Common use of Security Deposit Clause in Contracts

Security Deposit. Tenant shall pay to Landlord, immediately upon execution of this Lease, the sum specified in the Basic Lease Provisions as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provisions of this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may (but shall not be required to) use, apply or retain all or any part of this security deposit for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and Tenant's failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration of the Term, provided that Landlord may retain the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in full.

Appears in 2 contracts

Sources: Office Building Lease (Maxim Pharmaceuticals Inc), Office Lease Agreement (Maxim Pharmaceuticals Inc)

Security Deposit. Tenant shall pay to Landlord, immediately upon On or before the date of execution of this Leasethe lease, Tenant will deposit with Landlord the total sum specified in of Five thousand Dollars ($5000.00) (hereinafter referred to as "Security Deposit"). For the Basic Lease Provisions first three months the base rent will be free. The base rent, plus property taxes, fire insurance, and sales tax for the fourth month will be $5,846.62 due on the first day of the second month. Security Deposit shall be held by Landlord as security for the full and faithful performance by Tenant of every provision all the terms, covenants, and conditions of this Lease to be kept and performed by TenantTenant during the term hereof. If Tenant defaults with respect to any provisions provision of this Lease, including, but not limited to, to the provisions relating to the payment of rent, Landlord may (but shall not be required to) use, apply or retain all or any part of this security deposit for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, applied Tenant shall, within five (5) days after written demand therefor, therefore deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount and Tenant's failure to do so shall be a material breach of default under this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit Security Deposit or any balance thereof shall be returned to the Tenant (or or, at the Landlord's option, to the last assignee of Tenant's interests interest hereunder) at the within TEN (10) days following expiration of the Lease Term. In the event of termination of Landlord's interest in this Lease, provided that Landlord may retain the security shall transfer said deposit until such time as any amount due from the Tenant to Landlord's successor in accordance hereof has been determined interest and paid in fullshall have no further obligation with respect thereto.

Appears in 2 contracts

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

Security Deposit. Tenant shall pay to Landlord, immediately upon Concurrently with Tenant's execution of this Lease, Tenant his deposited with Landlord the sum specified in the Basic Lease Provisions of Thirty-Five Thousand Two Hundred Thirty-Three and 50/100 Dollars ($35,233.50) as a security for the full and faithful performance of every provision of this Lease to be performed by Tenantdeposit. If Tenant defaults with respect to any provisions of this Leaselease, including, including but not limited to, to the provisions relating to the payment of rentrent or other charges, Landlord may (but shall not be required to) usemay, apply or retain to the extent reasonably necessary to remedy Tenant's default, use all or any part of this security said deposit for the payment of any rent or other charges in default or the payment of any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five ten (510) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore said deposit to the full amount hereinabove stated and shall pay to Landlord such other sums as shall be necessary to reimburse Landlord for any sums paid by Landlord. Said deposit shall be returned to Tenant within thirty (30) days after the expiration of the term hereof less any amount deducted in accordance with this paragraph, together with Landlord's written notice itemizing the amounts and purposes for such retention. In the event of termination of Landlord's interest in this Lease, Landlord shall transfer said deposit to Landlord's successor in interest. In addition to the cash security deposit to its original provided above, Tenant shall provide Landlord a lease guarantee ("Lease Guarantee"), in the initial amount of Five Hundred Thousand and Tenant's failure to do so No/100 Dollars ($500,000.00). The Lease Guarantee shall be a material breach delivered to Landlord promptly after Lease execution. Upon the occurrence of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term any default by Tenant as defined in paragraph 24 of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on draw upon the Lease Guarantee to the extent necessary to cure such depositdefault. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of this The Lease to be performed by it, the security deposit or any balance thereof Guarantee shall be returned irrevocable, and shall be conditioned solely upon Landlord's certifying to the Tenant (or at issuer thereof that a default exists under this Lease. Such Lease Guarantee shall provide for a schedule of reduction in the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration of the Term, provided that Landlord may retain the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in full.following amounts: 10/1/91-9/30/92 $425,000.00 10/1/92-9/30/93 $350,000.00 10/1/93-9/30/94 $275,000.00 10/1/94-9/30/95 $200,000.00 10/1/95-9/30/96 $125,000.00 10/1/96-9/30/97 $ 50,000.00

Appears in 2 contracts

Sources: Lease Agreement (8x8 Inc), Lease Agreement (8x8 Inc)

Security Deposit. Tenant shall pay to Landlord, immediately upon Contemporaneously with the execution of this Lease, Tenant shall pay to Landlord the sum amount of Security Deposit specified in Section 1.11, which shall be held by Landlord to secure the Basic Lease Provisions as security payment by Tenant of any and all present and future debts and liabilities of Tenant to Landlord and for the full and faithful Tenant’s performance of every provision its obligations under this Lease. No portion of this Lease to the Security Deposit shall be performed considered an advance by TenantTenant of the last month’s rent. If Tenant defaults with respect to any provisions provision of this Lease, including, but not limited towithout limitation, the provisions relating to the payment of rentRent, Landlord may (may, but shall not be required to) , reasonably use, apply or retain all or any part of this security deposit the Security Deposit (i) for the payment of any rent Rent or any other sum in default, or (ii) for the payment of any other amount which Landlord may spend or become obligated to spend by reason of such default by Tenant's default, or and (iii) to compensate Landlord for any other loss or damage which Landlord may suffer by reason of such default by Tenant's default. If any portion of said deposit the Security Deposit is so used or applied, Tenant shall, within five (5) days after written upon demand therefortherefor by Landlord, deposit cash with Landlord cash in an amount sufficient to restore the security deposit Security Deposit to its original the amount and Tenant's failure required to do so be maintained by Tenant hereunder. Landlord shall be a material breach return to Tenant the remaining portion of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, Security Deposit within ten thirty (1030) days after request by Landlord, deposit with the date that Landlord additional money as a security deposit so that the total amount receives possession of the security deposit held by Premises, unless a determination of the amount Landlord is entitled to retain reasonably takes more than thirty days, in which case the remaining portion of the Security Deposit shall bear the same proportion be returned to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisionstenant within thirty days after such determination. Landlord shall not be required to keep this security deposit the Security Deposit separate from its general funds, and Tenant any interest paid thereon shall become funds of the Landlord, and shall not be entitled accrue to interest on such deposit. No trust relationship is created hereby with respect to such security depositthe benefit of Tenant. If Landlord conveys, assigns or otherwise disposes of its interest in this Lease, Landlord shall deliver or credit the Security Deposit to its successor, and shall give Tenant notice thereof as required by California Civil Code Section 1950.7 or any successor statute, and Landlord thereafter shall fully and faithfully perform every provision have no further liability for the return of the Security Deposit. So long as Tenant is not then in default under this Lease to be performed by it(beyond any applicable notice and cure period), and has paid rent not later than five (5) days after the Due Date for each of the preceding twelve calendar months, as of the first anniversary, second anniversary and third anniversary of the Commencement Date, the security deposit or any balance thereof Security Deposit shall be reduced by $32,932.50 (for a total reduction of $98,797.50), and the reduced amount held by Landlord shall be promptly returned to the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration of the Term, provided that Landlord may retain the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in full.

Appears in 2 contracts

Sources: Standard NNN Lease (Vaxcyte, Inc.), Standard NNN Lease (SutroVax, Inc.)

Security Deposit. Tenant shall deposit upon the execution of this Lease as a security deposit the Deposit specified in Section 1.11, provided, however, the obligation of Tenant to pay the Deposit to Landlord shall be deferred until such time under this Lease (if at all) that Tenant fails to pay Rent when due or otherwise is in default under this Lease (each without regard to any applicable cure periods). After the occurrence of such default by Tenant and without regard to whether such default was cured, Tenant shall pay to the Deposit within five (5) days written notice of Landlord, immediately upon execution of this Lease, the sum specified in the Basic Lease Provisions ’s demand. The Deposit shall be held by Landlord as security for the full and faithful performance by Tenant of every provision all of the provisions of this Lease to be performed or observed by Tenant. If Tenant fails to pay Rent or other charges due hereunder, or otherwise defaults with respect to any provisions provision of this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may (but shall not be required to) use, apply or retain all or any part portion of this security deposit the Deposit for the payment of any rent Rent or any other sum in charge incurred as a result of such an event of default, or for the payment of any other amount sum to which Landlord may spend or become obligated to spend by reason of Tenant's ’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's defaultthereby. If Landlord so uses or applies all or any portion of said deposit is so used the Deposit, Landlord shall notify Tenant of such use or appliedapplication, and Tenant shall, within five ten (510) days after written demand thereforLandlord’s demand, deposit cash with Landlord in an amount sufficient to restore the security deposit Deposit to its original the full amount thereof and Tenant's ’s failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit the Deposit separate from its general fundsaccounts. If Tenant performs all of Tenant’s obligations hereunder, the Deposit, or so much thereof as has not theretofore been applied by Landlord, shall be returned, without payment of interest or other increment for its use, to Tenant (or, at Landlord’s option, to the last assignee, if any, of Tenant’s interest hereunder) at the expiration or earlier termination of the Term, and after Tenant shall not be entitled to interest on such deposithas vacated the Premises. No trust relationship is created hereby herein between Landlord and Tenant with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration of the Term, provided that Landlord may retain the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in fullDeposit.

Appears in 2 contracts

Sources: Industrial Building Lease (Gordmans Stores, Inc.), Industrial Building Lease (Gordmans Stores, Inc.)

Security Deposit. a. Tenant shall pay to Landlord, immediately upon execution of this Lease, has deposited with Landlord the sum specified in the Basic Lease Provisions as security for of $4,231.50 to secure the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provisions provision of this Lease, including, ; including but not limited to, to the provisions relating to the payment of rent, Landlord may (but shall not be required to) use, apply or retain all or any part of this security deposit for the payment of any rent or any other sum sum. in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, or or-to compensate Landlord for any other loss or damage which Landlord may suffer by bar reason of Tenant's default. If any portion of said deposit `is so used or applied, Tenant shall, shall within five (5) days after written demand therefor, therefor deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount amount, and Tenant's failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent Said deposit shall from time to time increase during the term not be considered as liquidated damages. If claims of this LeaseLandlord exceed said deposit, Tenant shallshall remain liable for the balance of such, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisionsclaims. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. . b. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to the Tenant (or or, at the Landlord's option, to the last assignee of Tenant's interests interest hereunder) at within sixty (60) days after the later of expiration of the TermLease term and Tenants vacation of the premises. In the event of termination of Landlord's interest in this Lease, provided that Landlord may retain shall transfer the security deposit until to Landlord's successor in interest, whereupon Tenant agrees to release Landlord from liability for the return of such time as any deposit or the accounting therefore. c. As of the close of each calendar year, Landlord shall compute the actual. Operating Expenses and Taxes of the Building for the previous twelve-month period (if the Building has been operating for less than twelve months, the cost of operating the Building for a year shall be determined by dividing the actual Operating Expenses and Taxes by the number of days of actual operating and multiplying by 365). Landlord shall deliver to Tenant notice of such cost and the amount due (taking into account the base year expenses per square foot annual allowance, if any, from Tenant no later than April 15 of the year immediately subsequent to the year to which such costs relate. Tenant shall reimburse Landlord within thirty-days after notice of any deficiency between estimated Operating Expenses and Taxes paid and actual Operating Expenses and Taxes incurred. In the event of over-payment by Tenant, the Landlord shall apply the excess to the next successive installments of Rent due hereunder unless there are no further rent payments due from Tenant, in accordance hereof has been determined and paid which case Landlord shall pay such excess to Tenant within thirty days of notice. Nothing in fullthe previous sentence shall require Landlord to apply or reimburse any part of the Base Rent.

Appears in 2 contracts

Sources: Office Lease (Bsi2000 Inc), Office Lease (Bsi2000 Inc)

Security Deposit. Tenant shall pay to Landlord, immediately upon Concurrently with Tenant's execution of this Lease, Tenant shall deposit with Landlord the sum specified in the Basic Lease Provisions of ONE HUNDRED NINETY THREE THOUSAND FOUR HUNDRED EIGHTY FOUR AND 80/100 Dollars ($ 193,484.80). Said sum shall be held by Landlord as security a Security Deposit for the full and faithful performance by Tenant of every provision all of the terms, covenants, and conditions of this Lease to be kept and performed by TenantTenant during the term hereof. If Tenant defaults with respect to any provisions provision of this Lease, including, but not limited to, the provisions relating to the payment of rentrent and any of the monetary sums due herewith, Landlord may (but shall not be required to) use, apply or retain all or any part of this security deposit for the payment of any rent or any other sum in default, or Security Deposit for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, default or to compensate Landlord for Initials: [ILLEGIBLE] any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit Deposit is so used or applied, Tenant shall, within five ten (510) days after written demand therefor, deposit cash with Landlord in an the amount sufficient to restore the security deposit Security Deposit to its original amount and amount. Tenant's failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security depositDeposit. If Tenant shall fully and faithfully perform performs every provision of this Lease to be performed by it, the security deposit Security Deposit or any balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests interest hereunder) at the expiration of the TermLease term and after Tenant has vacated the Premises. In the event of termination of Landlord's interest in this Lease, provided that Landlord may retain shall transfer said Deposit to Landlord's successor in interest whereupon Tenant agrees to release Landlord from liability for the security deposit until return of such time as any amount due from Deposit or the Tenant in accordance hereof has been determined and paid in fullaccounting therefor.

Appears in 2 contracts

Sources: Lease Agreement (Ciphergen Biosystems Inc), Lease Agreement (Ciphergen Biosystems Inc)

Security Deposit. Tenant shall pay to Landlord, immediately upon Concurrently with Tenant’s execution of this Lease, Tenant has deposited with Landlord a security deposit in an amount equal to $ .00 as set forth in Section 2 above (the sum specified in the Basic Lease Provisions as security for the full and faithful “Security Deposit”) to secure Tenant’s performance of every the terms, conditions, covenants and provisions of this Lease. Landlord shall have the right, but not the obligation, to apply the Security Deposit in whole or in part to the payment of any unpaid Rent or other sums due from Tenant under the terms of this Lease or for damages suffered by Landlord due to non-performance or breach of any term, condition, covenant or provision of this Lease to be performed by Tenant or Tenant’s guests or invitees. If Tenant defaults with respect to any provisions Upon expiration or earlier termination of this Lease, includingand upon surrender of the Apartment Unit to Landlord pursuant to the conditions set forth in Sections 16 and 22 below, but not limited toand upon full payment of all sums due Landlord hereunder, the provisions relating to the payment of rent, Landlord may (but shall not be required to) use, apply or retain all Security Deposit or any part of this security deposit portion remaining unapplied (without any interest) shall be returned to Tenant. Tenant is responsible for the payment of any rent or any other sum in defaultfurnishing Landlord, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason upon termination of Tenant's default’s occupancy of the Apartment Unit, with a forwarding address for all communications regarding the Security Deposit. Landlord’s right to possession of the Apartment Unit for nonpayment of Rent or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and Tenant's failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request Lease by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully affected by the fact that Landlord holds a Security Deposit and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration payment of the Term, provided Security Deposit shall in no way be interpreted to limit Tenant’s liability hereunder. Tenant acknowledges and agrees that the Security Deposit and any charges applied against same are joint and several obligations with the other tenants in the Apartment Unit and that Landlord may retain refund any remaining Security Deposit by a check made payable to Tenant and such other tenants in the security deposit until such time as any amount due from Apartment Unit who actually paid money toward the Tenant in accordance hereof has been determined and paid in fullSecurity Deposit.

Appears in 2 contracts

Sources: Lease Agreement, Lease Agreement

Security Deposit. 5.1 Tenant shall pay to Landlord, immediately deposit the Security Deposit with Landlord upon the execution of this Lease, the . Said sum specified in the Basic Lease Provisions shall be held by Landlord as security for the full and faithful performance by Tenant of every provision all the terms, covenants and conditions of this Lease to be kept and performed by Tenant and not as an advance rental deposit or as a measure of Landlord’s damage in case of Tenant’s default. If Tenant defaults an Event of Default occurs with respect to any provisions provision of this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may (but shall not be required to) use, apply or retain all or use any part of this security deposit the Security Deposit for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's ’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's ’s default. If any portion of said deposit is so used or appliedused, Tenant shall, shall within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount and Tenant's ’s failure to do so shall be a material breach of this LeaseLease unless Tenant provides a good faith basis to dispute the charge to be applied against the Security Deposit, but this right to dispute shall not apply where the Security Deposit is applied against unpaid amounts of the Monthly Installment of Rent. At Landlord's electionExcept to such extent, if the monthly Base Rent any, as shall from time to time increase during the term of this Leasebe required by law, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit the Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit Security Deposit or any balance thereof shall be returned to the Tenant at such time within thirty (or at the Landlord's option, to the last assignee 30) days after termination of this Lease when Landlord shall have determined that all of Tenant's interests hereunder) at ’s obligations under this Lease have been fulfilled. 5.2 The Security Deposit provided for above shall be in the expiration form of a letter of credit consistent with the Term, provided that Landlord may retain the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in fullterms of this paragraph 5.

Appears in 2 contracts

Sources: Lease Agreement (Aspen Aerogels Inc), Lease (Aspen Aerogels Inc)

Security Deposit. (a) Tenant shall pay to Landlord, immediately deposit with Landlord upon ▇▇▇▇▇▇'s execution hereof the Security Deposit set forth in Paragraph 1.6 of this Lease, the sum specified in the Basic Lease Provisions lease as security for the full and Tenant's faithful performance of every provision of Tenant's obligations under this Lease to be performed by Tenantlease. If Tenant fails to pay Base Rent or Additional Rent or otherwise defaults with respect to under this lease, and such failure or default by Tenant continues after the giving of all required notices by Landlord and the expiration of all applicable cure periods, then and in any provisions of this Lease, including, but not limited to, the provisions relating to the payment of rentsuch event, Landlord may (but shall not be required to) use, apply or retain all or any part of this security deposit use the Security Deposit for the payment of any rent or any other sum in default, or for the payment of any other amount which due Landlord may spend or become obligated to spend by reason of Tenant's default, or to reimburse or compensate Landlord for any other liability, cost, expense, loss or damage (including reasonable attorney's fees) which Landlord may suffer or incur by reason of Tenant's defaultthereof. If any portion of said deposit is Tenant shall on demand pay Landlord the amount so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient applied so as to restore the security deposit to its original amount and Tenant's failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion Security Deposit to the then current Base Rent as the initial security deposit bears to the initial Base Rent as amount set forth in the Basic Lease ProvisionsParagraph 1.6 of this lease. Landlord shall not be required to keep all or any part of the Security Deposit in an interest bearing account. Landlord shall, at the expiration or earlier termination of the Term and after ▇▇▇▇▇▇ has vacated the demised premises, return to Tenant that portion of the Security Deposit not used or applied by Landlord. No part of the Security Deposit shall be considered to be prepayment for any monies to be paid by Tenant under this security deposit separate from its general funds, and lease. (b) Tenant shall not have the right to deliver to Landlord an unconditional, irrevocable letter of credit in substitution for the cash Security Deposit required in Paragraph 5(a) above, subject to the following terms and condition. Such letter of credit shall be: (i) in the form attached to and hereby made a part of this lease as Exhibit B; (ii) at all times in the amount of the Security Deposit set forth in Paragraph 1.6 of this lease and shall permit multiple draws without a corresponding reduction in the amount of the letter of credit; (iii) issued by a commercial bank reasonably acceptable to Landlord from time to time and located in the United States of America; (iv) made payable to Landlord and expressly transferable and assignable at no charge, which transfer/assignment shall be conditioned only upon delivery of notice to the issuer of the letter of credit; (v) payable at sight upon presentment to a local branch of the issuer of a sight draft stating only that Landlord is entitled to interest draw on the letter of credit pursuant to this lease; (vi) for a term not less than one year; and (vii) contain an "evergreen" provision which provides that the letter of credit will be automatically renewed on an annual basis unless the issuer delivers at least 30 days prior written notice of cancellation to Landlord and Tenant, such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision that the letter of this Lease to be performed by it, credit remains in existence through the security deposit or any balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests hereunder) at date occurring 90 days after the expiration of the Term. At least 30 days prior to the then current expiration date of such letter of credit, provided Tenant shall either: (A) cause such letter of credit to be renewed (or automatically and unconditionally extended) from time to time for a period of one year through the 90th day after the expiration of the Term; or (B) cause such letter of credit to be replaced with cash in the amount of the Security Deposit. Notwithstanding anything in this lease to the contrary, any cure or grace period set forth in Paragraph 13.1 of this lease shall not apply to any of the foregoing, and, specifically, if Tenant fails to timely comply with the foregoing terms of this Paragraph, then Landlord shall have the right to immediately draw upon the letter of credit without notice to Tenant and hold the proceeds as the Security Deposit. Each letter of credit shall be issued by a commercial bank that has a credit rating with respect to certificates of deposit, short term deposits or commercial paper of at least A-3 (or equivalent) by Moody's Investment Service, Inc., or at least AA (or equivalent) by Standard & Poor's, a division of McGraw Hill, and shall be otherwise acceptable to Landlord, in its reasonable discretion. If the issuer's credit rating is reduced below A-3 (or equivalent) by Moody's Investment Service, Inc. or below AA (or equivalent) by Standard & Poor's, a division of McGraw Hill, or if the financial condition of such issuer changes in any other materially adverse way, then Tenant shall obtain from a different issuer a substitute letter of credit that complies in all respects with the requirements of this paragraph, and ▇▇▇▇▇▇'s failure to obtain such substitute letter of credit within 10 days following its receipt of Landlord's demand therefor (and Tenant's failure to do so shall, notwithstanding anything in this lease to the contrary, constitute a Default for which there shall be no notice or grace or cure period applicable thereto other than the aforesaid 10 day period) shall entitle Landlord may retain to immediately draw upon the security deposit until then existing letter of credit in whole or in part, without notice to Tenant and to hold the proceeds thereof as the Security Deposit. If the issuer of the letter of credit is insolvent or placed into receivership or conservatorship by the Federal Deposit Insurance Corporation or Resolution Trust Corporation, or any successor or similar entity, or if a trustee, receiver or liquidator is appointed for the issuer, then Tenant shall obtain from a different issuer a substitute letter of credit that complies in all respects with the requirements of this paragraph, and ▇▇▇▇▇▇'s failure to obtain such time substitute letter of credit within 10 days following its receipt of Landlord's demand therefor (and ▇▇▇▇▇▇'s failure to do so shall, notwithstanding anything in this lease to the contrary, constitute a Default for which there shall be no notice or grace or cure periods applicable thereto other than the aforesaid 10 day period) shall entitle Landlord to immediately draw upon then existing letter of credit in whole or in part, without notice to Tenant and to hold the proceeds thereof as the Security Deposit. Landlord shall have the right to assign its interest (including, without limitation, a collateral assignment thereof) in any amount due from letter of credit delivered to it by Tenant pursuant to this paragraph to the holder of any Mortgage and Landlord shall give notice of any such assignment to Tenant. If requested by any such Mortgagee, Tenant shall obtain an amendment to such letter of credit which names such Mortgagee as the beneficiary thereof in accordance hereof has been determined lieu of Landlord. Any failure or refusal of the issuer to honor the letter of credit shall be at Tenant's sole risk and paid in fullshall not relieve Tenant of its obligations hereunder with respect to the Security Deposit.

Appears in 2 contracts

Sources: Warehouse Lease, Warehouse Lease

Security Deposit. Tenant shall pay to Landlord, immediately upon Concurrently with Tenant’s execution of this Lease, Tenant has deposited with Landlord the sum specified of One Million Four Hundred Twenty Seven Thousand and No/100 Dollars ($1,427,000.00) (“Security Deposit”). Landlord shall not be deemed a trustee of the Security Deposit, may use the Security Deposit in business, and shall not be required to segregate it from its general accounts. Tenant shall not be entitled to interest on the Basic Lease Provisions as security for the full and faithful performance of every provision of this Lease to be performed by TenantSecurity Deposit. If Tenant defaults with respect to any provisions of this the Lease, including, including but not limited to, to the provisions relating to the payment of rentBase Monthly Rent or other charges, Landlord may (but shall not be required to) usemay, apply to the extent reasonably necessary to remedy Tenant’s default, use any or retain all or any part of this security deposit for the Security Deposit towards payment of any rent the following: (i) Base Monthly Rent or any other sum charges in default, or for the payment of ; (ii) any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default’s default including, but not limited to Tenant’s failure to restore or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's defaultclean the Premises following vacation thereof. If any portion of said deposit the Security Deposit is so used or applied, Tenant shall, within five ten (510) days after written demand thereforfrom Landlord, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its full original amount amount, and Tenant's failure shall pay to Landlord such other sums as necessary to reimburse Landlord for any sums paid by Landlord. Tenant may not assign or encumber the Security Deposit without the consent of Landlord. Any attempt to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord void and shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest binding on such depositLandlord. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof The Security Deposit shall be returned to Tenant within thirty (30) days after the Tenant (Expiration Date and surrender of the Premises to Landlord, less any amount deducted in accordance with this Section, together with Landlord’s written notice itemizing the amounts and purposes for such deduction. In the event of termination of Landlord’s interest in this Lease, Landlord may deliver or at credit the Security Deposit to Landlord's option, ’s successor in interest in the Premises and thereupon be relieved of further responsibility with respect to the last assignee Security Deposit to the extent that Landlord’s successor assumes all obligations under this Lease. Landlord agrees that in lieu of Tenant's interests hereundera cash Security Deposit, Tenant may deposit a letter of credit in a form reasonably acceptable to Landlord. Landlord shall be entitled to draw against the letter of credit at any time provided only that Landlord certifies to the issuer of the letter of credit that Tenant is in default under the Lease. Tenant shall keep the letter of credit in effect during the entire Lease Term, as the same may be extended, plus a period of four (4) at the weeks after expiration of the Lease Term. At least thirty (30) days prior to expiration of any letter of credit, the term thereof shall be renewed or extended for a period of at least one (1) year. Tenant’s failure to so renew or extend the letter of credit shall be a material default of this Lease by Tenant. In the event Landlord draws against the letter of credit, Tenant shall replenish the existing letter of credit or cause a new letter of credit to be issued such that the aggregate amount of letters of credit available to Landlord at all times during the Lease Term is the amount of the Security Deposit originally required. Notwithstanding the foregoing, Tenant may reduce the amount of the Security Deposit upon the following conditions: (i) after the 36th month of the Lease Term, the amount of the Security Deposit may be reduced by $713,500.00 provided that Landlord Tenant has not been in monetary default under the Lease during the previous 36 months; (ii) after the 72nd month of the Lease Term, the amount of the Security Deposit may retain be reduced by $583,500.00 provided Tenant has not been in monetary default under the security deposit until such time as any Lease during the previous 36 months; and (iii) provided Tenant has not been in monetary default under the Lease during the Lease Term, the amount due from of the Tenant in accordance hereof Security Deposit shall be reduced to $130,000.00 after Tenant’s parent company, Metromedia Fiber Network, Inc., has been determined posted a net profit (before interest, tax, depreciation, and paid in fullamortization expenses) for four (4) consecutive quarters.

