Common use of Security Deposit Clause in Contracts

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.

Appears in 4 contracts

Sources: Sublease (Litronic Inc), Sublease (Litronic Inc), Sublease (Litronic Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as 15.1 As security for Sublessee's the faithful performance and observance by Subtenant of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under the terms, provisions, covenants and conditions of this Sublease, or fails Subtenant is simultaneously herewith delivering to perform Sublandlord a check in the amount set forth in Section 1.1 15.2 In the event Subtenant defaults in respect of any of its other obligations hereunderthe terms, Sublessor provisions, covenants and conditions of this Sublease, including, but not limited to, the payment of annual fixed rent and additional rent, Sublandlord may use use, apply or apply all retain the whole or any portion part of the Security Deposit security so deposited to the extent required for the payment of any annual fixed rent and additional rent or other amount then due hereunder and unpaid, for the payment of any other sum as to which Subtenant is in default or for any sum which Sublessor Sublandlord may become obligated expend or may be required to expend by reason of SublesseeSubtenant's default in respect of any of the terms, provisions, covenants, and conditions of this Sublease, including, but not limited to, any damages or breachdeficiency accrued before or after any re-entry by Sublandlord. 15.3 In the event that Subtenant defaults in respect of any of the terms, provisions, covenants and conditions of the Sublease and Sublandlord utilizes all or any part of the security but does not terminate this Sublease as provided herein, Sublandlord may in addition to exercising its rights as provided in Section 15.2, retain the unapplied and unused balance of the principal amount of the security as security for the faithful performance and observance by Subtenant thereafter of the terms, provisions and conditions of this Sublease and may use, apply or retain the whole or any part of said balance to the extent required for payment of rent, additional rent, or any other sum as to which Subtenant is in default or for any loss sum which Sublandlord may expend or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep expend by reason of Subtenant's default in respect of any of the Security Deposit separate from its general accountsterms, covenants, and shall have no obligation or liability for payment conditions of interest on the Security Depositthis Sublease. In the event Sublessor assigns its interest in Sublandlord applies or retains any portion or all of the security delivered hereunder, Subtenant shall forthwith restore the amount so applied or retained so that at all times the amount deposited shall be no less than the security required by Section 15.2. 15.4 In the event that Subtenant shall fully and faithfully comply with all of the terms, provisions, covenants and conditions of this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, security shall be returned to Sublessee Subtenant upon the earlier of: (a) the Sublease Expiration Date and after delivery of entire possession of the Subleased Premises to Sublandlord; or (b) Sublandlord's receipt of an equivalent amount of security from an assignee or undertenant pursuant to an assignment or underletting permitted by Section 6 of this Sublease. In the event of an assignment of the ▇▇▇▇▇▇▇▇▇ by Sublandlord, Sublandlord shall have the right to transfer any interest it may have in the security to the last assignee and Sublandlord shall thereupon be released by Subtenant from all liability for the return of such security, provided such assignee assumes any responsibilities of Sublandlord with respect to such security, in writing, and upon receipt of written confirmation to Subtenant from the assignee, if any, . Subtenant agrees to look solely to the new sublandlord for the return of Sublessee's interest hereundersaid security; and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the security to a new sublandlord.

Appears in 3 contracts

Sources: Lease Agreement (Bridgepoint Education Inc), Lease Agreement (Bridgepoint Education Inc), Lease Agreement (Bridgepoint Education Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon execution on the Effective Date an amount equal to two (2) months Rent at the rate of this Sublease the sum of Twenty Ninety Four Thousand Two Nine Hundred Fifty Forty Six and 40/100ths 00/100 Dollars ($20,250.4094,946.00) per month, for a sum total of One Hundred Eighty Nine Eight Hundred Ninety Two and 00/100 Dollars ($189,892.00), as security for Sublessee's faithful performance of Sublessee's its obligations hereunder (the "Security Deposit"). If Sublessee fails to pay rent Rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Deposit, Sublessee shall, within ten (10) days after its receipt of Sublessor's written demand by Sublessordemand, deposit cash with Sublessor in an amount sufficient to restore the Security Deposit to the full amount originally deposited, and set forth above. Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts. If Sublessee performs all of its obligations hereunder, following the Termination Date and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever Sublessor shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, return the Security Deposit, Deposit (or so much the portion thereof as had which has not theretofore been applied by Sublessor, shall be returned ) to Sublessee (or at Sublessor's option, to the last assignee, if any, of Sublessee's interest hereunderin the Sublease). No trust relationship is created herein between Sublessor and Sublessee with respect to the Security Deposit. No payment of interest or other incremental charge shall be payable to Sublessee for Sublessor's use of the Security Deposit.

Appears in 3 contracts

Sources: Assignment and Assumption of Sublease (Marimba Inc), Assignment and Assumption of Sublease (Marimba Inc), Assignment and Assumption of Sublease (Marimba Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon Sublessee's execution of this Sublease hereof the sum of Twenty Sixteen Thousand Two Four Hundred Fifty and 40/100ths Sixty-Four 99/100 Dollars ($20,250.4016,464.99) ("Security Deposit"), plus applicable sales tax as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent Base Rental or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the said Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the said Security Depositdeposit, Sublessee shall, within ten (10) days after written demand by Sublessortherefor, deposit cash with Sublessor in and amount sufficient to restore the said Security Deposit deposit to the full amount originally deposited, stated above and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the said Security Deposit deposit separate from its general accounts, and shall have no obligation or liability for payment account. If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the said Security Deposit, or so much thereof as had has not theretofore been applied by Sublessor, shall be returned returned, without payment of interest to sublessee at the expiration of the term hereof, and after Sublessee or has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to the last assignee, if any, of Sublessee's interest hereundersaid Security deposit.

Appears in 3 contracts

Sources: Sublease (Goldenaccess Com Inc), Sublease (Goldenaccess Com Inc), Sublease (Goldenaccess Com Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) hereof $ as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, Sublessor, may use, apply or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, hereinabove stated and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Depositsaid deposit, or so much thereof as had has not theretofore been applied by Sublessor, shall be returned returned, without payment of interest or other increment for its use to Sublessee (or at Sublessor s option, to the last assignee, . if any, of Sublessee's interest hereunder) at the expiration of the term hereof, and after Sublessee has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to said Security Deposit.

Appears in 3 contracts

Sources: Sublease Agreement, Sublease Agreement, Sublease Agreement

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars (hereof $20,250.40) 3,968.00 as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, hereinabove stated and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Depositsaid deposit, or so much thereof as had has not theretofore been applied by Sublessor, shall be returned returned, without payment of interest or other increment for its use to Sublessee (or at Sublessor's option, to the last assignee, if any, of Sublessee's interest hereunder) at the expiration of the term hereof, and after Sublessee has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to said Security Deposit.

Appears in 3 contracts

Sources: Sublease Agreement (Cumetrix Data Systems Corp), Sublease Agreement (Cumetrix Inc), Sublease Agreement (Cumetrix Data Systems Corp)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Fifteen Thousand Two Nine Ninety Eight Hundred Fifty and 40/100ths 12/100 Dollars ($20,250.4015,998.12) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee Sublessor fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten Sublessor within (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, Deposit or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or applied to the last assigneetwo months of the term, if any, of Sublessee's interest hereunder.

Appears in 3 contracts

Sources: Sublease (Maxxis Group Inc), Sub Sublease (Maxxis Group Inc), Sublease (Maxxis Group Inc)

Security Deposit. Sublessee 7.1 On or before the date of final signature by both parties hereto, Subtenant shall deposit with Sublessor upon execution FibroGen a sum equal to one hundred percent (100%) of this the first month’s Rent; and on or before the Sublease Commencement Date, Subtenant shall deposit with FibroGen an additional sum equal to two hundred percent (200%) of the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) first month’s Rent both sums as security for Sublessee's the full and faithful performance of Sublessee's obligations hereunder each provision of this Sublease. 7.2 Subtenant shall provide a properly completed, signed and dated IRS Form W-9 or Form W-8BEN ("Security Deposit"). as applicable, the “IRS W8/9 Form”) to FibroGen. 7.3 If Sublessee fails Subtenant defaults with respect to pay rent or other charges when due under any provision of this Sublease, including, but not limited to, the provisions relating to the payment of Rent or fails to perform any of its other obligations hereundercharges, Sublessor FibroGen may use use, apply or apply retain all or any portion part of the Security Deposit said deposit for the payment of any rent Rent or other amount then due hereunder and unpaid, charges in default; or for the payment of any other sum for amount which Sublessor FibroGen may spend or become obligated to spend by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachSubtenant’s default. If Sublessor so uses any portion of the Security Depositsaid deposit is so used or applied, Sublessee Subtenant shall, within ten (10) days after written demand by Sublessortherefore, deposit cash with FibroGen in an amount sufficient to restore the Security Deposit said deposit to the full amount originally depositedhereinabove stated, and Sublessee's Subtenant’s failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be If Subtenant fully and faithfully performs every provision required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in by this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Depositsaid deposit, or so much thereof as had has not theretofore been applied or credited by Sublessor, FibroGen shall be returned to Sublessee or Subtenant (or, at FibroGen’s option, to the last assignee, if any, assignee of Sublessee's Subtenant’s interest hereunder) at the expiration of the term hereof. The making by Subtenant of such deposit, or the application thereof by FibroGen in the manner hereinabove provided, shall not constitute nor be construed as a limitation upon the exercise by FibroGen of any other rights or remedies provided to FibroGen under the terms of this Sublease in the event of Subtenant’s default. In the event FibroGen sells or assigns FibroGen’s interest in the 409 Building, FibroGen may assign said deposit to the purchaser of FibroGen’s interest in the demised premises without liability to Subtenant. FibroGen’s obligations with respect to the deposit are those of a debtor and not a trustee. FibroGen may maintain the deposit separate and apart from FibroGen’s general funds or can commingle the deposit with FibroGen’s general and other funds.

Appears in 3 contracts

Sources: Sublease (Merrimack Pharmaceuticals Inc), Sublease (Merrimack Pharmaceuticals Inc), Sublease (Merrimack Pharmaceuticals Inc)

Security Deposit. Sublessee Subtenant shall deposit with Sublessor Sublandlord upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars twenty-five thousand twenty dollars ($20,250.4025,020.00) as security for SublesseeSubtenant's faithful performance of SublesseeSubtenant's obligations hereunder ("Security Deposit"). If Sublessee Subtenant fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor Sublandlord may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor Sublandlord may become obligated by reason of SublesseeSubtenant's default or breach, or for any loss or damage sustained by Sublessor Sublandlord as a result of SublesseeSubtenant's default or breach. If Sublessor Sublandlord so uses any portion of the Security Deposit, Sublessee Subtenant shall, within ten (10) days after written demand by SublessorSublandlord, restore the Security Deposit to the full amount originally deposited, and SublesseeSubtenant's failure to do so shall constitute a default under this Sublease. Sublessor Sublandlord shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor Sublandlord assigns its interest in this Sublease, Sublessor Sublandlord shall deliver to its assignee so much of the Security Deposit as is then held by SublessorSublandlord. Within ten (10) days after the Term has expired, or Sublessee Subtenant has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 7.3 hereof has been made, whichever shall last occur, and provided Sublessee Subtenant is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by SublessorSublandlord, shall be returned to Sublessee Subtenant or to the last assignee, if any, of SublesseeSubtenant's interest hereunder.

Appears in 2 contracts

Sources: Sublease (Covad Communications Group Inc), Sublease (Covad Communications Group Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon ---------------- execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars hereof TWENTY THOUSAND FOUR HUNDRED AND NO/100 DOLLARS ($20,250.4020,400.00) as ------------------------------------------------------------ security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")under this Sublease. If Sublessee fails to pay rent any Rental due hereunder, or other charges when due under otherwise defaults with respect to any provisions of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent Rental in default or other amount then due hereunder and unpaid, for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore deposit sufficient cash with Sublessor in the amount needed to restore the Security Deposit said deposit to the full amount originally deposited, deposited prior to the application of said funds and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, accounts and no interest or earnings shall have be paid by Sublessor with respect to such security deposit. If no obligation default of Sublessee under this Sublease or liability for payment of interest the Prime Lease remains outstanding and uncured on the Security Deposit. In the event Sublessor assigns its interest in expiration date of this Sublease, Sublessor shall deliver to its assignee so much then any remaining balance of the Security Deposit as is then held security deposit shall be returned by Sublessor. Within ten Sublessor to Sublessee within thirty (1030) days after the Term has expired, later of the expiration date of this Sublease or the date Sublessee has vacated surrendered possession of the Premises, or any final adjustment pursuant entire Subleased Premises to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then Sublessor in default accordance with the terms of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderthis Sublease.

Appears in 2 contracts

Sources: Sublease Agreement (Atroad Inc), Sublease Agreement (Atroad Inc)

Security Deposit. Sublessee The parties herein acknowledge that Lessee was the tenant of the Premises pursuant to a Standard Industrial Lease-Net dated January 6, 1995 (the "Former Lease") between Lessee and the ▇▇▇ ▇. ▇▇▇▇▇▇] 1989 Trust (the "Prior Landlord") dated February 8, 1989 which has been terminated and superseded by this Lease. Pursuant to the terms of the Former Lease, Lessee deposited with the Prior Landlord a security deposit, for which Lessee has received a cash payment in full satisfaction of the Prior Landlord's obligation with respect thereto. Prior Landlord has delivered to Lessor funds in the amount of $45,234 (the "Security Deposit") for the account and benefit of Lessee, which Lessor shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) hold as security for SublesseeLessee's faithful performance of SublesseeLessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee Lessee fails to pay rent or other charges when due under this Subleasehereunder, or fails otherwise defaults with respect to perform any provision of its other obligations hereunderthis Lease after the expiration of the applicable cure period provided in this Lease, Sublessor Lessor may use use, apply or apply retain all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor Lessor may become obligated by reason of SublesseeLessee's default or breachdefault, or to compensate Lessor for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachwhich Lessor may suffer thereby. If Sublessor Lessor so uses or applies all or any portion of the Security Deposit, Sublessee shall, Lessee shall within ten (10) days after written demand by Sublessor, therefore and deposit cash with Lessor in an amount sufficient to restore the Security Deposit to the full amount originally deposited, hereinabove stated and SublesseeLessee's failure to do so shall constitute a default under be material breach of this SubleaseLease. Sublessor Lessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment . If Lessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Lessee's obligations hereunder, the Security Deposit, or so much thereof as had has not theretofore been applied by SublessorLessor, shall be returned returned, without payment of interest or other increment for its use, to Sublessee or Lessee (or, at Lessor's option, to the last assignee, if any, of SublesseeLessee's interest hereunder) at the expiration of the term hereof, and after Lessee has vacated the Premises. No trust relationship is created herein between Lessor and Lessee with respect to the Security Deposit.

Appears in 2 contracts

Sources: Lease (Graphic Controls Corp), Lease (Graphic Controls Corp)

Security Deposit. Sublessee shall deposit has deposited with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars $60.000.00 ($20,250.40the “Security Deposit”) as security for Sublessee's the faithful performance and observance by Sublessee of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under the terms, provisions and conditions of this Sublease, or fails to perform . The Security Deposit shall not bear interest. In the event Sublessee defaults in respect of any of its other obligations hereunderthe terms, provisions or conditions of this Sublease including, but not limited to, the payment of Base Rent or Additional Rent, Sublessor may use use, apply or apply all retain the whole or any portion part of the Security Deposit to the extent required for the payment of any rent Base Rent or other amount then due hereunder and unpaid, for the payment of Additional Rent or any other sum as to which Sublessee is in default or for any sum which Sublessor may become obligated expend or be required to expend by reason of Sublessee's ’s default including, but not limited to, any damage or deficiency in the re-letting of the Premises, whether such damage or deficiency accrued before or after summary proceedings or other re-entry by Sublessor. In the event that Sublessee shall fully and faithfully comply with all of the terms, provisions, covenants and conditions of this Sublease, the Security Deposit (less any Base Rent, Additional Rent or any other sum as to which Sublessee is in default or breach, or for any loss or damage sustained sum which Sublessor shall have expended by reason of Sublessee’s default) shall be returned to Sublessee within thirty (30) days after the end of the Term and after Sublessee’s delivery of possession of the entire Premises to Sublessor. In the event of a transfer by Sublessor as a result of Sublessee's default or breach. If Sublessor’s rights under the Prime Lease, Sublessor so uses any portion shall have the right to transfer the Security Deposit to the transferee and, upon such transfer of the Security Deposit, Sublessor shall be released by Sublessee shall, within ten (10) days after written demand by Sublessor, restore from all liability for the return of the Security Deposit and Sublessee shall look solely to said transferee for the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment return of interest on the Security Deposit. In Sublessee shall not assign or encumber or attempt to assign or encumber the event monies deposited hereunder as security and neither Sublessor nor its successors or assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee bound by any such assignment, encumbrance, attempted assignment or to the last assignee, if any, of Sublessee's interest hereunderattempted encumbrance.

Appears in 2 contracts

Sources: Sublease (2U, Inc.), Sublease (2U, Inc.)

Security Deposit. (a) Simultaneously with the execution and delivery of this Sublease, Sublessee has deposited (the "SECURITY DEPOSIT") with Sublessor the sum of Two Hundred Sixty-Seven Thousand Three Hundred Thirty-Eight Dollars ($267,338) to be held during the Term as security for the payment of the Base Rent, additional rent and all other sums of money payable by Sublessee under this Sublease, and for the faithful performance of all other covenants and agreements of Sublessee under this Sublease. The Security Deposit shall be returned to Sublessee (subject to the application thereof to any unpaid "SECURED OBLIGATION" as hereinafter defined) within thirty (30) days after the expiration date of this Sublease. Said Security Deposit be held in a non-segregated, non-interest bearing account. (b) Notwithstanding anything to the contrary set forth herein and subject to the terms and conditions of this Article 25, if Sublessee fails to commence construction and/or thereafter diligently continue and complete construction of the Unfinished Space in accordance with the plans approved therefor by Sublessor within nine (9) months after the Commencement Date, the Security Deposit shall be increased on the nine month anniversary of the Commencement Date (the "SECURITY INCREASE DATE") to Eight Hundred and Two Thousand Thirteen Dollars ($802,013) and such amount shall be deemed to be the Security Deposit hereunder. The failure by Sublessee to provide such increase in the Security Deposit shall be deemed to be a material breach of the terms of this Sublease and an Event of Default. (c) If an Event of Default shall occur hereunder, in addition to all of Sublessor's right and remedies set forth in this Sublease, within ten (10) days after notice by Sublessor, Sublessee shall immediately restore the Security Deposit to the full amount of the Security Deposit. (d) Sublessee's Federal Identification Number is (omitted). (e) If an Event of Default shall occur and be continuing, Sublessor may, subject to the terms and conditions hereinafter set forth, apply the whole or any part of the Security Deposit (i) toward the payment of any Base Rent or any item of additional rent due under this Sublease as to which Sublessee is then in default beyond any applicable notice, cure and/or grace period and (ii) toward any sum which Sublessor may expend or may be required to expend by reason of Sublessee's default, beyond any applicable notice, cure and/or grace period, in respect of any of the terms, covenants and conditions of this Sublease (the obligations of Sublessee set forth in the foregoing clauses (i) and (ii) being referred to collectively herein as the "SECURED OBLIGATIONS"). If Sublessor applies or retains any part of the proceeds of the Security Deposit, Sublessee, upon demand by Sublessor, shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) amount so applied or retained so that Sublessor shall have the full Security Deposit on deposit as security for Sublesseethe Secured Obligations, at all times during the Term. (f) In lieu of the cash security deposit, Sublessee may at any time during the Term deliver to Sublessor and shall thereafter maintain in effect a clean, irrevocable, non-documentary and unconditional letter of credit, in the form attached hereto as EXHIBIT E (the "LETTER OF CREDIT") issued by and drawable upon any commercial bank, trust company, national banking association or savings and loan association with offices for banking and drawing purposes in the State of New Jersey (the "ISSUING BANK"), which has outstanding unsecured, uninsured and unguaranteed indebtedness, or shall have issued a letter of credit or other credit facility that constitutes the primary security for any outstanding indebtedness (which is otherwise uninsured and unguaranteed), that is then rated, without regard to qualification of such rating by symbols such as "+" or "-" or numerical notation, "Aa" or better by ▇▇▇▇▇'▇ Investors Service and "AA" or better by Standard & Poor's faithful performance Ratings Service (and is not on credit-watch with negative implications), and has combined capital, surplus and undivided profits of not less than $500,000,000. The Letter of Credit shall (i) name Sublessor as beneficiary, (ii) be in the amount of the Security Deposit, (iii) have a term of not less than one (1) year, (iv) permit multiple drawings, (v) be fully transferable by Sublessor multiple times without the consent of Sublessee and without the payment of any fees or charges, (vi) be payable to Sublessor or an authorized representative of Sublessor upon presentation of only the Letter of Credit and a sight draft and shall not contain as a condition to a draw the requirement of Sublessor's certification or other statement as to the existence of Sublessee's obligations hereunder default, and ("Security Deposit")vii) otherwise be in form and content satisfactory to Sublessor. If upon any transfer of the Letter of Credit, any fees or charges shall be so imposed, then such fees or charges shall be payable solely by Sublessee fails and the Letter of Credit shall so specify. The Letter of Credit shall provide that it shall be deemed automatically renewed, without amendment, for consecutive periods of one (1) year each thereafter during the Term through the date that is at least sixty (60) days after the Expiration Date, unless the Issuing Bank sends a notice (the "NON-RENEWAL NOTICE") to pay rent Sublessor by certified mail, return receipt requested, not less than sixty (60) days prior to the then-current expiration date of the Letter of Credit, stating that the Issuing Bank has elected not to renew the Letter of Credit. Sublessor shall have the right to draw upon the Letter of Credit (in whole or other charges when due in part, at Sublessor's discretion) at any time or times that Sublessor shall, under this Sublease, or fails be entitled to perform any of its other obligations hereunder, Sublessor may use retain or apply all or any portion of the Security Deposit for Deposit. Sublessor also shall have the payment right, upon receipt of a Non-Renewal Notice, to draw the full amount of the Letter of Credit, by sight draft on the Issuing Bank, and shall thereafter hold or apply the cash proceeds of the Letter of Credit pursuant to the terms of this Section 25. The Letter of Credit shall state that drafts drawn under and in compliance with the terms of the Letter of Credit will be duly honored upon presentation to the Issuing Bank at an office location in the State of New Jersey or the State of Connecticut. The Letter of Credit shall be subject in all respects to the International Standby Practices 1998, International Chamber of Commerce Publication No. 590. Sublessee shall cooperate, at Sublessee's expense, with Sublessor to promptly execute and deliver to Sublessor any rent or other amount then due hereunder and unpaidall modifications, for amendments, and replacements of the payment Letter of any other sum for which Credit, as Sublessor may become obligated by reason reasonably request to carry out the intent, terms and conditions of Sublessee's default or breachthis Section 25. If Sublessee is required to increase the Security Deposit as required in this Section 25, or Sublessee may tender to Sublessor a replacement Letter of Credit for any loss or damage sustained by such increased amount and thereupon, Sublessor as a result shall exchange the Letter of Sublessee's default or breachCredit it is then holding for such replacement Letter of Credit. If Sublessor so uses applies or returns any portion part of the proceeds to the Security Deposit, Sublessee shallSublessee, within ten (10) days after written upon demand by Sublessor, restore shall deposit with Sublessor the amount so applied or retained in the form of an additional letter of credit meeting the requirements hereof, or an increase in the amount of the ▇▇▇▇▇▇ of credit meeting the requirements hereof so that Sublessor shall have the full Security Deposit to on deposit as security for the full amount originally depositedSecured Obligations, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep at all times during the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderTerm.

