sublease, Subtenant shall within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount thereof and Subtenant’s failure to do so shall be a material breach of this Sublease. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s optionused, to the last assigneeextent necessary, if any, of Subtenant’s interest hereunder) following to cover costs incurred or damages sustained by the expiration of Landlord in connection with the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Depositwithdrawal.

Appears in 1 contract

Samples: www.claridgehousecooperative.com

Security Deposit. Concurrently with Subtenant12.1 Within five (5) business days after Subtenant receives a copy of Overlandlord’s execution of written consent to this Sublease, Subtenant shall deliver to Sublandlord a security deposit with Sublandlord in the sum of $20,512.89 (the “Security Deposit”). The Required Security Deposit shall be held by Sublandlord as security for Amount to secure the faithful observance and performance by Subtenant of all the provisions terms and conditions of this Sublease to be performed or observed by SubtenantSublease. The Required Security Deposit shall bear interest at a rate of 2% per annum. If Subtenant fails to pay rent defaults in the observance or other sums due hereunder, or otherwise defaults with respect to performance of any provisions of this Sublease such terms and conditions and such default continues after all any applicable notice and cure periodsperiod provided for herein, Sublandlord may use, use or apply or retain all or any portion part of the Security Deposit such security deposit for the payment of any rent or other sum in default not paid when due or for the payment of any other sum to which amounts due Sublandlord may become obligated by reason of such default, including any costs of Sublandlord’s observing or performing such terms or conditions on Subtenant’s default, behalf and any deficiencies in reletting or to compensate Sublandlord for any loss or damage which Sublandlord may suffer therebydamages incurred by Sublandlord. If Sublandlord so uses shall use or applies apply all or any portion part of the Security Depositsuch security deposit, Subtenant shall within ten (10) business days after receipt of immediately upon written notice therefor deposit cash with from Sublandlord, deliver to Sublandlord in an amount sufficient additional funds so as to restore the security deposit to the Required Security Deposit to Amount. If Subtenant shall faithfully observe and perform all of the full amount thereof terms and Subtenant’s failure to do so shall be a material breach conditions of this Sublease. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunder, the Security Depositsecurity deposit, or so much thereof as has shall not theretofore have been used or applied by Sublandlordin accordance with this Section 12, together with all interest thereon, shall be returned, without interest, returned to Subtenant within thirty (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder30) following days after the expiration or sooner termination of this Sublease, the vacation and surrender of the Term, Sublease Premises in accordance with this Sublease and after the performance by Subtenant has vacated of all of its obligations under this Sublease. Subtenant shall not assign (other than to an assignee of this Sublease) or encumber its interest in the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration security deposit and to deduct any anticipated shortfall from the Security Deposit. Such estimate no such assignment or encumbrance shall be final and valid or binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security DepositSublandlord.

Appears in 1 contract

Samples: Sublease (Tradestation Group Inc)

Security Deposit. Concurrently Contemporaneously with Subtenant’s the execution of this SubleaseAgreement, Subtenant shall deposit with will pay to Sublandlord the sum of $20,512.89 two month’s Base Sublease Rent (i.e.$25,046.33) (the “Security Deposit”), which will be held by Sublandlord to secure Subtenant’s performance of its obligations under this Agreement. The Security Deposit shall be held by Sublandlord as security for the faithful performance by Subtenant is not an advance payment of all the provisions Rent or a measure or limit of this Sublease to be performed or observed by Subtenant. If Subtenant fails to pay rent Sublandlord’s damages or other sums due hereunderrights under this Agreement or a payment of liquidated damages. Sublandlord may, or otherwise defaults with respect from time to time and without prejudice to any provisions of this Sublease after all applicable cure periodsother remedy, Sublandlord may use, apply or retain use all or any portion a part of the Security Deposit for to perform any obligation that Subtenant fails to perform hereunder on or before the payment expiration of the applicable notice and cure period, if any. Following any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion such application of the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord will pay to Sublandlord, on demand, the amount so applied in an amount sufficient order to restore the Security Deposit to its original amount. Provided that Subtenant has performed all of its obligations hereunder, Sublandlord will, within sixty (60) business days after the full amount thereof and Subtenant’s failure end of the Sublease Term, return to do so shall be a material breach Subtenant the portion of this Sublease. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of that was not applied to satisfy Subtenant’s obligations hereunder. The Security Deposit may be commingled with other funds of Sublandlord and no interest will be paid thereon. If Sublandlord transfers its interest in the Sublease Premises and the transferee assumes Sublandlord’s obligations under this Agreement, then Sublandlord may assign the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, Deposit to the transferee and the Sublandlord will thereafter have no further liability to Subtenant (or, at Sublandlord’s option, to for the last assignee, if any, return of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit.