Appears in 2 contracts

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

Security Deposit. Tenant shall pay to Landlord, immediately upon execution of this Lease, deposit with Landlord the sum specified set forth in Article 1.F. of the Basic Lease Provisions (the “Security Deposit”) as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to breaches any provisions provision of this Lease, including, including but not limited to, the provisions relating to the payment of rent, Landlord may (but shall not be required to) use, apply or retain use all or any part of this security deposit for the payment of any rent or any other sum sums in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's ’s default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount and Tenant's failure to do so shall be a material breach of this Leasefull amount. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so agrees that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this the security deposit in trust, segregate it or keep it separate from its Landlord’s general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If At the expiration of the Lease Term, and provided there exists no default by Tenant shall fully and faithfully perform every provision of this Lease to be performed by ithereunder, the security deposit or any balance thereof shall be returned to the Tenant (or or, at the Landlord's ’s option, to Tenant’s Transferee (as such term is defined in Article 15 below)), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (Such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord’s delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Article 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenant. Notwithstanding the above, provided that Tenant is not in default as of the last assignee day of Tenant's interests hereunderthe twenty-fourth (24th) at month and the expiration last day of the thirty-sixth (36th) month of the Term, provided that respectively, on each of the first day of the twenty-fifth (25th) and thirty-seventh (37th) full months of the Term, Landlord may shall apply one-third (1/3) of the Security Deposit (Le., $11,695.20) to the monthly Basic Rental payable by Tenant for such 25th and 37th months of the Term, and Tenant shall pay when due any deficiency in the monthly Basic Rentals due and payable for such 25th and 37th months of the Term. Landlord shall retain the security deposit until such time balance of the Security Deposit (i.e., $11,695.20) to be used, if at all, as any amount due from set forth in the Tenant in accordance hereof has been determined and paid in fullpreceding paragraph.

Appears in 2 contracts

Sources: Standard Office Lease, Standard Office Lease (Nexsan Corp)

Security Deposit. Contemporaneously with the execution of this Lease by ▇▇▇▇▇▇, Tenant shall pay to LandlordLandlord the Security Deposit, immediately upon execution which shall be held by Landlord to secure Tenant’s performance of its obligations under this Lease, the sum specified in the Basic Lease Provisions . The Security Deposit shall be held by Landlord as security for the full and faithful performance of every provision Tenant of all the terms, covenants and conditions of this Lease to be kept and performed by TenantTenant during the Term. If at any time during the Term, any Rent or other sum payable by Tenant defaults with respect to Landlord under this Lease shall be overdue and unpaid, Landlord may, at its option, appropriate and apply any provisions portion of this Lease, including, but not limited to, the provisions relating Security Deposit to the payment of rentany such overdue Rent or other sum. In the event of the failure of Tenant to keep and perform all of the terms, covenants and conditions of this Lease to be kept and performed by Tenant, subject to all applicable notice and cure periods, then at Landlord’s option, Landlord may (but shall not be required to) use, appropriate and apply or retain all or any part of this security deposit for the payment of any rent or any other sum in defaultentire Security Deposit, or for the payment of any other amount which Landlord so much thereof as may spend or become obligated be necessary, to spend by reason of Tenant's defaultpay past due Rent, or lost future Rent, and/or to compensate Landlord for any other and all loss or damage which Landlord may suffer sustained or suffered by reason of Tenant's defaultLandlord, due to any breach by Tenant under this Lease. If Should the entire Security Deposit, or any portion thereof, be appropriated and applied by Landlord for the payment of said deposit is so used Rent or appliedany sums due and payable, Tenant shall, upon the written demand of Landlord, immediately remit to Landlord a sufficient amount of funds in cash to restore the Security Deposit to the original sum, and ▇▇▇▇▇▇’s failure to do so within five (5) business days after written receipt of such demand thereforshall constitute a default by Tenant. Landlord shall, deposit cash with Landlord in an amount sufficient to restore within forty-five (45) days after expiration of the security deposit to its original amount and Tenant's failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term Term or early termination of this Lease, return to Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount portion of the security deposit held Security Deposit remaining after deducting all damages, charges and other amounts (including, without limitation, Rent) not paid by Landlord shall bear the same proportion Tenant to the then current Base Rent as the initial security deposit bears extent required under this Lease. Landlord and Tenant agree that such deductions shall include, without limitation, all damages and losses that Landlord has suffered or that Landlord reasonably estimates that it will suffer to the initial Base extent caused by any breach of this Lease by ▇▇▇▇▇▇. Tenant acknowledges that this Security Deposit is not prepaid Rent as set forth in the Basic Lease Provisions. Landlord and shall not be applied by Tenant to the payment of Rent. Unless required to keep this security deposit separate from its general otherwise by applicable Law, the Security Deposit may be commingled with other funds, and Tenant no interest shall not be entitled paid thereon. In the event that Landlord transfers the Security Deposit to interest on such deposit. No trust relationship is created hereby Landlord’s successor in interest, Landlord shall be discharged from any further liability with respect to the Security Deposit, provided such security deposit. If Tenant shall fully and faithfully perform every provision successor in interest has assumed, in writing, all of Landlord’s obligations under this Lease from and after the effective date of such transfer. It is expressly agreed that the Security Deposit is to be performed by itsecure the obligations under this Lease, including without limitation the security deposit or any payment of Rent for the balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration of the Term, provided that Landlord may retain and the security Security Deposit is not subject to return as a deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in fullpursuant to California Civil Code Section 1950.7.

Appears in 2 contracts

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

Security Deposit. Tenant shall pay to Landlord, immediately upon Concurrently with Tenant’s execution of this Lease, Tenant shall deposit with Landlord the sum Security Deposit specified in the Basic Lease Provisions Information as security for the full and faithful performance of each and every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provisions term, covenant and condition of this Lease, including, but not limited to, the provisions relating to the payment of rent, . Landlord may (but shall not be required to) use, apply or retain all the whole or any part of the Security Deposit as may be reasonably necessary (a) to remedy any Default by Tenant under this security deposit Lease, (b) to repair damage to the Premises caused by Tenant, (c) to clean the Premises upon termination of this Lease, (d) to reimburse Landlord for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may reasonably spend or become obligated be required to spend by reason of Tenant's default’s Default, or and (e) to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default’s Default. Should Tenant faithfully and fully comply with all of the terms, covenants and conditions of this Lease, within thirty (30) days following the expiration of the Term, the Security Deposit or any balance thereof shall be returned to Tenant or, at the option of Landlord, to the last assignee of Tenant’s interest in this Lease. Landlord shall not be required to keep the Security Deposit separate from its general funds and Tenant shall not be entitled to any interest on such deposit. If Landlord so uses or applies all or any portion of said deposit is so used or applied, Tenant shalldeposit, within five (5) business days after written demand therefor, therefor Tenant shall deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount the full extent of the above amount, and Tenant's ’s failure to do so shall be a material breach of default under this Lease. At Landlord's election, if In the monthly Base Rent shall from time to time increase during the term of event Landlord transfers its interest in this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that shall transfer the total then remaining amount of the security deposit held by Security Deposit to Landlord’s successor in interest, and thereafter Landlord shall bear the same proportion have no further liability to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration of the Term, provided that Landlord may retain the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in fullSecurity Deposit.

Appears in 2 contracts

Sources: Warehouse/Industrial Lease Agreement, Warehouse/Industrial Lease Agreement (Corsair Components, Inc.)

Security Deposit. (a) Tenant shall pay to Landlord, immediately upon execution of this Lease, has deposited with Landlord the sum specified set forth in Article 1.F of the Basic Lease Provisions as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to breaches any provisions provision of this Lease, including, including but not limited to, the provisions relating to the payment of rent, Landlord may (but shall not be required to) use, apply or retain use all or any part of this security deposit Security Deposit for the payment of any rent or any other sum sums in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount. If Monthly Basic Rental is increased, the amount of the Security Deposit required to be maintained by Tenant shall also be increased so as to maintain, at all times and Tenant's failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Leasetime, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion ratio to Monthly Basic Rental as applicable on the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease ProvisionsCommencement Date. Tenant agrees that Landlord shall not be required to keep this security deposit the Security Deposit in trust, segregate it or keep it separate from its Landlord's general funds, but Landlord may commingle the Security Deposit with its general funds and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If At the expiration of the Lease Term, and provided there exists no default by Tenant shall fully and faithfully perform every provision of this Lease to be performed by ithereunder, the security deposit Security Deposit or any balance thereof shall be returned to the Tenant (or or, at the Landlord's option, to the last assignee of Tenant's interests hereunder) at assignee), provided that subsequent to the expiration of this Lease, Landlord may retain from said Security Deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the Termcalendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may retain the claim from a security deposit until such time as only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenant. (b) On the first and second anniversary of the Commencement Date, provided no events or conditions have occurred or are occurring that would constitute an Event of Default under this Lease, the amount of the Security Deposit required hereunder shall be reduced according to the following schedule: LEASE PERIOD AMOUNT OF SECURITY DEPOSIT ------------ -------------------------- Lease Year 1 $100,000.00 Lease Year 2 $ 75,000.00 Lease Year 3- Expiration Date $ 50,000.00 So long no Event of Default is occurring or has previously occurred on the first and second anniversary of the Commencement Date, Landlord shall apply amounts held by Landlord that are in excess of the Security Deposit required pursuant to the above schedule to the next installment of Monthly Basic Rent due from and payable under this Lease. In the event that an Event of Default by Tenant occurs under this Lease, Tenant shall no longer be entitled to any reduction of the Security Deposit, and the Security Deposit required hereunder shall be the amount then held by Landlord, subject to Tenant's obligations to replenish in accordance hereof has been determined and paid in fullwith Article 4(a), above.

Appears in 1 contract

Sources: Standard Office Lease (Peoples Liberation Inc)

Security Deposit. Tenant shall pay Security Simultaneously with Tenant’s execution and delivery to Landlord, immediately upon execution of this Lease, the sum specified in the Basic Lease Provisions as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provisions of this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may (but shall not be required to) use, apply or retain all or any part of this security deposit for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and Tenant's failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shallshall pay to Landlord the sum of Forty- eight Thousand, within ten Three Hundred Thirty-three and 84/100 Dollars (10$48,333.84) days after request by Landlord, deposit with Landlord additional money as a deposit (the “Security Deposit”) to Landlord to stand as security deposit so that for the total amount payment by Tenant of any and all present and future debts and liabilities of Tenant to Landlord and for the security deposit held performance by Landlord shall bear Tenant of all of its obligations arising under or in connection with this Lease (the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions“Debts, Liabilities and Obligations”). Landlord shall not be required to keep this security deposit the Security Deposit separate from its general funds, and Tenant no interest shall not be entitled to interest accrue on such depositmonies. No trust relationship is created hereby with respect In the event of Landlord disposing of its interest in this Lease, Landlord shall credit the Security Deposit to such security depositits successor and thereupon shall have no liability to Tenant to repay the Security Deposit to Tenant. If Subject to the foregoing and to Tenant not being in default under this Lease, Landlord shall fully and faithfully perform every provision repay the Security Deposit to Tenant without interest at the end of the Term or sooner termination of this Lease provided that all Debts, Liabilities and Obligations of Tenant to Landlord are paid and performed in full, failing which Landlord may on notice to Tenant elect to retain the Security Deposit and to apply it in reduction of the Debts, Liabilities and Obligations and Tenant shall remain fully liable to Landlord for payment and performance of the remaining Debts, Liabilities and Obligations. If an Event of Default shall occur, or if Tenant fails to maintain the Leased Premises in the condition required by this Lease, Landlord shall have the right, without prejudice to any other remedy of Landlord, to apply all or any portion of the Security Deposit toward the cure of such Event of Default or to remedy the condition of the Leased Premises. If Landlord so applies the Security Deposit or any portion thereof before the expiration or earlier termination of this Lease, Tenant shall deposit with Landlord, upon demand, the amount necessary to restore the Security Deposit to its original amount. In the event that the Term of this Lease is extended, whether by Tenant’s exercise of the Option to Renew or otherwise, and at the time of the commencement of the term of such extension no Event of Default exists under this Lease; no Event of Default has occurred under this Lease during the prior twelve (12) month period; and no portion of the Security Deposit has been applied by Landlord at any time during the Term in order to cure an Event of Default or to remedy any condition of the Leased Premises, then the amount of the Security Deposit then being held by Landlord shall be reduced by Twenty-four Thousand, One Hundred Sixty-six and 92/100 Dollars ($24,166.92) and such amount shall constitute a credit to be performed applied by it, Landlord upon the security deposit or any balance thereof shall be returned commencement of the term of such extension to the Tenant Rent as it accrues during such term of extension until such credit is exhausted. The remainder of the Security Deposit, in the amount of Twenty-four Thousand, One Hundred Sixty-six and 92/100 Dollars (or at $24,166.92), shall continue to be held by Landlord as the Landlord's option, to the last assignee of Tenant's interests hereunder) at Security Deposit hereunder through the expiration of the Lease Term, provided that Landlord as the same may retain the security deposit until such thereafter be further extended from time as any amount due from the Tenant in accordance hereof has been determined and paid in fullto time.

Appears in 1 contract

Sources: Lease Agreement (American Caresource Holdings, Inc.)

Security Deposit. Tenant shall pay to LandlordLandlord the Security Deposit, immediately upon concurrently with the execution of this Lease, the which sum specified in the Basic Lease Provisions shall be retained by Landlord as security for the full Tenant’s full, timely and faithful performance of every provision all of this Lease to be performed by Tenant’s obligations hereunder, including, but not limited to, the payment of Annual Base Rent, Operating Expenses and Real Estate Taxes. If Tenant fails to pay such amount or any other charges hereunder or otherwise defaults with respect to any provisions of this Lease, includingLandlord may, but not limited toat its option, apply all or any portion of the provisions relating Security Deposit to the payment of rent, Landlord may (but shall not be required to) use, apply or retain all or any part of this security deposit for the payment of any rent or any other sum in default, thereof or for the payment of any other amount sums for which Landlord may spend or become obligated to spend by reason of Tenant's ’s default, or to compensate Landlord for any other loss or damage which that Landlord may suffer by reason of Tenant's defaultthereby. If Landlord so uses or applies all or any portion of said deposit is so used or appliedthe Security Deposit, Tenant shall, within five ten (510) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original the full amount stated in Section 1, above, and Tenant's ’s failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to any interest on upon the Security Deposit, nor shall Landlord be required to segregate or hold the Security Deposit separate from Landlord’s other funds, but shall carry such depositsum as a bookkeeping entry only. No trust relationship is created hereby with respect to such security deposit. If In the event that Tenant shall fully perform the covenants and faithfully perform every provision provisions of this Lease Lease, Landlord shall refund the Security Deposit, or the unused balance thereof, if any, to Tenant within thirty (30) days after the expiration or sooner termination of the term of this Lease. 21.9 Default by Landlord. Landlord shall not be deemed to be performed in default under this Lease until Tenant has given Landlord written notice specifying the nature of the default and unless Landlord does not cure the default within thirty (30) days after receipt of the notice or within such reasonable time thereafter as may be necessary to cure the default where it is of such a character as to reasonably require more than thirty (30) days to cure. In the event of a default by itLandlord, the security deposit or any balance thereof Tenant’s remedies shall be returned limited to suits for damages and/or injunctive relief In no event shall Tenant have the Tenant (or at right to terminate the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration of the Term, provided that Landlord may retain the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in fullLease.

Appears in 1 contract

Sources: Office Lease (DiaMedica Therapeutics Inc.)

Security Deposit. Landlord hereby acknowledges receipt of the sum of $1,800.00 (an amount not to exceed one month’s rent) which is to be retained as a security deposit for the performance by Tenant of all covenants, conditions and terms of this Lease, to be held and deposited in accordance with the applicable provisions of the Housing Regulations of the District of Columbia. Landlord shall pay not be obligated to apply the same on rent or other charges and arrears or on damages for ▇▇▇▇▇▇'s failure to perform said covenants, conditions and terms, although Landlord may so apply the security at Landlord's option. Tenant's loss or ▇▇▇▇▇▇’s right to possession of the premises for nonpayment of rent or for any other reason shall not in any event be affect ed by reason of the fact that Landlord or Agent holds the security deposit. In the event Landlord repossesses said premises because of the Tenant's default or because of Tenant's failure to carry out the covenants, conditions and terms of this Lease, Landlord may apply such securityon account of all damages suffered by reason of ▇▇▇▇▇▇'s default or breach. Pursuant to the D.C. Housing Code, after a tenancy is terminated, ▇▇▇▇▇▇▇▇ has forty-five (45) days to return the deposit, or notify the Tenant in writing of his or her intention to withhold and apply the monies toward expenses incurred under the terms and conditions of this lease. If Landlord elects to apply the security deposit to monies owed by the Tenant to the Landlord, immediately either for rent, additional rent, or damages, then Landlord shall notify Tenant that he/she intends to withhold the deposit and Landlord has thirty (30) days, from the date the Tenant was first notified, to refund the balance of the deposit that was not used to pay costs of expenses incurred, and at the same time must provide Tenant with an itemized statement, including costs, of the repairs for which the money was spent. All utility services in the premises shall be ordered disconnected and all final bills paid by ▇▇▇▇▇▇, with proof of receipts, before any part of the security deposit will be returned. Interest shall be paid or credited ▇▇▇▇▇▇ in accordance with the provisions of said Housing Regulations. NO PORTION OF SAID DEPOSIT SHALL BE USED BY TENANT FOR ANY PAYMENT OF ANY RENT DUE. In the event of a sale of the property upon execution which the premises are situated or the transfer or assignment by the Landlord/Agent of this Lease, the sum specified in Landlord/Agent has the Basic Lease Provisions as security for the full and faithful performance of every provision of this Lease obligation to be performed by Tenant. If Tenant defaults with respect to any provisions of this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may (but shall not be required to) use, apply or retain all or any part of this security deposit for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore transfer the security deposit to its original amount the transferee. After the transfer is made and Tenant's failure after written notice of same is given to do so shall be a material breach the Tenant with the name and address of this Lease. At the transferee, Landlord's election, if /Agent is released from all liability for the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount return of the security deposit held by Landlord shall bear and the same proportion Tenant must look solely to the then current Base Rent as new Landlord/Agent for the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such return of his security deposit. If Tenant shall fully and faithfully perform It is agreed that the foregoing will apply to every provision transfer or assignment made of the security deposit to a new Landlord/Agent. In the event of any rightful or permitted assignment of this Lease by the Tenant to be performed by itany assignee or sublessee, the security deposit is deemed to be held by the Landlord/Agent as a deposit made by the assignee or any balance thereof sublessee and the Landlord/Agent will have no further liability with respect to return of such security deposit to the assignor. The Landlord, or ▇▇▇▇▇▇▇▇’s estate, but not the managing agent or court appointed receiver, shall be returned remain liable to the Tenant (or at for the Landlord's option, to the last assignee maintenance of Tenant's interests hereunder) at the expiration of the Term, provided that Landlord may retain the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in fullrequired by law.

Appears in 1 contract

Sources: Lease Agreement

Security Deposit. Tenant shall pay to Landlordhas deposited with Landlord the Security Deposit as security for the full, immediately upon execution faithful and punctual performance by Tenant of all of the terms of this Lease, the sum specified whether in cash or by delivery to Landlord of a clean, irrevocable letter of credit in the Basic Lease Provisions as security for amount of the full and faithful Security Deposit. In the event Tenant defaults in the performance of every provision any of this Lease to be performed by Tenant. If Tenant defaults with respect to any provisions the terms of this Lease, including, but not limited to, the provisions relating to including the payment of rentRent, Landlord may (but shall not be required to) use, apply or retain all the whole or any part of this security deposit the Security Deposit to the extent required for the payment of any rent or any other sum in default, Rent or for the payment of any other amount sum which Landlord may spend expend or become obligated may be required to spend expend by reason of Tenant's defaultdefault in respect of any of the terms of this Lease, including any damages or to compensate Landlord for any deficiency in the re-letting of the Premises, whether accruing before or after summary proceedings or other loss re-entry by Landlord. In the case of every such use, application or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or appliedretention, Tenant shall, within five (5) days after written demand thereforon demand, deposit cash with pay to Landlord in an amount sufficient the sum so used, applied or retained which shall be added to restore the security deposit Security Deposit so that the same shall be replenished to its original former amount and Tenant's failure to do so shall be a material breach of this Lease. At Landlord's election, if If the monthly Base Rent shall shall, from time to time time, increase during the term of this LeaseTerm, Tenant shall, within ten (10) days after request by Landlord, shall then deposit with Landlord an additional money as a security deposit so that the total amount of the security deposit such Security Deposit held by Landlord shall at all times bear the same proportion to the then current Base Rent as the initial original security deposit bears to the initial Base original monthly Rent as set forth in the Basic Lease Provisionsthis Lease. Landlord shall not be required to keep this security such deposit separate from its general funds, accounts and Tenant shall not be entitled to interest on such depositthe Security Deposit. No trust relationship is created hereby with respect to such security depositThe Security Deposit shall not be deemed a limitation on Landlord's damages or a payment of liquidated damages or a payment of the monthly Rent due for the last month of the Term of this Lease. If Tenant shall fully and faithfully perform every provision punctually comply with all of the terms of this Lease to be performed by itLease, the security deposit Security Deposit, or any balance thereof so much of it as has not been applied by Landlord, shall be returned to Tenant, without interest or other increment for its use, after the Tenant (termination of this Lease and after delivery of exclusive possession of the Premises to Landlord. In the event of a sale or at lease of the Landlord's optionBuilding, Landlord shall have the right to transfer the Security Deposit to the last assignee vendee or lessee and Landlord shall immediately be released by Tenant from all liability for the return of Tenant's interests hereunder) at such Security Deposit; and Tenant agrees to look solely to the expiration new owner or landlord for the return of said Security Deposit; and it is agreed that the Term, provided that Landlord may retain the security deposit until such time as any amount due from the Tenant in accordance provisions hereof has been determined and paid in full.shall

Appears in 1 contract

Sources: Lease (Exabyte Corp /De/)

Security Deposit. Tenant shall pay to Landlord, immediately upon Concurrently with Tenant's execution of this Lease, the sum specified ---------------- Tenant shall deposit with Landlord a security deposit ("Security Deposit") in the Basic Lease Provisions amount set forth in Paragraph 1.11 above. The Security Deposit shall be held by Landlord as security for the full and faithful performance by Tenant of each and every provision term, covenant, or condition of this Lease applicable to be performed by Tenant, and not as prepayment of Rent. If Tenant defaults with respect shall at any time fail to keep or perform any provisions term, covenant or condition of this LeaseLease applicable to Tenant, includingincluding without limitation, but not limited to, the provisions relating to the payment of rentRentals or those provisions requiring Tenant to repair damage to the Premises caused by Tenant or to surrender the Premises in the condition required pursuant to Paragraph 35 below, Landlord may (may, but shall not be required obligated to) , and without waiving or releasing Tenant from any obligation under this Lease, use, apply or retain all the whole or any part of this security deposit the Security Deposit reasonably necessary for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, default or as necessary to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If In the event Landlord uses or applies any portion of said deposit is so used or appliedthe Security Deposit, Tenant shall, within five (5) business days after written demand thereforby Landlord, deposit cash with remit to Landlord in an amount sufficient funds to restore the security deposit any Security Deposit to its original amount and Tenant's failure sum. Failure by Tenant to do so remit funds shall be a material breach of this LeaseDefault by Tenant. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Should Tenant shall, within ten (10) days after request by Landlord, deposit comply with Landlord additional money as a security deposit so that the total amount all of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general fundsterms, covenants and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision conditions of this Lease applicable to be performed by itTenant, the security deposit or any balance thereof of the Security Deposit shall be returned to Tenant within fourteen (14) days after Lease Termination and surrender of the Premises by Tenant; provided, however, if any portion of the Security Deposit is to be applied to repair damages to the Premises caused by Tenant (or at the LandlordTenant's optionagents, to clean the last assignee of Tenant's interests hereunder) at Premises, or to remove alterations and restore the expiration Premises pursuant to Paragraph 13.2 below, then the balance of the Term, provided that Security Deposit shall be returned to Tenant no later than thirty (30) days after the date Landlord may retain receives possession of the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in fullPremises.