Appears in 2 contracts

Sources: Sublease Agreement (Amicus Therapeutics Inc), Sublease Agreement (Amicus Therapeutics Inc)

Security Deposit. Sublessee Upon execution hereof, Subtenant shall deposit with Sublessor upon execution of this Sublease Sublandlord, in cash, the sum of Twenty Thousand Two Hundred Fifty one hundred thirty-six thousand three hundred eighty-four dollars and 40/100ths Dollars no cents ($20,250.40136,384.00) as security and for Sublesseea Security Deposit to secure Subtenant's faithful full and timely performance of Sublessee's all of its obligations hereunder ("Security Deposit")hereunder. If Sublessee fails Subtenant defaults after notice and the expiration of any cure period, with respect to pay rent or other charges when due under any provision of this Sublease, Sublandlord may (but shall not be obligated to) use, apply, or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become Subtenant is obligated by reason of Sublessee's default or breach, or which will compensate Sublandlord for any loss or damage sustained which Sublandlord may suffer thereby. Any such use, application, or retention shall not constitute a waiver by Sublessor as a result Sublandlord of Sublessee's default its right to enforce its other remedies hereunder, at law, or breachin equity. If Sublessor so uses any portion of the Security Depositsaid deposit is so used, Sublessee applied, or retained, Subtenant shall, within ten (10) days after delivery of written demand by Sublessorfrom Sublandlord, restore the Security Deposit said deposit to the full amount originally deposited, and Sublesseeits original amount. Subtenant's failure to do so shall constitute a default under material breach of this Sublease, and in such event Sublandlord may elect, among or in addition to other remedies, to terminate this Sublease. Sublessor Sublandlord shall not be a trustee of such deposit, and shall not be required to keep the Security Deposit this deposit separate from its general accounts, . Sublandlord alone shall be entitled to any interest or earnings thereon and Sublandlord shall have no obligation or liability for payment the free use of interest on the Security Depositsame. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, If Subtenant fully and provided Sublessee is not then in default of any faithfully performs all of its obligations hereunder, the Security Deposit, or then so much thereof of the deposit as had not theretofore been applied by Sublessor, remains shall be returned to Sublessee Subtenant (without payment of interest or earnings thereon) within thirty (30) days after the later of (i) expiration or sooner termination of the tern of this Sublease; or (ii) Subtenant's surrender of possession of the Subleased Premises to the last assignee, if any, of Sublessee's interest hereunderSublandlord.

Appears in 2 contracts

Sources: Sublease Agreement (Ase Test LTD), Sublease Agreement (Advanced Semiconductor Engineering Inc)

Security Deposit. Sublessee Sub-Subtenant may, in its sole discretion, (i) provide a cash Security Deposit in lieu of the Letter of Credit prior to the issuance of a Letter of Credit, or (ii) at any time, substitute a cash Security Deposit for the Letter of Credit, and upon such substitution, Sub-Sublandlord shall return the Letter of Credit to Sub-Subtenant within (5) business days after Sub-Sublandlord’s receipt of the cash Security Deposit. In the event Sub-Sublandlord holds any cash security deposit with Sublessor upon execution of this (the “Security Deposit”) from time to time during the Sub-Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) Term, as security for Sublessee's the faithful performance by Sub-Subtenant of Sublessee's obligations hereunder ("Security Deposit")all the terms, covenants, and conditions of this Sub-Sublease to be kept and performed by Sub-Subtenant during the Sub-Sublease Term, this Section 4.6.5 shall apply. If Sublessee Sub-Subtenant fails to pay rent Rent or other charges when sums due under hereunder, or otherwise is in breach with respect to any provisions of this Sub-Sublease, Sub-Sublandlord may use, apply or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit for the payment of any rent past due sum or other amount then due hereunder and unpaid, for the payment of any other sum for to which Sublessor Sub-Sublandlord may become obligated by reason of Sublessee's default or Sub-Subtenant’s breach, or to compensate Sub-Sublandlord for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachwhich Sub-Sublandlord may suffer thereby. If Sublessor Sub-Sublandlord so uses or applies all or any portion of the Security Deposit, Sublessee shall, Sub-Subtenant shall within ten (10) days after written demand by Sublessor, therefor deposit cash with Sub-Sublandlord in an amount sufficient to restore the Security Deposit to the full amount originally deposited, thereof and Sublessee's Sub-Subtenant’s failure to do so shall constitute be a default under material breach of this Sub-Sublease. Sublessor If Sub-Subtenant performs all of Sub-Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sub-Sublandlord, shall be returned, without interest, to Sub-Subtenant (or, at Sub-Sublandlord’s option, to the last assignee, if any, of Sub-Subtenant’s interest hereunder) within sixty (60) days following the later to occur of (a) the expiration of the Term, and (b) Sub-Subtenant’s vacation from the Sub-Sublease Premises and completion of all removal, repair and restoration obligations. No trust relationship is created herein between Sub-Sublandlord and Sub-Subtenant with respect to the Security Deposit. Sub-Sublandlord shall not be required to keep the Security Deposit separate from its general other accounts. Sub-Subtenant hereby waives any and all rights under and the benefits of Section 1950.7 of the California Civil Code, and shall have no obligation all other provisions of law now in force or liability for payment that become in force after the date of interest on the Security Deposit. In the event Sublessor assigns its interest in execution of this Sub-Sublease, Sublessor shall deliver that provide that Sub-Sublandlord may claim from a security deposit only those sums reasonably necessary to its assignee so much of the Security Deposit as is then held remedy any failure to timely pay Rent, to repair damage caused by Sublessor. Within ten (10) days after the Term has expiredSub-Subtenant, or Sublessee has vacated to clean the Sub-Sublease Premises. Sub-Sublandlord and Sub-Subtenant agree that Sub-Sublandlord may, in addition, claim those sums reasonably necessary to compensate Sub-Sublandlord for any other foreseeable or unforeseeable loss or damage caused by the act or omission of Sub-Subtenant or Sub-Subtenant’s officers, agents, employees, independent contractors, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderinvitees.

Appears in 2 contracts

Sources: Sub Sublease (Carmot Therapeutics Inc.), Sub Sublease (Carmot Therapeutics Inc.)

Security Deposit. Sublessee Upon execution hereof, Subtenant shall deposit with Sublessor upon execution of this Sublease Sublandlord, in cash, the sum of Twenty Thousand Two Hundred Fifty seventy thousand three hundred thirty-four dollars and 40/100ths Dollars no cents ($20,250.4070,334.00) as security and for Sublesseea Security Deposit to secure Subtenant's faithful full and timely performance of Sublessee's all of its obligations hereunder ("Security Deposit")hereunder. If Sublessee fails Subtenant defaults after notice and the expiration of any cure period, with respect to pay rent or other charges when due under any provision of this Sublease, Sublandlord may (but shall not be obligated to) use, apply, or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become Subtenant is obligated by reason of Sublessee's default or breach, or which will compensate Sublandlord for any loss or damage sustained which Sublandlord may suffer thereby. Any such use, application, or retention shall not constitute a waiver by Sublessor as a result Sublandlord of Sublessee's default its right to enforce its other remedies hereunder, at law, or breachin equity. If Sublessor so uses any portion of the Security Depositsaid deposit is so used, Sublessee applied, or retained, Subtenant shall, within ten (10) days after delivery of written demand by Sublessorfrom Sublandlord, restore the Security Deposit said deposit to the full amount originally deposited, and Sublesseeits original amount. Subtenant's failure to do so shall constitute a default under material breach of this Sublease, and in such event Sublandlord may elect, among or in addition to other remedies, to terminate this Sublease. Sublessor Sublandlord shall not be a trustee of such deposit, and shall not be required to keep the Security Deposit this deposit separate from its general accounts, . Sublandlord alone shall be entitled to any interest or earnings thereon and Sublandlord shall have no obligation or liability for payment the free use of interest on the Security Depositsame. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, If Subtenant fully and provided Sublessee is not then in default of any faithfully performs all of its obligations hereunder, the Security Deposit, or then so much thereof of the deposit as had not theretofore been applied by Sublessor, remains shall be returned to Sublessee Subtenant (without payment of interest or earnings thereon) within thirty (30) days after the later of (i) expiration or sooner termination of the term of this Sublease; or (ii) Subtenant's surrender of possession of the Subleased Premises to the last assignee, if any, of Sublessee's interest hereunderSublandlord.

Appears in 2 contracts

Sources: Sublease Agreement (Advanced Semiconductor Engineering Inc), Sublease Agreement (Ase Test LTD)

Security Deposit. Sublessee Subtenant, concurrently with signing this Sublease, shall deposit with Sublessor upon execution pay to Sublandlord a Security Deposit in the amount of this Sublease $28,882.00 to be held to guarantee the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance by Subtenant of Sublesseeall of Subtenant's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease. The Security Deposit may be commingled with Sublandlord's other funds and any interest or other income earned thereon shall be the property of Sublandlord. If Subtenant defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor Sublandlord may use or apply all expend the whole or any portion part of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor Sublandlord may become obligated expend by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachsuch default. If Sublessor so uses any portion or all of the Security DepositDeposit is so used, Sublessee Subtenant shall, within ten (10) days after written demand by Sublessortherefor, deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full its original amount originally deposited, and Sublessee's failure to do so shall constitute be a default under breach of this Sublease. Sublessor Provided no event of default has occurred and is continuing under this Sublease on the later of (a) the first anniversary of the Commencement Date, or (b) the expiration of all contingencies and termination rights under this Sublease (as set forth in Sections 36 and 37), Sublandlord shall not be required to keep return the Security Deposit separate to Subtenant within fifteen (15) days after Sublandlord's receipt of notice from its general accountsSubtenant that each of the foregoing conditions have been met, together with any evidence reasonably required by Sublandlord that all contingencies have been satisfied and all termination rights have expired. In the event of a transfer of Sublandlord's interest in the Building, Sublandlord may pay over the Security Deposit to Sublandlord's transferee to be held under the terms of this Sublease and Sublandlord shall have no obligation or be released from all liability for payment the return of interest on the Security Deposit. In Under no circumstances shall Subtenant have the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver right to its assignee so much of direct that the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been be applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, payment of Sublessee's interest hereunderRent.

Appears in 2 contracts

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

Security Deposit. Sublessee Upon execution hereof, Subtenant shall deposit with Sublessor upon execution of this Sublease Sublandlord the sum of Twenty Ninety-Eight Thousand Two Four Hundred Fifty Thirty-Three Dollars and 40/100ths Dollars 19/100 ($20,250.4098,433.19) as security for Sublessee's faithful performance of Sublessee's obligations hereunder (the "Security Deposit"), in cash, as security for the performance by Subtenant of the terms and conditions of this Sublease. If Sublessee Subtenant fails to pay rent Rent or other charges when due under this Sublease or otherwise defaults with respect to any provision of this Sublease, then Sublandlord, without prejudice to any other remedy provided in this Sublease or fails to perform any of its other obligations hereunderby law, Sublessor may use draw upon, use, apply or apply retain all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaidcharge in default, for the payment of any other sum for which Sublessor may Sublandlord has become obligated to pay by reason of SublesseeSubtenant's default or breachdefault, or to compensate Sublandlord for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachwhich Sublandlord has suffered thereby. If Sublessor Sublandlord so uses or applies all or any portion of the Security Deposit, Sublessee shallthen Subtenant, within ten (10) days after written demand by SublessorSublandlord therefor, shall deposit cash with Sublandlord in the amount required to restore the Security Deposit to the full amount originally deposited, stated above. Sublandlord may commingle the Security Deposit with its own funds and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor Subtenant shall not be required entitled to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In The Security Deposit is not an advance rental deposit or a measure of damages incurred by Sublandlord in case of Subtenant's default. Upon the event Sublessor assigns its interest expiration of this Sublease and Subtenant's vacation of the Premises, provided Subtenant is not in default under the terms of this Sublease, Sublessor Sublandlord shall deliver return to its assignee Subtenant so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by SublessorSublandlord pursuant to this Paragraph, shall be returned or which is not otherwise required to Sublessee or to the last assignee, if any, of Sublesseecure Subtenant's interest hereunderdefaults.

Appears in 2 contracts

Sources: Sublease (Adforce Inc), Sublease (Adforce Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Sixteen Thousand, Five Hundred Fifty Seventy-Four and 40/100ths 15/100 Dollars ($20,250.40) 16,574.15 as security for Sublessee's ’s faithful performance of Sublessee's ’s obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's ’s default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's ’s default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's ’s failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest Interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's ’s interest hereunder.

Appears in 2 contracts

Sources: Sublease Agreement (GenuTec Business Solutions, Inc.), Sublease (GenuTec Business Solutions, Inc.)

Security Deposit. Sublessee shall deposit Undertenant shall, concurrent with Sublessor upon execution of this Sublease Secondary Sublease, deliver to Underlandlord a security deposit ("Deposit") in the sum amount of Twenty Forty-Six Thousand Two Four Hundred Fifty Sixty-Three and 40/100ths No/00 Dollars ($20,250.4046,453.00) as security for Sublesseerepresenting one (1) month Base Rent. The Deposit shall be held by Underlandlord to insure Undertenant's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any all of its other obligations hereunder, Sublessor may use or apply all or any portion of under the Security Deposit for Secondary Sublease. Underlandlord shall have the payment of any rent or other amount then due hereunder and unpaid, for the payment of right from time to time without prejudice to any other sum for which Sublessor remedy Underlandlord may become obligated by reason of Sublessee's default or breachhave on account hereof, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of to apply the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant part thereof, to Subsection 6.2 hereof has been madeUnderlandlord's damages arising from any uncured default on the part of Undertenant. Provided Undertenant shall have fully and timely complied with all of the terms, whichever covenants and conditions of this sublease, Underlandlord shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, return the Security Deposit, or so much remainder thereof as had not theretofore been applied previously applied, to Undertenant on the expiration or earlier termination of the Term and surrender by Sublessor, shall be returned Undertenant of the Subleased Premises to Sublessee or Underlandlord. Underlandlord may hold the Deposit without any obligation to pay interest thereon and may commingle the last assignee, if any, of SublesseeDeposit with Underlandlord's other funds. If Underlandlord conveys Underlandlord's interest hereunderunder this Secondary Sublease, the Deposit, or any part thereof not previously applied, may be turned over by Underlandlord to Underlandlord's grantee, whereupon, Undertenant agrees to look solely to such grantee for application and return of the Deposit in accordance herewith.

Appears in 2 contracts

Sources: Sublease (Predix Pharmaceuticals Holdings Inc), Sublease (EPIX Pharmaceuticals, Inc.)

Security Deposit. Sublessee shall deposit with Sublessor upon execution and delivery of this Sublease by Sublessor the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) 61,820.39 as security for Sublessee's ’s full and faithful performance and observance of the terms, covenants and conditions of this Sublease as herein provided, including without limitation Sublessee's obligations hereunder ("Security Deposit")’s obligation to restore the Sublet Premises to its condition prior to any alteration by Sublessee. If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform defaults in the full and faithful performance and observance of any of its other obligations hereunderthe terms covenants and conditions of this Sublease beyond any applicable notice and cure period, Sublessor may use apply or apply all retain the whole or any portion part of the Security Deposit security so deposited to the extent required for the payment of any rent or other amount then due hereunder additional rent to which Sublessee is in default beyond any applicable notice and unpaid, cure period or for the payment of any other sum for which Sublessor may become obligated expend by reason of Sublessee's ’s default or breach, or for beyond any loss or damage sustained by Sublessor as a result of Sublessee's default or breachapplicable notice and cure period. If Sublessor so uses applies the whole or any portion part of the Security Depositsecurity as aforesaid, Sublessee shall, shall within ten (10) days after written demand by Sublessor, notice from Sublessor deposit with Sublessor an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Subleaseset forth herein. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation to hold the security deposit in an interest-bearing account, provided that if Sublessor is required by law to do so or liability for payment of if Sublessor elects to hold such security deposit in an interest-bearing account, Sublessee shall be entitled to interest earned on the Security Depositsecurity deposit in proportion to the amount of the security deposit not applied or retained by Sublessor pursuant to the terms hereof. In Within thirty (30) days after the event Sublessor assigns its interest in later of (i) Sublessee’s surrendering the Sublet Premises or (ii) the expiration or sooner termination of this Sublease, Sublessor shall deliver return to its assignee so much Sublessee the whole or part of the Security Deposit as is then held security deposit (and interest, if applicable) not applied or retained by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment Sublessor pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderterms hereof.

Appears in 2 contracts

Sources: Sublease Agreement, Sublease (Iomega Corp)

Security Deposit. Sublessee shall deposit To secure the faithful performance by Subtenant of all the covenants, conditions and agreements in this Sublease set forth and contained on the part of Subtenant to be fulfilled, kept, observed and performed, simultaneously with Sublessor upon Subtenant’s execution of this Sublease Sublease, Subtenant shall deliver to Sublandlord a security deposit in the sum amount of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars $11,164.50 ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("the “Security Deposit"). If Sublessee fails Subtenant defaults with respect to pay rent or other charges when due under any provision of this Sublease, including without limitation the payment of any Rent, then Sublandlord may use, apply, draw upon or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any part of the Security Deposit to the extent necessary for the payment of any rent, or to compensate Sublandlord for any other loss, cost or damage that Sublandlord may suffer by reason of Subtenant’s default. If any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaidis so used, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breachapplied, or for any loss or damage sustained by Sublessor drawn upon as a result of Sublessee's default or breach. If Sublessor so uses any portion of permitted in accordance with the Security Depositterms hereof, Sublessee then Subtenant shall, within ten (10) 10 days after written demand by Sublessornotice thereof, deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount originally deposited, and Sublessee's its original amount. Subtenant’s failure to do so shall constitute a default be an automatic Event of Default under this SubleaseSublease without any additional notice. Sublessor Sublandlord shall not not, unless otherwise required by law, be required to keep the Security Deposit separate from its general accountsfunds, nor pay interest to Subtenant. If Subtenant shall fully and shall have no obligation or liability for payment faithfully perform every provision of interest on the Security Deposit. In the event Sublessor assigns its interest in this SubleaseSublease to be performed by it, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much balance thereof as had not theretofore been applied by Sublessor, (if any) shall be returned to Sublessee Subtenant (or to the last assignee, if any, transferee of Sublessee's Subtenant’s interest hereunder) after the Expiration Date (or sooner termination of this Sublease), provided that Subtenant vacates the Sublease Space in accordance with this Sublease and Subtenant surrenders possession thereof to Sublandlord in the condition required under this Sublease.

Appears in 2 contracts

Sources: Sublease Agreement, Sublease Agreement (Verrica Pharmaceuticals Inc.)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) hereof $ 27 ,750 as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent Rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent Rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore forward to Sublessor an amount sufficient to restore the Security said Deposit to the full amount originally deposited, provided for herein and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security said Deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security said Deposit, or so much thereof as had has not theretofore therefore been applied by Sublessor, shall be returned returned, without payment of interest to Sublessee (or at Sublessor's option, to the last assignee, if any, of Sublessee's interest hereunder) at the expiration of the term hereof, and after Sublessee has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to said Security Deposit.

Appears in 2 contracts

Sources: Sublease Agreement (Spectrum Laboratories Inc /Ca), Sublease Agreement (Spectrum Laboratories Inc /Ca)

Security Deposit. Sublessee shall deposit with pay to Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars $38,185.00 ($20,250.40“Security Deposit”) as security for Sublessee's faithful the full and timely payment and performance of Sublessee's ’s obligations hereunder under this Sublease. Sublessee shall deliver the Security Deposit to Sublessor upon the execution hereof. Sublessor shall have no obligation to segregate the Security Deposit from Sublessor’s other funds. The Security Deposit shall be refunded to Sublessee, without interest, within thirty ("Security Deposit")30) days after the termination of this Sublease subject to Sublessee’s satisfactory compliance with the conditions of this Sublease and subject to deduction for payment of Sublessee’s obligations not then fulfilled by Sublessee. If Sublessee fails to pay rent or other charges when due perform in a full and timely manner any of its obligations under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of toward curing any rent or other amount then due hereunder such default under this Sublease (beyond any applicable notice and unpaid, for the payment of any other sum for which cure periods) and compensating Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss loss, damage or damage sustained by Sublessor as a result of Sublessee's default or breachexpenses arising from such default. If Sublessor so uses applies any portion of the Security Deposit, Sublessee shall, shall pay to Sublessor the amount necessary to restore the Security Deposit to its original amount within ten five (105) days after written demand by Sublessor, restore and failure to do so within five (5) days after written demand shall be deemed an automatic Event of Default hereunder. Sublessee may not use the Security Deposit to the full amount originally depositedpay any of Sublessee’s payment obligations, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor Sublessee shall not be required have the right to keep the Security Deposit separate from its general accountsmortgage, and shall have no obligation transfer, assign or liability for payment of interest on encumber the Security Deposit. In the event Sublessor assigns its Sublessee acknowledges that Sublessee has no interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then paid by Sublessor to Landlord under the Lease (“Original Security Deposit”), which Original Security Deposit shall continue to be held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or Landlord subject to the last assignee, if any, terms of Sublessee's interest hereunderthe Lease.