Appears in 1 contract

Samples: Sublease Agreement (AntriaBio, Inc.)

Security Deposit. Concurrently Tenant shall deposit and maintain with Subtenant’s City upon execution of this SubleaseLease a security deposit in an amount, Subtenant equal to three (3) months’ Rent and any years Adjusted Rent or any other amount as determined by the Director. The initial deposit shall deposit with Sublandlord be in the sum amount as specified in Section 1, against which the City may deduct any delinquent or unpaid fees, costs or charges (including but not limited to rent and badging fees and any late payment fees and the charges stated in this Lease) resulting from Xxxxxx’s operations at the Airport, to ensure prompt payment of $20,512.89 (the “Security Deposit”)required rent, fees and charges. The Security Deposit shall be held in the form of an irrevocable letter of credit or any other surety form as approved by Sublandlord the Director. The letter of credit shall be an irrevocable letter of credit, substantially in the form attached to this Lease as security for Exhibit F. The Director may adjust such deposit amount requirement from time to time upon a determination that the faithful performance by Subtenant of all revised deposit satisfies the provisions of this Sublease lease requirements and provides adequate protection to be performed or observed by Subtenantthe City and the Airport. If Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults All banking charges with respect to any provisions the letter of this Sublease credit shall be at the sole expense of Xxxxxx. No later than thirty (30) days after all each Percentage Increase Adjustment date, Tenant shall increase the Security Deposit to equal six months of the then-applicable cure periods, Sublandlord may use, apply or retain all or any portion Adjusted Rent. If the Director adjusts the amount of the Security Deposit for the payment of or deducts any rent delinquent or other sum in default unpaid rent, fees, costs or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion of charges (including late payments) from the Security Deposit, Subtenant Tenant shall within ten (10) business days after receipt of written notice therefor promptly replenish the deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount thereof and Subtenantrequired by the Director, within thirty (30) days of a written demand by Director. Tenant’s failure to do so replenish the Security Deposit shall be a material breach constitute an Event of Default, which entitles the City to terminate this Lease as provided in Section 12 of this SubleaseLease. Sublandlord The City shall not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s obligations hereunderfunds, and Tenant shall not be entitled to interest on the Security Deposit. Any amounts remaining from the Security Deposit (after deductions for delinquent or unpaid rent, fees, costs, or so much thereof charges as has not theretofore been applied by Sublandlord, specified above) at the expiration or earlier termination of this Lease (as it may be extended or renewed) shall be returnedreturned to Tenant, without interest, after a determination by the Director that all amounts owed to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) following the expiration of the Term, and after Subtenant has vacated the Subleased Premises; City under this Lease have either been paid in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall full or have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall been deducted from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit.

Appears in 1 contract

Samples: Lease and Saso Operating (Sky Harbour Group Corp)