Appears in 1 contract

Sources: Net Lease Agreement (Symphonix Devices Inc)

Security Deposit. Tenant shall pay to Landlord, immediately upon execution of this Lease, (a) UPON EXECUTION OF THIS LEASE TENANT SHALL DEPOSIT WITH LANDLORD THE SUM OF: Six Thousand Two Hundred Seventy Five and 00/100 Dollars ($6,275.00) (the sum specified “Security Deposit”) in the Basic Lease Provisions as security for the full and faithful performance form of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provisions of this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may (but shall not be required to) use, apply a cashiers or retain all or any part of this security deposit for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and Tenant's failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisionscertified check. Landlord shall not be required to keep this security maintain such deposit in a separate from its general fundsaccount. Except as may be required by law, and Tenant shall not be entitled to interest on the Security Deposit. The Security Deposit shall be security for the performance by Tenant of all of Tenant’s obligations, covenants, conditions and agreements under this Lease. Within thirty (30) days after the later of (a) the expiration or earlier termination of the Lease Term, or (b) vacating the Premises, Landlord shall return the Security Deposit to Tenant, less such depositportion thereof as Landlord shall have properly appropriated to satisfy any requirement under this Lease by Tenant. No trust relationship is created hereby with respect to such Said Security Deposit shall be held by Landlord during the Term as collateral security depositand not prepaid rent, for the payment of Base Rent and Additional Rent, and for the faithful performance by Tenant of all other covenants, conditions and agreements of this Lease. If any sum payable by Tenant to Landlord shall fully be overdue and faithfully unpaid, or should Landlord make payments on behalf of Tenant, or should Tenant fail to perform every provision any of the terms of this Lease Lease, then Landlord, at its option and without prejudice to be performed by itany other remedy which Landlord may have, the security deposit may appropriate and apply all or any balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration part of the TermSecurity Deposit to compensate Landlord for the payment made or damage sustained by Landlord, provided that Landlord may retain has given Tenant notice and an opportunity to cure as provided for in the Lease. Tenant upon demand shall restore the Security Deposit to the original sum deposited. Failure to do so shall be a Default under this Lease. Provided Tenant shall have made all payments and fulfilled all obligations under the Lease, and the Landlord returns the Security Deposit, then Landlord shall thereupon be released from all liability to Tenant for the return of the Security Deposit. Tenant hereby agrees not to look to the mortgagee, as mortgagee, mortgagee in possession, or successor in title to the Project, for accountability for any security deposit until required by the Landlord hereunder, unless said sums have actually been received by said mortgagee as security for Tenant’s performance of this Lease. In the event of any permitted assignment of Tenant’s interest in this Lease, the Security Deposit may, at Landlord’s sole option, be held by Landlord as a deposit made by the assignee, and Landlord shall have no further liability to any prior tenant with respect to the return of the Security Deposit. (b) If Tenant is in monetary default under this Lease more than two (2) times within any twelve-month period, irrespective of whether or not such time as any default is cured, then, without limiting Landlord’s other rights and remedies provided for in this Lease or at law or equity, the Security Deposit shall be increased by an amount due from the equal to: (1) two (2) months’ Minimum Rent, which shall be paid by Tenant in accordance hereof has been determined and paid in fullto Landlord forthwith on demand.

Appears in 1 contract

Sources: Lease Agreement (Alliance Bankshares Corp)

Security Deposit. Tenant shall pay to Landlord, immediately upon Upon the execution of this Lease, Tenant shall deposit with Landlord the sum specified Security Deposit described in paragraph 6 of the Basic Lease Provisions as security for Provisions. The Security Deposit is made by Tenant to secure the full and faithful performance of every provision all the terms, covenants and conditions of this Lease to be performed by Tenant. The Security Deposit is not an advance payment of Rent or a measure or limit of Landlord's damages upon an Event of Default by Tenant. If Tenant defaults commits an Event of Default with respect to any provisions provision of this Lease, includingLandlord may, but not limited to, the provisions relating to the payment of rent, Landlord may (but shall not be required to) , use, apply or retain all or any part of this security deposit the Security Deposit (a) for the payment of any rent Rent or any other sum in default, or (b) for the payment of any other amount which Landlord may spend or become obligated to spend by reason of such default by Tenant's default, or and (c) to compensate Landlord for any other loss or damage damages which Landlord may suffer by reason of such default by Tenant's default. If any portion of said deposit the Security Deposit is so used or applied, Tenant shall, within five (5) days after written upon demand therefortherefor by Landlord, deposit cash with Landlord cash in an amount sufficient to restore the security deposit Security Deposit to the amount required to be maintained by Tenant hereunder. Upon expiration or the sooner termination of this Lease, provided that Tenant has performed all of its original amount and Tenant's failure obligations hereunder, Landlord shall return to do so shall be a material breach Tenant the remaining portion of the Security Deposit no later than thirty (30) days after the date Landlord receives possession of the Premises in accordance with the provisions of this Lease. At The Security Deposit may be commingled by Landlord with Landlord's electionother funds, if and no interest shall be paid thereon. If Landlord transfers its interest in the monthly Base Rent Premises, then Landlord may assign the Security Deposit to the transferee and thereafter Landlord shall from time have no further liability or obligation for the return of the Security Deposit. Tenant hereby waives the provisions of any Laws, whether now or hereafter in effect, or common law rule, to time increase during the term contrary, which restricts the amount or types of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as claim that a landlord may make upon a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from or imposes upon a landlord (or its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby successors) any obligation with respect to such the handling or return of security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration of the Term, provided that Landlord may retain the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in fulldeposits.

Appears in 1 contract

Sources: Office Lease (Clayton Holdings Inc)

Security Deposit. Tenant shall pay to Landlord, immediately upon execution of has this Lease, day deposited the sum specified in the Basic Lease Provisions of $ .00 (herein “Security Deposit”) as security for the full and faithful Tenant’s performance of every provision its obligations and agreements under this Agreement. Tenant agrees that, if Tenant fails to perform any of this Lease to be performed by Tenant. If Tenant defaults with respect to any provisions of this Leasesuch obligations or agreements, including, including but not limited toto its obligation to give 30-days notice of termination, Landlord may use, apply or retain so much of the provisions relating to Security Deposit as Landlord deems appropriate for the payment of rent, or other sums due from Tenant, and payment of any loss, damage or expense sustained by Landlord by reason of Tenant’s default. In such event, Tenant shall pay to Landlord such sum as will restore the Security Deposit to the original sum deposited. If Tenant performs all obligations under this Agreement and has occupied the premises for at least 6 months, Landlord shall return the Security Deposit to Tenant (less any offset for repairs) in full within thirty (30) days after the date of the termination of this Agreement. Any security deposit shall be treated as non-refundable if tenant vacates prior to a 6 month occupancy. Tenant agrees that it may not unilaterally treat the Security Deposit as rent under any circumstances and that its liability to pay damages for breach of this Agreement is not limited to the amount of the Security Deposit. Key Deposit: Tenant has paid a key deposit of $ 125.00 deposit (herein “Key Deposit” )Tenant agrees that if at the time of lease termination, Tenant does not return any and all keys & swipe cards, Landlord may (but shall not be required to) use, apply or retain Key Deposit. Should Tenant perform their obligation with proper 30-day notice of termination, all or any part of this security deposit keys & swipe cards are returned and all payment for rents are paid, Landlord shall return the payment of any rent or any other sum Key Deposit to Tenant in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, full within five thirty (530) days after written demand therefor, deposit cash with Landlord in an amount sufficient the date of the termination of this Agreement. Tenant agrees that it may not treat the Key Deposit as rent under any circumstances and that its liability to restore the security deposit to its original amount and Tenant's failure to do so shall be a material pay damages for breach of this Lease. At Landlord's election, if Agreement is not limited to the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the Key Deposit. In addition, security deposit held by Landlord shall bear the same proportion cards that are distributed to allow access to the then current Base Rent as building are to be returned at the initial termination of the lease by the tenant. For each security deposit bears card issued that is not returned with keys to the initial Base Rent as set forth in unit, there will be a $15.00 deduction from the Basic Lease Provisionskey deposit collected. Landlord shall not be required to keep this security Phone Deposit: Tenant has paid a phone deposit separate from its general fundsof $100. (for the 1st instrument) and $50. for any additional headsets. At the termination of the lease and at the return of the equipment, and Tenant shall not be entitled to interest on such landlord will return the deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration of the Term, provided that Landlord may retain the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in full.$____N/A TENANT INITIAL ____________

Appears in 1 contract

Sources: Commercial Rental Agreement

Security Deposit. Tenant shall pay to Landlord, immediately upon Concurrently with Tenant’s execution of this Lease, Tenant shall deposit with Landlord the sum specified in the Basic Lease Provisions of Fifty Thousand and 00/100 Dollars ($50,000.00). Said sum shall be held by Landlord as security a Security Deposit for the full and faithful performance by Tenant of every provision all of the terms, covenants, and conditions of this Lease to be kept and performed by TenantTenant during the term hereof. If Tenant defaults with respect to any provisions of this Lease, including, but not limited to, the provisions relating to the payment of rentrent and any of the monetary sums due herewith, Landlord may (but shall not be required to) use, apply or retain all or any part of this security deposit for the payment of any rent or any other sum in default, or Security Deposit for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, ’s default or to compensate Landlord Lessor for any other loss or damage which Landlord may suffer by reason of Tenant's ’s default. If any portion of said deposit Deposit is so used or applied, Tenant shall, within five ten (510) days after written demand therefor, deposit cash with Landlord in an the amount sufficient to restore the security deposit Security Deposit to its original amount and amount. Tenant's ’s failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security depositDeposit. If Tenant shall fully and faithfully perform performs every provision of this Lease to be performed by it, the security deposit Security Deposit or any balance thereof shall be returned to the Tenant (or at the Landlord's ’s option, to the last assignee of Tenant's interests ’s interest hereunder) at the expiration of the TermLease term and after Tenant has vacated the Premises. In the event of termination of Landlord’s interest in this Lease, provided that Landlord may retain shall transfer said Deposit to Landlord’s successor in interest whereupon Tenant agrees to release Landlord from liability for the security deposit until return of such time as any amount due from Deposit or the Tenant in accordance hereof has been determined and paid in fullaccounting therefor.

Appears in 1 contract

Sources: Office Lease (Eidos PLC)

Security Deposit. Tenant shall pay to Landlordhas deposited with Landlord the Security Deposit as security for the faithful performance and observance by Tenant of the terms, immediately upon execution provisions and conditions of this Lease. It is agreed that in the event Tenant defaults in respect of any of the terms, provisions and conditions of this Lease, the sum specified in the Basic Lease Provisions as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provisions of this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may (but shall not be required to) use, apply or retain all the whole or any part of this security deposit the Security Deposit to the extent required for the payment of any rent Rent or any other sum as to which Tenant is in default, default or for the payment of any other amount sum which Landlord may spend expend or become obligated may be required to spend expend by reason of Tenant's default’s default in respect of any of the terms, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount covenants and Tenant's failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term conditions of this Lease, including but not limited to any damage or deficiency accrued before or after summary proceedings or other reentry by Landlord, including the costs of such proceeding or reentry and further including, without limitation, reasonable attorney’s fees. It is agreed that Landlord shall always have the right to apply the Security Deposit, or any part thereof, as aforesaid, without notice and without prejudice to any other remedy or remedies which Landlord may have, or Landlord may pursue any other such remedy or remedies in lieu of applying the Security Deposit or any part thereof. No interest shall be payable on the Security Deposit. If Landlord shall use, apply or retain the Security Deposit in whole or in part and the Lease continues or Tenant’s occupancy continues in the Premises, Tenant shall, shall within ten (10) days after request by Landlord, written notice from the Landlord make such further or other deposit with Landlord additional money of monies as a security deposit so that may be necessary to bring the total amount balance of the security deposit held by Landlord shall bear the same proportion to a sum equal to one (1) months rent of the then current Base Rent as Rent. In the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If event that Tenant shall fully and faithfully perform every provision comply with all of the terms, provisions, covenants and conditions of this Lease to be performed by itLease, the security deposit or any balance thereof Security Deposit shall be returned to Tenant within ninety (90) days after the date fixed as the end of the Lease and after delivery of entire possession of the Premises to Landlord in accordance with the terms of this Lease. In the event of a sale or other transfer of the Building, or leasing of the entire Building including the Premises subject to ▇▇▇▇▇▇’s tenancy hereunder, Landlord shall transfer the Security Deposit then remaining to the vendee or lessee and Landlord shall thereupon be released from all liability for the return of such Security Deposit to Tenant; and ▇▇▇▇▇▇ agrees to look solely to the new Landlord for the return of said Security Deposit then remaining. The holder of any mortgage upon the Building or Lot shall never be responsible to Tenant for the Security Deposit or its application or return unless the Security Deposit shall actually have been received in hand by such holder. Tenant further covenants that it will not assign or encumber or attempt to assign or encumber the Security Deposit and that neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance. In the event there has been no Event of Default of any of the terms, conditions and covenants of this Lease Agreement and any Amendments made hereto during the term hereof and Rent has been paid as and when due, Landlord agrees to apply a portion of the Security Deposit, namely FOURTEEN THOUSAND SIX HUNDRED EIGHTY-EIGHT AND 00/100 (or $14,688.00) Dollars to Tenant’s Rent on the thirteenth (13th) month of the Lease Term, thereby leaving a Security Deposit balance on ▇▇▇▇▇▇’s account in the amount of TWENTY-NINE THOUSAND THREE HUNDRED SEVENTY-SIX AND 00/100 ($29,376.00) Dollars. In the event the Security Deposit is not applied as described hereinabove, then Landlord shall retain said Security Deposit for the entire term of this Lease and any extension thereof, and said Security Deposit shall be refunded to Tenant at the Landlord's optionend of this Lease, subject to Tenant’s satisfactory compliance with the last assignee of Tenant's interests hereunder) at the expiration of the Term, provided that Landlord may retain the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined conditions herein contained and paid in fullset forth.

Appears in 1 contract

Sources: Lease Agreement (Icad Inc)

Security Deposit. Tenant shall pay to Landlord, immediately upon Concurrently with Tenant's execution of this Lease, Tenant shall deposit with Landlord the sum specified in the Basic Lease Provisions of ONE HUNDRED THIRTY EIGHT THOUSAND AND NO/100 ($ 138,000.00) Dollars. Said sum shall be held by Landlord as security a Security Deposit for the full and faithful performance by Tenant of every provision all of the terms, covenants, and conditions of this Lease to be kept and performed by TenantTenant during the term hereof. If Tenant defaults with respect to any provisions provision of this Lease, including, but not limited to, the provisions relating to the payment of rent, rent and any of the monetary sums due herewith. Landlord may (but shall not be required to) use, apply or retain all or any part of this security deposit for the payment of any rent or any other sum in default, or Security Deposit for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit Deposit is so used or applied, Tenant shall, within five ten (510) days after written demand therefor, deposit cash with Landlord in an the amount sufficient to restore the security deposit Security Deposit to its original amount and amount. Tenant's failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security depositDeposit. If Tenant shall fully and faithfully perform performs every provision of this Lease to be performed by it, the security deposit Security Deposit or any balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests hereunder) interest hereunder at the expiration of the TermLease term and after Tenant has vacated the Premises. In the event of termination of Landlord's interest in this Lease, provided that Landlord may retain shall transfer said Deposit to Landlord's successor in interest whereupon Tenant agrees to release Landlord from liability for the security deposit until return of such time as any amount due from Deposit or the Tenant in accordance hereof has been determined and paid in fullaccounting therefor.

Appears in 1 contract

Sources: Lease Agreement (Neomagic Corp)

Security Deposit. The Security Deposit, if any, shall be due and payable by Tenant on the date of execution of this Lease by Tenant, to be held for the performance by Tenant of Tenant's covenants and obligations under the lease, it being expressly understood that the deposit shall not be considered an advance payment of rental or a measure of Landlord's damages in case of default by Tenant. Upon any event of default or breaches of Tenant's covenants or obligations under this Lease other than the payment of any sum of money due Landlord, Landlord shall advise Tenant in writing of the nature of such default or breech of covenant and shall provide Tenant with a period of thirty (30) days within which to remedy said default or breech of covenant prior to Landlord exercising its rights to use the Security Deposit as herein provided. Following any such application of the security deposit, Tenant shall pay to Landlord, immediately upon execution of this Lease, Landlord on demand the sum specified amount so applied in the Basic Lease Provisions as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provisions of this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may (but shall not be required to) use, apply or retain all or any part of this security deposit for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient order to restore the security deposit to its original the amount and Tenant's failure thereof existing prior to do so shall be a material breach of this Leasesuch application. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount Any remaining balance of the security deposit held shall be returned by Landlord shall bear to Tenant within thirty (30) days after the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. termination of this Lease; provided, however, Landlord shall have the right to retain and expend such remaining balance (a) to reimburse Landlord for any and all rentals or other sums due hereunder that have not be required been paid in full by Tenant and/or (b) for cleaning and repairing the Leased Premises if Tenant shall fail to keep deliver same at the termination of this security deposit separate from its general fundsLease in a neat and clean condition and in as good a condition as existed at the date of possession of same by Tenant, ordinary wear and tear only excepted. Tenant shall not be entitled to any interest on such deposit. No trust relationship is created hereby with respect to such the security deposit. If Tenant Notwithstanding the foregoing, the Security Deposit shall fully and faithfully perform every provision of this Lease to be performed kept by it, Landlord in a separate federally insured account bearing interest at competitive money market rates. Landlord shall promptly deposit the security deposit in such account following payment of same by Tenant and shall advise enant of the name and address of the financial institution and the applicable account number(s). Provided that no event of monetary default has occurred and remained uncured for a period beyond the curative period provided in this Lease and that no event of non-monetary default or breach of covenant or obligation has occurred and remained uncured for a period beyond the curative periods provided in this Lease within the preceding twenty-four (24) months and further provided that no event of default, or breach of covenant or obligation then currently exists, Landlord shall return the Security Deposit and any balance thereof shall be returned interest accrued thereon to the Tenant within thirty (or at the 30) days following Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration receipt of the Term, provided that Landlord may retain the security deposit until such time as any amount due twenty-fourth (24h) month's payment of Rent from the Tenant in accordance hereof has been determined and paid in fullTenant.

Appears in 1 contract

Sources: Lease Agreement (Neon Systems Inc)

Security Deposit. Tenant shall pay to Landlord, immediately upon execution of this Lease, has deposited with Landlord the sum specified shown in Item 10 of the Basic Lease Provisions to be held by Landlord as security for the full and faithful performance by Tenant of every provision all of this Lease to be performed by Tenant's obligations hereunder. If Tenant defaults with respect to any provisions provision of this Lease, including, including but not limited to, to the provisions relating to the payment of rentRental, Landlord may (may, but shall not be required to) , use, apply or retain all or any part of this security deposit for the payment of any rent Rental or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's defaultdefault to the full extent permitted by law. If any portion of said the deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and so that the amount of security deposit held by Landlord shall be at all times the sum proportionate to current Rental as the original security deposit was to the original Rental. Tenant's failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision all of its obligations under this Lease to be performed by itLease, the security deposit or of any balance thereof shall be returned to the Tenant (or or, at the Landlord's option, to the last assignee transferee of Tenant's interests interest hereunder) at the within fourteen (14) days after expiration of the TermLease Term and Tenant's delivery of the Premises to Landlord, provided that Landlord may retain the security deposit until such time as any amount due from the Tenant in accordance with Sections 4 and 13 hereof has been determined and paid in full.. Should Landlord sell its interest in the Premises during the term hereof and if Landlord deposits with the purchaser thereof the then unappropriated funds deposited by Tenant as set forth above, Landlord shall then be fully and finally discharged from any further liability with respect to such deposit. Landlord shall pay interest upon said deposit at the rate of 5% ---------------------------------------------------------------- per annum, simple interest; said interest shall be payable by landlord ---------------------------------------------------------------------- simultaneously with the payment of the security deposit, as provided herein. ----------------------------------------------------------------------------

Appears in 1 contract

Sources: Industrial Space Lease (Alpha Technologies Group Inc)

Security Deposit. Tenant shall pay to Landlord, immediately upon execution of this Lease, the sum specified in the Basic Lease Provisions as As additional security for the full and faithful prompt performance by Tenant of every provision all its obligations hereunder, Tenant has upon execution of this Lease paid to Landlord the amount set forth in Section 1.10 hereof (the “Security Deposit”), which amount may be performed applied by Tenant. If Landlord for the purpose of curing any default by Tenant defaults with respect to any provisions of under this Lease, including, but not limited to, . Landlord shall be permitted to commingle the provisions relating to the payment of rent, Security Deposit with Landlord’s general funds. Landlord may (but shall not be required to) use, apply or retain all or to pay any part of this security deposit for interest on the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's defaultSecurity Deposit. If any portion of said deposit the Security Deposit is so used or appliedapplied to cure a default by Tenant, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount amount, and Tenant's ’s failure to do so shall be a material breach of this Lease. At If Tenant has not defaulted hereunder or if Landlord has not applied the full amount of the Security Deposit to said default, then the Security Deposit, or any portion thereof not so applied by Landlord's election, if shall be applied to the monthly Base Rent due for the month of January 2004. The Security Deposit is not an advance payment of Rent or an account of Rent (except as set forth herein), or any part or settlement thereof, or a measure of Landlord’s damages. The use or application of the Security Deposit or any portion thereof shall not prevent Landlord from time to time increase during exercising any other right or remedy provided hereunder or under any Laws and shall not be construed as liquidated damages. In the term event Landlord transfers all or any part of its interest in the Building or this Lease, Landlord shall have the right to transfer the Security Deposit to the transferee. Upon such transfer, Landlord shall thereby be released by Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that from all liability or obligation for the total amount return of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration of the Term, provided that Landlord may retain the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in fullSecurity Deposit.

Appears in 1 contract

Sources: Lease Agreement (Ulta Salon, Cosmetics & Fragrance, Inc.)

Security Deposit. Tenant shall pay to Landlord, immediately upon As partial consideration for the execution of this Lease, the Tenant has this day paid the Landlord the sum specified in of $2,550.20, the Basic Lease Provisions as security for the full and faithful performance receipt of every provision of this Lease to be performed by Tenantwhich is hereby acknowledged. If Tenant defaults with respect to any provisions provision of this LeaseLease beyond applicable notice and cure periods, including, but not limited to, to the provisions relating to the payment of rent, Landlord may (but shall not be required to) use, apply or retain all or any part of this security said deposit for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's ’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's ’s default. If any portion of said deposit is so used or applied, Tenant shall, shall within five (5) days after written demand therefortherefore, deposit cash with Landlord in an amount sufficient to restore the security said deposit to its original amount and Tenant's ’s failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security said deposit separate from its general funds, and Tenant shall not be entitled to interest on such said deposit. No trust relationship Tenant agrees that Landlord is created hereby with respect to such security depositnot a trustee of said deposit and may commingle it, use it in ordinary business, transfer or assign it, or use it in any combination of those ways. If Tenant is not in default beyond applicable notice and cure periods, said deposit shall fully and faithfully perform every provision be credited on the payment of the last month’s minimum rental of the term of this Lease or to be performed any outstanding sum owed to Landlord by it, the security deposit or any balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration of the Term, provided that Landlord may retain the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in fullthis Lease.

Appears in 1 contract

Sources: Office Lease Agreement (Eschelon Telecom Inc)

Security Deposit. Tenant shall pay to Landlord, immediately upon Concurrently with Tenant's execution of this Lease, Tenant shall deposit with Landlord the sum specified in the Basic Lease Provisions of THIRTY NINE THOUSAND EIGHT HUNDRED NINE AND 70/100 Dollars ($39,809.70). Said sum shall be held by Landlord as security a Security Deposit for the full and faithful performance by Tenant of every provision all of the terms, covenants, and conditions of this Lease to be kept and performed by TenantTenant during the Term hereof. If Tenant defaults with respect to any provisions provision of this Lease, including, but not limited to, the provisions relating to the payment of rentRent and any of the monetary sums due herewith, Landlord may (but shall not be required to) use, apply or retain all or any part of this security deposit for the payment of any rent or any other sum in default, or Security Deposit for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit Deposit is so used or applied, Tenant shall, within five ten (510) days after written demand therefor, deposit cash with Landlord in an the amount sufficient to restore the security deposit Security Deposit to its original amount and amount. Tenant's failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security depositDeposit. If Tenant shall fully and faithfully perform performs every provision of this Lease to be performed by it, the security deposit Security Deposit or any balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee of Tenanttenant's interests interest hereunder) at the expiration of the TermLease Term and after Tenant has vacated the Premises; provided, provided however, that Landlord may retain withhold therefrom the security deposit until amount necessary to cover the cost of restoration of the Premises if Tenant fails to do so as required under Lease Paragraph 8 and to cure any then uncured default by Tenant under this Lease. In the event of termination of Landlord's interest in this Lease, Landlord shall transfer said Deposit to Landlord's successor in interest whereupon Tenant agrees to release Landlord from liability for the return of such time as any amount due from Deposit or the Tenant in accordance hereof has been determined and paid in fullaccounting therefor.

Appears in 1 contract

Sources: Lease Agreement (Warp Technology Holdings Inc)

Security Deposit. Tenant shall pay to Landlord, immediately upon Concurrent with Tenant’s execution of this Lease, Tenant shall deposit with Landlord a security deposit (the sum specified “Security Deposit”) in the Basic Lease Provisions amount set forth in Section 10 of the Summary. The Security Deposit shall be held by Landlord as security for the full and faithful performance by Tenant of every provision all the terms, covenants, and conditions of this Lease to be kept and performed by TenantTenant during the Lease Term. If Tenant defaults with respect to any provisions of this LeaseLease (beyond all applicable notice and cure periods), including, but not limited to, the provisions relating to the payment of rentRent, Landlord may (may, but shall not be required to) , use, apply or retain all or any part of this security deposit the Security Deposit for the payment of any rent Rent or any other sum in default, or for the payment of any other amount which that Landlord may spend or become obligated to spend by reason of Tenant's ’s default, or to compensate Landlord for any other loss or damage which that Landlord may suffer by reason of Tenant's ’s default. If any portion of said deposit the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount amount, and Tenant's ’s failure to do so shall be a material breach of default under this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit Security Deposit, or any balance thereof thereof, shall be returned to the Tenant (or Tenant, or, at the Landlord's ’s option, to the last assignee of Tenant's interests ’s interest hereunder, within sixty (60) at days following the expiration of the Lease Term. Tenant shall not be entitled to any interest on the Security Deposit. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code, provided and all other provisions of law, now or hereafter in force, which provide that Landlord may retain the claim from a security deposit until such time only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the act or omission of Tenant or any officer, employee, agent or invitee of Tenant. Notwithstanding the foregoing contained in this Article 20, so long as Tenant is not then in default hereunder (the “Reduction Condition”), the original amount of the Security Deposit shall be applied to Base Rent coming due under this Lease on the first (1st) day of the thirty-seventh (37th) month of the initial Lease Term. It is understood and agreed that, if the original amount of the Security Deposit is applied as set forth above, there shall be no further reduction or application of any amount due from remaining portion (if any) of the Tenant in accordance hereof has been determined and paid in fullSecurity Deposit for the remainder of the Lease Term.