Appears in 2 contracts

Sources: Sublease (Chiasma, Inc), Sublease (Chiasma, Inc)

Security Deposit. 4.1 Sublessee shall deposit with Sublessor upon the execution of this Sublease hereof the sum of Twenty One Hundred One Thousand Two Eight Hundred Fifty and 40/100ths Seventy-five Dollars ($20,250.40101,875) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten fifteen (1015) days after written demand by Sublessor, therefor deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, herein above stated and Sublessee's failure to do so shall constitute be a default under breach of this Sublease, and Sublessor may at his option terminate this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, Said deposit or so much thereof as had not theretofore been applied by Sublessor, Sublessor shall be returned without payment of interest for its use, to Sublessee within ten (10) days after the expiration of the term hereof (or earlier termination of the Sublease if Sublessee does not have any remaining contractual obligations to Sublessor), or after Sublessee has vacated the last assigneePremises, if any, of Sublessee's interest hereunderwhichever is later.

Appears in 2 contracts

Sources: Lease (Accelgraphics Inc), Sublease Agreement (C Cube Microsystems Inc)

Security Deposit. Sublessee Within one (1) business day after the Effective Date, Subtenant shall deposit with Sublessor upon execution Sublandlord an irrevocable, unconditional standby letter of credit issued by a financial institution reasonably acceptable to Sublandlord, in substantially the form attached to this Sublease (the sum "Letter of Twenty Thousand Credit") in an amount equal to Two Hundred Fifty and 40/100ths Million Dollars ($20,250.402,000,000) as security for SublesseeSubtenant's faithful performance of SublesseeSubtenant's obligations hereunder ("Security Deposit"). If Sublessee Subtenant fails to pay rent or other charges when due under this SubleaseSublease beyond any applicable notice and cure period, or fails to perform any of its other obligations hereunderhereunder beyond any applicable notice and cure period, Sublessor Sublandlord may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor Sublandlord may become obligated pursuant to this Sublease by reason of SublesseeSubtenant's default or breach, or for any loss or damage sustained by Sublessor Sublandlord as a result of SublesseeSubtenant's default or breachbreach pursuant to this Sublease. If Sublessor so uses any portion Upon demand following application of the Security DepositDeposit pursuant to this Section 7, Sublessee shall, within ten (10) days after written demand by Sublessor, Subtenant shall immediately restore the Security Deposit to its full amount. Concurrently with Subtenant's delivery of the full Letter of Credit, Sublandlord shall return to Subtenant the security deposit that it holds under Prior Sublease in the amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Subleaseof $131,729.58. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much Any portion of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment not applied pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, this Section 7 and provided Sublessee is not then in default remaining at the expiration of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, this Sublease shall be returned to Sublessee or to Subtenant within twenty (20) days of the last assignee, if any, expiration of Sublessee's interest hereunderthe Term.

Appears in 2 contracts

Sources: Landlord's Consent to Subleasing (F5 Networks Inc), Sublease Agreement (Cell Therapeutics Inc)

Security Deposit. Sublessee To secure the faithful performance by Tenant of all of the covenants and conditions in this Lease set forth and contained on the part of Tenant to be fulfilled, kept, observed and performed including, but without limiting the generality of the foregoing, such covenants and conditions in this Lease which become applicable upon the termination of the same by re-entry or otherwise, Tenant shall deposit simultaneous with Sublessor upon the execution of this Sublease Lease the sum of Twenty not less than Sixty-Two Thousand Two One Hundred Fifty Ninety-Seven and 40/100ths 13/100 Dollars ($20,250.4062,197.13) and which such sum shall be finally determined after review of Tenant’s financial statements by Landlord as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent Deposit upon the following terms and conditions: A. Such deposit or other charges when due under this Subleaseany part thereof not previously applied, or fails from time to perform time, such one or more parts or portions thereof, may be applied to the curing of any of default that may then exist, without prejudice to any other remedy or remedies which the Landlord may have on account thereof, and upon such application Tenant shall pay Landlord on demand the amount so applied which shall be added to the Security Deposit so the same may be restored to its other obligations hereunder, Sublessor may use or apply all original amount; B. Should the Building be conveyed by Landlord the deposit or any portion of thereof not previously applied may be turned over to Landlord’s grantee or a new agent, as the Security Deposit for case may be and, if the payment of same be turned over as aforesaid, Tenant hereby releases Landlord from any rent and all liability with respect to the deposit and/or its application or other amount then due hereunder return and unpaidTenant agrees to look to such grantee or agent, as the case may be, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default such applications or breach, returns; C. Landlord or for any loss its agent or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, its successors and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor assigns shall not be required obligated to keep the Security Deposit hold said deposit as a separate from its general accountsfund, and shall have no obligation or liability for payment of interest but on the Security Deposit. In contrary may commingle the event Sublessor assigns same with its interest other funds; D. If Tenant shall faithfully fulfill, keep, perform and observe all of the covenants and conditions in this SubleaseLease set forth and contained on the part of Tenant to be fulfilled, Sublessor kept, performed and observed, such deposit shall deliver be returned to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten Tenant without interest no later than thirty (1030) days after the expiration of the Term has expiredof this Lease or any renewal or extension thereof, or Sublessee provided Tenant has vacated the PremisesPremises and surrendered possession thereof to the Landlord at the expiration of the Term or any extension or renewal thereof as provided herein; and E. Landlord or its agent on behalf of itself and its successors, reserves the right, at its sole option, to return to Tenant said deposit, or what may then remain thereof, at any final adjustment pursuant time prior to Subsection 6.2 hereof has been madethe date when Landlord or its agent or its successors and assigns are obligated hereunder to return the same, whichever but said return shall last occur, and provided Sublessee is not then in any manner be deemed to be a waiver of any default of Tenant hereunder then existing not to limit or extinguish any liability of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest Tenant hereunder.

Appears in 2 contracts

Sources: Office Lease (Paylocity Holding Corp), Office Lease (Paylocity Holding Corp)

Security Deposit. Sublessee shall deposit with Sublessor upon Upon execution of this Sublease Sublease, Subtenant shall deliver to Sublandlord the sum of Twenty One Hundred Sixty-One Thousand Two Four Hundred Fifty and 40/100ths No/100 Dollars ($20,250.40161,400.00) as security for Sublessee's faithful the performance of SublesseeSubtenant's obligations hereunder under this Sublease ("Security Deposit"). If Sublessee Subtenant fails to pay rent Rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor Sublandlord may use or apply all or any the portion of the Security Deposit required for the payment of any rent Rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor Sublandlord may become obligated by reason of SublesseeSubtenant's default or breach, or for any loss or damage sustained by Sublessor Sublandlord as a result of SublesseeSubtenant's default or breach. If Sublessor Sublandlord so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, Subtenant shall restore the Security Deposit to the full amount originally deposited, and Sublesseedeposited within ten (10) days after receipt of Sublandlord's failure to do so shall constitute a default under this Subleasewritten demand therefor. Sublessor Sublandlord shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the The Security Deposit, or so much thereof as had not theretofore been applied by SublessorSublandlord, shall be returned to Sublessee Subtenant within thirty (30) days of the expiration or to earlier termination of this Sublease, provided Subtenant has vacated the last assignee, if any, Sublease Premises in accordance with the terms of Sublessee's interest hereunderthis Sublease.

Appears in 2 contracts

Sources: Sublease (Virologic Inc), Consent to Sublease (Diadexus Inc)

Security Deposit. Sublessee shall will deposit with Sublessor upon on execution of this Sublease sublease the sum of Twenty Thirteen Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.4013,000) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")under this Sublease. If Sublessee fails to pay rent or other charges when due under this Subleasedue, or fails to perform any of its other obligations hereunderunder this Sublease, Sublessor may use or apply all or any portion of the Security Deposit security deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason because of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Depositsecurity deposit, Sublessee shallwill, within ten (10) days after written demand by Sublessor, restore the Security Deposit security deposit to the full amount originally deposited, and . Sublessee's failure to do so shall will constitute a default under this Sublease. Sublessor shall will not be required to keep the Security Deposit separate from its general accounts, and shall will have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, expired or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occuroccurs last, and provided that Sublessee is not then in default of any of its obligations hereunderunder this Sublease, the Security Depositsecurity deposit, or so as much thereof as had remains that has not theretofore been applied by Sublessor, shall will be returned to Sublessee. Sublessee or shall have the right to apply any portion of the security deposit in payment of the last assignee, if any, of Sublesseemonth's interest hereunderrent.

Appears in 2 contracts

Sources: Sublease Agreement (Zapworld Com), Sublease Agreement (Zapworld Com)

Security Deposit. Sublessee shall deposit with Sublessor (a) Subject to Section 6(b) below, upon execution of this Sublease Sublease, Subtenant shall deposit with Wind River the sum of Twenty One Million Five Hundred Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.401,500,000.00) as a security for Sublessee's faithful performance of Sublessee's obligations hereunder deposit ("Security Deposit"). If Sublessee Subtenant fails to pay rent Rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor Wind River may use or apply all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor Wind River may become obligated by reason of SublesseeSubtenant's default or breach, or for any loss or damage sustained by Sublessor Wind River as a result of SublesseeSubtenant's default or breach. If Sublessor Wind River so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, Subtenant shall restore the Security Deposit to the full amount originally deposited, and Sublesseedeposited within ten (10) days after Wind River's failure to do so shall constitute a default under this Subleasewritten demand. Sublessor Wind River shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the The Security Deposit, or so much thereof as had not theretofore been applied by SublessorWind River, shall be returned to Sublessee Subtenant within thirty (30) days of the expiration or earlier termination of this Sublease, provided Subtenant has vacated the Sublease Premises. (b) Notwithstanding the foregoing, Subtenant may, at its option at any time during the Term, substitute for the cash described in subparagraph (a) above, an irrevocable standby letter of credit (the "Letter of Credit") in the face amount of One Million Five Hundred Thousand and 00/100 Dollars ($1,500,000.00), with payment thereon conditioned only upon presentation of a site draft and a certificate asserting a default by Subtenant hereunder, issued by a bank in form and substance reasonably satisfactory to Wind River. Subtenant shall maintain the Letter of Credit in effect during the full term of this Sublease and for a period extending for thirty (30) days following the expiration or earlier termination hereof. If the term of the Letter of Credit has an expiration prior to the last assigneeexpiration of this Sublease and such letter or certificate is not renewed or replaced at least sixty (60) days prior to its expiration, if anyWind River shall be entitled to draw upon the entire Letter of Credit and hold the proceeds thereof as a cash security deposit. (c) Notwithstanding anything to the contrary contained herein, of Sublessee's interest hereunderin the event Tenant becomes a publicly traded company and provided that Tenant is not then in default (and has never been in default beyond any applicable notice and cure periods) under this Sublease, the Security Deposit shall be reduced to $1,000,000.

Appears in 2 contracts

Sources: Net Office Tech Lease (Silicon Energy Corp), Net Office Tech Lease (Silicon Energy Corp)

Security Deposit. Upon execution hereof by Sublessee, Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty Twenty-Two Thousand Seven Hundred Seven and 40/100ths 68/100 Dollars ($20,250.40222,707.68) (the “Security Deposit”), in cash, as security for Sublessee's faithful the performance by Sublessee of Sublessee's obligations hereunder ("Security Deposit")the terms and conditions of this Sublease. If Sublessee fails to pay rent Rent or other charges when due under hereunder or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, then Sublessor may use draw upon, use, apply or apply retain all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaidcharge in default, for the payment of any other sum for which Sublessor may has become obligated to pay by reason of Sublessee's default or breach’s default, or to compensate Sublessor for any loss or damage sustained which Sublessor has suffered thereby, including future rent damages under California Civil Code Section 1951.2, without prejudice to any other remedy provided herein or by law. Sublessee hereby waives the provisions of any law, now or hereafter in force, including, without limitation, California Civil Code Section 1950.7, that provides that Sublessor as may claim from a result security deposit only those sums reasonably necessary to remedy defaults in the payment of Rent, to repair damage caused by Sublessee, or to clean the Subleased Premises, it being agreed that Sublessor, in addition, may claim those sums reasonably necessary to compensate Sublessor for any other loss or damage, foreseeable or unforeseeable, caused by the act or omission of Sublessee's default or breach, including future rent damages following the termination of this Sublease. If Sublessor so uses or applies all or any portion of the Security Deposit, Sublessee shallthen Sublessee, within ten (10) days after written demand by Sublessortherefor, shall deposit cash with Sublessor in the amount required to restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Subleasestated above. Sublessor shall not be required to keep Upon the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment expiration of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver return to its assignee Sublessee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by SublessorSublessor pursuant to this paragraph, shall be returned or which is not otherwise required to Sublessee or to the last assignee, if any, of cure Sublessee's interest hereunder’s defaults.

Appears in 2 contracts

Sources: Sublease (CARGO Therapeutics, Inc.), Sublease (CARGO Therapeutics, Inc.)

Security Deposit. Sublessee Sublessor shall deposit with Sublessor upon execution of this Sublease hereof the sum of Twenty Thousand Two Hundred Fifty Three thousand five hundred fifty one and 40/100ths 17/100 Dollars ($20,250.403,551.17) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, hereinabove stated and Sublessee's failure to do so shall constitute be a default under breach of this Sublease, and Sublessor may at his option terminate this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Deposit, said deposit or so much thereof as had not theretofore been applied by Sublessor, Sublessor shall be returned without payment of interest for its use to Sublessee or (or, at Sublessor's option, to the last assignee, if any, of Sublessee's interest hereunder) within ten (10) days after the expiration of the term hereof, or after Sublessee has vacated the Premises, which is later.

Appears in 1 contract

Sources: Consent to Sublease (Expresspoint Technology Systems Inc)

Security Deposit. Sublessee shall deposit Subtenant has deposited with Sublessor upon Sublandlord simultaneously with the execution of this Sublease Sublease, the sum of Twenty Thousand Two Hundred Fifty _____________________________ and 40/100ths ____/100 Dollars ($20,250.40_________) as security for Sublessee's faithful performance of Sublessee's obligations hereunder a deposit (the "Security Deposit"). If Sublessee fails ) to pay rent or other charges when due under this Sublease, or fails to perform any secure the prompt performance of its other Subtenant's obligations hereunder. The Security Deposit may be commingled with Sublandlord's general funds, Sublessor may use or if permitted by law. Sublandlord shall have the right, but shall not be obligated, to apply all or any portion of the Security Deposit for to cure any default, in which event Subtenant shall be obligated to deposit with Sublandlord the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, necessary to restore the Security Deposit to its original amount within five (5) days after written notice from Sublandlord. To the full amount originally depositedextent not forfeited or otherwise used as provided herein, and Sublessee's failure provided the Subleased Premises are vacated in good condition, ordinary wear and tear and damage by fire or other casualty excepted, as described in Section 26, the Security Deposit shall be returned, without interest, to do so shall constitute a default under Subtenant within thirty (30) days after the expiration or other termination of 135 this Sublease. Sublessor shall not be required to keep Sublandlord may deliver the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment to any assignee of interest on the Security Deposit. In the event Sublessor assigns its Sublandlord's interest in this Sublease, Sublessor whereupon Sublandlord shall deliver be discharged from any further liability with respect to its assignee so much the Security Deposit. This provision shall apply also to any and all subsequent transferrers of the Sublandlord's interest in this Sublease. If the Subtenant fails to take possession of the Subleased Premises as required by this Sublease, the Security Deposit shall not be deemed liquidated damages and Sublandlord's use of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever this paragraph shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied preclude Sublandlord from recovering from Subtenant all additional damages incurred by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderSublandlord.

Appears in 1 contract

Sources: Office Lease (Otg Software Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon Within ten (10) business days after the execution of this Sublease Sublease, Sublessee shall pay to Sublessor the first month's rent due and provide Sublessor the additional sum of Twenty Three Thousand Two Four Hundred Fifty Four and 40/100ths 50/100 Dollars ($20,250.403,454.50) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which the Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally depositeddeposited less any amounts applied to the first months' rent, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event If Sublessor assigns its interest in this Sublease, Sublessor shall deliver assign to its assignee so much Sublessor's interest in the Letter of Credit or escrow account, as the Security Deposit as is then held by Sublessorcase may be. Within ten thirty (1030) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore therefore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderinterest.

Appears in 1 contract

Sources: Sublease Agreement (Avenue a Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease hereof the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ZERO DOLLARS ($20,250.400) as security Security Deposit for Sublessee's ’s faithful performance of Sublessee's ’s obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breach’s default, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, hereinabove stated and Sublessee's ’s failure to do so shall constitute be a default under breach of the Sublease, and Sublessor may at its option terminate this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expiredexpiration of the term hereof, or on condition Sublessee has vacated the PremisesPremises and has fully and faithfully performed every provision of this Sublease to be performed by it, the security deposit or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much balance thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or (or, at Sublessor’s option, to the last assignee, if any, of Sublessee's ’s interest hereunder) provided however that Sublessor may retain one-half of the security deposit until such time as any amount due from Sublessee in accordance with the rental adjustment provision of this Sublease has been determined and paid in full.

Appears in 1 contract

Sources: Lease Agreement (1st Century Bancshares, Inc.)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty There is currently Ten Thousand Two Hundred Fifty and 40/100ths 98/100 Dollars ($20,250.4010,250.98) as security on deposit for Sublessee's faithful performance the Cleveland Illuminating Company, and Four Thousand Seven Hundred Thirty Five and 09/100 Dollars ($4,735.04) for the Solon Department of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails Water and Sewer all of which shall be deemed to be deposits for the benefit of Landlord should Tenant fail to pay rent the utilities as billed. Tenant will deposit with Landlord funds equal to one (1) month Base Rent. Tenant will replenish funds if deposits are used during the term of the Lease for any payments by Landlord due to Tenant's default within five (5) business days of demand; provided, however, that if, in the reasonable opinion of Tenant, a default has not occurred, Landlord and Tenant shall each appoint an arbitrator, both of whom shall appoint a third arbitrator to determine whether a default hereunder Section 13 has occurred. The decision of the arbitrators shall be final and shall be pursuant to the then existing rules of the American Arbitration Association. In the event the arbitrators determine that an event of default has not occurred, Landlord shall reimburse Tenant the amount of funds replenished by Tenant within five (5) days of the decision of the arbitrators. It shall be a condition precedent to arbitration that Tenant shall have replenished the full amount of its security deposit. The party ruled in default by the arbitrators shall bear the total costs associated with the arbitration. Upon the occurrence of any default by Tenant or other charges when due breach by Tenant of Tenant's covenants under this SubleaseLease Agreement, Landlord may from time to time without prejudice to any other remedy, use the security deposit to the extent necessary to make good any arrears of rent and/or any damage, injury, expense or fails liability caused to perform Landlord by the event of default or breach of covenant, any remaining balance of its other obligations hereunderthe security deposit to be returned by Landlord to Tenant upon termination of this Lease Agreement, Sublessor may and further provided, that no default by Tenant under the Lease shall have occurred and be continuing without cure at such time. Landlord may, but shall not be obligated to, use or apply all or any portion part of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaidsecurity deposit, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breachas necessary, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in cure such default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderTenant.

Appears in 1 contract

Sources: Lease Agreement (Advanced Lighting Technologies Inc)

Security Deposit. Within five (5) days following Landlord's approval ---------------- of this Sublease, but in any event prior to the date Sublessee takes possession of the Subleased Premises, Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars $198,017.64 in cash ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder (the "Security Deposit"), as security for the performance by Sublessee of its obligations under this Sublease. If Such Security Deposit as held by Sublessor shall be deemed to constitute "cash collateral" within the meaning of applicable Federal and State bankruptcy and insolvency laws and regulations. In the event Sublessee fails to pay rent or other charges when due defaults under this Sublease, or fails and such default continues beyond the notice and cure period available therefor, if any, Sublessor, in addition to perform any its right to recoup possession and control of its other obligations hereunderthe Subleased Premises, shall have the right to take and collect the Security Deposit as liquidated damages for Sublessee's breach in accordance with Article 12. Provided that Landlord determines on advice of counsel that the enforceability of the liquidated damages provisions of this Sublease will not be adversely impacted thereby, Sublessor may use or agrees to apply all or any a portion of the Security Deposit for from time to time to cure Sublessee's defaults hereunder which are curable by the payment of any rent or other an amount then due hereunder less than $5,000 for an individual default and unpaid$50,000 for all defaults in the aggregate; provided however, for the payment of any other sum for which that Sublessor may become obligated shall have no obligation to apply such funds if Sublessee fails to approve in writing such application upon written request therefor by reason Sublessor (but Sublessor shall have no obligation to request such approval) and provided further that within five (5) business days of Sublessee's learning of Sublessor's application of a portion of the Security Deposit to cure a default by Sublessee, Sublessee shall forward to Sublessor such amounts as are necessary to restore the Security Deposit to its full amount of $198,017.64 and failure to do so will constitute an event of default under this Sublease without any further notice, demand or breachopportunity to cure. The Security Deposit need not be segregated by Sublessor from other funds of Sublessor and Sublessee shall not be entitled to any interest thereon. In no event shall the Security Deposit constitute or be deemed to constitute rent payment or rent prepayment, or for any loss or damage sustained and, if applied by Sublessor as contemplated hereunder, will not constitute or be deemed to constitute a result cure of Sublessee's default. Notwithstanding the foregoing, Sublessor agrees to apply the Security Deposit as follows: (a) Provided Sublessee has made twelve (12) consecutive monthly payments of Base Rent and all additional rent required hereunder within the cure periods allowed therefor hereunder and there then exists no default hereunder or an event or circumstance which, with the giving of notice or passage of time or both would constitute a default hereunder (a "Potential Default"), Sublessor agrees to apply a portion of the Security Deposit sufficient to pay Sublessor's Base Rent due hereunder for the month immediately succeeding such twelve consecutive month period; (b) Provided Sublessee has satisfied subsection (a) above and thereafter has timely made the next four (4) consecutive monthly payments of Base Rent and all additional rent required hereunder within the cure periods allowed therefor hereunder and there then exists no default or breach. If Potential Default hereunder, Sublessor so uses any agrees to apply a portion of the Security Deposit sufficient to pay Sublessor's Base Rent due hereunder for the month immediately succeeding such four (4) consecutive month period; (c) Provided Sublessee has satisfied subsections (a) and (b) above and thereafter has timely made the next four (4) consecutive monthly payments of Base Rent and all additional rent required hereunder within the cure periods allowed therefor hereunder and there then exists no default or Potential Default hereunder, Sublessor agrees to apply a portion of the Security Deposit sufficient to pay Sublessor's Base Rent due hereunder for the month immediately succeeding such four (4) consecutive month period; (d) Provided Sublessee has satisfied subsections (a), (b) and (c) above and thereafter has timely made the next four (4) consecutive monthly payments of Base Rent and all additional rent required hereunder within the cure periods allowed therefor hereunder, there then exists no default or a Potential Default hereunder, Sublessee has executed its planned initial public offering, and Sublessee delivers to Sublessor current financial statements audited by an independent certified public accountant verifying that Sublessee maintains as of the date of such financial statements a "Current Ratio" (as that term is defined according to generally accepted accounting principles) of 2.0 to 1, Sublessor agrees to apply a portion of the Security Deposit sufficient to pay Sublessor's Base Rent due hereunder for the three (3) months immediately succeeding such four (4) consecutive month period; (e) Provided Sublessee has satisfied subsections (a), (b), (c) and (d) above and has achieved a credit rating of B+ or higher with ▇▇▇▇▇'▇ Investor Service or Standard & Poor's Rating Services, Sublessor agrees to apply the balance of the Security Deposit against Sublessee's Base Rent next becoming due hereunder until the Security Deposit shall have been completely exhausted; (f) Any obligation of Sublessor to apply the Security Deposit as contemplated under subsections (a)-(e) above shall be limited to the extent of the unapplied balance of the Security Deposit at the time of such contemplated application; and (g) Sublessee shall return the remaining unapplied balance of the Security Deposit, Sublessee shallif any, within ten thirty (1030) days after written demand following the Sublease Expiration Date so long as no default or Potential Default exists as of the Sublease Expiration Date and Sublessee returns the Subleased Premises to Sublessor on the Sublease Expiration Date in the condition and otherwise as required hereunder. (h) In the event (i) Sublessor defaults under the Master Lease, (ii) such default under the Master Lease is unrelated to any default by Sublessee under this Sublease, and (iii) the Master Lease is terminated by Landlord as a result of such default by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required return to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment Sublessee promptly any unapplied balance of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.