Security Deposit. Concurrently with Subtenant’s Upon execution of this Sublease, Subtenant shall deposit with Sublandlord the sum of $20,512.89 106,002.90 as a security deposit (the “Security Deposit”). The Subtenant hereby grants to Sublandlord a security interest in the Security Deposit shall be held by Sublandlord as security for the faithful performance by Subtenant of all the provisions of this Sublease Deposit, including but not limited to be performed or observed by Subtenantreplenishments thereof. If Subtenant fails to pay rent Rent or other sums charges when due hereunderunder this Sublease, or otherwise defaults with respect fails to perform any provisions of this Sublease after all applicable cure periodsits other obligations hereunder, Sublandlord may use, use or apply or retain all or any portion of the Security Deposit for the payment of any rent Rent or other sum in default or amount then due hereunder and unpaid, for the payment of any other sum to for which Sublandlord may become obligated by reason of Subtenant’s defaultdefault or breach, or to compensate Sublandlord for any loss or damage which sustained by Sublandlord may suffer therebyas a result of Subtenant’s default or breach. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall within ten (10) business days after receipt of written notice therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount thereof and Subtenantoriginally deposited within ten (10) days after Sublandlord’s failure to do so shall be a material breach of this Subleasewritten demand. Sublandlord shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. If Subtenant performs all of Subtenant’s obligations hereunder, the The Security Deposit, or so much thereof as has had not theretofore been applied by Sublandlord, shall be returned, without interest, returned to Subtenant within thirty (or, at Sublandlord’s option, to the last assignee, if any, 30) days of Subtenant’s interest hereunder) following the expiration or earlier termination of the Termthis Sublease, and after provided Subtenant has vacated the Subleased Sublease Premises; . Notwithstanding the foregoing, Subtenant may deliver to Sublandlord a clean, unconditional, irrevocable, transferable letter of credit in addition lieu of cash for the Security Deposit (the “Letter of Credit”) in form and issued by a financial institution (“Issuer”) satisfactory to any other deductions Sublandlord is entitled in its reasonable discretion, substantially in the form attached as Exhibit C. The Letter of Credit shall permit partial draws, and provide that draws thereunder will be honored upon presentation by Sublandlord. The Letter of Credit shall have an expiration period of one (1) year but shall automatically renew by its terms unless affirmatively cancelled by either Issuer or Subtenant, in which case Issuer must provide Sublandlord 30 days’ prior written notice of such expiration or cancellation. The Letter of Credit shall remain in effect until sixty (60) days after the Lease Expiration Date. Any amount drawn under the Letter of Credit and not utilized by Sublandlord for the purposes permitted by this Lease shall be held in accordance with this Section 5. If the Subtenant fails to make pursuant renew or replace the Letter of Credit as required under this Lease at least thirty (30) days before its stated expiration date, Sublandlord may draw upon the entire amount of the Letter of Credit. No fees applicable to the terms hereof, Sublandlord shall have the right to make a good faith estimate Letter of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate Credit shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect charged to the Security DepositSublandlord.

Appears in 1 contract

Samples: Sublease (Salmedix Inc)

Security Deposit. Concurrently with Subtenant’s execution of this Sublease, Subtenant shall deposit with Sublandlord the sum of upon ---------------- Subtenant's execution hereof Five Thousand Eight Hundred Seventy and 20/100 Dollars ($20,512.89 5,870.20) (the “Security "Deposit”). The Security Deposit shall be held by Sublandlord ") as security for the Subtenant's faithful performance by Subtenant of all the provisions of this Sublease to be performed or observed by Subtenant's obligations hereunder. If Subtenant fails to pay rent or other sums charges due hereunder, or otherwise defaults with respect to any provisions provision of this Sublease after all applicable cure periodsSublease, Sublandlord may use, apply or retain all or any portion of the Security Deposit for the payment of any rent or other sum charge in default default, or for the payment of any other sum to which Sublandlord may become obligated incurs by reason of Subtenant’s 's default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby. If Sublandlord so uses or applies all or any portion of the Security Deposit, Subtenant shall must within ten fifteen (1015) business days after receipt of written notice demand therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the its full amount thereof and Subtenant’s 's failure to do so shall will be a material breach of this Sublease. Sublandlord shall will not be required to keep the Security Deposit separate from its general accounts. If Subtenant performs all of Subtenant’s 's obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been used or applied by Sublandlord, shall will be returned, without interest, returned to Subtenant (or, or at Sublandlord’s 's option, to the last assignee, if any, of Subtenant’s 's interest hereunder) following at the expiration of the Sublease Term, and after Subtenant has vacated the Subleased Premises; in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof, Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the date of expiration and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be final and binding upon Subtenant. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit. Any deposit under the Lease which may be returned by the Landlord will be the property of Sublandlord.

Appears in 1 contract

Samples: Pacific Mercantile Bancorp

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