Appears in 1 contract

Sources: Office Lease (Legalzoom Com Inc)

Security Deposit. Tenant shall pay to Landlord, immediately deposit the Security Deposit with Landlord upon the execution of this Lease, the . Said sum specified in the Basic Lease Provisions shall be held by Landlord as security for the full and faithful performance by Tenant of every provision all the terms, covenants and conditions of this Lease to be kept and performed by Tenant and not as an advance rental deposit or as a measure of Landlord’s damage in case of Tenant’s default. If Tenant defaults with respect to any provisions provision of this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may (but shall not be required to) use, apply or retain all or use any part of this security deposit the Security Deposit for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's ’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer suffers by reason of Tenant's ’s default, provided that Landlord has provided Tenant written notice of such default (and applicable notice and cure periods have expired) as required pursuant to the terms of Article 18 below. If any portion of said deposit is so used or appliedused, Tenant shall, shall within five (5) business days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount and Tenant's ’s failure to do so shall be a material breach of this Lease. At Landlord's electionExcept to such extent, if the monthly Base Rent any, as shall from time to time increase during the term of this Leasebe required by law, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit the Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision is not in default at the termination of this Lease Lease, Landlord shall return any unapplied balance of the Security Deposit to be performed by itTenant within forty-five (45) days after Tenant surrenders the Premises to Landlord in accordance with this Lease. In addition to any other deductions Landlord is entitled to make pursuant to the terms hereof, Landlord shall have the security deposit or right to make a good faith estimate of any balance thereof unreconciled Expenses and/or Taxes as of the Termination Date and to deduct any anticipated shortfall from the Security Deposit. Such estimate shall be returned to the Tenant (or at the Landlord's option, to the last assignee of final and binding upon Tenant's interests hereunder) at the expiration of the Term, provided that Landlord may retain the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in full.

Appears in 1 contract

Sources: Lease (Cray Inc)

Security Deposit. Tenant Lessee(s) shall pay deposit with the Lessor the sum of nine hundred fifty Dollars to Landlord, immediately upon execution be held by Lessor as a security deposit. At the time of the expiration of this Leaselease, the sum specified in the Basic Lease Provisions as security for the full whatever reason, Lessor may retain and faithful performance of every provision of apply this Lease to be performed by Tenant. If Tenant defaults with respect to any provisions of this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may (but shall not be required to) use, apply or retain all deposit or any part thereof, as full or partial payment toward: (1) reimbursement for actual damages to the premises or any ancillary facility that are the direct result of this security deposit for conduct not reasonably expected in the normal course of habitation of the premises; (2) payment of any all rent or any other sum in defaultand arrearage under the lease, or for rent due for premature termination of the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's defaultlease, or to compensate Landlord and for any other loss or damage which Landlord may suffer by reason of Tenant's defaultunpaid utilities. If any The portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and Tenant's failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held not re- tained and applied shall be refunded to Lessee(s) within the time required by Landlord shall bear the same proportion to the then current Base Rent as the initial law. The security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general fundsused as last month’s rent without the prior written consent of Lessor. A CHECKLIST WILL BE PROVIDED TO THE TENANT UPON OCCUPANCY. YOU MUST COMPLETE THIS CHECKLIST NOTING THE CONDITION OF THE RENTAL PROPERTY AND RE- TURN THE LIST TO THE LANDLORD WITHIN SEVEN (7) DAYS AFTER POSSESSION OF THE RENT- AL UNIT. YOU ARE ALSO ENTITLED TO REQUEST AND RECEIVE A COPY OF THE TERMINATION INVENTORY CHECKLIST WHICH SHOWS WHAT CLAIMS WERE CHARGEABLE TO THE LAST TEN- ANT. YOU MUST NOTIFY YOUR LANDLORD IN WRITING WITHIN FOUR (4) DAYS AFTER YOU MOVE OF A FORWARDING ADDRESS WHERE YOU CAN BE REACHED AND WHERE YOU WILL RECEIVE MAIL, and Tenant shall not be entitled to interest on such depositOTHERWISE YOUR LANDLORD SHALL BE RELIEVED OF SENDING YOU AN ITEMIZED LIST OF DAMAGES AND THE PENALTIES ADHERENT TO THAT FAILURE. No trust relationship is created hereby with respect to such security depositWHEN THE LEASE EXPIRES, THE LANDLORD MUST SERVE NOTICE OF DAMAGES CLAIMED WITHIN THIRTY (30) DAYS OF THE TERMINATION OF THE LEASE. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to the Tenant THE TENANT MUST RESPOND TO THIS NOTICE BY MAIL WITHIN SEVEN (or at the Landlord's option, to the last assignee of Tenant's interests hereunder7) at the expiration of the Term, provided that Landlord may retain the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in fullDAYS AFTER RECEIPT OR FORFEIT THE AMOUNT CLAIMED FOR DAMAGES.

Appears in 1 contract

Sources: Residential Lease

Security Deposit. Tenant shall pay to Landlord, immediately upon Upon execution of this Lease, Tenant shall deposit with Landlord the sum specified in the Basic Lease Provisions on Schedule A, if any as security for the full and Tenant's faithful performance of every provision of this Lease to be performed by TenantTenant s, if any, obligations hereunder. If Tenant fails to make any payment when due hereunder, or otherwise defaults with respect to any provisions of this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may (but shall not be required to) use, apply or retain all or any part portion of this security said deposit for the payment of any rent or any other sum such payment in default, default or for the payment of any other amount sum to which Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's defaultthereby. If Landlord so uses or applies all or any portion of said deposit is so used or applieddeposit, Tenant shall, shall within five ten (510) days after written demand therefor, therefor deposit cash with Landlord in an amount sufficient to restore the security said deposit to its original the full amount hereinabove stated and Tenant's failure to do so shall be a material breach of this Lease. At LandlordIf Tenant performs all of Tenant's electionobligations hereunder, if the monthly Base Rent shall from time to time increase during the term of this Leasesaid deposit, Tenant shall, within ten (10) days after request or so much thereof as has not theretofore been applied by Landlord, deposit with Landlord additional money as a security deposit so that shall be returned to Tenant (or at Landlord's option, to the total amount last assignee, if any, of Tenant's interest hereunder) at the expiration of the security deposit held by Landlord shall bear term hereof, and after Tenant has vacated the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease ProvisionsPremises. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. Upon terminatin of the original Landlord's or any successor Landlord's interest in the Premises, the original Landlord or such successor Landlord shall be relieved of further liability with respect to the security deposit, provided that the amount thereof in the hands of the original Landlord or such successor Landlord has been delivered to the new owner of the Premises. No trust relationship is created hereby between Landlord and Tenant with respect to such said security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration of the Term, provided that Landlord may retain the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in full.

Appears in 1 contract

Sources: Standard Triple Net Industrial Lease (Telco Systems Inc /De/)

Security Deposit. Tenant shall pay to Landlord, immediately upon execution of this Lease, has deposited with Landlord the sum specified listed in ¶12 of the Basic Lease Provisions Summary as security for the full and faithful performance by Tenant of every provision the terms of this Lease Lease. Landlord may use, apply or retain the whole or any part of the security so deposited to the extent required for the payment of any rent and additional rent or other sum as to which Tenant is in default or for any sum which Landlord may expend or may be performed required to expend by reason of Tenant. If Tenant defaults with 's default in respect to of any provisions of the terms of this Lease, including, but not limited to, any damages or deficiency in the provisions relating to reletting of the payment of rentleased property, Landlord may (but shall not be required to) use, apply whether such damages or retain all deficiency accrued before or any part of this security deposit for the payment of any rent after summary proceedings or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend reentry by reason of Tenant's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's defaultLandlord. If any portion of said deposit is so used or applied, Tenant shall, within five ten (510) days after written demand therefor, deposit cash monies with the Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount and Tenant's failure to do so shall be considered a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit Security Deposit separate from its general funds, funds and Tenant shall not be entitled to interest on such the deposit. No trust relationship is created hereby Landlord shall, within sixty (60) days after the termination of this Lease or surrender and acceptance of the Leased Premises, whichever occurs last, return to Tenant the full security deposit or provide Tenant with respect to such a written statement listing the exact reasons for the retention of any portion of the security deposit. If Tenant In the event of a sale of the Property, Landlord shall fully and faithfully perform every provision of this Lease have the right to be performed by it, transfer the security deposit or any balance thereof shall be returned to the new owner and Landlord shall thereupon be released from all liability for the return of such security. In such case, Tenant (or at the Landlord's option, shall look solely to the last assignee new landlord for the return of such security. Except in the case of a sale or transfer of all or substantially all of Tenant's interests hereunder) at business, Tenant shall not assign or encumber the expiration of money deposited as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment or encumbrance. Similarly, Landlord shall not encumber nor assign the Termmoney deposited as security and Tenant shall not be bound by such encumbrance or assignment; provided, provided however, that Landlord may retain assign the security deposit until such time as any amount due from to the Tenant new owner in accordance hereof has been determined and paid in fullthe event of sale of the Building or the Premises.

Appears in 1 contract

Sources: Lease Agreement (Tapestry Pharmaceuticals, Inc)

Security Deposit. Tenant shall pay to Landlord, immediately upon execution of this Lease, has deposited or concurrently herewith is depositing with Landlord the sum specified set forth in Article I.F. of the Basic Lease Provisions as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to breaches any provisions provision of this Lease, including, including but not limited to, the provisions relating to the payment of rent, Landlord may (but shall not be required to) use, apply or retain use all or any part of this security deposit for the payment of any rent or any other sum sums in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's ’s default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and Tenant's failure to do so shall be a material breach of this Leasefull amount. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so agrees that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this the security deposit in trust, segregate it or keep it separate from its Landlord’s general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If At the expiration of the Term, and provided there exists no default by Tenant shall fully and faithfully perform every provision of this Lease to be performed by ithereunder, the security deposit or any balance thereof shall be returned to the Tenant (or or, at the Landlord's ’s option, to the last assignee of Tenant's interests hereunder) at ’s “Transferee”, as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the Termcalendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord’s delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may retain the claim from a security deposit until such time as only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord’s damages under this Lease and California law including, but not limited to, any amount due from damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant in accordance hereof has been determined and paid in fullor any officer, employee, agent, contractor or invitee of Tenant.

Appears in 1 contract

Sources: Standard Office Lease (loanDepot, Inc.)

Security Deposit. Tenant shall pay to Landlord, immediately upon execution deposit with Landlord on the date of this Lease, security (the sum specified "Security Deposit") for the performance of all of its obligations in the Basic Lease Provisions amount set forth on the Schedule. At Tenant's option, the form of such Security Deposit shall be either a cashier's check made payable to Landlord, or an unconditional and irrevocable letter of credit (the "Letter of Credit"). If in the form of a Letter of Credit, such Letter of Credit shall be (i) in the form attached hereto as security for Appendix G, (ii) naming Landlord and its successors and assigns as beneficiary, (iii) expressly allowing Landlord to draw upon it at any time from time to time by delivering to the full issuer notice that Landlord is entitled to draw thereunder, (iv) drawable on an FDIC-insured financial institution reasonably satisfactory to Landlord, and faithful performance (v) redeemable in the state of every provision Texas. If Tenant does not provide Landlord with a substitute Letter of this Lease Credit complying with all of the requirements hereof at least ten (10) days before the stated expiration date of the current Letter of Credit, then Landlord shall have the right to be performed by Tenantdraw upon the current Letter of Credit and hold the funds drawn as the Security Deposit. If Tenant defaults with respect to any provisions of under this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may (but shall not be required to) use, apply or retain all or use any part of this security deposit the Security Deposit to make any defaulted payment, to pay for the payment Landlord's cure of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's defaultdefaulted obligation, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's resulting from any default. If To the extent any portion of said deposit the Security Deposit is so used or appliedused, Tenant shall, shall within five (5) business days after written demand therefor, deposit cash with from Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount and Tenant's failure to do so shall be a material breach of this Leasefull amount. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth If in the Basic Lease Provisions. form of a cash deposit, Landlord may keep the Security Deposit in its general funds and shall not be required to keep this security pay interest to Tenant on the deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security depositamount. If Tenant shall fully and faithfully perform every provision all of its obligations under this Lease and return the Premises to be performed by it, the security deposit or any balance thereof shall be returned to the Tenant (or Landlord at the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration end of the Term, provided that Landlord shall return all of the remaining Security Deposit to Tenant within thirty (30) days after the end of the Term. The Security Deposit shall not serve as an advance payment of Rent or a measure of Landlord's damages for any default under this Lease. If Landlord transfers its interest in the Project or this Lease, Landlord may retain transfer the security deposit until Security Deposit to its transferee. Upon such time as any amount due from transfer, Landlord shall have no further obligation to return the Tenant Security Deposit to Tenant, and Tenant's right to the return of the Security Deposit shall apply solely against Landlord's transferee, provided such transferee expressly assumed the obligation to return such Security Deposit in accordance hereof has been determined and paid in fullwith this Lease.

Appears in 1 contract

Sources: Lease Agreement (Pervasive Software Inc)

Security Deposit. Tenant shall pay to Landlord, immediately upon execution of this Lease, ▇▇▇▇▇▇ has deposited with Landlord the sum specified amount set forth in Article 1 as the Basic Lease Provisions "Security Deposit" as security for the full and faithful performance by ▇▇▇▇▇▇ of every provision the terms of this Lease to be performed by Tenant. If Tenant defaults with respect to any provisions of this Lease▇▇▇▇▇▇, including, but and not limited to, the provisions relating to the payment as prepayment of rent, . Landlord may apply such portion or portions of the Security Deposit as are reasonably necessary for the following purposes: (but shall not be required toi) use, apply or retain all or to remedy any part of this security deposit for default by Tenant in the payment of any rent amount due; (ii) to repair damage to the Premises caused by Tenant; (iii) to clean and repair the Premises following their surrender to Landlord if not surrendered in the condition required pursuant to the provisions of Article 2; (iv) to remedy any other default of Tenant; and (v) any and all attorney's fees incurred by Landlord in enforcing the terms and conditions of this Lease. In the event the Security Deposit or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit thereof is so used or appliedused, Tenant shallshall pay to Landlord, within five (5) days after written demand thereforpromptly upon demand, deposit cash with Landlord in an amount in cash sufficient to restore the security deposit Security Deposit to its the full original amount sum. If Tenant fails to promptly restore the Security Deposit and Tenantif Tenant shall have paid to Landlord any sums as "Last Month's failure Prepaid Rent", Landlord may, in addition to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of any other remedy Landlord may have under this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that reduce the total amount of the security deposit held Tenant's Last Month's Prepaid Rent by Landlord shall bear the same proportion transferring all or portions of such Last Month's Prepaid Rent to Tenant's Security Deposit until such Deposit is restored to the then current Base Rent as the initial security deposit bears to the initial Base Rent as amount set forth in the Basic Lease ProvisionsArticle 1. Landlord shall not be deemed to be trustee of the Security Deposit. Landlord may use the Security Deposit in Landlord's ordinary business and shall not be required to keep this security deposit separate segregate it from its general funds, and accounts. Tenant shall not be entitled to any interest on such deposit. No trust relationship is created hereby with respect to such security depositthe Security Deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, Landlord transfers the security deposit or any balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration of Building during the Term, provided that Landlord may retain pay the security deposit until such time as Security Deposit to any amount due subsequent owner, in which event the transferring Landlord shall be released from all liability for the return of the Security Deposit. Tenant in accordance hereof has been determined and paid in fullspecifically grants to Landlord a period of sixty (60) days following the surrender of the Premises by Tenant to Landlord within which to restore the Security Deposit (less permitted deductions) to Tenant.

Appears in 1 contract

Sources: Lease Agreement

Security Deposit. Tenant shall will pay to Landlord, immediately upon execution Landlord on the date this Lease is executed by Tenant the Security Deposit set forth in Item 11 of this Lease, the sum specified in the Basic Lease Provisions as security for the full and faithful performance of every provision the terms hereof by Tenant. Landlord shall deposit the Security Deposit into a segregated money market or savings account with a national banking association or a bank chartered with the Texas Department of this Lease Banking, but Tenant shall not be entitled to interest thereon. Landlord may not commingle such Security Deposit with any other funds of Landlord. The Security Deposit shall not be performed considered an advance payment of rental or a measure of Landlord’s damages in case of default by Tenant. If Tenant defaults beyond any applicable notice and cure periods with respect to any provisions provision of this Lease, includingLandlord may, but not limited to, the provisions relating to the payment of rent, Landlord may (but shall not be required to) , from time to time, without prejudice to any other remedy, use, apply or retain all or any part of this security deposit Security Deposit for the payment of any rent Rent or any other sum in default, default or for the payment of any other actual, reasonable out-of-pocket amount which Landlord may spend or become obligated to spend by reason of Tenant's default, ’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's ’s default, including, without limitation, actual and reasonable out-of-pocket costs and actual and reasonable attorneys’ fees incurred by Landlord to recover possession of the Premises. If Landlord ever uses, applies or retains all or any portion of said deposit is so used or appliedthe Security Deposit pursuant to the preceding sentence, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and Tenant's failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shallwill, within ten (10) days after request by receipt of a written demand from Landlord, deposit with deliver to Landlord additional money as a security deposit so that an amount which will increase the total amount balance of the security deposit held Security Deposit to its original level. The Security Deposit, or so much thereof, if any, as shall not have been applied by Landlord shall bear in accordance with the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision terms of this Lease to be performed by itArticle 3, the security deposit or any balance thereof shall be returned to Tenant within sixty (60) days after the Expiration Date. Tenant (agrees that it will not assign or at encumber or attempt to assign or encumber the Landlord's optionmonies deposited herein as the Security Deposit and that Landlord and its successors and assigns shall not be bound by any such actual or attempted assignment or encumbrance. Regardless of any assignment of this Lease by Tenant, Landlord may return the Security Deposit to the last assignee original Tenant, in the absence of Tenant's interests hereunder) at the expiration evidence satisfactory to Landlord of an assignment of the Termright to receive the Security Deposit or any part of the balance thereof. To the fullest extent permitted by applicable law, provided Tenant agrees that Landlord may retain the provisions of this Article 3 shall supersede and replace all statutory rights under applicable law regarding the retention, application or return of security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in full.deposits. Renaissance Tower/ Priority Fulfillment Services, Inc.

Appears in 1 contract

Sources: Office Lease Agreement (Pfsweb Inc)

Security Deposit. Tenant No security deposit shall pay to Landlordbe required from Lessee under this Lease as of the execution of this Lease. However, immediately upon in the event that Lessee’s tangible net worth as of the Commencement Date is less than Lessee’s tangible net worth as of the execution of this Lease, then Lessor reserves the sum specified right to require that Lessee deposit with Lessor a security deposit in reasonable form and amount, but in no event to exceed four (4) times the Basic monthly Base Rent under this Lease Provisions (the “Security Deposit”), considering then-current market conditions and what is then customarily deemed to be a reasonable security deposit given the creditworthiness of the Lessee, the obligations of Lessee under this Lease and the Term of this Lease. If the parties are unable to reach agreement upon the amount of such Security Deposit, then such dispute shall be resolved as set forth below. Lessee hereby grants to Lessor a security interest in any Security Deposit deposited with Lessor pursuant hereto in accordance with applicable provisions of the California Commercial Code. The Security Deposit shall be held by Lessor as security for the full and faithful performance by Lessee of every provision all the terms, covenants and conditions of this Lease to be kept and performed by TenantLessee during the Term. If Tenant Lessee defaults with respect to any provisions provision of this Lease, including, but not limited to, to the provisions relating to the payment of rentRentals or relating to the condition of the Premises at Lease Termination, Landlord Lessor may (but shall not be required to) use, apply or retain all or any part of this security deposit the Security Deposit for the payment of any rent Rental or any other sum in default, or for the payment of any other amount which Landlord Lessor may spend or become obligated to spend by reason of Tenant's Lessee’s default, or to compensate Landlord Lessor for any other loss or damage which Landlord Lessor may suffer by reason of Tenant's Lessee’s default. If any portion of said deposit the Security Deposit is so used or applied, Tenant shall, Lessee shall within five (5) days after written demand therefor, deposit cash with Landlord Lessor in an amount sufficient to restore the security deposit Security Deposit to its original amount and Tenant's Lessee’s failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord Lessor shall not be required to keep this security deposit the Security Deposit separate from its general funds, and Tenant Lessee shall not be entitled to interest on the Security Deposit. Lessor is not a trustee of the Security Deposit and may use it in ordinary business, transfer it or assign it, or use it in any combination of such deposit. No trust relationship is created hereby with respect to such security depositways. If Tenant shall Lessee fully and faithfully perform performs every provision of this Lease to be performed by it, the security deposit or any balance thereof remaining portion of the Security Deposit shall be returned to the Tenant Lessee (or or, at the Landlord's Lessor’s option, to the last assignee of Tenant's Lessee’s interest hereunder) within two (2) weeks after Lease Termination and vacation of the Premises by Lessee or its last assignee; provided, however if any portion of the Security Deposit is to be applied to repair damages to the Premises caused by Lessee or Lessee’s Agents or to clean the Premises, then the balance of the Security Deposit shall be returned to Lessee (or, at Lessor’s option to the last assignee of Lessee’s interests hereunder) at no later than thirty (30) days from the expiration date Lessor receives possession of the TermPremises. Lessee shall not transfer or encumber the Security Deposit nor shall Lessor be bound by Lessee’s attempt to do so. If Lessor’s interest in this Lease is terminated, provided that Landlord Lessor may retain transfer the security deposit until Security Deposit to Lessor’s successor in interest, and upon such time as transfer, Lessor shall be released from any liability to Lessee with respect to the Security Deposit and Lessee shall look only to the transferee for any return of the Security Deposit to which Lessee may be entitled. If the parties are unable to agree on the amount due from the Tenant of any required Security Deposit in accordance hereof with the foregoing, then such dispute shall be resolved as follows: a. Following the delivery by either party to the other of a written notice (the “Security Deposit Dispute Notice”) of dispute pursuant hereto, Lessor and Lessee shall meet and endeavor in good faith to agree upon a licensed commercial real estate agent with at least seven (7) years full-time experience as a real estate agent active in leasing of commercial office buildings in the area of the Premises to determine the appropriate Security Deposit amount in accordance with the provisions hereof. If within fifteen (15) days following the delivery of the Security Deposit Dispute Notice, Lessor and Lessee fail to reach agreement upon such agent, then, within fifteen (15) days thereafter, each party, at its own cost and by giving notice to the other party, shall appoint a licensed commercial real estate agent with at least seven (7) years full-time experience as a real estate agent active in leasing of commercial office buildings in the area of the Premises to determine the appropriate Security Deposit amount in accordance with the provisions hereof. If a party does not appoint an agent within fifteen (15) days after the other party has given notice of the name of its agent, the single agent appointed shall be the sole agent and shall determine the appropriate Security Deposit amount in accordance with the provisions hereof. If there are two (2) agents appointed by the parties as stated above, the agents shall meet within ten (10) days after the second agent has been determined appointed and paid attempt to determine the appropriate Security Deposit amount in fullaccordance with the provisions hereof. If the two (2) agents are unable to agree on such Security Deposit amount within fifteen (15) days after the second agent has been appointed, they shall, within fifteen (15) days after the last day the two (2) agents were to have set such Security Deposit amount, attempt to select a third agent who shall be a licensed commercial real estate agent meeting the qualifications stated above. If the two (2) agents are unable to agree on the third agent within such fifteen (15) day period, either Lessor or Lessee may request the President of the local chapter of the Society of Industrial and Office Realtors (SIOR) or a then equivalent organization if SIOR is not then in existence to select a third agent meeting the qualifications stated in this subsection. Each of the parties shall bear one-half (1/2) of the cost of appointing the third agent and of paying the third agent’s fee. No agent shall be employed by, or otherwise be engaged in business with or affiliated with, Lessor or Lessee, except as an independent contractor. b. Within fifteen (15) days after the selection of the third agent, a majority of the agents shall determine the appropriate Security Deposit amount in accordance with the provisions hereof. If a majority of the agents are unable to agree upon the appropriate Security Deposit amount within the stipulated period of time, each agent shall make a separate determination of such appropriate Security Deposit amount and the three (3) appraisals shall be added together and the total shall be divided by three (3). The resulting quotient shall be the appropriate Security Deposit amount pursuant hereto. If, however, the low determination and/or high determination is/are more than twenty percent (20%) lower and/or higher than the middle determination, the low determination and/or the high determination shall be disregarded. If only one (1) determination is disregarded, the remaining two (2) determinations shall be added together and their total divided by two (2), and the resulting quotient shall be appropriate Security Deposit amount pursuant hereto. If both the low determination and the high determination are disregarded as stated in this subsection, the middle determination shall be the appropriate Security Deposit amount pursuant hereto. c. Each agent shall hear, receive and consider such information as Lessor and Lessee each care to present regarding the determination of the appropriate Security Deposit amount and each agent shall have access to the information used by each other agent. Upon determination of the appropriate Security Deposit amount pursuant hereto, the agents shall immediately notify the parties hereto in writing of such determination by certified mail, return receipt requested.