Appears in 1 contract

Sources: Sublease Agreement (Multilink Technology Corp)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars (hereof $20,250.40) 12,100.00 as security for Sublessee's faithful performance of ----------- Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained of any other sum to which Sublessor may become obligated by Sublessor as a result reason of Sublessee's default default, or breachto compensate Sublessor for any loss or damage which Sublessor may suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore deposit cash will Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, hereinabove stated and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Depositsaid deposit, or so much thereof as had has not theretofore been applied by Sublessor, shall be returned returned, without payment of interest or other increment for its use to Sublessee (or at Sublessor's option, to the last assignee, if any, of Sublessee's interest hereunder) at the expiration of the term hereof, and after Sublessee has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to said Security Deposit.

Appears in 1 contract

Sources: Lease Agreement (Geerlings & Wade Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Twelve Thousand Two Nine Hundred Fifty Ninety-One and 40/100ths 65/100 Dollars ($20,250.4012,991.65) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premisespremises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.

Appears in 1 contract

Sources: Sublease (C2i Solutions Inc)

Security Deposit. Concurrently with Sublessee’s execution of this Sublease, Sublessee shall deposit with Sublessor upon execution Sublessor, in cash, the sum of Fifty Four Thousand Dollars ($54,000.00), as security for the performance by Sublessee of the terms and conditions of this Sublease (the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). ”) If Sublessee fails to pay rent Rent or other charges when due under hereunder or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, then Sublessor may use draw upon, use, apply or apply retain all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaidcharge in default, for the payment of any other sum for which Sublessor may has become obligated to pay by reason of Sublessee's default or breach’s default, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of has suffered thereby, including attorneys fees (whether or not any legal proceedings are filed against Sublessee's default or breach). If Sublessor so uses or applies all or any portion of the Security Deposit, then Sublessee shall, within ten five (105) days after written demand by Sublessortherefor, deposit cash with Sublessor in the amount required to restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under stated above. Within fourteen (14) days after the expiration or earlier termination of this Sublease, if Sublessee is not then in default, Sublessor shall return to Sublessee (without interest) so much of the Security Deposit as has not been applied by Sublessor pursuant to this Section 5 or which is not otherwise required to cure Sublessee’s defaults. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment own funds. Sublessee hereby waives the provisions of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderCalifornia Civil Code Section 1950.7.

Appears in 1 contract

Sources: Sublease Agreement (Monolithic Power Systems Inc)

Security Deposit. A. Upon execution hereof, Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Ninety-Four Thousand Dollars ($20,250.40294,000) as security for Sublessee's faithful performance of Sublessee's obligations hereunder (the "Security Deposit"), in cash, as security for the performance by Sublessee of the terms and conditions of this Sublease. If Sublessee fails to pay rent Rent or other charges when due under hereunder or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, then Sublessor may use draw upon, use, apply or apply retain all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaidcharge in default, for the payment of any other sum for which Sublessor may has become obligated to pay by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachhas suffered thereby. If Sublessor so uses or applies all or any portion of the Security Deposit, Sublessee shallthen Sublessee, within ten (10) days after written upon demand by Sublessortherefor, shall deposit cash with Sublessor in the amount required to restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Subleasestated above. Sublessor shall not be required to keep Upon the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment expiration of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, if Sublessee is not in default, Sublessor shall deliver return to its assignee Sublessee so much of the Security Deposit as has not been applied by Sublessor pursuant to this paragraph, or which is then not otherwise required to cure Sublessee's defaults. B. Sublessee shall have the right to provide a portion of the Security Deposit in the amount of One Hundred Ninety-Six Thousand Dollars ($196,000) in the form of a letter of credit (the "Letter of Credit"). The Letter of Credit shall be in a form and issued by a financial institution that is reasonably acceptable to Sublessor. Sublessee shall cause the Letter of Credit to remain in effect during the entire Sublease Term and for an additional sixty (60) days following the expiration or earlier termination of this Sublease, and shall extend or renew the Letter of Credit from time to time at least thirty (30) days before its stated expiration date. If Sublessee fails to maintain, renew or replace the Letter of Credit at least thirty (30) days before its stated expiration date, Sublessor may, without prejudice to any other right or remedy, draw upon the entire amount of the Letter of Credit. Any amount drawn by Sublessor on the Letter of Credit but not applied by Sublessor to satisfy Sublessee's obligations hereunder shall be held by SublessorSublessor in accordance with the other provisions of this section. Within ten If Sublessor draws on any portion of the Letter of Credit, Sublessee shall, within three (103) days after of demand by Sublessor, deposit immediately available funds with Sublessor in the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default full amount of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.

Appears in 1 contract

Sources: Sublease (Placeware Inc)

Security Deposit. Upon the execution of this Sublease by Sublessee, Sublessee shall deposit with Sublessor upon execution of this Sublease Sublessor, in cash, the sum of Twenty Thousand Two Hundred Fifty Thirty-Seven Thousand Five Hundred and 40/100ths No/100 Dollars ($20,250.40237,500.00) as security for Sublessee's faithful the performance by Sublessee of Sublessee's obligations hereunder the terms and conditions of this Sublease ("Security Deposit"). If Sublessee fails to pay rent Rent or other charges when due under hereunder or otherwise defaults with respect to any provision of this Sublease, and such default continues after the passage of applicable notice and cure periods, then Sublessor may, but shall not be required to, draw upon, use, apply or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaidcharge in default, for the payment of any other sum for which Sublessor may has become obligated to pay by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained which 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 result of Sublessee's default or breachlimitation on any recovery to which Sublessor otherwise may be entitled. If Sublessor so uses or applies all or any portion of the Security Deposit, then Sublessee shall, within ten five (105) days after written demand by Sublessortherefor, deposit cash with Sublessor in the amount required to restore the Security Deposit to the full amount originally deposited, stated above. Within thirty (30) days after the later of the expiration or earlier termination of this Sublease and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be the date that Sublessee surrenders the Subleased Premises in the condition required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in by this Sublease, if Sublessee is then in default hereunder beyond applicable notice and cure periods, Sublessor shall deliver to its assignee may retain so much of the Security Deposit as is then held permitted to be applied by Sublessor. Within ten (10) days after the Term has expiredSublessor pursuant to this Paragraph, or which otherwise is required to cure Sublessee's defaults. Sublessor shall return the balance, if any, to Sublessee. If Sublessee has vacated not been in default beyond applicable notice and cure periods under this Sublease, and, at the Premisesbeginning of the second-to-last and last months of the Term, or any final adjustment pursuant to Subsection 6.2 hereof has been maderespectively, whichever shall last occur, and provided Sublessee is not then in default beyond applicable notice and cure periods, then Sublessor shall credit one-half of any of its obligations hereunder, the Security DepositDeposit to Monthly Base Rent for the second-to-last month of the Term, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or and the remaining balance to the last assigneemonth of the Term, if any, and Sublessor thereafter shall be relieved of any obligation to return the Security Deposit to Sublessee's interest hereunder.

Appears in 1 contract

Sources: Sublease (Organic Inc)

Security Deposit. Sublessee Concurrently with SUBTENANT's execution of this Sublease, SUBTENANT shall deposit with Sublessor upon execution SUBLANDLORD the sum of Two Hundred Thirty Six Thousand Nine Hundred Seventy Seven Dollars and 20/100 ($236,977.20). Said sum shall be held by SUBLANDLORD as a Security Deposit for the faithful performance by SUBTENANT of all the terms, covenants and conditions of this Sublease to be kept and performed by SUBTENANT during the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")term hereof. If Sublessee fails SUBTENANT defaults with respect to pay rent or other charges when due under any provision of this Sublease, or fails including, but not limited to, the provisions relating to perform the payment of Rent and any of its other obligations hereunderthe monetary sums due herewith, Sublessor SUBLANDLORD may use (but shall not be required to) use, apply or apply retain all or any portion part of the this Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor SUBLANDLORD may become obligated spend by reason of SublesseeSUBTENANT's default or breach, or to compensate SUBLANDLORD for any other loss or damage sustained which SUBLANDLORD may suffer by Sublessor as a result reason of SublesseeSUBTENANT's default or breachdefault. If Sublessor so uses any portion of the Security Depositsaid Deposit is so used or applied, Sublessee SUBTENANT shall, within ten (10) days after written demand by Sublessortherefor, deposit cash with SUBLANDLORD in that amount sufficient to restore the Security Deposit to the full amount originally deposited, and Sublesseeits original amount. SUBTENANT's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor SUBLANDLORD shall not be required to keep the this Security Deposit separate from its general accountsfunds, and SUBTENANT shall have no obligation or liability for payment of not be entitled to interest on the Security such Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so So much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expirednot been properly used, applied, or Sublessee retained hereunder shall be returned to SUBTENANT (or at SUBLANDLORD's option, to the last assignee of SUBTENANT's interest hereunder) at the expiration of the Sublease term and after SUBTENANT has vacated the Premises. If SUBTENANT, or any final adjustment pursuant during the term of the Sublease, successfully completes an Initial Public Offering (IPO) and can provide proof and evidence thereof, SUBLANDLORD shall reimburse to Subsection 6.2 hereof has been madeSUBTENANT one-half of the security deposit, whichever shall last occur, One Hundred Eighteen Thousand Four Hundred Eighty Eight and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder60/100 ($118,488.60).

Appears in 1 contract

Sources: Sublease Agreement (Netro Corp)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this the Sublease the sum of Twenty Thousand Two Hundred Fifty fourteen thousand nine hundred sixty eight dollars and 40/100ths Dollars eighty cents ($20,250.4014,968.80) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or of damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.

Appears in 1 contract

Sources: Sublease (Anchor Pacific Underwriters Inc)

Security Deposit. Upon execution hereof, Sublessee shall deposit the Security Deposit with Sublessor. The Security Deposit shall secure Sublessee's obligations under this Sublease to pay Base Rent and other monetary amounts, to maintain the Premises and repair damages thereto, to surrender the Premises to Sublessor in clean condition and repair upon execution termination of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for to discharge Sublessee's faithful performance other obligations hereunder. Sublessor may use and commingle the Security Deposit with other funds of Sublessee's obligations hereunder ("Security Deposit")Sublessor. If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other Sublessee's obligations hereunder, Sublessor may use or may, but without any obligation to do so, apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason towards fulfillment of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachunperformed obligations. If Sublessor does so uses apply any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, Sublessee's failure to remit to Sublessor a sufficient amount in cash to restore the Security Deposit to the full original amount originally deposited, and Sublesseewithin five (5) days after receipt of Sublessor's failure written demand to do so shall constitute a default under this Subleasean event of default. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment Upon termination of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or if Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default performed all of any of its Sublessee's obligations hereunder, Sublessor shall return the Security Deposit, or so much thereof as had not theretofore been whatever amount remains of the Security Deposit after Sublessor applied by Sublessorall or a portion of the Security Deposit to perform Sublessee's obligations hereunder, shall be returned to Sublessee or to the last assignee, if any, without payment of Sublessee's interest hereunderinterest.

Appears in 1 contract

Sources: Sublease Agreement (MLC Holdings Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Two Thousand Two Four Hundred Fifty Ninety Seven and 40/100ths 69/100 Dollars ($20,250.40$ 2,497.69) as security for Sublessee▇▇▇▇▇▇▇▇'s faithful performance of Sublessee▇▇▇▇▇▇▇▇▇'s obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of SublesseeSublease's interest hereunder.

Appears in 1 contract

Sources: Sublease (Hiway Technologies Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Ninety Nine Thousand Two Hundred Fifty Twenty Two Dollars and 40/100ths Dollars Seventy-Six cents ($20,250.4099,222.76) in the form of cash or check in immediately available funds as a security deposit (the "Security Deposit"). The Security Deposit shall be considered as security for Sublessee's faithful performance of Sublessee's obligations hereunder hereunder. In addition, at the time of execution Sublessee shall deposit with Sublessor the first month's rent in the amount of Twenty Four Thousand Eight Hundred Five Dollars and Sixty-Nine cents ("$24,805.69) to be applied toward rent for the period April 15, 2005-May 15, 2005. Sublessor further agrees to apply the Security Deposit")Deposit for the monthly rent payments owed for the last three (3) months of the term of this Sublease. If Sublessee fails to pay rent Rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit Deposit, without prejudice to any other remedy which Sublessor may have, for the payment of any rent Rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) business days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns or otherwise conveys its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor and, provided that Sublessor has in fact delivered the Security Deposit as aforesaid, Sublessee agrees to look solely to such grantee or assignee for application or return of the Security Deposit from any mortgage or any purchaser of Sublessor's interest at a foreclosure sale of any grantee of a deed in lieu of foreclosure. Within ten thirty (1030) business days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.

Appears in 1 contract

Sources: Sublease (Ipix Corp)

Security Deposit. Sublessee Simultaneously with the execution and delivery of this Sublease, Subtenant shall deposit with Sublessor upon execution Sublandlord the amount of this Sublease the sum of Twenty Fourteen Thousand Two One Hundred Fifty and 40/100ths Thirty Three Dollars ($20,250.4014,133.00) in cash (the "Security Deposit") as security for Sublessee's faithful performance by Subtenant of the covenants and obligations hereunder. The Security Deposit shall be held by Sublandlord without interest; no trust relationship shall be deemed created thereby; and the Security Deposit may be commingled with other assets of Sublandlord. If Subtenant defaults in the performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations covenants hereunder, Sublessor may use or Sublandlord may, upon notice to Subtenant, apply all the whole or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion part of the Security Deposit, Sublessee to the extent required for the payment of Base Rent, Additional Rent or other sums due from Subtenant hereunder, in addition to any other remedies available to Sublandlord. In the event Sublandlord shall so apply the Security Deposit, Subtenant shall, within ten (10) days after written demand by Sublessorupon demand, restore the Security Deposit immediately deposit with Sublandlord a sum equal to the full amount originally deposited, and Sublesseeso applied. Subtenant's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep If Subtenant fully and faithfully complies with all the covenants hereunder, the Security Deposit separate from its general accounts, and (or the balance thereof) shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver be returned to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten Subtenant within thirty (1030) days after the last to occur of (i) the date the Term has expiredexpires or terminates, or Sublessee has vacated (ii) surrender of possession of the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has Premises and (iii) Sublandlord's inspection of the Premises and determination that all obligations of Subtenant under this Sublease have been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderfully satisfied.

Appears in 1 contract

Sources: Sublease (Lionbridge Technologies Inc /De/)

Security Deposit. Sublessee shall deposit with Sublessor upon execution and maintain during the Term the cash sum of Twenty-five Thousand and 00/100 Dollars ($25,000.00) as a security deposit (the “Security Deposit”) which Sublessor shall hold as security for the full and faithful performance by Sublessee of every term, provision, obligation and covenant under this Sublease and subject to the terms and conditions of this Sublease. The Security Deposit shall be paid to Sublessor as follows: HNZW/505063_5.doc/3583-1 (i) $8,000.00 on the Commencement Date, (ii) $8,000.00 on the 30th day after the Commencement Date and (iii) $9,000.00 on the 60th day after the Commencement Date. The Security Deposit may be deposited by Sublessor into an interest-bearing account, which interest shall accrue for the sole benefit of Sublessor and not Sublessee. The Security Deposit shall not be considered an advance payment of Rent (or of any other sum payable by Sublessee under this Sublease) or a measure of Sublessor’s damages in case of a default by Sublessee. Sublessor shall have no obligation to maintain the Security Deposit separate and apart from Sublessor’s general and/or other funds. If Sublessee defaults in respect of any of the terms, provisions, covenants and conditions of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due if there is a default under this Sublease, or fails to perform any of its other obligations hereunderRelated Lease, Sublessor may use or may, but shall not be required to, in addition to and not in lieu of any other rights and remedies available to Sublessor, apply all or any part of the Security Deposit to the payment of any sum in default, or any other sum that Sublessor may expend or be required to expend by reason of such default, including but not limited to, any damages or deficiency in reletting the Premises. Whenever, and as often as, Sublessor has applied any portion of the Security Deposit for the payment of to cure a default hereunder or under any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security DepositRelated Lease, Sublessee shall, within ten (10) days after written demand by Notice from Sublessor, deposit additional money with Sublessor sufficient to restore the Security Deposit to the full amount originally depositedthen required to be deposited with Sublessor, and Sublessee's ’s failure to do so shall constitute a default under this Subleasean Event of Default without any further Notice. If Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation transfers or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in under this Sublease, Sublessor shall deliver to its assignee so much of assign the Security Deposit as is then held by Sublessor. Within ten (10) days after to the Term has expired, or Sublessee has vacated new Sublessor and thereafter Sublessor shall have no further liability for the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default return of any of its obligations hereunder, the Security Deposit, and Sublessee agrees to look solely to the new Sublessor for the return of the Security Deposit. Sublessee agrees that it will not assign or so much thereof as had not theretofore been applied by encumber or attempt to assign or encumber the Security Deposit and that Sublessor, shall be returned to Sublessee or its successors and assigns may return the Security Deposit to the last assigneeSublessee in possession of the Premises at the last address for which Notice has given by such Sublessee and that Sublessor thereafter shall be relieved of any liability therefor, if any, regardless of Sublessee's interest hereunder.one or more assignments of this Sublease or any such actual or attempted assignment or encumbrances of the Security Deposit

Appears in 1 contract

Sources: Sublease Agreement (Adcare Health Systems, Inc)

Security Deposit. (a) Upon execution of this Sublease, Sublessee shall deposit with Sublessor upon execution of this Sublease the a sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars equal to two ($20,250.402) months Base Rent as security for Sublessee's the prompt, full, and faithful performance by Sublessee of Sublessee's each and every provision of this Agreement of Sublease and of all obligations of Sublessee hereunder (the "Security Deposit"). If In the event that, Sublessee fails does not exercise the Early Termination Right described in Section 3 hereof, then, if the Sublease is then in full force and effect and there exists no uncured default by Sublessee hereunder, the Security Deposit shall be reduced, and Sublessor shall refund to pay rent Sublessee the difference between the Security Deposit paid and an amount equal to the scheduled Base Rent for the last month of the Term on or before June 30, 2000, and shall retain the balance as security hereunder. Said Security Deposit may be commingled with other charges when funds of Sublessor and no interest or income from said security deposit shall be due Sublessee. In the event of default that is not cured within any applicable notice and cure periods, Sublessor may use, apply, or retain all or any part of the Security Deposit for payment of any (i) Base Rent or additional Rental; (ii) any sum expended by Sublessor on Sublessee's behalf in accordance with the provisions of this Sublease; (iii) any sum which Sublessor may expend or be required to expend by reason of Sublessee's default, including damages or deficiency in the reletting of the Subleased Premises; (iv) failure of Sublessee to indemnify or hold harmless Sublessor as required under this Sublease. The use, application, or fails 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 Agreement of Sublease or by law; and, shall not operate as a limitation on any recovery to perform any of its other obligations hereunder, which Sublessor may use or apply all or otherwise be entitled. If any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaidis used, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breachapplied, or for any loss or damage sustained retained by Sublessor as for a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Depositpurpose set forth above, Sublessee shall, agrees that within ten five (105) days after a written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.demand

Appears in 1 contract

Sources: Sublease Agreement (Versata Inc)

Security Deposit. Sublessee Upon execution hereof, Subtenant shall deposit with Sublessor upon execution of this Sublease Sublandlord the sum of One Hundred Twenty Five Thousand Two Hundred Fifty Dollars and 40/100ths Dollars 00/100 ($20,250.40125,000.00) as security for Sublessee's faithful performance of Sublessee's obligations hereunder (the "Security Deposit"), in cash, as security for the performance by Subtenant of the terms and conditions of this Sublease. If Sublessee Subtenant fails to pay rent Rent or other charges when due under this Sublease or otherwise defaults with respect to any provision of this Sublease, then Sublandlord may draw upon, use, apply or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaidcharge in default, for the payment of any other sum for which Sublessor may Sublandlord has become obligated to pay by reason of SublesseeSubtenant's default or breachdefault, or to compensate Sublandlord for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachwhich Sublandlord has suffered thereby. If Sublessor Sublandlord so uses or applies all or any portion of the Security Deposit, Sublessee shallthen Subtenant, within ten (10) days after written demand by SublessorSublandlord therefor, shall deposit cash with Sublandlord in the amount required to restore the Security Deposit to the full amount originally deposited, stated above. Sublandlord may commingle the Security Deposit with its own funds and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor Subtenant shall not be required entitled to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In Upon the event Sublessor assigns its interest in expiration of this SubleaseSublease and Subtenant's vacation of the Subleased Premises, Sublessor Sublandlord shall deliver return to its assignee Subtenant so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by SublessorSublandlord pursuant to this Paragraph, shall be returned or which is not otherwise required to Sublessee or to the last assignee, if any, of Sublesseecure Subtenant's interest hereunderdefaults.