Appears in 1 contract

Sources: Net Office Lease (Borland Software Corp)

Security Deposit. Tenant shall pay to Landlord, immediately upon Simultaneously with Tenant’s execution and delivery of this Lease, Tenant shall deliver to Landlord the sum specified identified in Section 1 of this Lease in the Basic Lease Provisions form of a check or wire transfer (the “Security Deposit”). During the Term of this Lease, including any extensions thereof, and for forty-five (45) days after the expiration of the Term of this Lease, or for so long thereafter as Tenant is in possession of the Premises (or any portion thereof) or has unsatisfied obligations hereunder to Landlord, the Security Deposit shall be held by Landlord without liability for interest and as security for the full and faithful timely performance by Tenant of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provisions of ’s covenants and obligations under this Lease, including, but not limited to, it being expressly understood that the provisions relating to the payment of rent, Landlord may (but Security Deposit shall not be required to) use, apply or retain all or any part of this security deposit for the considered an advance payment of any rent Rent or any other sum a measure of Tenant’s liability for damages in default, or for the payment case of any other amount which Landlord may spend or become obligated failure by Tenant to spend by reason perform any of Tenant's default, ’s covenants or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and Tenant's failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisionsobligations hereunder. Landlord shall not be required to keep this security deposit the Security Deposit separate from its general fundsother accounts, and shall have no fiduciary responsibilities or trust obligations whatsoever with regard to the Security Deposit. Tenant shall not have no right to require Landlord to so draw and apply the Security Deposit, nor shall Tenant be entitled to interest on credit the same against Rent or other sums payable hereunder. Landlord may, at any time and from time to time, without prejudice to any other rights or remedies, apply the Security Deposit to the extent necessary to cure or attempt to cure, in whole or in part, any failure by Tenant to perform any of Tenant’s covenants or obligations hereunder. Following any such deposit. No trust relationship is created hereby with respect to such security deposit. If application of the Security Deposit, Tenant shall fully pay to Landlord within five (5) Business Days after demand the amount so applied in order to restore the Security Deposit to its original amount, and faithfully perform every provision failure to so restore within such time period shall constitute an uncurable Event of this Lease to be performed Default by it, Tenant hereunder. The balance of the security deposit or Security Deposit remaining after any balance thereof such application shall be returned by Landlord to Tenant within forty-five (45) days thereafter. If Landlord transfers its interest in the Premises during the Term of this Lease, Landlord shall assign the Security Deposit to the transferee, provide notice thereof to Tenant (or at including reasonable contact information for such transferee), and thereafter shall have no further liability for the Landlord's option, to the last assignee return of Tenant's interests hereunder) at the expiration of the Term, provided that Landlord may retain the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in fullSecurity Deposit.

Appears in 1 contract

Sources: Office Lease Agreement (Tufin Software Technologies Ltd.)

Security Deposit. Tenant shall pay to Landlord, immediately upon (a) Simultaneously with the execution of this Lease, Tenant shall deposit with Landlord the sum specified as the Security Deposit in the Basic Lease Provisions Information (said sum, as may be augmented as hereinafter provided, is referred to herein as the "Security Deposit"). The Security Deposit shall be held by Landlord as security for the full and faithful performance by Tenant of every provision all the terms, covenants and conditions of this Lease Lease. No interest shall be payable on the Security Deposit, and Landlord shall not be required to be performed by Tenantkeep said sum in a separate account. If Tenant fails to pay any rent or other charges due hereunder, or otherwise defaults with respect to any provisions provision of this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may (but shall not be required to) use, at its option apply or retain all or any part portion of this security deposit the Security Deposit for the payment of any rent or any other sum charge in default, default or for the payment of any other amount sum to which Landlord may spend or become obligated to spend by reason of Tenant▇▇▇▇▇▇'s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's defaultthereby. If Landlord so uses or applies all or any portion of said deposit is so used or appliedthe Security Deposit, Tenant shall, then within five ten (510) days after written demand therefor, Tenant shall deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original the full amount thereof; and Tenant▇▇▇▇▇▇'s failure to do so shall be a material breach of this Lease. At Landlord's election, if application or retention of the monthly Base Rent Security Deposit shall from time not constitute a waiver of Tenant's default to time increase during the term extent that the Security Deposit does not fully compensate Landlord for all losses or damages incurred by Landlord in connection with such default and shall not prejudice any other rights or remedies available to Landlord under this Lease or by law. At the end of this Leasethe Term, Tenant shall, within ten (10) days after request by shall deliver the Premises to Landlord, deposit with Landlord additional money broom clean, and in the same condition as a security deposit so that at the total amount of the security deposit Commencement Date, reasonable wear and tear and damage Tenant is not obligated to repair under this Lease excepted. The Security Deposit, or portion thereof then held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general fundsafter all applications on account of Tenant's defaults, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to Tenant. (b) No security or guaranty which may now or hereafter be furnished Landlord for the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration payment of the Termrent herein reserved or for performance by Tenant of the other covenants or conditions of this Lease shall in any way be a bar or defense to any action in unlawful detainer, provided that or for the recovery of the Premises, or to any action which Landlord may retain at any time commence for a breach of any of the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in fullcovenants or conditions of this Lease.

Appears in 1 contract

Sources: Office Lease (Megabios Corp)

Security Deposit. Tenant shall pay to Landlord, immediately upon Concurrently with Subtenant's execution of this LeaseSublease and receipt of Landlord's approval of this Sublease, Subtenant shall deposit with Sublandlord a security deposit (the sum specified "Security Deposit") in the Basic Lease Provisions amount set forth in Paragraph 3 above. The Security Deposit shall be held by Sublandlord as security for the full and faithful performance by Subtenant of every provision all the terms, covenants and conditions of this Lease Sublease to be kept and performed by TenantSubtenant during the term. If Tenant Subtenant defaults with respect to any provisions provision of this LeaseSublease, including, but not limited to, the provisions relating to the payment of rent, Landlord may (Sublandlord may, but shall not be required to) , use, apply or retain all or any part of this security deposit the Security Deposit for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord that Sublandlord may spend or become obligated to spend by reason of TenantSubtenant's default, or to compensate Landlord Sublandlord for any other loss or damage which Landlord that Sublandlord may suffer by reason of TenantSubtenant's default. If any portion of said deposit the Security Deposit is so used or applied, Tenant Subtenant shall, within five (5) days after written demand therefor, deposit cash with Landlord Sublandlord in an amount sufficient to restore the security deposit Security Deposit to its original amount amount, and TenantSubtenant's failure to do so shall be a material breach of default under this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security depositSublease. If Tenant Subtenant shall fully and faithfully perform every provision of this Lease Sublease to be performed by it, the security deposit Security Deposit, or any balance thereof thereof, shall be returned to the Tenant Subtenant within thirty (or at the Landlord's option, to the last assignee of Tenant's interests hereunder30) at days following the expiration of the Term, provided that Landlord term. Subtenant shall not be entitled to any interest on the Security Deposit and Sublandlord may retain commingle the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in fullSecurity Deposit with its general funds.

Appears in 1 contract

Sources: Sublease (Specialty Laboratories)

Security Deposit. Tenant shall pay to Landlord, immediately upon Concurrently with Tenant's execution of this Lease, Tenant shall deposit with Landlord the sum specified shown in the Basic Lease Provisions Paragraph 1G. Said sum shall be held by Landlord as security a Security Deposit ("Deposit") for the full and faithful performance by Tenant of every provision all of the terms, covenants, and conditions of this Lease to be kept and performed by TenantTenant during the term hereof. If Tenant defaults with respect to any provisions provision of this Lease, including, but not limited to, the provisions relating to the payment of rentrent and any of the monetary sums due herewith, Landlord may (but shall not be required to) use, apply or retain all or any part of this security deposit for the payment of any rent or any other sum in default, or Deposit for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit Deposit is so used or applied, Tenant shall, within five ten (510) days after written demand therefor, deposit cash with Landlord in an the amount sufficient to restore the security deposit Deposit to its original amount and amount. Tenant's failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security depositDeposit. If Tenant shall fully and faithfully perform performs every provision of this Lease to be performed by it, the security deposit Deposit or any balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests interest hereunder) at the expiration of the TermLease term and after Tenant has vacated the Premises. In the event of termination of Landlord's interest in this Lease, provided that Landlord may retain shall transfer said Deposit to Landlord's successor in interest whereupon Tenant agrees to release Landlord from liability for the security deposit until return of such time as any amount due from Deposit or the Tenant in accordance hereof has been determined and paid in fullaccounting therefor.

Appears in 1 contract

Sources: Lease Agreement (Webex Communications Inc)

Security Deposit. Tenant shall pay to Landlord, immediately upon Upon execution of this Lease, Tenant shall deposit the sum specified in the Basic Lease Provisions as security for the full and faithful performance of every provision of this Lease ____________________ ($_______________) to be performed held by Tenant. If Tenant defaults with respect to any provisions Landlord as a security deposit for reasonable cleaning of, and repair of damages to, the premises upon the expiration or termination of this Lease, includingor other reasonable damages resulting from a default by Tenant. Tenant shall be liable to Landlord for all damages to the leased premises upon the termination of this Lease, but not limited to, ordinary wear and tear excepted. Tenant is entitled to interest on the security deposit in accordance with the provisions relating to of the payment laws of rent, Landlord the state of Maryland. Tenant may (but shall not be required to) use, apply or retain all or any part of this security deposit for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and Tenant's failure to do so shall be a material breach of any rent due under this Lease. At Landlord's electionIf Landlord sells or assigns the leased premises, if Landlord shall have the monthly Base Rent shall from time right to time increase during transfer Tenant’s security deposit to the term of new owner or assignee to hold under this Lease, and upon so doing Landlord shall be released from all liability to Tenant shall, within ten (10) days after request by Landlord, deposit with for return of said security deposit. Landlord additional money as shall refund a security deposit so that to the total amount tenant on or before the 45th day after the date the tenant surrenders the premises. Before returning a security deposit, the landlord may deduct from the deposit damages and charges for which the tenant is legally liable under the lease or as a result of breaching the lease. The landlord may not retain any portion of a security deposit to cover normal wear and tear. If the landlord retains all or part of a security deposit under this section, the landlord shall give to the tenant the balance of the security deposit held by Landlord shall bear deposit, if any, together with an itemized list of all deductions. The landlord is not required to give the same proportion tenant a description and itemized list of deductions if (1) the tenant owes rent when he surrenders possession of the premises and (2) there is no controversy concerning the amount of rent owed. The landlord is not obligated to the then current Base Rent as the initial return a tenant's security deposit bears to or give the initial Base Rent as set forth in tenant a written description of damages and charges until the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such tenant gives the landlord a forwarding address for the purpose of refunding the security deposit. If Tenant shall fully and faithfully perform every provision of this The 45 day period following Lease to be performed by it, the security deposit or any balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration of the Term, provided that Landlord may retain the security deposit Expiration does not commence until such time as any amount due from the Tenant in accordance hereof has ALL keys have been determined and paid in fullreturned.

Appears in 1 contract

Sources: Month to Month Lease Agreement

Security Deposit. Tenant (a) Landlord shall pay to Landlord, immediately upon execution of this Lease, the sum specified in the Basic Lease Provisions retain existing security deposit as security (“Security Deposit”) for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provisions Upon the occurrence of this Leasea continuing Event of Default, including, but not limited to, the provisions relating to the payment of rentRent, Landlord may (but shall not be required to) use, apply or retain all or any part or all of this security deposit the Security Deposit for the payment of any rent Rent, Landlord may use, apply or retain any other sum in default, part or all of the Security Deposit for the payment of any Rent or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, an Event of Default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason on an Event of Tenant's defaultDefault. If any portion of said deposit Security Deposit is so to be used or applied, Tenant shall, within five (5) days after written demand therefortherefore, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount required amount, and Tenant's ’s failure to do so shall be a material breach an Event of Default under this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit said Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security depositany Security Deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit said Security Deposit or any balance thereof shall be returned to the Tenant (or or, at the Landlord's ’s option, to the last assignee of Tenant's interests ’s interest hereunder) at within thirty (30) days after the expiration or earlier termination of this Lease and Tenant’s vacation of the TermPremises. (b) Tenant hereby agrees not to look to any mortgagee as mortgagee, provided mortgagee-in- possession or successor in title to the Premises for accountability for any Security Deposit required by Landlord hereunder, unless said sums have actually been received by said mortgagee as security for Tenant’s or Landlord’s performance of this Lease. Landlord shall deliver the funds deposited hereunder by Tenant to the purchaser of Landlord’s interest in the Premises, in the event that Landlord may retain the security deposit until such time as any amount due from the Tenant interest is sold, and upon such delivery, such purchaser or assignor shall be deemed to have agreed to hold such funds in accordance hereof has been determined with and paid in fullsubject to the terms and condition of Section 8.17 hereof, and Landlord shall be discharged from any further liability with respect to the Security Deposit.

Appears in 1 contract

Sources: Lease Agreement (Phoenix Container, Inc.)

Security Deposit. Tenant shall pay to Landlord, immediately upon Concurrently with Tenant's execution of this Lease, Tenant shall deposit with Landlord the amount of the Security Deposit as set forth in Article 1 hereof. Said sum specified in the Basic Lease Provisions shall be held by Landlord as a security deposit for the full and faithful performance by Tenant of every provision all of this Lease to be performed by Tenant. If Tenant defaults with respect to any provisions the terms, covenants, and conditions of this Lease, including, but not limited to, the provisions relating to (i) the payment of rentRent and Additional Rent, Landlord may and (but shall not be required toii) use, apply or retain all or any part of this security deposit for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, default or breach to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's defaultsuch default or breach. If any portion of said deposit is so used or applied, Tenant shall, within five ten (510) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security said deposit to its original the full amount and set forth in Article 1. Tenant's failure to do so shall be a material breach of this Lease. At Landlord's election, if Lease In the monthly Base Rent shall from time to time increase during the term event of a material default or breach of this LeaseLease by Tenant under the terms of this Article 7 or Article 20 hereof, Landlord shall have the right, in addition to all other rights hereunder, to recover the aggregate amount expended by Landlord on behalf of Tenant shallwith respect to leasehold improvements to the Premises ("Landlord Concessions"). In this regard, within ten (10) days after request by LandlordLandlord shall have the right, deposit with but not the obligation, to deduct such Landlord additional money as a security deposit so that Concessions, or any portions thereof, from the total amount then remaining balance of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease ProvisionsSecurity Deposit. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to the Tenant (or or, at the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration of the Term, provided that Landlord may retain Lease term and within 30 days after Tenant has vacated the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in fullPremises.

Appears in 1 contract

Sources: Lease Agreement (Digital Commerce Corp)

Security Deposit. Tenant shall pay to Landlord, immediately Landlord upon execution of this Lease, Lease a security deposit in the sum specified amount set forth in the Basic Lease Provisions Information as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provisions all terms, covenants and conditions of this Lease, including, but not limited to, . The security deposit shall be increased on each Adjustment Date to equal the provisions relating to the payment of rent, then-applicable Minimum Base Rent. Tenant agrees that Landlord may (but shall not be required to) useapply the security deposit in whole or in part to remedy any damage to the Premises caused by Tenant, apply Tenant’s Agents or retain all Tenant’s Invitees, or any part failure of this security deposit for the payment of any rent or Tenant to perform any other sum terms, covenants or conditions contained in defaultthis Lease, without waiving any of Landlord's other rights and remedies hereunder or for the payment of any other amount which at Law or in equity. Should Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If use any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its cure any Event of Default by Tenant hereunder, Tenant shall immediately replenish the security deposit to the original amount amount, and Tenant's failure to do so within five (5) days of Landlord's notice shall be constitute a material breach Event of Default under this Lease. At Landlord's election, if the monthly Base Rent shall from time obligations with respect to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisionsare solely that of debtor and not trustee. Landlord shall not be required to keep this the security deposit separate from its general funds, and Tenant shall not be entitled to any interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision The amount of this Lease to be performed by it, the security deposit or any balance thereof shall not be returned deemed to the Tenant (or at the Landlord's option, to the last assignee of limit Tenant's interests hereunder) at liability for the expiration performance of any of its obligations under this Lease. To the Term, provided extent that Landlord may is not entitled to retain or apply the security deposit until pursuant to this Section, Landlord shall return such time as any amount due from security deposit to Tenant within forty-five (45) days of the Tenant in accordance hereof has been determined and paid in fulltermination of this Lease.

Appears in 1 contract

Sources: Lease Agreement

Security Deposit. Tenant shall pay to Landlord, immediately upon Concurrently with the execution of this Lease, Tenant has deposited with Landlord the sum specified in the Basic Lease Provisions as security Security Deposit. The Security Deposit shall not be considered an advance rental deposit or a measure of Landlord’s damages for the full and faithful performance of every provision of this Lease to be performed by Tenanta Tenant Default. If a Tenant defaults with respect to any provisions of this Lease, including, but not limited to, the provisions relating to the payment of rentDefault exists, Landlord may (but shall not be required to) use, apply or retain all or any part of this security deposit the Security Deposit for the payment any amount owed to Landlord as a result of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's defaulta Tenant Default, or to compensate Landlord for any other loss or damage which Claim that Landlord may suffer by reason as a result of Tenant's defaulta Tenant Default. Landlord’s application of the Security Deposit shall not be deemed to have cured a Tenant Default. If any portion of said deposit is Landlord so used or appliedapplies the Security Deposit, Tenant shallshall deposit with Landlord cash in an amount sufficient to restore the Security Deposit to its original amount, within five (5) days after written demand therefor, deposit cash with Landlord demands in an amount sufficient writing restoration of the Security Deposit. Tenant’s failure to restore the security deposit to its original amount and Tenant's failure to do so Security Deposit shall be constitute a material breach of this LeaseTenant Default. At Landlord's electionUnless otherwise required by Applicable Laws, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit the Security Deposit separate from its Landlord’s general funds, and funds or to pay interest on the Security Deposit to Tenant. Tenant shall is not be entitled to any interest on such depositthe Security Deposit. No trust relationship If Landlord is created hereby with respect required by Applicable Laws to such security depositmaintain the Security Deposit in an interest-bearing account, Landlord will retain the maximum amount permitted under Applicable Laws as a bookkeeping and administrative charge. If Tenant performs Tenant’s obligations under this Lease, Landlord shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof shall be returned return to the then current Tenant the remaining balance of the Security Deposit within forty-five (or at 45) days after the Landlord's option, to the last assignee later of Tenant's interests hereunder) at the expiration of the TermTerm or Tenant’s vacation of the Premises. If bankruptcy or other debtor-creditor proceedings exist against Tenant, provided that the Security Deposit shall be deemed to be applied first to the payment of Rent due Landlord for all periods prior to filing of such proceedings. Landlord may retain deliver the security deposit until such time as Security Deposit to the purchaser of Landlord’s interest in the Premises if Landlord’s interest is transferred, in which event Landlord shall be discharged from any amount due from further liability with respect to the Tenant in accordance hereof has been determined and paid in fullSecurity Deposit. The previous sentence shall also apply to any subsequent transferees of Landlord.

Appears in 1 contract

Sources: Lease Agreement (Accuro Healthcare Solutions, Inc.)

Security Deposit. Tenant shall pay to Landlord, immediately upon Upon execution of this Lease, . Tenant shall deposit with Landlord the sum amount specified in Section 11 of the Basic Lease Provisions as security for the full and faithful performance of every provision of this the Lease to be performed by Tenant. If Tenant defaults with respect to any provisions provision of this Lease, including, but not limited to, the provisions relating to the payment of rentRent, Landlord may (but shall not be required to) use, apply apply, or retain all or any part of this security deposit the Security Deposit for the payment of any rent or Rent and any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's ’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's ’s default. If any portion of said deposit the Security Deposit is so used or applied, Tenant shall, within five (5) days after upon written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount amount, and Tenant's ’s failure to do so shall be a material breach of this Lease. At Landlord's election, if No interest shall be paid on the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease ProvisionsSecurity Deposit. Landlord shall not be required to keep this security deposit the Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No no trust relationship is created hereby with respect to such security depositthe Security Deposit. As a condition to any assignment of this Lease, Landlord may require an increase in the Security Deposit. If Tenant shall fully and faithfully perform every provision is not in default at the expiration or termination of this Lease Lease, and subject to be performed by itLandlord’s inspection of the Premises following such expiration or termination, the security deposit Security Deposit or any balance thereof shall be returned to the Tenant (or or, at the Landlord's ’s option, to the last assignee of Tenant's interests ’s interest hereunder) at fourteen (14) days following the expiration or termination of the Term, provided Lease Term and upon Tenant’s vacation of the Premises. Tenant acknowledges that Landlord may retain has the security deposit until right to transfer its interest in the Premises, the Building, the Building Lot and/or this Lease, and Tenant agrees that in the event of any such time as any amount due transfer, Landlord shall transfer the Security Deposit to the transferee and, upon such transfer, Landlord shall be released by Tenant from all liability or obligation for the return of the Security Deposit, and Tenant in accordance hereof has been determined and paid in fullagrees to look solely to such transferee for the return of the Security Deposit.

Appears in 1 contract

Sources: Office Lease (Active Network Inc)

Security Deposit. Tenant shall pay to LandlordTenant, immediately upon contemporaneously with the execution of this Lease, has deposited with Landlord the sum specified in the Basic Lease Provisions of Five Thousand Dollars ($5,000.00) receipt of which is hereby acknowledged by Landlord as security for the full and faithful performance by Tenant of every provision all the terms, covenants and conditions of this Lease upon Tenant's part to be performed by performed, which sum shall be returned to Tenant after the time fixed as the expiration of the term hereof, provided Tenant has fully and faithfully carried out all of the terms, covenants and conditions on Tenant's part to be performed. If Landlord shall have the right, but not the obligation, to apply any part of the deposit to cure any default of Tenant, and if Landlord does so, Tenant defaults shall upon demand deposit with respect to any provisions Landlord the amount so applied so that Landlord shall have the full deposit on hand at all times during the term of this Lease, including, but not limited to, . Tenant's failure to pay to Landlord a sufficient amount to restore the provisions relating security to the payment of rent, Landlord may (but shall not be required to) use, apply or retain all or any part of this security deposit for the payment of any rent or any other original sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, deposited within five (5) days after written afterr receipt of demand therefor, deposit cash with Landlord in an amount sufficient to restore therefor shall constitute a default under the security deposit to its original amount and Tenant's failure to do so Lease. No interest shall be a material breach paid by Landlord to Tenant on such security deposit. Should Tenant comply with all of the rental due hereunder as it falls due and all other sums payable by Tenant to Landlord hereunder, the deposit shall be returned in full to Tenant at the end of the term of this Lease or at the earlier termination of this Lease. At Landlord's electionIn the event of a sale of the the demised premises, if a lease of the monthly Base Rent shall from time land on which it stands (subject to time increase during the term of this Lease), Landlord shall have the right to transfer the security to the vendee or lessee and Landlord shall be considered released by Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a from liability for the return of such security deposit so that and Tenant shall look to the total amount new landlord or lessee solely for the return of the security deposit held by Landlord and it is agreed that this shall bear apply to every transfer or assignment made of the same proportion security to the then current Base Rent as the initial a new landlord. The security deposit bears to the initial Base Rent as set forth in the Basic under this Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general fundsmortgaged, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed assigned or encumbered by it, the security deposit or any balance thereof shall be returned to the Tenant (or at without the written consent of Landlord and may be commingled with other funds of Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration of the Term, provided that Landlord may retain the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in full.

Appears in 1 contract

Sources: Office/Warehouse Lease (Exactech Inc)

Security Deposit. Tenant shall pay to Landlord, immediately upon Concurrently with Tenant's execution of this Lease, Tenant shall deposit with Landlord the sum specified in the Basic Lease Provisions Paragraph 1.1 hereof as a "Security Deposit". Said sum shall be held by Landlord as a security deposit for the full and faithful performance by Tenant of every provision all of the terms, covenants, and conditions of this Lease to be kept and performed by Tenant. Tenant during the Lease Term, and shall not in any event be used or applied by Tenant as "last month's rent." If Tenant defaults with respect to any provisions provision of this Lease, including, but not limited to, the provisions provision relating to the payment of rentRent, Landlord may (but shall not be required to) use, apply or retain all or any part of this security deposit the Security Deposit for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit Security Deposit is so used or applied, Tenant shall, within five ten (510) days after written demand therefor, deposit cash with Landlord in an the amount sufficient to restore the security deposit Security Deposit to its original amount and amount. Tenant's failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security depositSecurity Deposit. If Tenant shall fully and faithfully perform performs every provision of this Lease to be performed by it, the security deposit Security Deposit or any balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests interest hereunder) at the expiration of the TermLease Term and after Tenant has vacated the Premises. In the event of termination of Landlord's interest in this Lease, provided that Landlord may retain shall transfer said Security Deposit to Landlord's successor in interest whereupon Landlord shall be released from liability for the security deposit until return of such time as Security Deposit or any amount due from the Tenant in accordance hereof has been determined and paid in fullaccounting therefor.

Appears in 1 contract

Sources: Lease Agreement (3dfx Interactive Inc)

Security Deposit. 44.01 The Tenant shall pay to Landlord, immediately upon execution keep on deposit with the Landlord at all times during the term of this Lease, the sum Lease Deposit ("Lease Deposit") specified in on the Basic Lease Provisions Facing Page (subject to adjustment pursuant to the provisions of subsection 62.02(d) of the Addendum) hereof as security for the full payment by the Tenant of the rent or any other sums due under this Lease and for the faithful performance of every all the terms, conditions and covenants of this Lease; provided, however, that Landlord agrees to return $20,052.42 of the Lease Deposit to Tenant within thirty (30) days after the last day of the twenty-second (22nd) month of the Term, provided that Tenant has performed all of its obligations under this Lease through and including the last day of such calendar month. If at any time during the term of this Lease the Tenant shall be in default in the performance of any provision of this Lease to be performed by Tenant. If Tenant defaults with respect to after any provisions required notice and expiration of this Lease, including, but not limited toany applicable cure period, the provisions relating to the payment of rent, Landlord may (but shall not be required to) useuse the Lease Deposit, apply or retain all or any part of this security deposit for the so much thereof as necessary, in payment of any rent or any other sum sums due under this Lease in default, or for in reimbursement of any expense incurred by the Landlord and in payment of any other amount which the damages incurred by the Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of the Tenant's default. If any portion of said deposit is so used or appliedIn such event, the Tenant shall, within five (5) days after on written demand thereforof the Landlord, deposit forthwith remit to the Landlord a sufficient amount in cash with Landlord in an amount sufficient to restore any amounts paid from the security deposit to its original amount and Tenant's failure to do so Lease Deposit. If the Lease Deposit has not been utilized as aforesaid, the Lease Deposit, or as much thereof as has not been utilized for such purposes, shall be a material breach refunded to the Tenant, without interest, upon full performance of this Lease. At Landlord's election, if Lease by the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease ProvisionsTenant. Landlord shall not have the right to commingle such deposit with other funds of the Landlord. Landlord shall deliver the funds deposited herein by the Tenant to any purchaser of the Landlord's interest in the Leased Premises in the event such interest be required to keep this security deposit separate from its general fundssold, and Tenant thereupon, the Landlord shall not be entitled to interest on such deposit. No trust relationship is created hereby discharged from further liability with respect to such security depositthe Lease Deposit. If Notwithstanding the above provisions of this section, if claims of the Landlord exceed the Lease Deposit provided for therein, the Tenant shall fully and faithfully perform every provision remain liable for the balance of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration of the Term, provided that Landlord may retain the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in fullclaims.

Appears in 1 contract

Sources: Office Lease (Rancher Energy Corp.)

Security Deposit. Tenant shall pay to Landlord, immediately upon (A) Upon Tenant’s execution and submission of this Lease, as a condition to the sum specified effectiveness of this Lease, Tenant shall deliver to Landlord a Lease Bond in favor of Landlord issued by Zurich Insurance Company or other surety acceptable to Landlord in Landlord’s sole discretion (the “Surety”) in the Basic form attached hereto as Exhibit G and that otherwise conforms to the requirements of this Article (“Lease Provisions Bond”). The Lease Bond shall serve as security for the prompt, full and faithful performance by Tenant of every provision the terms, covenants and conditions of this Lease. In the event that Tenant is in Default hereunder and fails to cure within any applicable time permitted under this Lease, Landlord may recover from the surety for the payment of Tenant’s obligations hereunder. Furthermore, in the event Tenant Defaults under 20(A)(v) or in the event Tenant Defaults and Landlord files suit to exercise its remedies under this Lease, then Landlord may recover from the surety the unamortized portion of all inducement amounts expended by Landlord in connection with this Lease including, without limitation, to reimburse Landlord for the Construction Allowance and broker commissions, such amortization to be on a straight line basis from the Commencement Date to the Expiration Date. If additional funds remain after Landlord or Tenant has cured such Default(s), Landlord shall hold the remainder of such cash paid to it by the Surety for the faithful performance and observance by Tenant of the terms, covenants, and conditions of this Lease on Tenant’s part to be performed observed and performed, with the same rights as hereinabove set forth to apply or retain the same in the event of any further Default by Tenant under this Lease, subject to Tenant’s right to substitute said cash collateral with a Lease Bond or Letter of Credit, satisfying the requirements of this Article 30. The Lease Bond shall not prevent Landlord from exercising any other right or remedy provided hereunder or under any Law and shall not be construed as liquidated damages. In no event shall the Lease Bond be considered an advance payment of Rent, and in no event shall Tenant be entitled to use the Lease Bond for the payment of Rent. Landlord shall transfer the Lease Bond to any purchaser of the Property. Upon such transfer, provided that such purchaser assumes in writing this Lease, Tenant shall look solely to such purchaser for return of the Lease Bond and Landlord shall be relieved of any liability with respect to the Lease Bond. All costs of obtaining, maintaining, replacing, renewing and/or restoring the Lease Bond shall be borne by Tenant. The Lease Bond shall be: (a) in form and substance satisfactory to Landlord in its sole discretion (it being agreed that a Lease Bond in the form attached hereto as Exhibit G shall be deemed satisfactory) with the following criteria at a minimum; (b) in the stated face amount of One Million Nine Hundred Fifty-Eight Thousand Sixty-Four Dollars ($1,958,064.00); (c) issued by a company with an A.M. Best rating of at least A, VI, who is acceptable to Landlord from time to time with an office in the Chicago area; (d) made in favor of, and expressly transferable and assignable one or more times at no charge by, the owner from time to time of the Property or its lender (which transfer/assignment shall be conditioned only upon the execution of a reasonable and customary assignment document), whether or not the original principal of the Lease Bond continues to be the initial tenant under this Lease by virtue of a change in name or structure, merger, assignment, transfer or otherwise; (e) of a term not less than one year, and shall on its face state that the same shall be renewed automatically, without the need for any further written notice or amendment, for successive minimum one year periods through the sixtieth (60th) day after the expiration of the Lease Term. Tenant shall use its best efforts to renew or replace the bond annually. Tenant shall cooperate with Landlord to effect any modifications, transfers or replacements of the Lease Bond requested by Landlord in order to assure that Landlord is at all times fully secured by a valid Lease Bond under which Landlord, its successors and assigns, may receive full payment. Landlord reserves the right to require that Tenant provide a letter of credit in the required amount of the Lease Bond in the event that a Lease Bond that meets the requirements of this Article is no longer in effect or in the event that Landlord is entitled but unable to receive any required payment from the Surety. Notwithstanding anything in this Lease to the contrary, any cure or grace period provided in connection with a Default shall not apply to any requirements associated with the Lease Bond. If any of the aforesaid requirements are not complied with timely, then an immediate Default shall occur and Landlord shall have the right to immediately receive payment from the surety in the full amount of the Lease Bond and Landlord may hold any portion of the proceeds as a cash security deposit, without payment of interest to Tenant. In the event the Surety of the Lease Bond ever receives an A.M. Best rating of less than A-, VI, or is placed into receivership, or if a trustee, receiver or liquidator is appointed for the Surety, then, effective as of the date of such occurrence, said Lease Bond shall be deemed to not meet the requirements of this Article and, within ten (10) business days thereof, Tenant defaults shall replace such Lease Bond with other collateral meeting the requirements of this Article (and Tenant’s failure to do so shall, notwithstanding anything in this Lease to the contrary, constitute a Default for which there shall be no notice or grace or cure periods being applicable thereto other than the aforesaid ten (10) day period). Any failure or refusal of the Surety to make payment to Landlord shall be at Tenant’s sole risk and shall not relieve Tenant of its obligations hereunder. The Lease Bond may be drawn upon in part or in full, periodically or at one time, upon presentation of only the Lease Bond and a written statement from an authorized representative of Landlord stating that Landlord is entitled to draw and the amount of the draw. If Landlord shall at any time draw upon the Lease Bond in accordance with this Article, Tenant shall restore all amounts drawn by Landlord within ten (10) business days of such draw. Tenant agrees that the Lease Bond may be presented by Landlord for payment (a) upon a Default by Tenant under this Lease, (b) if an immediate Default occurs under this Article, and/or (c) in the event that Tenant has not delivered to Landlord at least thirty (30) days prior to the expiration of the term of the Lease Bond a renewed or replacement Lease Bond complying with all the requirements of this Lease. Landlord shall draw only such amount as Landlord is entitled to draw pursuant to this Article 30. Notwithstanding the foregoing, provided no material Default has occurred hereunder, then on the first day of the sixth Lease Year Tenant may reduce the required amount of the Lease Bond to Nine Hundred Seventy Nine Thousand Thirty-Two Dollars ($979,032.00), on the first day of the seventh Lease Year, Tenant may reduce the required amount of the Lease Bond to Four Hundred Eighty Nine Thousand Five Hundred Sixteen Dollars ($489,516.00), and as of the first day of the eighth Lease Year, no Lease Bond shall be required. (B) As an alternative to a Lease Bond, Tenant may deliver to Landlord a clean, unconditional, irrevocable letter of credit that conforms to the requirements of this Article (“Letter of Credit”). The Letter of Credit shall serve as security for the prompt, full and faithful performance by Tenant of the terms, covenants and conditions of this Lease. In the event that Tenant is in Default hereunder and fails to cure within any applicable time permitted under this Lease, Landlord may draw on the Letter of Credit for the payment of Tenant’s obligations hereunder. Furthermore, in the event Tenant Defaults under 20(A)(v) or in the event Tenant Defaults and Landlord files suit to exercise its remedies under this Lease, then Landlord may draw on the Letter of Credit for the unamortized portion of all inducement amounts expended by Landlord in connection with this Lease including, without limitation, to reimburse Landlord for the Construction Allowance and broker commissions, such amortization to be on a straight line basis from the Commencement Date to the Expiration Date. If additional cash funds remain after Landlord or Tenant has cured such Default(s), Landlord shall hold the remainder of such cash drawn from the Letter of Credit for the faithful performance and observance by Tenant of the terms, covenants, and conditions of this Lease on Tenant’s part to be observed and performed, with the same rights as hereinabove set forth to apply or retain the same in the event of any further Default by Tenant under this Lease, subject to Tenant’s right to substitute said cash collateral with a Lease Bond or Letter of Credit, satisfying the requirements of this Article 30. The Letter of Credit shall not prevent Landlord from exercising any other right or remedy provided hereunder or under any Law and shall not be construed as liquidated damages. In no event shall the Letter of Credit be considered an advance payment of Rent, and in no event shall Tenant be entitled to use the Letter of Credit for the payment of Rent. Landlord shall transfer the Letter of Credit to any purchaser of the Property. Upon such transfer, provided that such purchaser assumes in writing this Lease, Tenant shall look solely to such purchaser for return of the Letter of Credit and Landlord shall be relieved of any liability with respect to the Letter of Credit. All costs of obtaining, maintaining, replacing, renewing, transferring, and/or restoring the Letter of Credit shall be borne by Tenant. In the event that Tenant is in Default hereunder and fails to cure within any provisions applicable time permitted under this Lease, or in the event that Tenant owes any amounts to Landlord upon the expiration of this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may (but shall not be required to) use, use or apply or retain all the whole or any part of this security deposit the Letter of Credit proceeds for the payment of any rent Tenant’s obligations hereunder. The Letter of Credit shall be: (a) in form and substance satisfactory to Landlord in its reasonable discretion (with the following criteria at a minimum); (b) at all times in the stated face amount of $1,958,064.00 subject to reductions as set forth below, and shall on its face state that multiple and partial draws are permitted and either (i) that partial draws will not cause a corresponding reduction in the stated face amount of the Letter of Credit or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall(ii) that, within five (5) business days after written demand thereforany such partial draw, deposit cash with the issuer will notify Landlord in an amount sufficient to restore writing that the security deposit Letter of Credit will not be reinstated to its original full amount and Tenant's failure in which event Landlord shall have the right to do immediately draw on the remainder of the Letter of Credit (it being understood that the Letter of Credit shall at all times be not less than the total Letter of Credit amount as so shall be required); (c) issued by a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall commercial bank acceptable to Landlord from time to time increase during with a banking office in the term City of Chicago, for the account of Tenant and its permitted successors and assigns under this Lease; (d) made payable to, and expressly transferable and assignable one or more times at no charge by, the owner from time to time of the Building or its lender (which transfer/assignment shall be conditioned only upon the execution of a reasonable and customary written document in connection therewith), whether or not the original account party of the Letter of Credit continues to be the Tenant shallunder this Lease by virtue of a change in name or structure, within ten merger, assignment, transfer or otherwise; (10e) payable at sight upon presentment to a Chicago, Illinois branch of the issuer of the original Letter of Credit of a simple sight draft stating only that Landlord is permitted to draw on the Letter of Credit under the terms of the Lease and setting forth the amount that Landlord is drawing; (f) of a term not less than one year, and shall on its face state that the same shall be renewed automatically, without the need for any further written notice or amendment, for successive minimum one year periods, unless the issuer notifies Landlord in writing, at least sixty (60) days after request by Landlordprior to the expiration date thereof, deposit with that such issuer has elected not to renew the Letter of Credit (which will thereafter entitle Landlord additional money as a security deposit so that to draw on the total amount Letter of the security deposit held by Landlord shall bear the same proportion Credit); and (g) at least thirty (30) days prior to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general fundsexpiration date of such Letter of Credit, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to the Tenant either (1) renewed (or at automatically and unconditionally extended) from time to time through the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration of the Term, provided that Landlord may retain the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in full.sixtieth

Appears in 1 contract

Sources: Office Lease (SP Plus Corp)

Security Deposit. Tenant (a) The Security Deposit designated in Subparagraph 1(h) shall pay to Landlord, immediately upon execution of this Lease, the sum specified in the Basic Lease Provisions be held by Landlord as security for the full and faithful performance by Tenant of every provision all of Tenant’s obligations under this Lease to be performed by TenantLease. If Tenant defaults with respect to breaches any provisions of obligation under this Lease, including, but not limited towithout limitation, the under provisions relating to the payment of rent, Landlord may (but shall not be required to) use, apply or retain all or any part of this security deposit the Security Deposit for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, ’s default or to help to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's ’s default. If any portion of said deposit the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, shall deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount and amount. Tenant's ’s failure to do so within ten (10) business days after receipt of Landlord’s demand shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit the Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security depositthe Security Deposit. If Tenant shall fully and faithfully perform every provision all of its obligations under this Lease to be performed by itLease, the security deposit Security Deposit or any balance thereof shall be returned to the Tenant (or or, at the Landlord's ’s option, to the last permitted assignee of Tenant's ’s interests hereunderunder this Lease) at the expiration of the Term, provided that Landlord may retain the security deposit Security Deposit until such time as any amount due from the Tenant in accordance hereof with Paragraph 6 has been determined and paid in full. Tenant shall not, under any circumstances or for any reason, be permitted to apply any portion or all of the Security Deposit to the last Monthly Basic Rent due or any other charges due from Tenant under the Lease. If Landlord sells its interest in the Premises during the Term and if Landlord deposits with the purchaser of the Premises the then unappropriated portion of the Security Deposit, Landlord shall be discharged from any further liability with respect to the Security Deposit. Tenant expressly waives the benefits of California Civil Code Section 1950.7 (which provides that a landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in payment of rent, to repair damage caused by the tenant or to clean the premises) and any other statute now or hereafter in effect which prevent Landlord from applying all or any portion of the Security Deposit to offset any future Rent owing to Landlord as of the expiration or earlier termination of this Lease. (b) So long as Tenant can demonstrate that it has the capacity to continue timely rent payments, has not exercised the Termination Option (Rider 2), has not been in default past any applicable notice and cure periods, and upon Tenant’s notice to Landlord, Landlord shall apply a credit to Tenant’s ledger of fifteen thousand dollars ($15,000) no earlier than month 38 of the term, twenty thousand ($20,000) no earlier than month 45 of the term, twenty-five thousand dollars ($25,000) no earlier than month 52 of the term, and twenty-five thousand dollars ($25,000) no earlier than month 58 of the term.

Appears in 1 contract

Sources: Lease Agreement (Innovega Inc.)

Security Deposit. Tenant shall pay to Landlord, immediately upon execution of this Lease, has deposited with Landlord the sum specified in the Basic Lease Provisions of Eight Thousand Four Hundred Eighty One and 67/l00ths ($8,481.67) as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provisions provision of this Lease, including, but not limited to, the provisions relating to the payment of rentRent, Landlord may (but shall not be required to) use, apply apply, or retain all or any part of this security deposit for the payment of any rent or Rent and any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said such deposit is so to be used or applied, Tenant shall, shall within five fifteen (515) days after written demand therefortherefore, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount amount, and Tenant's failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to the Tenant (or or, at the Landlord's option, to the last assignee of Tenant's interests interest hereunder) at within fifteen (15) days after the expiration of this Lease Term and after Tenant's vacation of the Term, provided Premises. Tenant acknowledges that Landlord may retain has the right to transfer its interest in the Building Complex, the Property, the Building and this Lease, and Tenant agrees that in the event of any such transfer, Landlord shall have the right to transfer such security deposit to the transferee. Upon Landlord's delivery to Tenant of such transferee's written acknowledgment of its receipt of such security deposit, Landlord shall thereby be released by Tenant from all liability or obligation for the return of such deposit, and Tenant agrees to look solely to such transferee for the return of the security deposit. Tenant shall place with the Landlord an additional security deposit until such time of Fifteen Thousand and no/100ths ($15,000.00), which shall be held by the Landlord in a separate, interest bearing account as security against any amount due from default under the lease. All interest and principal, minus any bank charges incurred, shall be returned to the Tenant in accordance hereof has been determined and paid in fullupon the faithful, full performance of this lease.

Appears in 1 contract

Sources: Standard Building Lease (Integrated Information Systems Inc)

Security Deposit. Tenant shall pay to Landlord, immediately deposit with Landlord upon execution of this Lease, the sum specified in the Basic Lease Provisions hereof $69,937.78 as security for the full and Tenant’s faithful performance of every provision of this Lease to be performed by Tenantits obligations hereunder. If Tenant fails to pay rent or other charges due hereunder, or otherwise defaults with respect to any provisions provision of this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may (but shall not be required to) use, apply apply, or retain all or any part portion of this security said deposit for the payment of any rent or any other sum charge in default, default or for the payment of any other amount sum to which Landlord may spend or become obligated to spend by reason of Tenant's ’s default, or to compensate Landlord for any other loss or damage which that Landlord may suffer by reason of Tenant's defaultthereby. If Landlord so uses or applies all or any portion of said deposit is so used or applieddeposit, Tenant shall, shall within five ten (510) days after written demand therefor, therefor deposit cash with Landlord in an amount sufficient to restore the security said deposit to its original the full amount and then required of Tenant's failure to do so shall be a material breach of this Lease. At Landlord's election, if If the monthly Base Rent shall rent increases, from time to time increase time, during the term of this Lease, Tenant shall, within ten (10) days after request by Landlordat the time of such increase, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall at all times bear the same proportion to the then current Base Rent Minimum Rental as the initial security deposit bears to the initial Base Rent as Minimum Rental set forth in the Basic Lease ProvisionsSummary Sheet. Landlord shall not be required to keep this said security deposit separate from its general fundsaccounts. If Tenant performs all of its obligations hereunder and there is no event of default during the first sixty (60) months of the Term, said deposit shall be returned, without payment of interest or other increment for its use, to Tenant (or, at Landlord’s option, to the last assignee, if any, of Tenant’s interest hereunder) after at the expiration of the sixtieth (60th) month of the term hereof. In the event Tenant fails to pay rent or other charges due hereunder or otherwise defaults with respect to any provision of this Lease Agreement, the security deposit shall continue to be held as security for Tenant’s faithful performance of its obligations hereunder for one (1) additional year for each event of failure to pay rent or other charges, and each event of default with respect to any provision of this Lease. Upon expiration of the time period upon which the security deposit shall be continued to be held based on the foregoing, or upon expiration of the Term hereof and after Tenant has vacated the Premises, whichever occurs first, said deposit, or so much thereof as has not theretofore been applied by Landlord, shall not be entitled returned, without payment of interest or other increment for its use, to Tenant (or, at Landlord’s option, to the last assignee, if any, of Tenant’s interest on such deposithereunder). No trust relationship is created hereby herein between Landlord and Tenant with respect to such said security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration of the Term, provided that Landlord may retain the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in full.

Appears in 1 contract

Sources: Lease (Winmark Corp)

Security Deposit. Tenant shall pay to Landlord, immediately upon Concurrently with Tenant's execution of this Lease, Tenant shall deposit with Landlord by certified or cashier's check a security deposit (the sum specified "Security Deposit") in the Basic Lease Provisions amount set forth in Section 8 of the Summary. The Security Deposit shall be held by Landlord as security for the full and faithful performance by Tenant of every provision all the terms, covenants, and conditions of this Lease to be kept and performed by TenantTenant during the Lease Term. If Tenant defaults with respect to any provisions of this Lease, including, but not limited to, the provisions relating to the payment of rentRent, Landlord may (may, but shall not be required to) , use, apply or retain all or any part of this security deposit the Security Deposit for the payment of any rent Rent or any other sum in default, or for the payment of any other amount which that Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss or damage which that Landlord may suffer by reason of Tenant's default. If any portion of said deposit the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount amount, and Tenant's failure to do so shall be a material breach of default under this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit Security Deposit, or any balance thereof thereof, shall be returned to the Tenant (or Tenant, or, at the Landlord's option, to the last assignee of Tenant's interests interest hereunder, within sixty (60) at days following the expiration of the Lease Term, provided that Landlord may retain . Tenant shall not be entitled to any interest on the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in fullSecurity Deposit.

Appears in 1 contract

Sources: Office Lease (Specialty Laboratories Inc)

Security Deposit. Tenant shall pay to Landlord, immediately upon the execution of this Lease, the sum specified Security Deposit set forth in the Basic Lease Provisions Article 1.13 above as security for the full and faithful performance per­form­ance by Tenant of every provision of its obli­ga­tions under this Lease Lease, which amount shall be returned to be performed by Tenant. If Tenant defaults with respect to any provisions after the expiration or earlier termination of this Lease, includingprovided that Tenant shall have fully performed all of its obligations contained in this Lease. The Security Deposit, but not limited toat the election of Landlord, the provisions relating to the payment of rent, may be retained by Landlord as and for its full damages or may (but shall not be required to) use, apply or retain all or any part of this security deposit for the payment applied in reduction of any rent loss and/or damage sus­tained by Landlord by reason of the occur­rence of any breach, nonper­formance or any other sum in default, or for default by Tenant under this Lease without the payment waiver of any other amount which right or remedy available to Landlord may spend at law, in equity or become obligated to spend by reason under the terms of Tenant's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's defaultthis Lease. If any portion of said deposit the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefornotice from Landlord, deposit cash with Landlord immediately available funds in an amount sufficient to restore the security deposit Security Deposit to its original amount amount, and Tenant's failure to do so shall be a material breach of this Lease. At Tenant acknowledges and agrees that in the event Tenant shall file a voluntary petition pursuant to the Bankruptcy Code, or if an involuntary petition is filed against Tenant pursuant to the Bankruptcy Code, then Landlord may apply the Security Deposit towards those obligations of Tenant to Landlord which accrued prior to the filing of such petition. Tenant acknowledges further that the Security Deposit may be commingled with Landlord's election, if other funds and that Landlord shall be entitled to retain any inter­est earnings on the monthly Base Rent shall from time to time increase during Security Deposit. In the term event of termination of Landlord's interest in this Lease, Landlord shall transfer the Security Deposit to Landlord's successor in interest, and Landlord shall be released from liability by Tenant shall, within ten (10) days after request by Landlord, for the return of such deposit with Landlord additional money as a security deposit so that the total amount or for an accounting of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration of the Term, provided that Landlord may retain the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in fullSecurity Deposit.

Appears in 1 contract

Sources: Office Lease (Fresh Medical Laboratories, Inc.)

Security Deposit. Tenant shall pay to Landlord, immediately upon Section 1. Upon execution of this Lease, the Tenant shall deposit with Landlord the sum specified in the Basic Lease Provisions of $14,812.20 as security for the full and faithful performance of every provision all obligations under this Lease upon the part of Tenant to be performed. Upon the expiration of the term of this Lease, and providing Tenant is not in default hereunder and has performed all of the conditions of this Lease, Landlord shall return the said sum to Tenant. Tenant covenants and agrees that it will not assign, pledge, hypothecate, mortgage or otherwise encumber the aforementioned security during the term of this Lease. It is expressly understood and agreed that the right to co-mingle the security funds with its general funds and said security funds with its general funds and said security shall not be required to be segregated. Section 2. In the event of the failure of Tenant to keep and perform any of the terms, covenants and conditions of this Lease to be kept and performed by Tenant. If Tenant defaults with respect to any provisions , then at the option of Landlord said Landlord may, after terminating this Lease, includingappropriate and apply said entire deposit, but not limited toor so much thereof as may be necessary to compensate the Landlord for all loss or damage sustained or suffered by Landlord due to such breach on the part of Tenant. Should the entire deposit, the provisions relating to the payment of rent, Landlord may (but shall not be required to) use, apply or retain all or any part of this security deposit portion thereof, be appropriated and applied by Landlord for the payment of any overdue rent or any other sum in defaultsums due and payable to Landlord by Tenant hereunder, or for should there be any increase in the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Fixed Rent then Tenant shall, upon the written demand of Landlord, forthwith remit to Landlord a amount equal to the portion appropriated or applied by Landlord as above provided, and/or the amount of any increase in the Fixed Rent, as the case may be, and Tenant's failure to do so within five (5) days after written receipt of such demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and Tenant's failure to do so shall be constitute a material breach of this Lease. Section 3. At Landlord may deliver the funds deposited hereunder by Tenant to the purchaser of Landlord's electionreversionary interest in the Premises, if in the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so event that the total amount of the security deposit held by such reversionary interest be sold and thereupon Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate discharged from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby any further liability with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration of the Term, provided that Landlord may retain the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in full.