Appears in 1 contract

Sources: Sublease (Transmeta Corp)

Security Deposit. Sublessee shall deposit with Sublessor Sublessor, upon execution of this Sublease Sublease, the sum of Twenty Five Thousand Two Four Hundred Fifty Ninety-two Dollars and 40/100ths Dollars 67/100 ($20,250.405,492.67) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage (including attorney's fees) sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) 10 days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, . Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) 30 days after the Term term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant pursuance to Subsection 6.2 6.3 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore therefore been applied by Sublessor, shall be returned to Sublessee Sublessee, or to the last assignee, assignee if any, of Sublessee's interest hereunder.

Appears in 1 contract

Sources: Sublease (Sunbelt Automotive Group Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease hereof the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) 70,200 as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent Rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or and fails to perform any commence a cure of its other obligations hereundersuch default within the time provided therefor in this Sublease, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent Rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessortherefore, deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally depositedherein above stated, and Sublessee's failure to do so shall constitute be a default under this Sublease, and Sublessor may at its option terminate this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Depositsaid deposit, or so much thereof as had has not theretofore been applied by Sublessor, shall be returned without payment of interest for its use to Sublessee within ten (10) days after the expiration of the Term hereof, or after Sublessee has vacated the Subleased Premises, whichever is later. Sublessee's Security deposit shall not bear interest unless the Master Lessor pays interest under the Master Lease to the last assigneeSublessor for Sublessor's security deposit, if any, of in which case Sublessee's security deposit with the Sublessor shall bear interest hereunderat the same rate under this Sublease as Sublessor's Security Deposit bears interest under the Master Lease.

Appears in 1 contract

Sources: Sublease Agreement (Ramp Networks Inc)

Security Deposit. 8.1 Sublessee shall deposit with Sublessor upon execution has delivered to Company a Security Deposit of Twenty-Nine Thousand Seven Hundred Fifty ($29,750.00) Dollars representing four (4) months rent at $7,437.50 per month as set forth in Section 5.1 herein. Upon the Commencement of the Term of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this SubleaseAgreement, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Company shall hold said Security Deposit for the payment duration of the Term of this Sublease. The Security Deposit shall be held by the Company as security for the full and faithful performance by Sublessee of all the Sublessee's terms, covenants and conditions of this Sublease Agreement, which Deposit shall be returned to Sublessee upon the expiration of this Sublease Agreement, provided Sublessee has faithfully performed all of the Sublessee's terms, covenants and conditions set forth in this Sublease Agreement and the Prime Lease. The Security Deposit shall be transferable to the benefit of any rent successor or other amount then due hereunder and unpaid, for assignee of Sublessee or the payment of any other sum for which Sublessor may become obligated by reason Company. In the event of Sublessee's default or breachfailure to perform the terms, covenants or conditions of this Sublease Agreement or Prime Lease, the Company may draw upon the Security Deposit to recover any costs, liabilities or other amounts due and owing by the Sublessee. In the event Company draws upon the Security Deposit for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion such purpose, Sublessee shall replenish the full amount of the Security Deposit, Sublessee shall, Deposit within ten (10) days after of Sublessee’s receipt of written demand by Sublessor, restore the notice from Company. The Security Deposit shall be segregated from Company funds in a separate interest bearing account and Sublessee and Company shall split the interest 50/50 at the end of the term. Within thirty (30) days from the end of the Term, any amount of the security deposit not used to pay sums due and owing by Sublessee or used to make necessary repairs to the full amount originally depositedleased premises, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall should be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.

Appears in 1 contract

Sources: Sublease Agreement (Dor Biopharma Inc)

Security Deposit. Sublessee SUBLESSEE will pay and SUBLESSOR shall hold during the Term, a security deposit with Sublessor upon execution ("Deposit") in the amount of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths $100,000 Dollars ($20,250.40) as security for Sublessee's faithful SUBLESSEE'S performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of all its other obligations hereunder, Sublessor . SUBLESSOR may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant part, to Subsection 6.2 hereof has been madeSUBLESSOR'S damages arising from SUBLESSEE'S default without prejudice to any other SUBLESSOR remedy. If any part of the Deposit is applied, whichever SUBLESSEE immediately shall last occurrestore the Deposit to its original amount. Upon written request, SUBLESSOR shall return the remaining Deposit to SUBLESSEE on the Termination Date and provided Sublessee SUBLESSEE'S surrender of possession of the DEMISED PREMISES to SUBLESSOR, so long as SUBLESSEE is not then in default of any of hereunder. SUBLESSOR shall have no obligation to pay interest on the Deposit and may commingle the Deposit with SUBLESSOR'S funds. If SUBLESSOR conveys its obligations hereunderinterest under this SUBLEASE, the Security Deposit, or so much thereof as had any part not theretofore been applied by Sublessorpreviously, shall may be returned to Sublessee or turned over to the last assignee, if any, new SUBLESSOR. SUBLESSOR shall obtain a receipt for said security deposit and shall give such receipt to SUBLESSEE. SUBLESSEE shall look solely to the new SUBLESSOR for proper application and the return of Sublessee's interest hereunderthe Deposit.

Appears in 1 contract

Sources: Sublease Agreement (Ventures National Inc)

Security Deposit. Sublessee Sublessees shall pay to Sublessor as a security deposit with Sublessor upon execution of this Sublease the sum of Twenty an amount equal to Fourteen Thousand Two Eight Hundred Fifty Seventy Nine and 40/100ths 58/100 Dollars ($20,250.4014,879.58) as security for Sublessee's Sublessees' faithful performance of Sublessee's Sublessees' obligations hereunder (the "Security Deposit"). If Sublessee fails Sublessees fail to pay rent Rent hereunder or to pay any other charges when sums due under this Sublease, or fails to perform any of its the other obligations terms and provisions of this Sublease or is otherwise in default or in breach hereunder, in each case after expiration of applicable notice and/or cure periods, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit in partial payment for the payment sums it may in its discretion advance as a result of a default or breach by any Sublessee, or to apply toward losses or expenses Sublessor may suffer or incur as a result of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breachbreach hereunder. If Sublessor uses or applies all or any portion of such Security Deposit, or for such application shall not be deemed a cure of any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, and Sublessees shall within ten five (105) business days after written demand by Sublessor, therefor deposit with Sublessor in cash an amount sufficient to restore the Security Deposit to the full amount originally depositedits original sum of Fourteen Thousand Eight Hundred Seventy Nine and 58/100 Dollars ($14,879.58), and Sublessee's the failure of Sublessees to do so so, after any applicable notice and cure period, shall constitute be a default under material breach of this SubleaseSublease by Sublessees. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, accounts and shall have no obligation or liability for payment of interest on the Security Deposit. In the event that Sublessor assigns its interest in this the Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) business days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, expired and provided Sublessee no Sublessees is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee Sublessees or to the last assignee, if any, of Sublessee's Sublessees' interest hereunder.

Appears in 1 contract

Sources: Sublease (Discovery Laboratories Inc /De/)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Fourteen Thousand Two Hundred Fifty and 40/100ths Eighty-Five Dollars ($20,250.4014,285.00) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.

Appears in 1 contract

Sources: Sublease (Borealis Technology Corp)

Security Deposit. Sublessee Subtenant shall deposit with Sublessor Sublandlord a security deposit (the “Security Deposit”) in the amount of $163,057.50 upon the execution of this the Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's the faithful performance and observance by Subtenant of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under the terms, covenants and conditions of this Sublease, or fails to perform . Such Security Deposit shall be governed by the provisions of Section 6 of the Master Lease as if Subtenant were the “Tenant” thereunder and Sublandlord were the “Landlord” thereunder. Provided that Subtenant has not defaulted on any of its other obligations hereunderunder the Sublease during the Sublease Term, Sublessor may use or Sublandlord shall have the option, upon fourteen (14) days’ prior notice to Subtenant, to apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do final two (2) months of Base Rent payable under the Sublease as such Base Rent becomes due. If Sublandlord does not so shall constitute a default under this Sublease. Sublessor shall not be required to keep apply the Security Deposit separate from its general accountsagainst Base Rent, and Subtenant shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in fully performed this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much any balance thereof as had that has not theretofore been applied by SublessorSublandlord, shall be returned to Sublessee Subtenant, without payment of interest, within sixty (60) days after the expiration or earlier termination of the Sublease Term and after Subtenant has vacated the Sublease Premises. In the event of termination of Sublandlord’s interest in this Sublease, Sublandlord shall transfer the Security Deposit to Sublandlord’s successor in interest whereupon Sublandlord shall be released from all liability for the return or accounting therefor. No trust relationship is created herein between Sublandlord and Subtenant with respect to the last assignee, if any, of Sublessee's interest hereunderSecurity Deposit.

Appears in 1 contract

Sources: Sublease (Exar Corp)

Security Deposit. Sublessee Simultaneously with the execution of this Sublease, Subtenant shall deposit with Sublessor upon execution a security deposit in the amount of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars five thousand dollars ($20,250.40) as 5,000.00), to be commingled with Sublessor's other funds in an interest bearing bank account. Such security deposit shall be security for Sublesseethe performance by Subtenant of all of Subtenant's faithful performance obligations, covenants, conditions and agreements under this Sublease. Within approximately thirty (30) days after the later of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent a) the expiration or other charges when due under earlier termination of the Term of this Sublease, or fails to perform any of its other obligations hereunder(b) Subtenant's vacating the Subleased Premises, Sublessor may use shall return such security deposit to Subtenant with interest, less such portion thereof as Sublessor shall have appropriated to satisfy any default under this Sublease by Subtenant, as hereinafter provided. If there shall be any default under this Sublease by Subtenant, then Sublessor shall have the right, but shall not be obligated, after notice to Subtenant and Subtenant's failure to timely cure to use, apply or apply retain all or any portion of the Security Deposit security deposit for the payment of any rent (a) Base Rent, Additional Rent or other amount then due hereunder and unpaid, for the payment of any other sum for as to which Subtenant is in default, or (b) amount Sublessor may spend or become obligated to spend, or for the compensation of Sublessor for any losses incurred, by reason of SublesseeSubtenant's default default, including, but not limited to, any damage or breach, or for any loss or damage sustained by Sublessor as a result deficiency arising in connection with the reletting of Sublessee's default or breachthe Subleased Premises. If Sublessor so uses any portion of the Security Depositsecurity deposit is so used or applied, Sublessee shall, then within ten three (103) business days after written demand by Sublessornotice to Subtenant of such use or application, Subtenant shall deposit with Sublessor cash in an amount sufficient to restore the Security Deposit security deposit to the full amount originally depositedits original amount, and SublesseeSubtenant's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.

Appears in 1 contract

Sources: Sublease (Exe Technologies Inc)

Security Deposit. Sublessee Subtenant shall deposit with Sublessor Sublandlord upon Subtenant's execution of this Sublease hereof, in cash, the sum of Twenty Forty-Nine Thousand Four Hundred Eighty-Two Hundred Fifty and 40/100ths 54/100 Dollars ($20,250.4049,482.54) (the "Security Deposit") as security for SublesseeSubtenant's faithful performance of SublesseeSubtenant's obligations hereunder ("Security Deposit")hereunder. If Sublessee Subtenant fails to pay rent any Rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, Sublandlord may use, apply or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaidcharge in default, or for the payment of any other sum for which Sublessor may become obligated Sublandlord incurs by reason of SublesseeSubtenant's default or breachdefault, or to compensate Sublandlord for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachwhich Sublandlord may suffer thereby. If Sublessor so Sublandlord uses or applies all or any portion of the Security Deposit, Sublessee shall, Subtenant must within ten (10) days after written demand by Sublessor, therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the its full amount originally deposited, and SublesseeSubtenant's failure to do so shall constitute will be a default under material breach of this Sublease. Sublessor Sublandlord shall not not, unless otherwise required by law, be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of nor pay interest on the Security DepositDeposit to Subtenant. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much If Subtenant performs all of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Subtenant's obligations hereunder, the Security Deposit, or so much thereof as had has not theretofore been used or applied by SublessorSublandlord, shall will be returned to Sublessee Subtenant (or at Sublandlord's option, to the last assignee, if any, of SublesseeSubtenant's interest hereunder) at the expiration or earlier termination of the Sublease Term, and within thirty (30) days after Subtenant has vacated the Subleased Premises. Subtenant hereby waives (i) California Civil Code Section 1950.7 (or any successor law) and any and all other laws, rules and regulations applicable to security deposits in the commercial context ("Security Deposit Laws"), and (ii) any and all rights, duties and obligations either party may now or, in the future, will have relating to or arising from the Security Deposit Laws. Notwithstanding anything to the contrary contained herein, the Security Deposit may be retained and applied by Sublandlord (a) to offset Rent which is owed and unpaid by Subtenant either before or after termination of this Sublease, and (b) against other damages suffered by Sublandlord due to the acts or omissions of Subtenant or Subtenant's agents, employees, contractors, invitees or licensees before or after termination of this Sublease. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit. Sublessor has a security interest in the Security Deposit pursuant to the Uniform Commercial Code of the state in which the Subleased Premises is located. Any deposit paid by Sublandlord under the Lease which may be returned by the Landlord will be the property of Sublandlord.

Appears in 1 contract

Sources: Sublease (Finjan Holdings, Inc.)

Security Deposit. Sublessee shall deposit with Sublessor Sublessor, upon execution of this Sublease hereof, the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Zero Dollars ($20,250.400) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay when due rent or additional rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may, in addition to all of its rights and remedies under this Sublease and at law, require Sublessee to immediately deposit with Sublessor a Security Deposit equal to (1) month's fixed rent and Sublessee's Proportionate Share of Ownership taxes and Operating Expenses. Thereafter, Sublessor may use use, apply or apply retain all of or any portion of the Security Deposit said deposit for the payment of any rent rent, additional rent, or other amount then due hereunder and unpaid, for the payment of any other sum charges for which Sublessor Sublessee may become obligated by reason of Sublessee's default or breach, or and to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses uses, retains, or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, within ten (10) days after written demand by Sublessortherefor, deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, hereinabove stated and Sublessee's failure to do so shall constitute be a default under breach of this Sublease, and Sublessor may, at his option, terminate this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much If Sublessee performs all of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Deposit, said deposit or so much thereof as had not theretofore been used, retained or applied by Sublessor, Sublessor shall be returned to Sublessee or (or, at Sublessor's option, to the last assignee, if any, of Sublessee's interest hereunder) and without interest for the use thereof within ten (10) days after the expiration of the term hereof, or after Sublessee has vacated the Subleased Premises, whichever is later.

Appears in 1 contract

Sources: Sublease Agreement (Mobius Management Systems Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon (a) Upon the execution of this Sublease Lease, Tenant has deposited with Landlord the sum “Deposit” in the amount of Twenty Sixty-Nine Thousand Seven Hundred Twenty-Two Hundred Fifty and 40/100ths 00/100 Dollars ($20,250.40) 69,722.00). The Deposit shall be held by Landlord as security for Sublessee's the faithful performance of Sublessee's obligations hereunder ("Security Deposit")by Tenant. If Sublessee Tenant fails to pay rent or other charges when due under this Subleasehereunder, or fails otherwise defaults with respect to perform any provision of its other obligations hereunderthis Lease, Sublessor may use Landlord may, but shall have no obligation to, use, apply or apply retain all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor Landlord may become obligated by reason of Sublessee's default or breachTenant’s default, or to compensate Landlord for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachwhich Landlord may suffer thereby. If Sublessor Landlord so uses or applies all or any portion of the Security Deposit, Sublessee shall, Tenant shall within ten (10) days after written demand by Sublessor, therefor deposit cash with Landlord in an amount sufficient to restore the Security Deposit deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Subleasethereof. Sublessor Landlord shall not be required to keep the Security Deposit deposit separate from its general accounts, and shall have no obligation or liability for payment . If Tenant performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Tenant’s obligations hereunder, the Security Deposit, Deposit or so much thereof as had has not theretofore been applied by SublessorLandlord, shall be returned returned, without payment of interest or other increment for its use, to Sublessee or Tenant (or, at Landlord’s option, to the last assignee, if any, of Sublessee's Tenant’s interest hereunder) at the expiration of the Term, and after Tenant has vacated the Demised Premises. No trust relationship is created herein between Landlord and Tenant with respect to the Deposit. (b) If the credit rating of Tenant’s Guarantor, Metaldyne Company LLC (hereinafter referred to as “Metaldyne”), as reported by ▇▇▇▇▇’▇ falls below “Ba 3” or as reported by Standard & Poors falls below “BB-” or Metaldyne is placed on a “watch list’’ other than as a result of an acquisition by either ▇▇▇▇▇’▇ and/or Standard & Poors or remains on a watch list after an acquisition for a period of six (6) months or more (hereinafter referred to as a “Trigger Event”), Tenant shall promptly notify Landlord and the Security Deposit shall be increased by Sixty-Nine Thousand Seven Hundred Twenty-Two and 00/100 Dollars ($69,722.00) (hereinafter referred to as the “Additional Deposit”), whether or not Tenant shall so notify Landlord. The Additional Deposit shall be deemed part of the Deposit and held and distributed in accordance with Section 39(a) hereof. If Landlord shall apply any portion of the Deposit to cure Tenant’s default, such amount shall reduce the Additional Deposit. Notwithstanding the foregoing, if Metaldyne’s credit rating shall be raised by ▇▇▇▇▇’▇ to “Ba 3” or better and by Standard & Poors to “BB-’’ or better and Metaldyne shall be removed from such watch list, if any (or has been on such watch list as a result of an acquisition for less than six (6) months), such credit rating shall remain at such levels and Metaldyne shall not appear on such watch list(s) for six (6) consecutive months other than as a result of an acquisition and no Event of Default then exists (hereinafter referred to as the “Return Event”), Landlord shall return to Tenant the then remaining portion of the Additional Deposit. Each time the Additional Deposit has been returned to Tenant as aforesaid and a Triggering Event shall subsequently occur, Tenant shall so notify Landlord and again make such Additional Deposit, whether or not Tenant shall so notify Landlord, and if such Additional Deposit has been again made and a Return Event occurs, the balance of the Additional Deposit shall again be returned to Tenant. (c) Alternatively, in satisfaction of the requirement set forth in the first sentence of Section 39(a), Tenant may deliver to Landlord a letter of credit in the amount of Sixty-Nine Thousand Seven Hundred Twenty-Two and 00/100 Dollars ($69,722.00) in the form set forth on Exhibit E attached hereto (hereinafter referred to as the “Initial Letter of Credit’’). Tenant shall no later than fifteen (15) days prior to the expiration of the Initial Letter of Credit or any subsequent replacement letter of credit, deliver to Landlord, pursuant to this Section 39(c), a replacement letter of credit (hereinafter referred to as the “Replacement L/C), substantially in the same form or such other form as shall be reasonably acceptable to Landlord. The Initial Letter or Credit and each Replacement L/C (hereinafter collectively referred to as the “Letter of Credit”) shall be issued by an Approved Bank, as hereinafter defined. The Letter of Credit shall be in effect from the date of this Lease through the Expiration Date. In the event any Letter of Credit requires a transfer fee or charge, Tenant shall immediately upon request reimburse Landlord for such amount. Upon satisfaction of the foregoing requirements, Tenant shall receive back its $69,722.00 cash deposit. (d) Landlord may (but shall not be required to do so) draw down the Letter of Credit, up to the Applicable Amount, as hereinafter defined, only in accordance with this Section 39(d) and the provisions of the Letter of Credit and only if any of the following occur: (i) Tenant shall fail to deliver to Landlord a Replacement L/C pursuant to Section 39(c) hereof, in which event Landlord shall hold the proceeds in trust as cash collateral in an interest bearing account in an Approved Bank. Tenant shall thereafter have the right to furnish a Replacement L/C, and upon the furnishing of such Replacement L/C. Landlord shall immediately turn over such cash collateral (including the interest earned thereon) to Tenant. While Landlord holds such cash collateral, it shall have the right to utilize the same to the extent necessary to cure Tenant’s default, under this Lease, provided if Landlord terminates this Lease as a result of Tenant’s default hereunder, Landlord shall be entitled to retain the entire amount of the cash collateral free of any such trust. (ii) an Event of Default. (e) For purposes of this Section 39, (i) “Applicable Amount” means (A) upon a drawing pursuant to Section 39(d)(i) hereof, the entire amount of the Letter of Credit and (B) upon a drawing pursuant to Section 39(d)(ii) hereof, the amount necessary to cure Tenant’s default, provided that if Landlord terminates this Lease, as a result of Tenant’s default hereunder, Landlord shall be entitled to draw the entire Letter of Credit, and (ii) “Approved Bank” shall mean a bank organized under the laws of the United States or any state of the United States, with capital and surplus in excess of One Hundred Million Dollars ($100,000,000).

Appears in 1 contract

Sources: Lease (Metaldyne Performance Group Inc.)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Eighty-Seven Thousand Two Seven Hundred Fifty Fifty-Eight and 40/100ths No/100 Dollars ($20,250.4087,758.00) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's for Sublessee default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and SublesseeSublease's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.