Appears in 1 contract

Sources: Office Lease Agreement (Hanover Capital Mortgage Holdings Inc)

Security Deposit. Concurrently with Tenant’s delivery of the Lease, Tenant shall pay deposit with Landlord the sum of Eighty Three Thousand Five Hundred Eighty Six and 36/100 Dollars ($83,586.36) to Landlordbe retained by Landlord without responsibility for payment of interest thereon, immediately upon execution as security for Tenant’s payment and performance of all its obligations under the terms, covenants and conditions of this Lease, including payment of all rent due under the sum specified in terms hereof. Deductions may be made by Landlord from the Basic Lease Provisions as security amount so retained for the full reasonable cost of repairs to the Premises (ordinary wear and faithful performance tear excepted), for any rent delinquent under the terms hereof and/or for any sum used in any manner to cure any default of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provisions under the terms of this Lease. Upon any default by Tenant, including, but not limited tofollowing notice from Landlord to Tenant (if required by the terms and conditions of this Lease) and the lapse of any applicable grace period without timely cure by Tenant, the provisions relating Security Deposit shall be deemed to the payment be automatically and immediately applied, without waiver of rent, any rights Landlord may (but shall not be required to) use, apply have under this Lease or retain all at law or any part in equity as a result of this security deposit for the payment of any rent or any other sum in default, as a setoff for full or partial compensation for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's that default. If any portion of said deposit is In the event deductions are so used or appliedmade, the Tenant shall, within five (5) days after written demand thereforof notice from the Landlord, redeposit with the Landlord such amounts so expended so as to maintain the deposit cash with Landlord in an the amount sufficient to restore the security deposit to its original amount as herein provided for, and Tenant's failure to do so redeposit shall be deemed a material breach failure to pay rent under the terms hereof. Nothing herein contained shall limit the liability of this Lease. At Landlord's electionTenant as to any damage to the Premises, if the monthly Base Rent and Tenant shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that be responsible for the total amount of any damage and/or loss occasioned by actions of Tenant. Landlord may deliver the security deposit held funds deposited hereunder by Tenant to any purchaser of Landlord’s interest in the Leased Premises in the event such interest shall be sold, and thereupon Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate discharged from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby any further liability with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of performs its obligations under this Lease to be performed by itLease, the security deposit or any balance thereof Security Deposit shall be returned to the Tenant (or or, at the Landlord's ’s option, to the last assignee of Tenant's interests hereunder’s interest in this Lease) at after the expiration of the Term, provided that Landlord may retain the security deposit Security Deposit to the extent and until such time as any amount all amounts due from the Tenant in accordance hereof has with this Lease have been determined and paid in full. Notwithstanding anything to the contrary contained herein, Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code, or any similar or successor Regulations or other laws now or hereinafter in effect.

Appears in 1 contract

Sources: Lease Agreement (Dot Hill Systems Corp)

Security Deposit. Tenant shall pay to deposit with Landlord or Landlord, immediately upon ’s Agent simultaneously with the execution of this Lease, the sum specified amount stipulated in Section 1.6 as a security deposit. Provided Tenant is not in default in the Basic Lease Provisions payment of Base Annual Rent, Additional Rent or any other charges due Landlord, and further provided the Demised Premises are left in good condition, reasonable wear and tear excepted, as security for described in Section 6.10, said deposit (which shall not bear interest to Tenant) shall be returned to Tenant within sixty (60) days after the termination of this Lease. Notwithstanding the foregoing, the full and faithful performance or partial return by Landlord to Tenant of every provision the security deposit shall at no time be deemed to constitute a waiver by Landlord of any of Tenant’s obligations under this Lease Lease, nor an, acknowledgment by Landlord that any such obligations are limited to be performed the amount, if any, of the security deposit retained by TenantLandlord. If Tenant defaults with respect is in default or is otherwise indebted to any provisions of this LeaseLandlord hereunder or if the Demised Premises are not left in good condition, includingor if Tenant has failed or refused to remove Tenant’s Property after Landlord’s request to do so, but not limited to, then the provisions relating security deposit shall be applied to the payment extent available on account of rent, sums due Landlord may (but shall not be required to) use, apply or retain all or any part of this security deposit for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate the cost of repairing damages to the Demised Premises or to remove Tenant’s Property. In the event the funds deposited with Landlord for any other loss as security are applied during the Lease Term on account of sums due Landlord or damage which Landlord may suffer by reason to the cost of repairing damages or removing Tenant's default. If any portion of said deposit is so used or applied’s Property, then Tenant shall, within five fifteen (515) days after written demand thereforby Landlord, deposit cash with the Landlord in an amount sufficient additional funds to restore the security deposit to its original amount and Tenant's failure amount. In the event of the sale or transfer of Landlord’s Interest in the Building, Landlord shall have the right to do so shall be a material breach of this Lease. At Landlord's election, if transfer the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that to such purchaser or transferee, in which event Tenant shall look only to the total amount new landlord for the return of the security deposit held by and Landlord shall bear thereupon be released from all liability to Tenant for the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to return of such security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration of the Term, provided that Landlord may retain the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in full.

Appears in 1 contract

Sources: Office Building Lease (Spherix Inc)

Security Deposit. Tenant shall pay to Landlord, immediately upon execution of Upon executing this Lease, Tenant shall deposit with Landlord a Security Deposit in the sum specified amount set forth in the Basic Lease Provisions as security for Information. The Security Deposit shall secure Tenant's obligations under this Lease to pay rent and other monetary amounts, to maintain the full Premises and faithful performance of every provision repair damages thereto, to surrender the Premises to Landlord in clean and sanitary condition and repair upon termination of this Lease as required pursuant to be performed by Article 18.15 below and to discharge Tenant's other obligations hereunder. Landlord may use and commingle the Security Deposit with other funds of Landlord. If Tenant defaults with respect fails to any provisions of this Leaseperform Tenant's obligations hereunder, includingLandlord may, but not limited to, the provisions relating without any obligation to the payment of rent, Landlord may (but shall not be required to) usedo so, apply or retain all or any part portion of this security deposit for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason Security Deposit towards fulfillment of Tenant's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's defaultunperformed obligations. If Landlord does so apply any portion of said deposit is so used or appliedthe Security Deposit, Tenant shallTenant, shall immediately pay Landlord a sufficient amount in cash to restore the Security Deposit to the full original amount. In the event that Landlord shall expend the same in order to cure Tenant's default hereunder, Tenant's failure to forthwith remit to Landlord a sufficient amount in cash to restore the Security Deposit to the original sum deposited within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and Tenant's failure to do receipt of notice from Landlord that such amounts have been so expended shall constitute an Event of Default. The Security Deposit shall be a material breach of this Leaseheld by Landlord without liability for interest on the same. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term Upon termination of this Lease, if Tenant shallhas then performed all of Tenant's obligations hereunder, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear return the same proportion Security Deposit to Tenant. If Landlord sells or otherwise transfers Landlord's rights or interest under this Lease, Landlord may deliver the Security Deposit to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. transferee, whereupon Landlord shall not be required released from any further liability to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration of the Term, provided that Landlord may retain the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in fullSecurity Deposit.

Appears in 1 contract

Sources: Office Lease (NovaCardia Inc)

Security Deposit. 5.1 Tenant shall pay to Landlord, immediately deposit the Security Deposit with Landlord upon the execution of this Lease, the . Said sum specified in the Basic Lease Provisions shall be held by Landlord as security for the full and faithful performance by Tenant of every provision all the terms, covenants and conditions of this Lease to be kept and performed by Tenant and not as an advance rental deposit or as a measure of Landlord's damage in case of Tenant's default. If Tenant defaults with respect to any provisions provision of this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may (but shall not be required to) use, apply or retain all or use any part of this security deposit the Security Deposit for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or appliedused, Tenant shall, shall within five ten (510) business days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount and Tenant's failure to do so shall be a material breach of this Lease. At Landlord's electionExcept to such extent, if the monthly Base Rent any, as shall from time to time increase during the term of this Leasebe required by law, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit the Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit Security Deposit or any balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee such time after termination of this Lease when Landlord shall have determined that all of Tenant's interests hereunderobligations under this Lease have been fulfilled, but in no event more than thirty (30) at days after the expiration Termination Date. 5.2 The required Security Deposit shall be in the form of an Irrevocable Standby Letter of Credit in favor of Landlord (the "letter of credit") in the amount set forth on the Reference Pages. Under any circumstance under which Landlord is entitled the use of all or a part of the TermSecurity Deposit, then, Landlord, in addition to all other rights and remedies provided under the Lease, shall have the right to draw down the full balance of the letter of credit and retain so much of the proceeds as is required to cure the default or other condition which gave rise to Landlord's right to draw on the letter of credit. The following terms and conditions shall govern the letter of credit: 5.2.1 Provided that Landlord Tenant is not then in default, the amount of the letter of credit may retain be reduced after the security deposit until such time as any amount due from thirtieth (30th) month of the Tenant in accordance hereof has been determined and paid in fullTerm to $369,096.

Appears in 1 contract

Sources: Lease (Art Technology Group Inc)

Security Deposit. Tenant SIMULTANEOUSLY WITH THE EXECUTION OF THIS LEASE, TENANT SHALL DEPOSIT WITH LANDLORD THE SUM OF $71,992.20 which shall pay to Landlord, immediately upon execution of this Lease, the sum specified in the Basic Lease Provisions be held by Landlord as security for the full and faithful performance by Tenant of every provision all the terms, covenants and conditions of this Lease Lease. Provided that at the end of the term Tenant shall have delivered up the Premises to Landlord, broom clean, and in the same condition as at the commencement date, reasonable wear excepted, said sum held as security shall be performed by returned to Tenant. No interest shall be payable thereon and Landlord shall not be required to keep said sum in a separate account. If Tenant fails to pay any Rent or other charges due hereunder, or otherwise defaults with respect to any provisions provision of this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may (but shall not be required to) use, at its option apply or retain all or any part portion of this security the deposit for the payment of any rent Rent or any other sum charge in default, default or for the payment of any other amount sum to which Landlord may spend or become obligated to spend by reason of Tenant's ’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's defaultthereby. If Landlord so uses or applies all or any portion of said deposit is so used or appliedthe deposit, Tenant shall, then within five (5) 10 days after written demand therefor, therefor Tenant shall deposit cash with Landlord in an amount sufficient to restore the security deposit to its original the full amount thereof, and Tenant's ’s failure to do so shall be a material breach of this Lease. At Landlord's election, if ’s application or retention of the monthly Base Rent deposit shall from time not constitute a waiver of Tenant’s default to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so extent that the total amount deposit does not fully compensate Landlord for all losses or damages incurred by Landlord in connection with such default and shall not prejudice any other rights or remedies available to Landlord under this Lease or by law. Tenant hereby unconditionally and irrevocably waives the benefits and protections of California Civil Code Section 1950.7, and, without limitation of the scope of such waiver, acknowledges that Landlord may use all or any part of the security deposit held by to compensate Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate for damages resulting from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision termination of this Lease to and the tenancy created hereunder (including, without limitation, damages recoverable under California Civil Code Section 1951.2). No security or guaranty which may now or hereafter be performed by it, furnished Landlord for the security deposit or any balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration payment of the Termrent herein reserved or for performance by Tenant of the other covenants or conditions of this Lease shall in any way be a bar or defense to any action in unlawful detainer, provided that or for the recovery of the premises, or to any action which Landlord may retain at any time commence for a breach of any of the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in fullcovenants or conditions of this Lease.

Appears in 1 contract

Sources: Office Lease (89bio, Inc.)

Security Deposit. 5.1 Tenant shall pay to Landlord, immediately deposit the Security Deposit with Landlord upon the execution of this Lease, the . Said sum specified in the Basic Lease Provisions shall be held by Landlord as security for the full and faithful performance by Tenant of every provision all the terms, covenants and conditions of this Lease to be kept and performed by Tenant and not as an advance rental deposit or as a measure of Landlord’s damage in case of Tenant’s default. If Tenant defaults with respect to any provisions provision of this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may (but shall not be required to) use, apply or retain all or use any part of this security deposit the Security Deposit for the payment of any rent or any other sum in default, or for at the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, ’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's ’s default. If any portion of said deposit is so used or applied, used. Tenant shall, shall within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount and Tenant's ’s failure to do so shall be a material breach of this Lease. At Landlord's electionExcept to such extent, if the monthly Base Rent any, as shall from time to time increase during the term of this Leasebe required by law, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit the Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit Security Deposit or any balance thereof shall be returned to the Tenant within forty-five (or at the Landlord's option, 45) days after termination of this Lease. 5.2 In addition to the last assignee Security Deposit and to further secure Tenant’s performance under the Lease, Tenant shall deposit with Landlord upon execution of Tenant's interests hereunderthis Lease the sum of $53,000 (as such sum may be adjusted from time to lime, the “Additional Deposit”) at which, except as set forth herein, shall be subject to all the expiration terms and conditions set forth in Section 5.1. Landlord shall hold the Additional Deposit in an interest-bearing account and the interest earned thereon shall be considered part of the TermAdditional Deposit, provided that Landlord may retain shall receive one-half of one percent (0.5%) of the security deposit until Additional Deposit annually to offset Landlord’s administrative costs. Tenant shall also pledge to Landlord receivables with a fair value of at least $90,000, subject to no other liens or encumbrances (the “Receivables Pledge”), on a form reasonably acceptable to Landlord. No later than February 29, 2000, Tenant shall increase the Additional Deposit to $143,000 and Landlord shall thereupon release the Receivables Pledge, So long as there is then (at the time of payment) no uncured Event of Default or default which with the passage of time, the giving of notice or both, would become an Event of Default, and so long as there has never been a monetary Event of Default prior to such time as any amount due from time, Landlord shall return (i) $50,000 of the Additional Deposit to Tenant in accordance hereof has been determined on August 31, 2001, (ii) $50,000 of the Additional Deposit to Tenant on August 31, 2002, and paid in full(iii) the remainder of the Additional Deposit on August 31, 2003.

Appears in 1 contract

Sources: Lease (Globalwise Investments Inc)

Security Deposit. Concurrently with Tenant's execution of the Lease, Tenant shall pay to Landlord, immediately upon execution of this Lease, deposit with Landlord the sum Security Deposit specified in the Basic Lease Provisions Information as security for the full and faithful performance of each and every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provisions term, covenant and condition of this Lease, including, but not limited to, the provisions relating to the payment of rent, . Landlord may (but shall not be required to) use, apply or retain all the whole or any part of the Security Deposit as may be reasonably necessary (a) to remedy Tenant's default in the payment of any Rent, (b) to repair damage to the Premises caused by Tenant, (c) to clean the Premises upon termination of this security deposit Lease, provided that Tenant has, in the reasonable judgment of Landlord, not cleaned the Premises in accordance with Paragraph II, (d) to reimburse Landlord for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may reasonably spend or become obligated be required to spend by reason of Tenant's default, or (e) to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. Should Tenant faithfully and fully comply with all of the terms, covenants and conditions of this Lease, within thirty (30) days following the expiration of the Term, the Security Deposit or any balance thereof shall be returned to Tenant or, at the option of Landlord, to the last assignee of Tenant's interest in this Lease. Landlord shall keep the Security Deposit separate from its general funds and shall deposit such in a financial institution selected by Landlord and Tenant shall be entitled to any interest paid by such Bank on the Security Deposit and such interest shall be paid on an annual basis to Tenant by Landlord concurrently with the delivery of the Expense Statement or credited against any amounts owed by Tenant to Landlord as shown on such Expense Statement. If Landlord so uses or applies all or any portion of said deposit is so used or applied, Tenant shalldeposit, within five (5) days after written demand therefor, therefor Tenant shall deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount the full extent of the above amount, and Tenant's failure to do so shall be a material breach of default under this Lease. At Landlord's election, if In the monthly Base Rent shall from time to time increase during the term of event Landlord transfers its interest in this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that shall transfer the total then remaining amount of the security deposit held by Security Deposit to Landlord's successor in interest, and thereafter Landlord shall bear the same proportion have no further liability to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration of the Term, provided that Landlord may retain the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in fullSecurity Deposit.

Appears in 1 contract

Sources: Lease Agreement (Coulter Pharmaceuticals Inc)

Security Deposit. Tenant shall pay to Landlord, immediately upon execution of this Lease, the sum specified in the Basic Lease Provisions as deposited with Landlord security for the ---------------- full and faithful performance of every provision of this Lease to be performed by TenantTenant in the amount set forth as Item 11 in the Schedule. If Tenant defaults with respect to any provisions provision of this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may (but shall not be required to) use, apply or retain use all or any part of this security deposit for the payment of any rent or any and other sum due or in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said such deposit is so used or appliedto be used, Tenant shall, within five (5) days after written demand therefor, therefor deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and Tenant's failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be re required to keep this security deposit separate from its general funds, funds and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every of provision of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to the Tenant (or or, at the Landlord's option, to the last assignee of Tenant's interests interest hereunder) at the expiration of this Lease and upon vacation of the Premises. Tenant acknowledges that Landlord has the right to transfer all or any part of its interest in the Building or this Lease, and Tenant agrees that in the event of any such transfer, Landlord shall have the right to transfer such security deposit to the transferee. Upon such transfer, Landlord shall thereby be released by Tenant from all liability or obligation for the return of such deposit and Tenant agrees to look solely to such transferee for the return of the security deposit. Anything in Section 17 to the contrary notwithstanding, Tenant may, at its option and expense, satisfy the requirement of delivery of the security deposit by the delivery to Landlord of an unconditional and irrevocable letter of credit ("Letter of Credit") in the amount of $675,000.00 and in the form attached hereto as Appendix E and issued by any bank reasonably satisfactory to Landlord and located in Chicago, Illinois. Tenant shall ensure that at all times during the term of this Lease and for thirty (30) days after expiration of the Term, provided an unexpired Letter of Credit in the amount of $675,000.00 or cash in the amount of $675,000.00 shall be in the possession of Landlord or Landlord's beneficiaries. The Letter of Credit shall contain a so-called "evergreen" clause providing that Landlord may retain the Letter of Credit shall not be canceled unless the issuing bank delivers thirty (30) days' prior written notice to Landlord. During the Term, Tenant shall deliver to Landlord, no later than thirty (30) days prior to the expiry date of the then outstanding and expiring Letter of Credit (a) a replacement Letter of Credit or (b) cash in the amount then required as the security deposit. Failure by Tenant to deliver any replacement Letter of Credit or pay the amount of the security deposit until such in cash as required above shall entitle Landlord or Landlord's beneficiaries to draw under the outstanding Letter of Credit and to retain the entire proceeds thereof for application as the security deposit under this Lease. Landlord or Landlord's beneficiaries may also draw under the Letter of Credit and use and apply the proceeds as a security deposit at any time that Tenant is in default under this Lease. Landlord or Landlord's beneficiaries may also draw on the Letter of Credit and use and apply the proceeds as a security deposit if the credit rating of the long-term debt of the issuer of the Letter of Credit (according to ▇▇▇▇▇'▇ or similar national rating agency) is downgraded to a grade below investment grade, the issuer of the Letter of Credit shall enter into any supervisory agreement with any governmental authority, or the issuer of the Letter of Credit shall fail to meet any capital requirements imposed by applicable law, and Tenant fails to deliver to Landlord a replacement Letter of Credit complying with the terms of this Lease within thirty (30) days of request therefor from Landlord. Failure by the issuer to honor a draw request on the Letter of Credit shall be a Default under the terms of this Lease. Each Letter of Credit shall be for the benefit of Landlord or Landlord's beneficiaries and their successors and assigns and shall entitle Landlord or Landlord's beneficiaries or their successors or assigns to draw from time to time under the Letter of Credit in portions or in whole upon presentation of a sight draft and statement by Landlord or Landlord's beneficiaries that Landlord or Landlord's beneficiaries is entitled to draw thereunder pursuant to the terms and provisions of this Lease. Notwithstanding the foregoing, so long as Tenant is not then in default under this Lease, the amount due from of the security deposit shall be reduced as follows: ------------------------------------------------------------- TIME PERIOD AMOUNT OF SECURITY DEPOSIT ------------------------------------------------------------- 01/01/96 to 12/31/96 $550,000.00 ------------------------------------------------------------- 01/01/97 to 12/31/97 $450,000.00 ------------------------------------------------------------- 01/01/98 to 12/31/98 $350,000.00 ------------------------------------------------------------- 01/01/99 to 12/31/99 $250,000.00 ------------------------------------------------------------- 01/01/00 to 05/30/2005 $100,000.00 ------------------------------------------------------------- Furthermore, if Landlord issues any portion of the Construction Loan to or on behalf of Tenant, then during the first five (5) full years of the term of the Lease the amount of the security deposit shall be increased by the amount of the Construction Loan, and, commencing on the fifth (5th) anniversary of the Commencement Date, the required security deposit shall be $100,000.00. Landlord and Tenant in accordance hereof has been determined each agree that they shall, within twenty (20) days after a written requested. by the ether party, enter into a reasonable amendment of this Lease (i) confirming, if applicable, the amount of the security deposit as so increased, and paid in full.(ii) substituting a corrected amortization schedule based on the actual amount of the Construction Loan for the sample authorization schedule attached to this Lease as Appendix H.

Appears in 1 contract

Sources: Lease (Argosy Education Group Inc)

Security Deposit. Tenant has deposited with Landlord the Security Deposit as set forth in Section 1.12. Said sum shall pay to Landlord, immediately upon execution of this Lease, the sum specified in the Basic Lease Provisions be held by Landlord as security for the full and faithful performance by Tenant of every provision all the terms, provisions, covenants and conditions of this Lease lease to be kept and performed by Tenantthe Tenant during the term hereof. If Tenant defaults with respect to any provisions of this Lease, including, including but not limited to, to the provisions relating to the payment of rent, Landlord may (but shall not be required to) use, apply or retain all or any part of this security deposit the Security Deposit for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's ’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's ’s default. If any portion of said deposit is so used or applied, Tenant shall, shall within five (5) days after written demand therefordemand, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount and Tenant's ’s failure to do so shall be a material breach of this Lease. At Landlord's electionExcept as may be required by state or local laws, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit Security Deposit separate from its general funds, no trust relationship shall be created with respect thereto, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by itLease, the security deposit Security Deposit, or any balance thereof shall be returned to the Tenant (or or, at the Landlord's ’s option, to the last assignee of Tenant's interests ’s interest hereunder) at the expiration of the TermLease term. In the event of termination of Landlord’s interest in this Lease, provided that Landlord may retain the security shall transfer such deposit until to Landlord’s successor in interest, and upon such time as transfer, Landlord shall be relieved of any amount due from the and all liability therefore and obligation with respect thereto, and Tenant shall look solely to such successor in accordance hereof has been determined and paid in fullinterest of Landlord for return of any applicable portion of such deposit.

Appears in 1 contract

Sources: Commercial Lease (Silicom Ltd.)

Security Deposit. Tenant shall pay to Landlord, immediately upon deposit within five (5) business days after Tenant’s execution of this Lease, with Landlord the sum specified amount set forth in Article 1 as the Basic Lease Provisions “Security Deposit” as security for the full and faithful performance by Tenant of every provision the terms of this Lease to be performed by Tenant, and not as prepayment of rent. If Tenant defaults with respect hereby grants to any provisions of this LeaseLandlord a security interest in the Security Deposit, including, including but not limited to, to replenishments thereof. Landlord may apply such portion or portions of the provisions relating Security Deposit as are reasonably necessary for the following purposes: (i) to remedy any default by Tenant in the payment of Base Monthly Rent or Additional Rent or a late charge or interest on defaulted rent, Landlord may (but shall not be required to) use, apply or retain all or any part of this security deposit for the payment of any rent or any other sum monetary payment obligation of Tenant under this Lease; (ii) to repair damage to the Leased Premises, the Building or the Outside Areas caused or permitted to occur by Tenant; (iii) to clean and restore and repair the Leased Premises, the Building or the Outside Areas following their surrender to Landlord if not surrendered in defaultthe condition required pursuant to the provisions of Article 2, or for the payment of and (iv) to remedy any other amount default of Tenant to the extent permitted by Law including, without limitation, paying in full on Tenant’s behalf any sums claimed by materialmen or contractors of Tenant to be owing to them by Tenant for work done or improvements made at Tenant’s request to the Leased Premises. In this regard, Tenant hereby waives any restriction on the uses to which Landlord the Security Deposit may spend be applied as contained in Section 1950.7(c) of the California Civil Code and/or any successor statute. In the event the Security Deposit or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit thereof is so used or appliedused, Tenant shallshall pay to Landlord, within five (5) days after written demand thereforpromptly upon demand, deposit cash with Landlord in an amount in cash sufficient to restore the security deposit Security Deposit to its the full original amount sum. If Tenant fails to promptly restore the Security Deposit and Tenant's failure if Tenant shall have paid to do so shall be a material breach of this Lease. At Landlord's electionLandlord any sums as “Last Month’s Prepaid Rent,” Landlord may, if the monthly Base Rent shall from time in addition to time increase during the term of any other remedy Landlord may have under this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that reduce the total amount of the security deposit held Tenant’s Last Month’s Prepaid Rent by Landlord shall bear the same proportion transferring all or portions of such Last Month’s Prepaid Rent to Tenant’s Security Deposit until such Security Deposit is restored to the then current Base Rent as the initial security deposit bears to the initial Base Rent as amount set forth in the Basic Lease ProvisionsArticle 1. Landlord shall not be deemed a trustee of the Security Deposit. Landlord may use the Security Deposit in Landlord’s ordinary business and shall not be required to keep this security deposit separate segregate it from its Landlord’s general funds, and accounts. Tenant shall not be entitled to any interest on such depositthe Security Deposit. No trust relationship is created If Landlord transfers the Building or the Property during the Lease Term, Landlord shall transfer or pay the Security Deposit to any subsequent owner in conformity with the provisions of Section 1950.7 of the California Civil Code and/or any successor statute, in which event the transferring landlord shall be released from all liability for the return of the Security Deposit. Tenant specifically grants to Landlord (and Tenant hereby waives the provisions of California Civil Code Section 1950.7 to the contrary) a period of ninety days following a surrender of the Leased Premises by Tenant to Landlord within which to inspect the Leased Premises, make required restorations and repairs, receive and verify workmen’s ▇▇▇▇▇▇▇▇ therefor, and prepare a final accounting with respect to such security depositthe Security Deposit. If Tenant In no event shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit Security Deposit or any balance thereof portion thereof, be considered prepaid rent. Notwithstanding the foregoing, Tenant may deliver to Landlord a clean, unconditional, irrevocable, transferable letter of credit in lieu of cash for the Security Deposit (the “Letter of Credit”) in form and issued by a financial institution (“Issuer”) satisfactory to Landlord in its sole discretion, substantially in the form attached as Exhibit C. The Letter of Credit shall permit partial draws, and provide that draws thereunder will be honored upon receipt by Issuer of a written statement signed by Landlord or its authorized agent stating that Landlord is entitled to draw down on the Letter of Credit pursuant to the terms of the Lease. The Letter of Credit shall have an expiration period of one (1) year but shall automatically renew by its terms unless affirmatively cancelled by either Issuer or Tenant, in which case Issuer must provide Landlord 30 days’ prior written notice of such expiration or cancellation. Any amount drawn under the Letter of Credit shall be returned to the Tenant (held or at the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration of the Term, provided that used by Landlord may retain the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in fullwith this Paragraph 3.