Appears in 1 contract

Sources: Sublease (800 Com Inc)

Security Deposit. Sublessee shall deposit (a) Simultaneously with Sublessor upon the execution of this Sublease Sublease, Subtenant shall deposit the sum of Twenty Five Million Seventy Five Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.405,075,000) Dollars with Sublessor ("Cash Deposit") as security for Sublessee's the full and faithful performance and observance by Subtenant of SublesseeSubtenant's covenants or obligations hereunder under this Sublease (the "Security Deposit"). If Sublessee fails Sublessor may invest the Cash Deposit in a one-year certificate of deposit (the "CD") with HSBC Bank USA and provided Subtenant is not in default under this Sublease and upon Subtenant's request, Sublessor shall pay to pay rent or other charges when due Subtenant, not more than once a year, the interest earned on the CD. So long as Subtenant is not in default under any of its obligations under this Sublease, the required amount of Cash Deposit shall decrease by $211,458 per month, commencing on August 1, 2004 (but the required amount of the Cash Deposit shall never be less than $500,000). (b) At any time in lieu of the Cash Deposit, Subtenant may deliver (and receive any Cash Deposit held by Sublessor in return) a clean, irrevocable, evergreen, transferrable and unconditional letter of credit (the "Letter of Credit"), in form and content reasonably satisfactory to Sublessor, issued by and drawable upon any major money center bank which is a New York Clearing House Member and maintains throughout the period of the Letter of Credit a Standard & Poor's rating of at least A (the "Issuing Bank"), which Letter of Credit shall have a term of not less than one year, be for the account of Sublessor, be in the amount of the applicable Cash Deposit, provide for multiple partial draws, and be fully transferable by Sublessor without the payment of any fees or charges. The Letter of Credit shall provide that it shall be deemed automatically renewed, without amendment, for consecutive periods of one year each thereafter during the term of this Sublease, unless the Issuing Bank sends notice (the "NonRenewal Notice") to Sublessor by certified mail, return receipt requested, not less than thirty (30) days next preceding the then expiration date of the Letter of Credit that it elects not to have such Letter of Credit renewed. If the Issuing Bank sends a Non-Renewal Notice, then at least twenty (20) days prior to the expiration of the Letter of Credit (and each subsequent Letter of Credit), Subtenant shall deliver to Sublessor either (i) cash in the amount of the required Cash Deposit or (ii) a renewal or new Letter of Credit in the same amount as the required Cash Deposit. If Subtenant fails to perform deliver either the cash or renewal or new Letter of Credit as specified above prior to the expiration of such twenty (20) day period, time being of the essence, then Sublessor shall have the immediate and continuing right to draw upon the existing Letter of Credit and to receive the monies represented by the existing Letter of Credit and to hold such proceeds pursuant to the terms of this Article as a Cash Deposit. (c) The Letter of Credit shall provide, inter alia, that: The Issuing Bank shall pay to the Sublessor or its designee up to the amount of Letter of Credit upon presentation of only (a) the Letter of Credit and (b) a certificate purportedly executed by an officer of the Sublessor stating that "Subtenant is in default under the Sublease, between Sublessor and Subtenant, $[Amount to be designated] is due under such Sublease and you are hereby instructed to pay such amount to HSBC Bank USA under the Letter of Credit No. , dated , 20 , issued by to Sublessor" or stating that "Subtenant has not delivered a renewal or new Letter of Credit to Sublessor in accordance with the requirements of Article _ of the Sublease between Sublessor and Subtenant and you are hereby directed to pay the entire amount of the Letter of Credit No. , dated , 20 , to HSBC Bank USA." (d) If Subtenant defaults in the full and prompt payment and performance of any of its other Subtenant's covenants or obligations hereunderunder this Sublease, including, but not limited to, the payment of rent, Sublessor may use use, apply or apply all retain the whole or any portion part of the Security Deposit and the interest accrued thereon, if any, to the extent required for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sums as to which Subtenant is in default or for any sum for which Sublessor may become obligated expend or may be required to expend by reason of SublesseeSubtenant's default in respect of any of the terms, covenants and conditions of this Sublease, including, but not limited to, any damages or breach, deficiency in the reletting of all or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security DepositSubleased Premises, Sublessee shall, within ten (10) days whether such damages or deficiency accrue before or after written demand summary proceedings or other re-entry by Sublessor. If Sublessor shall so use, restore apply or retain the whole or any part of the Security Deposit and the interest accrued thereon, Subtenant shall upon demand immediately deposit with Sublessor a sum equal to the amount so used, applied or retained. (e) If Subtenant shall fully and faithfully comply with all of Subtenant's covenants and obligations under this Sublease, the Security Deposit or any balance thereof, shall be returned or paid over to Subtenant after the date on which this Sublease shall expire or terminate, and after delivery to Sublessor of entire possession of the Subleased Premises as provided herein. In the event of any sale of Sublessor's interest in the Building, Sublessor shall have the right to assign its interest in the Security Deposit to the full amount originally deposited, transferee or assignee and Sublesseeif Sublessor has given notice to Subtenant of the assignment of Sublessor's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, Sublessor shall thereupon be released by Subtenant from all liability for the return or so much thereof as had payment thereof; and Subtenant shall look solely to the new Sublessor for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new Sublessor. Subtenant shall not theretofore been applied by Sublessor, assign or encumber or attempt to assign or encumber the Security Deposit and neither Sublessor nor its successors or assigns shall be returned to Sublessee bound by any such assignment, encumbrance, attempted assignment or to the last assignee, if any, of Sublessee's interest hereunderattempted encumbrance.

Appears in 1 contract

Sources: Sublease (Marvel Enterprises Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease hereof the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars twenty-eight thousand, two hundred seventy six dollars ($20,250.4028,276.00) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessortherefore, deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, herein above stated and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Deposit. said deposit, or so much thereof as had has not theretofore been applied by Sublessor, shall be returned returned, without payment of interest or other increment for its use to Sublessee (or at Sublessor's option, to the last assignee, if any, of Sublessee's interest hereunder) at the expiration of the term hereof, and after Sublessee has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to said Security Deposit.

Appears in 1 contract

Sources: Sublease Agreement (Chippac LTD)

Security Deposit. Sublessee shall deposit with Sublessor upon On the date of execution of this Sublease by Sublessee, there shall be due and payable by Sublessee a security deposit in the sum amount of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security 7,929.00, such deposit to be held for Sublessee's faithful the performance by Sublessee of Sublessee's covenants and obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of it being expressly understood that the Security Deposit for the deposit shall not be considered an advance payment of any rent rental or other amount then due hereunder and unpaid, for a measure of Sublessor's damages in case of default by Sublessee. Upon the payment occurrence of any other sum for which Sublessor may become obligated event of default by reason Sublessee or breach by Sublessee of Sublessee's default covenants or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default obligations under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver may, from time to its assignee so much time, without prejudice to any other remedy, use the security deposit to the extent necessary to make good any arrears of rental or other payments hereunder and/or any damage, injury, expense or liability caused to Sublessor by such event or breach of covenant. Following any such application of the Security Deposit as is then held security deposit, sublessee shall pay to Sublessor on demand the amount so applied in order to restore the security deposit to the amount thereof existing prior to such application. Any remaining balance of the security deposit shall be returned by Sublessor. Within ten Sublessor to Sublessee within thirty (1030) days after the Term has expiredtermination of this Sublease; provided, however, Sublessor shall have the right to retain and expend such remaining balance (a) to reimburse Sublessor for any and all rentals or other sums due hereunder that have not been paid in full by Sublessee has vacated and/or (b) for cleaning and repairing the PremisesSubleased Premises if Sublessee shall fail to deliver same at the termination of this Sublease in a neat and clean condition and in as good a condition as existed at the date of possession of same by Sublessee, or ordinary wear and tear only excepted. Sublessee shall not be entitled to any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, interest on the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereundersecurity deposit.

Appears in 1 contract

Sources: Sublease Agreement (Boots & Coots International Well Control Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon execution Tender of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars (Possession $20,250.40) 17,258.00 as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent Rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent Rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositf said deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefor forward to Sublessor an amount sufficient to restore the Security said Deposit to the full amount originally deposited, provided for herein and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security said Deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security said Deposit, or so much thereof as had has not theretofore therefore been applied by Sublessor, shall be returned returned, without payment of interest to Sublessee (or at Sublessor's option, to the last assignee, if any, of Sublessee's interest hereunder) at the expiration of the term hereof, and after Sublessee has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to said Security Deposit.

Appears in 1 contract

Sources: Sublease Agreement (Liquidmetal Technologies)

Security Deposit. (a) Simultaneous with the execution hereof, Sublessee shall deposit with has paid to Sublessor upon execution $19,326.29 (first month's rent of this Sublease the sum $8,320.00, plus one (1) month C.A.M. of Twenty Thousand Two Hundred Fifty $1,966.25 (3,025 sq. ft. x $.65), plus sales tax of $720.04 and 40/100ths Dollars (Security Deposit of $20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"8,320.00). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion The purpose of the Security Deposit for is (a) to remedy any defaults by Sublessee in the payment of Rent, (b) to repair damages to the Building or the Sublet Premises caused by Sublessee, its employees, invitees, contractors, subcontractors, licensees, subtenants or agents, and (c) to otherwise secure the faithful performance by Sublessee of all of the provisions, covenants and conditions of this Sublease to be kept and performed by Sublessee, during the term of this Sublease or any extension thereof. (b) If at any time during the term of this Sublease, (i) Sublessee should default in the payment of Rent, (ii) Sublessee, its employees, invitees, contractors, subcontractors, licensees, subtenants or agents should cause damage to the Sublet Premises or the Building, or (iii) Sublessee should otherwise fail to keep and perform any of the provisions, covenants and conditions of this Sublease to be kept and performed by Sublessee, Sublessor, at its option, may, in addition to all other rights and remedies which it may have, utilize all or any part of the Security Deposit toward the payment of any rent or other amount then due hereunder and unpaidcost, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss expense or damage incurred or sustained by Sublessor as a result or for payment of Sublessee's default Rent or breachother amounts due to Sublessor under this Sublease (but Sublessor shall not be required to do so). If Sublessor so uses any portion of elects to utilize the Security DepositDeposit as aforesaid, Sublessee shall, within ten fifteen (1015) days after written demand by Sublessortherefor, deposit cash with Sublessor in an amount sufficient to restore the Security Deposit to its original amount or have issued a letter of credit in form and substance satisfactory to the full Sublessor in an amount originally depositedsufficient to restore the Security Deposit to its original amount. The parties agree that the provisions of this Section shall not operate as a limitation upon the amount of damages to which Sublessor is entitled by virtue of any default by Sublessee or failure by Sublessee to perform all of the provisions, covenants, conditions and Sublessee's failure to do so shall constitute a default under agreements of this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of pay Sublessee interest on the Security DepositDeposit except as required by law. Sublessor's obligations with respect to the Security Deposit are those of a debtor and not trustee. Sublessor shall have the right to commingle the Security Deposit with Sublessor's general and other funds, to the extent permitted by law. (c) In the event Sublessor assigns its case of an assignment of Sublessor's interest in this Subleasethe Sublet Premises, Sublessor shall deliver to its assignee so much pay over any unapplied part of the Security Deposit as is then held by to Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur's successor, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, Sublessor shall be returned relieved of all liability with respect thereto so long as Sublessor provides Sublessee with written notification of such transfer with acknowledgment of recipient's acceptance of same. The provisions of the preceding sentence shall apply to Sublessee or to every subsequent transfer of the last assignee, if any, of SublesseeSublessor's interest hereunderunder the ▇▇▇▇▇▇▇▇▇.

Appears in 1 contract

Sources: Sublease Agreement (Ramp Corp)

Security Deposit. Upon execution hereof, Sub-Sublessee shall deposit ---------------- with Sub-Sublessor upon execution of this Sublease the sum of Twenty Seventy-Two Thousand Two Hundred Fifty Fifty-Two and 40/100ths no/100 Dollars ($20,250.4072,252.00) as security and for a Security Deposit to secure Sub- Sublessee's faithful full and timely performance of Sublessee's all of its obligations hereunder ("Security Deposit")hereunder. If Sublessee SubSublessee fails to pay rent or any other charges sums as and when due under hereunder, or otherwise defaults with respect to any provision of this Sub-Sublease, or fails to perform any of its other obligations hereunder, Sub- Sublessor may use (but shall not be obligated to) use, apply, or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sub-Sublessee is obligated or which will compensate Sub-Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained which Sub-Sublessor may suffer thereby. Any such use, application, or retention shall not constitute a waiver by Sub-Sublessor as a result of Sublessee's default its right to enforce its other remedies hereunder, at law, or breachin equity. If Sublessor so uses any portion of the Security Depositsaid deposit is so used, applied, or retained, Sub-Sublessee shall, within ten (10) 10 days after delivery of written demand by from Sub-Sublessor, restore the Security Deposit said deposit to the full amount originally deposited, and its original amount. Sub-Sublessee's failure to do so shall constitute a default under Default of this Sub- Sublease. Sub-Sublessor shall not be a trustee of such deposit, and shall not be required to keep the Security Deposit this deposit separate from its general accounts, . Sub-Sublessor alone shall be entitled to any interest or earnings thereon and SubSublessor shall have no obligation or liability for payment the free use of interest on the Security Depositsame. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so So much of the Security Deposit deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, remains shall be returned to Sublessee SubSublessee (without payment of interest or to earnings thereon) within 30 days after the last assigneelater of (i) expiration or sooner termination of the term hereof, if any, of or (ii) Sub-Sublessee's interest hereundersurrender of possession of the Sub-Subleased Premises to Sub-Sublessor.

Appears in 1 contract

Sources: Sub Sublease Agreement (Scient Corp)

Security Deposit. (a) To secure the faithful performance by Sublessee of all the covenants, conditions and agreements in this Sublease on the part of Sublessee to be fulfilled, kept, observed and performed including, but not by way of limitation, such covenants and agreements in this Sublease which become applicable upon the termination of the same by re-entry or otherwise, Sublessee shall deposit with Sublessor upon Sublessor, with five (5) days of execution of this Sublease Sublease, a security deposit in the sum amount of Twenty Thousand Two Four Hundred Fifty and 40/100ths Thousand Dollars ($20,250.40450,000.00) as security for Sublessee's faithful performance of Sublessee's obligations hereunder (the "Security Deposit"). If The Security Deposit shall be in the form of the Letter of Credit, as described in Section 7(b) below. Sublessor and Sublessee fails agree that: (a) the Security Deposit or any portion thereof may be applied to the curing of any default that may then exist, without prejudice to any other remedy or remedies which Sublessor may have on account thereof, and upon such application Sublessee shall pay rent or other charges when due provide an additional letter of credit otherwise satisfying the terms of this Sublease to Sublessor within five (5) days of demand the amount so applied which shall be added to the Security Deposit so the same may be restored to its original amount; (b) should the Lease be assigned by Sublessor, the Security Deposit or any portion thereof not previously applied shall be assigned to Sublessor's assignee, and upon such assignee's express assumption of Sublessor's obligations under this Sublease, or fails Sublessee shall release Sublessor from any and all liability with respect to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for and/or its application or return; (c) the payment of any rent sum deposited or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breachportion thereof not previously applied, or for any loss or damage sustained by Sublessor the original Letter of Credit, as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessorapplicable, shall be returned to Sublessee or without interest within thirty (30) days following the expiration of the Term of this Sublease, except to the last assigneeextent reasonably required to cure any breach by Sublessee of any of its obligations hereunder and provided that Sublessee has vacated the Premises and surrendered possession thereof to Sublessor at the expiration of the Term; (d) in the event that Sublessor terminates this Sublease or Sublessee's right to possession by reason of an event of default under this Sublease by Sublessee, Sublessor may apply the Security Deposit against damages suffered to the date of such termination and/or may retain the Security Deposit to apply against such damages as may be suffered or shall accrue thereafter by reason of Sublessee's default; and (e) in the event any bankruptcy, insolvency, reorganization or other creditor-debtor proceedings shall be instituted by or against Sublessee, or its successors or assigns, the Security Deposit shall be deemed to be applied first to the payment of any Rent due Sublessor for all periods prior to the institution of such proceedings, and the balance, if any, of Sublesseethe Security Deposit may be retained or paid to Sublessor in partial liquidation of Sublessor's interest hereunderdamages. (b) The letter of credit supplied by Sublessee as the Security Deposit shall be an irrevocable, unconditional, standby letter of credit in a form substantially similar to the form attached hereto as Exhibit F and incorporated herein (such letter of credit, together with any renewal or replacement letters of credit delivered or to be delivered by Sublessee under this Section, shall be referred to herein collectively as the "Letter of Credit"). The Letter of Credit shall be issued by a national money center bank mutually acceptable to Sublessor and Sublessee (the "Issuer"). The final form of the Letter of Credit and the form of any replacement Letter of Credit shall be acceptable to Sublessor in its reasonable discretion. The Letter of Credit shall be for an initial term of not less than twelve (12) months and shall be maintained in force at all times from issuance through thirty (30) days following the expiration or earlier termination of this Sublease. If Sublessee fails to deliver to Sublessor either a replacement Letter of Credit or cash in the full amount of the Security Deposit required hereunder at least thirty (30) days prior to the expiration date of an outstanding Letter of Credit, such failure shall be a default under this Sublease (without the requirement of notice) entitling Sublessor, in addition to its other remedies, to draw down all or part of the current Letter of Credit and to then hold such cash proceeds as the Security Deposit in accordance with Section 7(a). Sublessor shall have the right, upon a transfer or assignment of its rights as landlord under this Sublease and concurrent with the return of the original Letter of Credit, to require Sublessee to deliver a replacement Letter of Credit designating Sublessor's successor as the beneficiary, at Sublessor's sole cost and expense. No draw under the Letter of Credit shall be deemed a waiver of, or be deemed to have cured, any default by Sublessee under any provision of this Sublease except to the extent directly applied to cure such default(s).

Appears in 1 contract

Sources: Sublease Agreement (Corgentech Inc)

Security Deposit. Upon execution of this Sublease, Sub-Sublessee shall deposit with Sub-Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars $46,533.62 ($20,250.40hereinafter referred to as the “Security Deposit”) as security for Sublessee's faithful the full performance of every provision of this Sublease by Sub-Sublessee's obligations hereunder ("Security Deposit"). If Sub-Sublessee fails to pay rent or other charges when due under shall fully perform each provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any that portion of the Security Deposit for which has not been used by Sub-Sublessor to apply to any costs, charges or payments owing by Sub-Sublessee to Sub-Sublessor hereunder shall be returned to Sub-Sublessee without interest within thirty (30) days after the payment expiration or earlier termination (except where such termination is pursuant to Section 11) of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublease. Sub-Sublessor may become obligated deliver the funds deposited hereunder by reason Sub-Sublessee to the purchaser or transferee of Sublessee's default Sub-Sublessor’s interest in the Premises in the event that such interest be sold or breachtransferred, and, in the event the purchaser or for transferee agrees in writing to assume all of the obligations of Sub-Sublessor under this Sublease, thereupon Sub-Sublessor shall be discharged from any loss or damage sustained by Sublessor as a result of Sublessee's default or breachfurther liability with respect to such Security Deposit. If Sublessor so uses an event of default under the Sublease shall occur and continue beyond the applicable notice and cure period, Sub-Sublessee shall, upon receipt of written notice from Sub-Sublessor, promptly pay and restore any portion amounts of the Security DepositDeposit that have been credited against Base Rent or Additional Rent hereunder. If Master Lessor or Sublessor terminates or revokes its consent to this Sublease for any reason other than the default by Sub-Sublessee, and this Sublease terminates as a result, so long as Sub-Sublessee shallis not in default hereunder beyond any applicable notice and cure period and Sub-Sublessee timely vacates the Subleased Premises without any damage thereto, within ten (10) days after written demand by Sublessor, restore Sub-Sublessor shall return the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten Sub-Sublessee within fifteen (1015) days after the Term has expired, following such termination or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderrevocation.

Appears in 1 contract

Sources: Sub Sublease Agreement (Mast Therapeutics, Inc.)

Security Deposit. Within ten (10) days following the execution of this Sublease, Sublessee shall deposit with Sublessor upon execution a security deposit in the amount of this Sublease [ * ](the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40“Security Deposit”) as security for Sublessee's the full and faithful performance of each of Sublessee's ’s obligations hereunder under this Sublease and that certain Single Site License ("Security Deposit")“License”) of even date between the parties. If Sublessee fails to pay rent any Base Rent or other charges when due under this SubleaseAdditional Rent, or fails otherwise defaults beyond the applicable notice and cure period with respect to perform any of its other obligations hereunderunder this Sublease or the License, Sublessor may use (but shall not be obligated to), and without prejudice to any other remedy to Sublessor, use, apply or apply retain all or any portion of the Security Deposit for the payment of any rent Base Rent or other amount then due hereunder and unpaid, Additional Rent in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breach’s default, or to compensate Sublessor for any loss or damage sustained or Sublessor may suffer thereby, including, without limitation, prospective damages and damages recoverable pursuant to California Civil Code Section 1951.2. As provided above, Sublessee waives the provisions of California Civil Code Section 1950.7, and all other provisions of law now in force or that become in force after the date of execution of this Sublease, that provide that Sublessor may claim from the Security Deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Sublessor as a result of Sublessee's default , or breachto clean the Subleased Premises. If Sublessor so uses or applies all or any portion of the Security DepositDeposit as provided above, Sublessee shall, within ten twenty (1020) days after written demand by Sublessortherefor, deposit cash with Sublessor in an amount sufficient to restore the Security Deposit to the full amount originally depositedthereof, and Sublessee's ’s failure to do so shall constitute shall, at Sublessor’s option, be a default (as defined in Section 10 hereof) under this Sublease. Sublessor shall not be required to keep If the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee’s obligations hereunder, the Security Deposit, or so much thereof as had that has not theretofore been applied by Sublessor, shall be returned to Sublessee or within thirty (30) days following the expiration of the Sublease Term and Sublessee’s vacation of the Subleased Premises; provided, however, that if the Sublease is terminated by Sublessee in a bankruptcy proceeding pursuant to 11 U.S.C. §365, Sublessor may retain the last assigneeSecurity Deposit and apply [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, if anyMARKED BY BRACKETS, of Sublessee's HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. the same against its damages recoverable pursuant to California Civil Code Section 1951.2. Sublessor shall not be deemed to hold the Security Deposit in trust nor be required to keep the Security Deposit separate from its general funds, and Sublessee shall not be entitled to any interest hereunderon the Security Deposit.

Appears in 1 contract

Sources: Asset Transfer and License Agreement (Cerus Corp)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease hereof the sum of Twenty Fifteen Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.4015,000.00) as security a Security Deposit for Sublessee's Sublessees faithful performance of Sublessee's Sublessees obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachSublessees default, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefor deposit cash with Sublessor in an amount sufficient to restore the Security Deposit to the full amount originally deposited, and Sublessee's failure said deposit. Failure to do so shall constitute a default under be breach of this Sublease, and Sublessor may, at its option, terminate this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expiredexpiration of the term hereof, or on condition that Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occurpremises, and provided Sublessee is not then in default has fully and faithfully performed every provision of any of its obligations hereunderthis Sublease to be performed by it, the Security Deposit, Deposit or so much any balance thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or (or, at Sublessors option, to the last assignee, if any, of Sublessee's or Sublessees interest hereunder).

Appears in 1 contract

Sources: Sublease (Steri Oss Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon execution and maintain during the Term the cash sum of One Hundred Thousand and 00/100 Dollars ($100,000.00) as a security deposit (the “Security Deposit”) which Sublessor shall hold as security for the full and faithful performance by Sublessee of every term, provision, obligation and covenant under this Sublease and subject to the terms and conditions of this Sublease. The Security Deposit shall be paid to Sublessor as follows: (i) $33,000.00 on the Commencement Date, (ii) $33,000.00 on the 30th day after the Commencement Date and (iii) $34,000.00 on the 60th day after the Commencement Date. The Security Deposit may be deposited by Sublessor into an interest-bearing account, which interest shall accrue for the sole benefit of Sublessor and not Sublessee. The Security Deposit shall not be considered an advance payment of Rent (or of any other sum payable by Sublessee under this Sublease) or a measure of Sublessor’s damages in case of a default by Sublessee. Sublessor shall have no obligation to maintain the Security Deposit separate and apart from Sublessor’s general and/or other funds. If Sublessee defaults in respect of any of the terms, provisions, covenants and conditions of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"or if there is a default under any agreement or instrument with which this Sublease is cross-defaulted). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or may, but shall not be required to, in addition to and not in lieu of any other rights and remedies available to Sublessor, apply all or any part of the Security Deposit to the payment of any sum in default, or any other sum that Sublessor may expend or be required to expend by reason of Sublessee’s default, including but not limited to, any damages or deficiency in reletting the Premises. Whenever, and as often as, Sublessor has applied any portion of the Security Deposit for the payment of to cure Sublessee’s default hereunder or under any rent or other amount then due hereunder and unpaid, for the payment of any other sum for agreement with which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Depositthis Sublease is cross-defaulted, Sublessee shall, within ten (10) days after written demand by Notice from Sublessor, deposit additional money with Sublessor sufficient to restore the Security Deposit to the full amount originally depositedthen required to be deposited with Sublessor, and Sublessee's ’s failure to do so shall constitute a default under this Subleasean Event of Default without any further Notice. If Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation transfers or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in under this Sublease, Sublessor shall deliver to its assignee so much of assign the Security Deposit as is then held by Sublessor. Within ten (10) days after to the Term has expired, or Sublessee has vacated new Sublessor and thereafter Sublessor shall have no further liability for the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default return of any of its obligations hereunder, the Security Deposit, and Sublessee agrees to look solely to the new Sublessor for the return of the Security Deposit. Sublessee agrees that it will not assign or so much thereof as had not theretofore been applied by encumber or attempt to assign or encumber the Security Deposit and that Sublessor, shall be returned to Sublessee or its successors and assigns may return the Security Deposit to the last assigneeSublessee in possession of the Premises at the last address for which Notice has given by such Sublessee and that Sublessor thereafter shall be relieved of any liability therefor, if any, regardless of Sublessee's interest hereunder.one or more assignments of this Sublease or any such actual or attempted assignment or encumbrances of the Security Deposit

Appears in 1 contract

Sources: Sublease Agreement (Adcare Health Systems, Inc)

Security Deposit. Concurrently herewith, Sublessee shall deposit One Hundred Four Thousand One Hundred Eighty-eight Dollars and Fifty Cents ($104,188.50) with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's its obligations hereunder ("under the terms of this Sublease. Sublessor shall not be required to keep any cash portion of the Security Deposit")Deposit separate from its general funds, or to pay any interest thereon. The Security Deposit shall be held by Sublessor and may be applied by Sublessor in accordance with the provisions of Article 18 of the Master Lease. If Sublessee fails defaults with respect to pay rent or other charges when due under any provision of this Sublease, or fails including, without limitation, the provisions relating to perform any the payment of its rental and other obligations sums due hereunder, Sublessor may use shall have the right, but shall not be required, to use, apply or apply retain all or any portion part of the Security Deposit for the payment of rental or any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may spend or become obligated to spend by reason of Sublessee's default or breach, or to compensate Sublessor for any other loss or damage sustained which Sublessor may suffer by Sublessor as a result reason of Sublessee's default or breachdefault. If Sublessor so uses any portion of the Security DepositDeposit is so used or applied, Sublessee shall, within ten (10) days after written demand by Sublessortherefor, deposit cash with Sublessor in an amount sufficient to restore the Security Deposit to the full amount originally deposited, required hereunder and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not If Sublessee fully and faithfully performs every provision of this Sublease to be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held performed by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunderit, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessorany balance thereof, shall be returned to Sublessee or or, at Sublessor's option, to the last assignee, if any, assignee of Sublessee's interest hereunder, at the expiration of the term of this Sublease and after Sublessee has vacated the Premises. In the event of termination of Sublessor's interest in this Sublease, Sublessor's shall transfer all deposits then held by Sublessor under this Section to Sublessor's successor in interest, whereupon Sublessee agrees to release Sublessor from all liability for the return of such deposit or the accounting thereof.

Appears in 1 contract

Sources: Assignment and Assumption of Lease (Cytokinetics Inc)

Security Deposit. Sublessee Together with its execution and delivery of this Sublease, Subtenant shall deposit with Sublessor upon execution of Sublandlord, as the security deposit under this Sublease (the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")) cash in the amount of $47,402.22. If Sublessee fails to pay rent or other charges when due The Security Deposit will be held in a segregated, interest-bearing account as security for Subtenant's performance of its obligations under this Sublease, or fails for and during the Term. The Security Deposit with all interest earned thereon shall be returned to perform any Subtenant within thirty (30) days after the termination of its other obligations hereunder, Sublessor may use or apply all or any this Sublease except that portion of the Security Deposit for required to restore the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachSublet Premises in accordance with Section 11(b) below ("Restoration Security"). If Sublessor so uses any Any remaining portion of the Restoration Security Deposit, Sublessee shall, within ten together with all interest earned thereon shall be returned to Subtenant upon the earlier of (10i) one-hundred eighty (180) days after the termination of this Sublease or the date that the Sublet Premises are restored to in accordance with Section 11(b) below, provided there exists no breach of any undertaking of Subtenant and provided that all Surrender costs as described in Paragraph 11(b) have been paid in full. If all or any part of the Security Deposit is applied to an obligation of Subtenant hereunder during the Term, Subtenant shall within five (5) business days, upon written demand request by SublessorSublandlord, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Subleaseits original amount. Sublessor Subtenant shall not be required have the right to keep the Security Deposit separate from its general accounts, and shall have no obligation call upon Sublandlord to apply all or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much any part of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expiredto cure any default, fulfill any obligation, or Sublessee has vacated the Premisesmake any Base Rent or operating cost payment of Subtenant, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, but such use shall be returned to Sublessee or to solely in the last assignee, if any, discretion of Sublessee's interest hereunderSublandlord.

Appears in 1 contract

Sources: Sublease (Viacell Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease Sublandlord hereby acknowledges receipt from Subtenant the sum of Twenty Thousand One Million Four Hundred Thirty-Two Eight Hundred Fifty Ninety-Five and 40/100ths 40/100 Dollars ($20,250.40) 1,432,895.40), which Sublandlord shall retain as security for Sublessee's faithful performance by Subtenant of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any each of its obligations hereunder. If Subtenant fails at any time to perform its obligations hereunder, Sublandlord may at its option apply the Security Deposit, or so much thereof as had 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 theretofore been applied 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. In lieu of the cash Security Deposit hereinabove provided for, Subtenant shall have the option to deposit with Sublandlord a letter of credit (the "Letter of Credit") in an amount equal to the Security Deposit. Any Letter of Credit shall be in the form of an irrevocable, unconditional stand by Sublessorletter of credit, drawn on a bank that is reasonably acceptable to Sublandlord. The Letter of Credit shall permit partial draws, and 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 presentation to the issuing institution of: (i) the original letter of credit; (ii) Sublandlord's sight draft in the amount sought to be returned 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 has failed to Sublessee 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 last assigneeSubleased Premises to the condition that Subtenant is required to leave at the conclusion of the term of this Sublease, if anySublandlord shall within thirty (30) days of the expiration or termination of this Sublease, refund to Subtenant so much of Sublesseethe 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 interest 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

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

Security Deposit. Sublessee Simultaneously with the execution of this Sublease, Subtenant shall deposit with Sublessor upon execution Sublandlord a cash security deposit in the amount of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee17,595.00 to be held by Sublandlord to secure, in part, Subtenant's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor 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, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security DepositSublandlord, or so much thereof as had 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 SublessorSubtenant 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, (b) the amount applied to such cure is less than the retained portion, and (c) such default does not materialize within thirty (30) days after the expiration or earlier termination of this Sublease. While Sublandlord holds such deposit, Sublandlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Sublandlord’s other funds. lf Sublandlord conveys Sublandlord's interest under this Sublease, the deposit, or any part thereof not previously applied, shall be returned turned over by Sublandlord to Sublessee or to the last assigneeSublandlord's grantee, and, if anyso turned over, Subtenant agrees to look solely to such grantee for proper application of Sublessee's interest hereunderthe Security Deposit in accordance with the terms of this paragraph, and the return thereof in accordance herewith.

Appears in 1 contract

Sources: Consent to Sublease (Atara Biotherapeutics, Inc.)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Sixteen Thousand Two Hundred Fifty Fifty-Two and 40/100ths 50/100 Dollars ($20,250.4016,252.50) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then when due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.

Appears in 1 contract

Sources: Real Sublease Agreement (Borealis Technology Corp)

Security Deposit. Sublessee shall deposit with Sublessor upon Within ten (10) business days after the execution of this Sublease Sublease, Sublessee shall pay to Sublessor the first month's rent due and provide Sublessor with security in the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublesseethe last month's faithful performance of Sublessee's obligations hereunder ("Security Deposit")rent due. If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which the Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally depositeddeposited less any amounts applied to the first months' rent, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten thirty (1030) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore therefore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderinterest.

Appears in 1 contract

Sources: Sublease Agreement (N2h2 Inc)

Security Deposit. (a) Concurrently with the execution of this Sublease, Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Twenty-Four Thousand One Hundred Fifty-Two Hundred Fifty and 40/100ths 50/100 Dollars ($20,250.4024,152.50)(the “Security Deposit”) to be held by Sublessor as security for Sublessee's the full and faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If by Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment terms and conditions of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required obligated to keep hold the Security Deposit in a separate from its account and may hold the Security Deposit in a general accounts, and account of Sublessor. Sublessee shall have no obligation or liability for payment of not be entitled to any interest on the Security Deposit. In the event .. If any Rent or other sum payable by Sublessee to Sublessor assigns its interest in becomes overdue and remains unpaid, or should Sublessor make any payments on behalf of Sublessee as permitted by this Sublease, Sublessor shall deliver or should Sublessee fail to its assignee so much perform any of the Security Deposit as is terms and conditions of this Lease, then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occurat its option, and provided Sublessee is not then in default of without prejudice to any of its obligations hereunderother remedy which Sublessor may have on account thereof, the Security Depositmay appropriate and apply said deposit, or so much thereof as had not theretofore been applied by may be required to compensate or reimburse Sublessor, as the case may be, toward the payment of Rent or other such sum payable hereunder, or loss or damage sustained by Sublessor due to the breach or failure to perform on the part of Sublessee, and upon demand, Sublessee shall restore such security to the original sum deposited. (b) Conditioned upon the compliance by Sublessee of all of the terms of this Lease, and the payment of all sums due hereunder, as and when they fall due, the Security Deposit shall be returned in full to Sublessee or on expiration of the Sublease Term and Sublessee's vacation of the Subleased Premises in the condition required pursuant to this Sublease and the Prime Lease. (c) In the event of any transfer of title to the last assigneeSubleased Premises, if any, Sublessor shall have the right to transfer the security deposit to said transferee and Sublessor shall thereupon be released by Sublessee from all liability for the return of Sublesseesuch security deposit provided said transferee assumes Sublessor's interest hereunderliability under this Sublease; and Sublessee agrees to look to the new lessor for the return of said Security Deposit. It is hereby agreed that the provisions of this Section shall apply to every transfer made of the Security Deposit to a new sublessor.

Appears in 1 contract

Sources: Sublease Agreement (Syscomm International Corp)

Security Deposit. Upon its execution of this Sublease, Sublessee shall deposit with Sublessor upon execution of this Sublease Sublessor, a cash security deposit (the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit") in the amount of One Thousand Five Hundred Seventy Six and 67/100 Dollars ($1,576.67), which Sublessor may draw upon to cure any default under this Sublease continuing beyond any applicable notice and cure periods or to compensate Sublessor for any damage Sublessor incurs as a result of Sublessee's failure to perform any of its obligations hereunder. If Sublessee fails to pay rent or other charges when due under this Subleasehereunder, or fails otherwise defaults with respect to perform any provision of its other obligations hereunderthis Sublease beyond any applicable notice and cure periods, Sublessor may use use, apply, or apply retain all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or ox to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses any portion of draws on the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessorof such draw, restore Sublessee shall replenish the Security Deposit so that the amount available to Sublessor from the full Security Deposit provided hereunder is the amount originally deposited, and specified above. Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep replenish the Security Deposit separate from its general accounts, as required hereunder within the tune specified herein shall constitute an Event of Default under this Sublease and shall have no obligation or liability for payment of interest on entitle Sublessor to draw the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much full amount of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expiredin effect, in addition to any other rights at law, in equity or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been madethe Master Lease. Provided there is no uncured default on the Expiration Date, whichever shall last occur, and provided Sublessee is not then in default any balance of any of its obligations hereunder, the Security DepositDeposit not used, applied or so much thereof retained by Sublessor as had not theretofore been applied by Sublessorabove provided, shall be returned to Sublessee within fifteen days after the Sublease Expiration Date and after delivery of possession of the entire Demised Premises to Sublessor in accordance with the terms of this Sublease. Any interest that accrues on the Security Deposit shall belong to Sublessor. Sublessee covenants that it will not assign or encumber, or attempt to assign or encumber, the Security Deposit and that neither Sublessor nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment, or attempted encumbrance. In the event that any bankruptcy, insolvency, reorganization or other debtor-creditor proceedings shall be instituted by or against the Sublessee, its successors or assigns, the Security Deposit shall be deemed to be applied to the last assigneepayment of the Sublease Rent and additional rent due Sublessor for periods prior to the institution of such proceedings and the balance, if any, may be retained by Sublessor in partial satisfaction of SublesseeSublessor's interest hereunderdamages.

Appears in 1 contract

Sources: Sublease Agreement (Valesc Inc)

Security Deposit. Upon the execution of this Sublease by Sublessee, Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Seventy Eight Thousand Two Eight Hundred Fifty and 40/100ths Dollars Forty dollars ($20,250.4078,840.00) as security for Sublessee's faithful performance of Sublessee's obligations hereunder (the "Security Deposit"). The Security Deposit shall be held by Sublessor as security for the faithful performance by Sublessor of all of the terms, covenants and conditions of this Sublease to be performed by Sublessee during the Term. If Sublessee fails defaults with respect to pay rent or other charges when due under any provision of this Sublease, including the provisions relating to the payment of any Base Rent or fails to perform any of its other obligations hereunderOperating Costs, Sublessor may use (but shall not be required to) use, apply or apply retain all or any part of the Security Deposit to cure such default or to compensate Sublessor for any other loss or damage which Sublessor may suffer by reason of Sublessee's default. If any portion of the Security Deposit for the payment of any rent is so used or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Depositapplied, Sublessee shall, within ten (10) days after written demand by for Sublessor, deposit with Sublessor an amount sufficient to restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Subleaseits original amount. Sublessor Sublessee shall not be required entitled to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Depositsuch deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided If Sublessee is in not then in default of any of its obligations hereunderthe provisions of this Sublease, Sublessor agrees to apply the sum of Twenty Six Thousand Two Hundred Eighty dollars ($26,280.00) against the Base Rent due for the month of January 2000 when it becomes due. If Sublessee shall fully and faithfully perform every position of this Sublease as required to be performed by it under the terms of this Sublease and the Master Lease, the Security Deposit, Deposit or so much any balance thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to no later than thirty (30) days after the last assignee, if any, expiration of the Term and Sublessee's interest hereundervacation of the premises.

Appears in 1 contract

Sources: Sublease Agreement (Ondisplay Inc)

Security Deposit. Sublessee Simultaneously with the execution of this Sub-Sublease, Sub-Subtenant shall deposit with the Sub-Sublessor upon execution a security deposit in the amount of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as 1,000.00. Such security deposit shall be security for Sublesseethe performance by Sub-Subtenant of all of Sub-Subtenant's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due obligations, covenants, conditions and agreements under this Sublease. Provided that Sub-Subtenant has not at any time been in default of any monetary obligations under this Sub-Sublease, within approximately thirty (30) days after the later of (a) the expiration or earlier termination of the Term of this Sub-Sublease, or fails (b) Sub-Subtenant's vacating the Sub-Subleased Premises, Sub-Sublessor shall return the security deposit to perform Sub-Subtenant, less such portion thereof as Sub-Sublessor shall have appropriated to satisfy any of its other obligations hereunderdefault under this Sub-Sublease by Sub-Subtenant. If there shall be any default under this Sub-Sublease by Sub-Subtenant, then Sub-Sublessor may use shall have the right, but shall not be obligated, to use, apply or apply retain all or any portion of the Security Deposit security deposit for the payment of any (a) Rent, additional rent or other amount then due hereunder and unpaid, for the payment of any other sum for as to which Sub-Subtenant is in default, or (b) amount Sub-Sublessor may spend or become obligated to spend, or for the compensation of Sub-Sublessor for any losses incurred, by reason of SublesseeSub-Subtenant's default default, including, but not limited to, any damage or breach, or for any loss or damage sustained by Sublessor as a result deficiency arising in connection with the reletting of Sublessee's default or breachthe Sub-Subleased Premises. If Sublessor so uses any portion of the Security Depositsecurity deposit is so used or applied, Sublessee shall, then within ten three (103) business days after receipt of written demand by Sublessornotice to Sub-Subtenant of such use or application, Sub-Subtenant shall deposit with Sub-Sublessor cash in an amount sufficient to restore the Security Deposit security deposit to the full amount originally depositedits original amount, and SublesseeSub-Subtenant's failure to do so shall constitute a default under this Sub-Sublease. Sub-Sublessor shall not be required to keep pay or forward to Sub-Subtenant any interest accrued with respect to the Security Deposit separate from its general accounts, security deposit and shall have no obligation or liability for payment of any interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, earned thereon shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderretained by Sub-Sublessor.

Appears in 1 contract

Sources: Sub Sublease (Ashton Technology Group Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars (hereof $20,250.40) 6,171.00 as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If hereunder, if Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, hereinabove stated and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Depositsaid deposit, or so much thereof as had has not theretofore been applied by Sublessor, shall be returned returned, without payment of Interest or other Increment for its use to Sublessee (or at Sublessor's option, to the last assignee, if any, of Sublessee's interest Interest hereunder) at the expiration of the term hereof, and after Sublessee has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to said Security Deposit.

Appears in 1 contract

Sources: Sublease Agreement (Vista Medical Technologies Inc)

Security Deposit. Sublessee Subtenant shall deposit with Sublessor Sublandlord, upon the ---------------- completion, execution and delivery of this Sublease Sublease, the sum of Twenty Forty Five Thousand Two Five Hundred Fifty Seventy Five Dollars and 40/100ths Dollars seventy cents ($20,250.4045,575.70) to be held by Sublandlord, without obligation to pay interest thereon, as security for SublesseeSubtenant's faithful covenants to pay the rental herein reserved and for the keeping and performance of Sublessee's all other covenants and obligations hereunder ("Security Deposit")required to be kept or performed by Subtenant under the terms and provisions of the Sublease. If Sublessee fails to pay rent or other charges when due under this SubleaseIn the event of any default on the part of Subtenant in the payment of said rental, or fails to perform in the keeping of performance of any of its the other obligations hereundercovenants required to be kept or performed by Subtenant, Sublessor may use or Sublandlord shall have the right, but not the obligation, to apply all said security deposit, or any portion of thereof, to cure such default. In the Security Deposit for event the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated security is reduced by reason of Sublessee's default or breachsuch application, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, then within ten five (105) days after written demand by Sublessornotice thereof from Sublandlord, Subtenant shall deposit with Sublandlord such sum as may be necessary to restore the Security Deposit security deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Depositoriginal amount. In the event Sublessor assigns its interest in absence of any default on the part of the Subtenant, Sublandlord shall repay the said security deposit without deduction, to Subtenant promptly upon the termination of this SubleaseLease, Sublessor shall deliver but if the security deposit has been reduced to cure any default on the part of Subtenant, and has not been restored to its assignee so much original amount, the remainder of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessorsecurity deposit if any, shall be returned promptly paid to Sublessee or to the last assignee, if any, Subtenant upon termination of Sublessee's interest hereunderthis Lease.

Appears in 1 contract

Sources: Sublease Agreement (Netiq Corp)

Security Deposit. Sublessee Upon execution hereof, Sub-sublessee shall deposit ---------------- with Sublessor upon execution of this Sublease Sub-sublessor the sum of Twenty Thirty Thousand Two Three Hundred Fifty and 40/100ths Ninety Eight Dollars ($20,250.4030,398.00) as security and for Sublesseea Security Deposit to secure Sub-sublessee's faithful full and timely performance of Sublessee's all of its obligations hereunder ("Security Deposit")hereunder. If Sublessee Sub-sublessee fails to pay rent Rent or any other charges sums as and when due under this Subleasehereunder, or fails otherwise defaults with respect to perform any provision of its other obligations hereunderthis Sub-sublease, Sublessor Subsublessor may use (but shall not be obligated to) use, apply, or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become Sub-sublessee is obligated by reason of Sublessee's default or breach, or which will compensate Sub-sublessor for any loss or damage sustained which Sub-sublessor may suffer thereby. Any such use, application, or retention shall not constitute a waiver by Sublessor as a result Sub-sublessor-of Sublessee's default its right to enforce its other remedies hereunder, at law, or breachin equity. If Sublessor so uses any portion of the Security Depositsaid deposit is so used, Sublessee applied, or retained, Sub-sublessee shall, within ten (10) 10 days after delivery of written demand by from Sublessor, restore the Security Deposit said deposit to the full amount originally deposited, and Sublesseeits original amount. Sub-sublessee's failure to do so shall constitute a default under material breach of this SubleaseSub-sublease, and in such event Subsublessor may elect, among or in addition to other remedies, to terminate this Sub-sublease. Sublessor Sub-sublessor shall not be a trustee of such deposit, and shall not be required to keep the Security Deposit this deposit separate from its general accounts, . Sub-sublessor alone shall be entitled to any interest or earnings thereon and Sub-sublessor shall have no obligation or liability for payment the free use of interest on the Security Depositsame. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, If Sub-sublessee fully and provided Sublessee is not then in default of any faithfully performs all of its obligations hereunder, the Security Deposit, or then so much thereof of the deposit as had not theretofore been applied by Sublessor, remains shall be returned to Sublessee Sub-sublessee (without payment of interest or earnings thereon) within 30 days after the later of (i) expiration or sooner termination of the term hereof, or (ii) Sub-sublessee's surrender of possession of the Premises to the last assignee, if any, of Sublessee's interest hereunderSub-sublessor.

Appears in 1 contract

Sources: Sub Sublease Agreement (Vicinity Corp)

Security Deposit. Upon execution hereof, Sublessee shall deposit the Security Deposit with Sublessor. The Security Deposit shall secure Sublessee's obligations under this Sublease to pay Base Rent and other monetary amounts, to maintain the Sublet Space and repair damages thereto, to surrender the Sublet Space to Sublessor in clean condition and repair upon execution termination of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for to discharge Sublessee's faithful performance other obligations hereunder. Sublessor may use and commingle the Security Deposit with other funds of Sublessee's obligations hereunder ("Security Deposit")Sublessor. If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other Sublessee's obligations hereunder, Sublessor may use or may, but without any obligation to do so, apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason towards fulfillment of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachunperformed obligations. If Sublessor does so uses apply any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, Sublessee's failure to remit to Sublessor a sufficient amount in cash to restore the Security Deposit to the full original amount originally deposited, and Sublesseewithin five (5) days after receipt of Sublessor's failure written demand to do so shall constitute a default under this Subleasean event of default. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment Upon termination of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or if Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default performed all of any of its Sublessee's obligations hereunder, Sublessor shall return the Security Deposit, or so much thereof as had not theretofore been whatever amount remains of the Security Deposit after Sublessor applied by Sublessorall or a portion of the Security Deposit to perform Sublessee's obligations hereunder, shall be returned to Sublessee or to the last assignee, if any, without payment of Sublessee's interest hereunderinterest.

Appears in 1 contract

Sources: Sublease Agreement (Yahoo Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Twelve Thousand Two Hundred Fifty Seventeen and 40/100ths 20/100 Dollars ($20,250.4012,217.20) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.

Appears in 1 contract

Sources: Sublease Agreement (NTN Communications Inc)

Security Deposit. Upon the execution of this Sublease, Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security Security Deposit in cash in the amount set forth in Section 1.1, for Sublessee's the faithful performance and observance by Sublessee of Sublessee's obligations hereunder ("Security Deposit")the terms and provisions of the Sublease. If Sublessee fails defaults with respect to pay rent or other charges when due under any of the terms, provisions and conditions of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of draw down on the Security Deposit to the extent required for the payment of any rent Rent, Additional Rent or other amount then due hereunder and unpaid, for the payment of any other sum for as to which Sublessee is in default, or any sum which Sublessor may become obligated expend or may be required to expend by reason of Sublessee's default or breach, or for any loss or damage sustained by ’s default. In the event that Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of does draw down on the Security Deposit, Sublessee shall, shall within ten five (105) business days after written demand by receiving notice from Sublessor, restore replenish the Security Deposit to by the full amount originally deposited, Sublessor withdrew therefrom and Sublessee's failure to do so within such 5-business day period shall constitute a default under this Sublease. Sublessor shall not be required to keep Provided that no default exists at the Security Deposit separate from its general accounts, and shall have no obligation expiration or liability for payment earlier termination of interest on the Security Deposit. In the event Sublessor assigns its interest in this SubleaseSublease Term, Sublessor shall deliver to its assignee so much return any unapplied balance of the Security Deposit to Sublessee within sixty (60) days after such expiration or earlier termination of the Sublease Term. If at any time after the third (3rd) anniversary of the Commencement Date, so long as is Sublessee has not been in default under this Sublease beyond any applicable notice and cure periods (the “SD Reduction Obligation”), then held by SublessorSublessee may notify Sublessor in writing that it wishes to decrease the Security Deposit to an amount equal to $57,797.75 (the “Reduced Security Deposit”). Within ten (10) business days after of receipt of such notice, Sublessor shall either: (i) confirm in writing that the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof SD Reduction Obligation has been made, whichever satisfied and that the Security Deposit shall last occurbe deemed to equal the Reduced Security Deposit, and provided shall thereafter promptly return to Sublessee is not then in default of any of its obligations hereunder, the amount by which the Security Deposit exceeds the the Reduced Security Deposit, or so much thereof as had (ii) provide Sublessee with satisfactory written evidence that such SD Reduction Obligation has not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereundersatisfied.

Appears in 1 contract

Sources: Sublease (Adicet Bio, Inc.)

Security Deposit. Sublessee shall deposit with Sublessor upon execution and maintain during the Term the cash sum of Fifty-five Thousand and 00/100 Dollars ($55,000.00) as a security deposit (the “Security Deposit”) which Sublessor shall hold as security for the full and faithful performance by Sublessee of every term, provision, obligation and covenant under this Sublease and subject to the terms and conditions of this Sublease. The Security Deposit shall be paid to Sublessor as follows: (i) $18,000.00 on the Commencement Date, (ii) $18,000.00 on the 30th day after the Commencement Date and (iii) $19,000.00 on the 60th day after the Commencement Date. The Security Deposit may be deposited by Sublessor into an interest-bearing account, which interest shall accrue for the sole benefit of Sublessor and not Sublessee. The Security Deposit shall not be considered an advance payment of Rent (or of any other sum payable by Sublessee under this Sublease) or a measure of HNZW/505210_4.doc/3583-1 Sublessor’s damages in case of a default by Sublessee. Sublessor shall have no obligation to maintain the Security Deposit separate and apart from Sublessor’s general and/or other funds. If Sublessee defaults in respect of any of the terms, provisions, covenants and conditions of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due if there is a default under this Sublease, or fails to perform any of its other obligations hereunderRelated Lease, Sublessor may use or may, but shall not be required to, in addition to and not in lieu of any other rights and remedies available to Sublessor, apply all or any part of the Security Deposit to the payment of any sum in default, or any other sum that Sublessor may expend or be required to expend by reason of such default, including but not limited to, any damages or deficiency in reletting the Premises. Whenever, and as often as, Sublessor has applied any portion of the Security Deposit for the payment of to cure a default hereunder or under any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security DepositRelated Lease, Sublessee shall, within ten (10) days after written demand by Notice from Sublessor, deposit additional money with Sublessor sufficient to restore the Security Deposit to the full amount originally depositedthen required to be deposited with Sublessor, and Sublessee's ’s failure to do so shall constitute a default under this Subleasean Event of Default without any further Notice. If Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation transfers or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in under this Sublease, Sublessor shall deliver to its assignee so much of assign the Security Deposit as is then held by Sublessor. Within ten (10) days after to the Term has expired, or Sublessee has vacated new Sublessor and thereafter Sublessor shall have no further liability for the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default return of any of its obligations hereunder, the Security Deposit, and Sublessee agrees to look solely to the new Sublessor for the return of the Security Deposit. Sublessee agrees that it will not assign or so much thereof as had not theretofore been applied by encumber or attempt to assign or encumber the Security Deposit and that Sublessor, shall be returned to Sublessee or its successors and assigns may return the Security Deposit to the last assigneeSublessee in possession of the Premises at the last address for which Notice has given by such Sublessee and that Sublessor thereafter shall be relieved of any liability therefor, if any, regardless of Sublessee's interest hereunder.one or more assignments of this Sublease or any such actual or attempted assignment or encumbrances of the Security Deposit

Appears in 1 contract

Sources: Sublease Agreement (Adcare Health Systems, Inc)

Security Deposit. Concurrently with the execution and delivery of this Sublease Agreement, Sublessee shall deposit with Sublessor upon execution cash (the “Security Deposit”) in the amount of this Sublease the sum of Twenty One Hundred One Thousand Two Six Hundred Fifty Ninety-Three Dollars and 40/100ths Dollars Eighty-Five Cents ($20,250.40101,693.85) as security for Sublessee's the full and faithful performance of every provision of this Sub-Sublease Agreement to be performed by Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails defaults with respect to pay rent or other charges when due under any provision of this SubleaseSub-Sublease Agreement beyond any applicable notice and cure periods, including but not limited to the provisions relating to the payment of Rent, then Sublessor may, as applicable, use, apply, or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion part of the Security Deposit to the extent necessary in Sublessor’s judgment to cure such default and Sublessor may use, apply, or retain such amount for the payment of any rent or Rent and any other amount then due hereunder and unpaid, for the payment of any other sum for which that Sublessor may spend or become obligated to spend by reason of Sublessee's ’s default or breach, or to compensate Sublessor for any other loss or damage sustained that Sublessor may suffer by Sublessor as a result reason of Sublessee's default or breach’s default. If Sublessor so uses any portion amount of the Security DepositDeposit is so used or applied, Sublessee shall, within ten twenty (1020) business days after written demand by Sublessortherefor, deposit cash with Sublessor in an amount sufficient to restore the Security Deposit to its original amount. The amount so demanded shall be considered Additional Rent and the full failure of Sublessee to pay such amount originally deposited, and Sublessee's failure to do so shall constitute be a default under of this SubleaseSub-Sublease Agreement. If Sublessee shall fully and faithfully perform every provision of this Sublease to be performed by Sublessee, Sublessor shall not be required to keep return the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten Sublessee within thirty (1030) days after the Term has expired, or Sublessee has vacated expiration of the Premises, or any final adjustment pursuant Sublease Term. Nothing in this Sub-Sublease Agreement shall be deemed to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default limit the amount of any of its obligations hereunder, damages recoverable by Sublessor to the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.

Appears in 1 contract

Sources: Sub Sublease Agreement (Kubota Pharmaceutical Holdings Co LTD)

Security Deposit. Sublessee Simultaneously with the execution and delivery of this Lease, Tenant shall deposit with Sublessor upon execution of this Sublease Landlord or Agent the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars set forth in Section 1.9 above, in cash ($20,250.40) as the "Security"), representing security for Sublessee's faithful the performance by Tenant of the covenants and obligations hereunder. The Security shall be held by Landlord or Agent, without interest, in favor of Tenant; provided, however, that no trust relationship shall be deemed created thereby and the Security may be commingled with other assets of Landlord. If Tenant defaults in the performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations covenants hereunder, Sublessor may use Landlord or Agent may, with notice to Tenant, apply all the whole or any portion part of the Security Deposit Security, to the extent required for the payment of any rent Rent or other amount then sums due hereunder and unpaidfrom Tenant hereunder, for the payment of in addition to any other sum for which Sublessor may become obligated by reason of Sublessee's default remedies available to Landlord. In the event Landlord or breachAgent shall so apply the Security, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee Tenant shall, within ten (10) days after written demand by Sublessorupon demand, restore the Security Deposit immediately deposit with Landlord or Agent a sum equal to the full amount originally deposited, and Sublesseeso used. Tenant's failure to do so shall constitute a default under this SubleaseLease. Sublessor shall not be required to keep If Tenant fully and faithfully complies with all the covenants hereunder, the Security Deposit separate from its general accounts, and (or any balance thereof) shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver be returned to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten Tenant within thirty (1030) days after the last to occur of (i) the date the Term has expiredexpires or terminates, or Sublessee has vacated and (ii) delivery to Landlord of possession of the Premises, . Landlord may deliver the Security to any purchaser of Landlord's interest in the Premises [or any final adjustment pursuant to Subsection 6.2 hereof has been madeSuccessor Landlord (defined below), whichever shall last occurif applicable], and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, thereupon Landlord and Agent shall be returned to Sublessee or discharged from any further liability with respect to the last assigneeSecurity, if any, of Sublesseeprovided that such purchaser or Successor Landlord assumes Landlord's interest obligation hereunder.

Appears in 1 contract

Sources: Industrial Building Lease (Sabratek Corp)

Security Deposit. Upon execution hereof, Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Fifty-Two Thousand Two Hundred Fifty and 40/100ths Sixty Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder (52,060)(the "Security Deposit"), in cash, as security for the performance by Sublessee of the terms and conditions of this Sublease. If Sublessee fails to pay rent Rent or other charges when due under this Sublease or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, then Sublessor may use draw upon, use, apply or apply retain all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaidcharge in default, for the payment of any other sum for which Sublessor may has become obligated to pay by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachhas suffered thereby. If Sublessor so uses or applies all or any portion of the Security Deposit, Sublessee shallthen Sublessee, within ten (10) days after written demand by SublessorSublessor therefor, shall deposit cash with Sublessor in the amount required to restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Subleasestated above. Sublessor may commingle the Security Deposit with its own funds and Sublessee shall not be required entitled to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In Upon the event Sublessor assigns its interest expiration of this Sublease and Sublessee's vacation of the Subleased Premises, provided Sublessee is not in default under the terms of this Sublease, Sublessor shall deliver return to its assignee Sublessee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by SublessorSublessor pursuant to this Paragraph, shall be returned or which is not otherwise required to Sublessee or to the last assignee, if any, of cure Sublessee's interest hereunderdefaults.

Appears in 1 contract

Sources: Sublease (Eclipse Surgical Technologies Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon execution and maintain during the Term the cash sum of Thirty Thousand and 00/100 Dollars ($30,000.00) as a security deposit (the “Security Deposit”) which Sublessor shall hold as security for the full and faithful performance by Sublessee of every term, provision, obligation and covenant under this Sublease and subject to the terms and conditions of this Sublease. The Security Deposit shall be paid to Sublessor on the Commencement Date. The Security Deposit may be deposited by Sublessor into an interest-bearing account, which interest shall accrue for the sole benefit of Sublessor and not Sublessee. The Security Deposit shall not be considered an advance payment of Rent (or of any other sum payable by Sublessee under this Sublease) or a measure of Sublessor’s damages in case of a default by Sublessee. Sublessor shall have no obligation to maintain the Security Deposit separate and apart from HNZW/493109_4.doc/3583-95 (Greenfield) Sublessor’s general and/or other funds. If Sublessee defaults in respect of any of the terms, provisions, covenants and conditions of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"or if there is a default under any agreement or instrument with which this Sublease is cross-defaulted). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or may, but shall not be required to, in addition to and not in lieu of any other rights and remedies available to Sublessor, apply all or any part of the Security Deposit to the payment of any sum in default, or any other sum that Sublessor may expend or be required to expend by reason of Sublessee’s default, including but not limited to, any damages or deficiency in reletting the Premises. Whenever, and as often as, Sublessor has applied any portion of the Security Deposit for the payment of to cure Sublessee’s default hereunder or under any rent or other amount then due hereunder and unpaid, for the payment of any other sum for agreement with which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Depositthis Sublease is cross-defaulted, Sublessee shall, within ten (10) days after written demand by Notice from Sublessor, deposit additional money with Sublessor sufficient to restore the Security Deposit to the full amount originally depositedthen required to be deposited with Sublessor, and Sublessee's ’s failure to do so shall constitute a default under this Subleasean Event of Default without any further Notice. If Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation transfers or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in under this Sublease, Sublessor shall deliver to its assignee so much of assign the Security Deposit as is then held by Sublessor. Within ten (10) days after to the Term has expired, or Sublessee has vacated new Sublessor and thereafter Sublessor shall have no further liability for the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default return of any of its obligations hereunder, the Security Deposit, and Sublessee agrees to look solely to the new Sublessor for the return of the Security Deposit. Sublessee agrees that it will not assign or so much thereof as had not theretofore been applied by encumber or attempt to assign or encumber the Security Deposit and that Sublessor, shall be returned to Sublessee or its successors and assigns may return the Security Deposit to the last assigneeSublessee in possession of the Premises at the last address for which Notice has given by such Sublessee and that Sublessor thereafter shall be relieved of any liability therefor, if any, regardless of Sublessee's interest hereunderone or more assignments of this Sublease or any such actual or attempted assignment or encumbrances of the Security Deposit.

Appears in 1 contract

Sources: Sublease Agreement (Adcare Health Systems, Inc)

Security Deposit. Sublessee Simultaneously with Subtenant’s execution of this Sublease, Subtenant shall deposit with Sublessor upon execution Sublandlord the Security Deposit Amount as a security deposit for the performance by Subtenant of all of Subtenant’s obligations, covenants, conditions and agreements under this Sublease. Sublandlord shall not be required to maintain such security deposit in a separate account. Except as may be required by law, Subtenant shall not be entitled to interest on the security deposit. Within thirty (30) days after the later of the expiration or earlier termination of the Sublease Term or Subtenant’s vacating the Subleased Premises, Sublandlord shall return such security deposit to Subtenant, less such portion thereof as Sublandlord shall have appropriated to satisfy any of Subtenant’s obligations under this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")or to satisfy a Default under this Sublease. If Sublessee fails to pay rent or other charges when due there shall be any Default under this Sublease, then Sublandlord shall have the right, but shall not be obligated, to use, apply or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit security deposit for the payment of any rent (a) Sublease Base Rent, Additional Rent, or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor applicable to such event, or (b) amount Sublandlord may spend or become obligated to spend, or for the compensation of Sublandlord for any losses incurred, by reason of Sublessee's default such event (including any damage or breach, or for any loss or damage sustained by Sublessor as a result deficiency arising in connection with the reletting of Sublessee's default or breachthe Subleased Premises). If Sublessor so uses any portion of the Security Depositsecurity deposit (in whatever form) is so used or applied, Sublessee shall, then within ten seven (107) business days after Sublandlord gives written demand by Sublessornotice to Subtenant of such use or application, Subtenant shall deposit with Sublandlord cash in an amount sufficient to restore the security deposit to the original Security Deposit to the full amount originally depositedAmount, and Sublessee's Subtenant’s failure to do so shall constitute a default Default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.

Appears in 1 contract

Sources: Sublease Agreement (Zynex Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of One Hundred Twenty Five Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40125,000.00) as security for Sublessee's ’s faithful performance of Sublessee's ’s obligations hereunder ("Security Deposit"). If Sublessee fails falls to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's ’s interest hereunder.

Appears in 1 contract

Sources: Sublease (Hana Biosciences Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Nine Thousand Two Four Hundred Fifty Nine and 40/100ths No/100 Dollars ($20,250.409,459.00) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.

Appears in 1 contract

Sources: Lease Agreement (Catapult Communications Corp)

Security Deposit. Upon execution of this Sublease by Sublessee, ---------------- Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Sixty-Nine Thousand Two Six Hundred Fifty and 40/100ths No/100 Dollars ($20,250.40) 69,600.00), referred to herein as the "Security Deposit." The Security Deposit shall be held by Sublessor as security for Sublessee's faithful the performance of Sublessee's obligations hereunder under this Sublease. Sublessor may ("but shall have no obligation to) use the Security Deposit"). If Deposit or any portion thereof to cure any breach or default by Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform fulfill any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breachobligations under the Sublease, or to compensate Sublessor for any loss or damage sustained by Sublessor it incurs as a result of Sublessee's default or breachfailure to perform any of Sublessee's obligations hereunder. If Sublessor so uses any portion of the Security DepositIn such event, Sublessee shall, within ten (10) days after written shall pay to Sublessor on demand by Sublessor, restore an amount sufficient to replenish the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default required under this Sublease. If at the expiration or termination of this Sublease, Sublessee is not in default, has otherwise fully performed all of Sublessee's obligations under this Sublease, and after Sublessee has vacated the Subleased Premises, then within thirty (30) days following the expiration or termination of this Sublease Sublessor shall return to Sublessee the Security Deposit or the balance thereof then held by Sublessor and not applied as provided above. Sublessor may commingle the Security Deposit with Sublessor's general and other funds. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of pay interest on the Security DepositDeposit to Sublessee. In Provided that Sublessee has not been in default hereunder at any time prior to the event Sublessor assigns its interest in this Subleasefirst day of the thirteenth (13th) calendar month of the Sublease Term, Sublessor shall deliver to its assignee so much credit the sum of Thirty-Four Thousand Eight Hundred and No/100 Dollars ($34,800.00) from the Security Deposit as is then held by Sublessor. Within ten to Monthly Base Rent owing for said thirteenth (1013th) days after calendar month of the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderSublease Term.

Appears in 1 contract

Sources: Sublease (Information Management Associates Inc)

Security Deposit. Sublessee Upon execution hereof by Subtenant, Subtenant ----------------- shall deposit with Sublessor upon execution of this Sublease Sublandlord the sum of Twenty Thousand Two Hundred Fifty five thousand Dollars and 40/100ths Dollars no/100ths ------------- --------- ($20,250.405,000.00) as security for Sublessee's faithful performance of Sublessee's obligations hereunder (the "Security Deposit"), in cash, as security for the performance by Subtenant of the terms and conditions of this Sublease. If Sublessee Subtenant fails to pay rent Rent or other charges when due under this Sublease or otherwise defaults with respect to any provision of this Sublease, then Sublandlord may draw upon, use, apply or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaidcharge in default, for the payment of any other sum for which Sublessor may Sublandlord has become obligated to pay by reason of SublesseeSubtenant's default or breachdefault, or to compensate Sublandlord for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachwhich Sublandlord has suffered thereby. If Sublessor Sublandlord so uses or applies all or any portion of the Security Deposit, Sublessee shallthen Subtenant, within ten (10) days after written demand by SublessorSublandlord therefor, shall deposit cash with Sublandlord in the amount required to restore the Security Deposit to the full amount originally deposited, stated above. Sublandlord may commingle the Security Deposit with its own funds and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor Subtenant shall not be required entitled to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In Upon the event Sublessor assigns its interest expiration of this Sublease and Subtenant's vacation of the Subleased Premises, provided Subtenant is not in default under the terms of this Sublease, Sublessor Sublandlord shall deliver return to its assignee Subtenant so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expirednot been applied to Sublandlord pursuant to this Paragraph, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee which is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned otherswise required to Sublessee or to the last assignee, if any, of Sublesseecure Subtenant's interest hereunderdefaults.

Appears in 1 contract

Sources: Sublease (Photoloft Com)