Appears in 1 contract

Sources: Lease Agreement (Atheros Communications Inc)

Security Deposit. Tenant 5.1 The Security Deposit shall pay to Landlord, immediately upon execution of this Lease, the sum specified in the Basic Lease Provisions be held by Landlord as security for the full and faithful performance by Tenant of every provision all the terms, covenants and conditions of this Lease to be kept and performed by Tenant and not as an advance rental deposit or as a measure of Landlord’s damage in case of Tenant’s default. If Tenant defaults with respect to any provisions Upon the occurrence of this Lease, including, but not limited to, the provisions relating to the payment an “Event of rentDefault” (hereinafter defined), Landlord may (but shall not be required to) use, apply or retain all or use any part of this security deposit the Security Deposit for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's ’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's ’s default. If any portion of said deposit is so used or appliedused, Tenant shall, shall within five ten (510) days after written demand therefor, deposit cash with Landlord cash or other readily available funds in an amount sufficient to restore the security deposit Security Deposit to its original amount and Tenant's ’s failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit the Security Deposit separate from its general funds, and but Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security depositthe Security Deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit Security Deposit or any balance thereof shall be returned to Tenant within thirty (30) days after termination of this Lease. 5.2 Upon the occurrence of an Event of Default, Landlord may draw the full amount of the Letter of Credit and apply the funds received by Landlord (the “Drawn Funds”) toward the payment of any amount owed by Tenant under this Lease. Thereafter, any remaining Drawn Funds shall be held by Landlord as a cash Security Deposit and Tenant shall, within ten (10) days after written demand therefor, deposit with Landlord cash or at the Landlord's option, other readily available funds in an amount equal to the last assignee funds expended by Landlord out of the Drawn Funds, so as to restore the Security Deposit to its original amount and Tenant's interests hereunder’s failure to do so shall be a material breach of this Lease. Provided Landlord has not terminated this Lease or Tenant’s right to possession of the Leased Premises and provided Tenant has cured each Event of Default under this Lease, then, in the alternative. Tenant may provide Landlord with a new Letter of Credit (in the same form as the initial Letter of Credit from the issuer of the initial Letter of Credit and in the amount then required under this Lease) and upon receipt of the new Letter of Credit, Landlord shall pay the portion of the Drawn Funds not applied under this Section 5.2 to Tenant or to Tenant’s lender, as directed by Tenant. Partial and multiple drawings are permitted under the Letter of Credit. 5.3 The initial one hundred twenty (120) month Term of this Lease is sometimes referred to in this Lease as the “initial Term”. During the first thirty-six (36) months of the Initial Term, the amount of the Letter of Credit will remain at Seven Million Five Hundred Thousand and No/100 Dollars ($7,500,000.00). Thereafter, provided Tenant is in compliance with the “Financial Benchmark” (hereinafter defined) and is not in default of any of its obligations under this Lease, then on each applicable reduction date, the amount of the Letter of Credit will be reduced by Nine Hundred Thirty-Seven Thousand Five Hundred and No/100 Dollars ($937,500.00) on the final day of the thirty-sixth (36th) month of the Initial Term and on the final day of each subsequent twelve (12) month period during the Initial Term; provided, however, if a reduction is prevented because of a default by Tenant which is covered by Section 18.1.1 or Section 18.1.2 of this Lease and Tenant cures the default before it becomes an Event of Default, then the reduction will occur after Tenant cures the default. Finally, if Tenant does not exercise either of the Downsizing Options available to Tenant under Section 41.6 of this Lease, then the Letter of Credit will be returned to Tenant after the expiration of the notice period for Tenant’s exercise of the second Downsizing Option in month 87 of the Term. For purposes hereof, provided the “Financial Benchmark” shall mean that Landlord may retain the security deposit until such time Tenant shall maintain a minimum tangible net worth of at least One Billion and No/100 Dollars ($1,000,000,000.00) as any amount due from the demonstrated by Tenant in accordance hereof has been determined and paid in fullto Landlord’s reasonable satisfaction.

Appears in 1 contract

Sources: Lease (KBS Real Estate Investment Trust III, Inc.)

Security Deposit. (a) On December 2, 1999, Tenant delivered to Landlord an Irrevocable Standby Letter of Credit No. OSF99000883 from Imperial Bank for the amount of $2,000,000.00. Upon delivery of the Expansion Premises to Tenant, Tenant shall pay the additional security deposit to Landlord, immediately upon execution Landlord of this Lease, $901,127.03 ($78,279.25 for the sum specified in Existing Premises and $822,847.78 for the Basic Lease Provisions Expansion Premises) as additional security for the full and faithful performance of every provision of Tenant's obligations under this Lease to be performed by TenantLease. If at any time during the Term, Tenant defaults with respect to any provisions of this Lease, including, but not limited to, the provisions relating to shall be in default in the payment of rentRent or in default for any other reason after expiration of applicable notice and cure periods, Landlord may (but shall not be required to) use, apply or retain all or any part of this security deposit the Security Deposit for the payment of any rent amount due Landlord or to cure such default or to reimburse or compensate Landlord for any other sum in defaultliability, loss, cost, expense or for the payment of any other amount damage (including attorneys' fees) which Landlord may spend suffer or become obligated to spend incur by reason of Tenant's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's defaultdefaults. If Landlord uses or applies all or any portion part of said deposit is so used or appliedthe Security Deposit, Tenant shall, within five (5) days after written demand thereforon demand, deposit cash with pay to Landlord in an amount a sum sufficient to restore the security deposit Security Deposit to its original the full amount and Tenant's failure to do so shall be a material breach of required by this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount Upon expiration of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision Term or earlier termination of this Lease and after Tenant has vacated the Leased Premises, Landlord shall return the Security Deposit to Tenant, reduced by such amounts as may be performed required by itLandlord to remedy defaults on the part of Tenant in the payment of Rent, to repair damages to the security Leased Premises caused by Tenant and to clean the Leased Premises. The portion of the deposit or any balance thereof not so required shall be returned paid over to the Tenant (or or, at the Landlord's option, to the last assignee of Tenant's interests hereunderinterest in this Lease) at the within thirty (30) days after expiration of the TermTerm or earlier termination hereof. Landlord shall hold the Security Deposit for the foregoing purposes; provided, however, that Landlord shall have no obligation to segregate the Security Deposit from its general funds or to pay interest in respect thereof. No part of the Security Deposit shall be considered to be held in trust, or to be prepayment of any monies to be paid by Tenant under this Lease. (b) The Security Deposit shall increase proportionally with any increase in Base Rent resulting from Landlord's funding of additional Tenant Improvements in accordance with paragraph 5(c) of EXHIBIT B to this Lease, and --------- such funding being repaid through amortization payments made to Landlord along with Base Rent in accordance with paragraph 5(c) of EXHIBIT B to this Lease. The --------- amount of the Security Deposit shall decrease twenty percent (20%) per year beginning on the second (2nd) anniversary of the Term Commencement Date of the Existing Premises; provided, however, the amount of the Security Deposit shall not be less than $218,000.00 at any time during the Term of this Lease. Accordingly, the Security Deposit shall be reduced as follows: AMOUNT OF DATE REDUCTION SECURITY DEPOSIT ---- --------- ---------------- July 21, 2002 $ 580,225.41 $ 2,320,901.62 --------------- ------------- ---------------- July 21, 2003 $ 580,225.41 $ 1,740,676.21 --------------- ------------- ---------------- July 21, 2004 $ 580,225.41 $ 1,160,450.80 --------------- ------------- ---------------- July 21, 2005 $ 580,225.41 $ 580,225.39 --------------- ------------- ---------------- July 21, 2006 $ 362,225.39 $ 218,000.00 --------------- ------------- ---------------- (c) In lieu of a cash deposit, Tenant may deliver the Security Deposit to Landlord in the form of a clean and irrevocable letter of credit (the "Letter of Credit") issued by and drawable upon (said issuer being referred to as the "Issuing Bank") a financial institution which is approved by Landlord in its sole discretion, provided that Landlord may retain shall not unreasonably withhold its consent to an 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 deposit until 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 Rating Service, and has combined capital, surplus and undivided profits of not less than $100,000,000. Such Letter of Credit shall (a) name Landlord as beneficiary, (b) be in the amount of the Security Deposit, (c) have a term of not less than one year, (d) permit multiple drawings, (e) be fully transferable by Landlord, and (f) otherwise be in form and content reasonably satisfactory to Landlord. 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 Tenant 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 year each thereafter during the Term unless the Issuing Bank sends a notice (the "Non-Renewal Notice") to Landlord by certified mail, return receipt requested, not less than 45 days next preceding the then expiration date of the Letter of Credit stating that the Issuing Bank has elected not to renew the Letter of Credit. Landlord shall have the right, upon receipt of the 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 Article. Notwithstanding the foregoing, Tenant shall thereafter have the right to provide Landlord with a replacement Letter of Credit in compliance with this Section, in which case Landlord shall provide Tenant such cash sums drawn on the Letter of Credit. The Issuing Bank shall agree with all drawers, endorsers and bona fide holders 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 San Francisco. The Letter of Credit shall be subject in all respects to the Uniform Customs and Practice for Documentary Credits (1993 revision), International Chamber of Commerce Publication No. 500. Tenant shall have the right at any time as any amount due from to replace the Tenant in accordance hereof has been determined Letter of Credit with a (i) cash security deposit, (ii) a replacement Letter of Credit that meets all of the conditions of this Section 5.14, or (iii) a combination of items (i) and paid in full(ii).

Appears in 1 contract

Sources: Office Building Net Lease (Evolve Software Inc)

Security Deposit. Tenant shall pay to Landlord, immediately upon Concurrently with Tenant’s execution of this Lease, Tenant has deposited with Landlord the sum specified in the Basic Lease Provisions of SIX THOUSAND ONE HUNDRED FOURTY EIGHT AND AND NO/100 Dollars ($6,148.00). Said sum shall be held by Landlord as security for the full and faithful performance by Tenant of every provision all the terms, covenants, and conditions of this Lease to be kept and performed by TenantTenant during the term hereof. If Tenant defaults with respect to any provisions provision of this Lease, including, but not limited to, to the provisions relating to the payment of rentRent, Landlord may (but shall not be required to) use, apply or retain all or any part of this security deposit for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may must spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and Tenant's failure to do so shall be a material breach of default under this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by itis not in default, the security deposit or any balance thereof shall be returned to the Tenant (or or, at the Landlord's Landlord option, to the last assignee of Tenant's interests interest hereunder) at within twenty (20) days following the expiration of the TermLease term. In the event of termination of Landlord's interest in this Lease, provided that said deposit, or any part thereof not previously applied, may be turned over by Landlord may retain to Landlord's grantee and, if so turned over, Tenant agrees to look solely to such grantee for proper application of (the security deposit until such time as any amount due from the Tenant in accordance hereof has with the terms of this Article 7, and the return thereof in accordance herewith. The holder of a mortgage on property which includes the Premises shall never be responsible to Tenant for the return or application of any such deposit, whether or not such holder succeeds to the position of Landlord hereunder, unless such deposit shall have been determined and paid received in full.hand by such holder. Initials: ________

Appears in 1 contract

Sources: Lease Agreement (GigOptix, Inc.)

Security Deposit. Tenant shall pay to Landlord, immediately upon Concurrent with Tenant’s execution of this Lease, Tenant shall deposit with Landlord a security deposit (the sum specified “Security Deposit”) in the Basic amount set forth in Section 10 of the Summary. So long as Tenant has not been in default of this Lease Provisions beyond its applicable sure period for any such default, and Tenant provides Landlord with satisfactory evidence that Tenant’s financial condition and profitability are at least equal to Tenant’s financial condition and profitability as of the Lease execution date, as reasonably determined by Landlord, then on the date which is thirteen (13) months after the date that Tenant actually commenced the payment of monthly Base Rent under this Lease, Tenant shall have the right to request that Landlord reduce the Security Deposit to One Hundred Sixty Thousand Seven Hundred Twenty-Five and 84/100 Dollars ($160,725.84). The amount by which the Security Deposit shall be reduced pursuant to the foregoing sentence, $321,451.08, shall be applied by Landlord towards Tenant’s installments of Base Rent as the same then become due. The Security Deposit shall be held by Landlord as security for the full and faithful performance by Tenant of every provision all the terms, covenants, and conditions of this Lease to be kept and performed by TenantTenant during the Lease Term. If Tenant defaults with respect to any provisions of this Lease, including, but not limited to, the provisions relating to the payment of rentRent, Landlord may (may, but shall not be required to) , use, apply or retain all or any part of this security deposit the Security Deposit for the payment of any rent Rent or any other sum in default, or for the payment of any other amount which that Landlord may spend or become obligated to spend by reason of Tenant's ’s default, or to compensate Landlord for any other loss or damage which that Landlord may suffer by reason of Tenant's ’s default. If any portion of said deposit the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount amount, and Tenant's ’s failure to do so shall be a material breach of default under this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit Security Deposit, or any balance thereof thereof, shall be returned to the Tenant (or Tenant, or, at the Landlord's ’s option, to the last assignee of Tenant's interests ’s interest hereunder, within sixty (60) at days following the expiration of the Lease Term. Tenant shall not be entitled to any interest on the Security Deposit. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code, provided and all other provisions of law, now or hereafter in force, which provide that Landlord may retain the claim from a security deposit until such time as only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums reasonably necessary to compensate Landlord for any amount due from other loss or damage, foreseeable or unforeseeable, caused by the act or omission of Tenant in accordance hereof has been determined and paid in fullor any officer, employee, agent or invitee of Tenant.

Appears in 1 contract

Sources: Office Lease (Cafepress Inc.)

Security Deposit. Tenant shall pay to Landlord, immediately upon Concurrently with Tenant's execution of this Lease, Tenant has deposited with Landlord the Security Deposit. Said sum specified in the Basic Lease Provisions shall be held by Landlord as security for the full and faithful performance by Tenant of every provision all the terms, covenants, and conditions of this Lease to be kept and performed by TenantTenant during the Lease term. If Tenant defaults with respect to any provisions provision of this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may (but shall not be required to) use, apply or retain all or any part of this security deposit the Security Deposit for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, Tenant shall deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount and Tenant's failure to do so shall be a material breach of default under this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit the Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit Security Deposit or any balance thereof shall be returned to the Tenant (or or, at the Landlord's option, to the last assignee of Tenant's interests interest hereunder) at the within 21 days following expiration of the TermLease term. In the event of termination of Landlord's interest in this Lease, provided that Landlord may retain shall transfer said deposit to Landlord's successor in interest and thereafter shall be relieved of all responsibility with respect to the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in fullSecurity Deposit.

Appears in 1 contract

Sources: Lease Agreement (New Energy Corp)

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

Appears in 1 contract

Sources: Lease (Metabolix, Inc.)

Security Deposit. Concurrently with Tenant's execution of the Lease, Tenant shall pay to Landlord, immediately upon execution of this Lease, deposit with Landlord the sum Security Deposit specified in the Basic Lease Provisions Information as security for the full and faithful performance of each and every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provisions term, covenant and condition of this Lease, including, but not limited to, the provisions relating to the payment of rent, . Landlord may (but shall not be required to) use, apply or retain all the whole or any part of the Security Deposit as may be reasonably necessary (a) to remedy Tenant's Default in the payment of any Rent, (b) to repair damage to the Premises caused by Tenant and not repaired by Tenant in accordance with the terms of this security deposit Lease, (c) to clean the Premises upon termination of this Lease if Tenant does not surrender the Premises to Landlord in accordance with the requirements of this Lease, (d) to reimburse Landlord for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may reasonably spend or become obligated be required to spend by reason of Tenant's defaultDefault, or (e) to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's defaultDefault. Should Tenant faithfully and fully comply with all of the terms, covenants and conditions of this Lease, within thirty (30) days following the expiration of the Term, the Security Deposit or any balance thereof shall be returned to Tenant or, at the option of Landlord, to the last assignee of Tenant's interest in this Lease. Landlord shall not be required to keep the Security Deposit separate from its general funds and Tenant shall not be entitled to any interest on such deposit. If Landlord so uses or applies all or any portion of said deposit is so used or applied, Tenant shalldeposit, within five (5) days after written demand therefor, therefor Tenant shall deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount the full extent of the above amount, and Tenant's failure to do so shall be a material breach of default under this Lease. At Landlord's election, if In the monthly Base Rent shall from time to time increase during the term of event Landlord transfers its interest in this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that shall transfer the total then remaining amount of the security deposit held by Security Deposit to Landlord's successor in interest, and thereafter Landlord shall bear the same proportion have no further liability to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration of the Term, provided that Landlord may retain the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in fullSecurity Deposit.

Appears in 1 contract

Sources: Lease Agreement (Paypal Inc)

Security Deposit. Tenant shall pay to Landlord, immediately upon Concurrently with ▇▇▇▇▇▇'s execution of this Lease, Tenant shall deposit with Landlord the sum specified of One Million Five Hundred Thousand Dollars ($1,500,000.00) ("Security "Deposit"). Landlord shall not be deemed a trustee of the Security Deposit, may use the Security Deposit in business, and shall not be required to segregate it from its general accounts. Tenant shall not be entitled to interest on the Basic Lease Provisions as security for the full and faithful performance of every provision of this Lease to be performed by TenantSecurity Deposit. If Tenant defaults beyond any applicable notice and cure period with respect to any provisions of this the Lease, including, including but not limited to, to the provisions relating to the payment of rentBase Monthly Rent or other charges, Landlord may (but shall not be required to) usemay, apply to the extent reasonably necessary to remedy Tenant's default, use any or retain all or any part of this security deposit for the Security Deposit towards payment of the following: (i) Base Monthly Rent or other charges in default beyond any rent or any other sum in default, or for the payment of applicable notice and cure period; (ii) any other amount which Landlord may spend or become obligated to spend by reason of Tenant's defaultdefault including, or but not limited to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's defaultfailure to restore or clean the Premises following vacation thereof. If any portion of said deposit the Security Deposit is so used or applied, Tenant shall, within five ten (510) days after written demand thereforfrom Landlord, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its full original amount amount, and Tenant's failure shall pay to Landlord such other sums as necessary to reimburse Landlord for any sums paid by Landlord. Tenant may not assign or encumber the Security Deposit without the consent of Landlord. Any attempt to do so shall be void and shall not be binding on Landlord. The Security Deposit shall be returned to Tenant within thirty (30) days after the Expiration Date and surrender of the Premises to Landlord, less any amount deducted in accordance with this Section, together with ▇▇▇▇▇▇▇▇'s written notice itemizing the amounts and purposes for such deduction. ▇▇▇▇▇▇▇▇ agrees that in lieu of a material breach of this Lease. At Landlord's electioncash Security Deposit, if the monthly Base Rent shall Tenant, at its election from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, Lease Term may deposit with Landlord additional money a letter of credit as Security Deposit in a security deposit so that form reasonably acceptable to Landlord as shown on Exhibit 4.D. attached. Within three (3) business days of such deposit, Landlord shall return to Tenant any cash Security Deposit replaced by such letter of credit (or in the total event Tenant replaces a letter of credit with cash, Landlord shall return the letter of credit to Tenant within 3 business days of Landlord's receipt of the cash Security Deposit). Landlord ***** Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. shall return to Tenant Landlord shall be entitled to draw the full amount of the security deposit held by letter of credit at any time provided that Landlord certifies to the issuer of the letter of credit that Tenant is in default beyond any applicable notice and cure period under the Lease. Unless Tenant has deposited cash as Security Deposit, Tenant shall bear keep the letter of credit in effect during the entire Lease Term, as the same proportion to may be extended, plus a period of four (4) weeks after expiration of the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general fundsTerm, and Tenant at least thirty (30) days prior to expiration of any letter of credit, the term thereof shall not be entitled renewed or extended for a period of at least one (1) year. Tenant's failure to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant so renew or extend the letter of credit shall fully and faithfully perform every provision be a material default of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to the Tenant (or at the unless Tenant has deposited a cash Security Deposit with Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration of the Term, provided that Landlord may retain the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in full.

Appears in 1 contract

Sources: Lease Agreement (Scios Inc)

Security Deposit. 8.1 Tenant shall pay to Landlord, immediately upon execution of this Lease, a Security Deposit of $300,000.00. Tenant shall be entitled to interest ("Security Deposit Interest") on the sum specified balance of the Security Deposit held by Landlord (the "Security Deposit Balance") for each month at the T-▇▇▇▇ Rate as published in the Basic Lease Provisions Wall Street Journal on the last business day of the month. Tenant shall deduct the Security Deposit Interest due for each month from the next installment of Base Rent otherwise payable. 8.2 The Security Deposit shall be held by Landlord during the Term and utilized as security to compensate Landlord for the full and faithful performance of every provision of any default by Tenant under this Lease or to compensate any of the Affiliated Lessors for a breach of any of the Other Leases. The Security Deposit shall be performed by Tenant. If returned to Tenant defaults with respect to any provisions as hereinafter provided, at the termination of this Lease, includingprovided Tenant is not then in default hereunder and there are no amounts owed to any of the Affiliated Lessors under the Other Leases. 8.3 From the Security Deposit, but not limited toLandlord shall, the provisions relating to the payment extent otherwise permitted hereunder, and subject to applicable notice and cure periods benefiting Tenant, be entitled to deduct any amount of rent, Landlord may (but shall not be money reasonably required to) use, apply or retain all or any part of this security deposit for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason as a result of Tenant's default, default to restore the Leased Property to Good Condition or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and Tenant's failure to do so shall be a material breach of this Lease. At , or to compensate any of the Affiliated Lessors for the breach of the Other Leases. 8.4 In the event that any deduction is taken from the Security Deposit as authorized hereunder, the Tenant shall pay Landlord, with the next installment of Base Rent, the amount necessary to restore the Security Deposit to the original amount. 8.5 Landlord's electionobligation to pay Security Deposit Interest for any day shall be limited to the Security Deposit Balance as of such day. 8.6 Subject to Section 8.7 below, if the Security Deposit will not be held in a segregated account, and may be used by Landlord or Landlord's Affiliates (including without limitation the Affiliated Lessors) for purposes unrelated to the Leased Property. 8.7 During the last eight months prior to the end of the Scheduled Lease Term, Landlord shall hold the Security Deposit in a segregated account and shall not use the Security Deposit, during the remaining Lease Term, for any purpose other than to offset losses suffered by Landlord as a result of breach of this Lease or the Other Leases by Tenant or the Affiliated Tenants. If Landlord does not, prior to the beginning of the eighth month prior to the end of the Scheduled Lease Term, provide documentation to Tenant confirming to Tenant's reasonable satisfaction that the Security Deposit is held in such a segregated account and will continue to be held in such a segregated account during remainder of the Lease Term, the Tenant shall be entitled to recover the Security Deposit by offsetting, against monthly Base Rent shall from time to time increase payments otherwise due during the term last eight (8) months of this Leasethe Lease Term, Tenant shallan amount each month equal to a fraction of the Security Deposit balance, within ten said fraction having a numerator of one and a denominator which is the number of months (10including the month for which the offset is taken) days after request for which Base Rent remains to be paid (e.g., in the last month, the entire remaining balance of the Security Deposit may be recovered. 8.8 In the event of an Event of Default by Landlord, deposit with if Landlord additional money as a security deposit so does not, within thirty (30) days of such Event of Default, provide documentation confirming to Tenant's reasonable satisfaction that the total amount Security Deposit is held in a segregated account as described in Section 8.7 and will continue to be held in such a segregated account until such time as Landlord's default has been cured (or, if such default is not cured, during remainder of the security deposit held by Landlord shall bear Lease Term), the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If recover the Security Deposit by offsetting, against the next monthly Base Rent payments otherwise due, the balance of the Security Deposit. 8.9 Within fifteen (15) Business Days after the end of the Lease Term, Landlord shall give Tenant shall fully and faithfully perform every provision written notice describing in detail any conditions of the Leased Property or other breaches of this Lease or the Other Leases for which Landlord intends to be performed by it, the security deposit or withhold any balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration portion of the Term, Security Deposit (provided that Landlord may retain the security deposit until only withhold such time as amounts in accordance with this Lease), and shall, along with such notice, deliver to Tenant any amount due from of the Tenant in accordance hereof has been determined and paid in fullSecurity Deposit not claimed by Landlord pursuant to such notice.

Appears in 1 contract

Sources: Lease Agreement (Emeritus Corp\wa\)

Security Deposit. Through the escrow at the closing under the Purchase Agreement, Tenant shall pay to Landlorddeposit with Landlord the Security Deposit, immediately upon execution of this Leaseif any, the sum specified designated in the Basic Lease Provisions Summary. The Security Deposit shall be held by Landlord as security for the full and faithful performance by Tenant of every provision all of the terms, covenants and conditions of this Lease to be performed by TenantTenant during the Term. If Tenant defaults with respect to any provisions of its obligations under this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may (but shall not be required to) use, apply or retain all or any part of this security deposit the Security Deposit for the payment of any rent Monthly Base Rent, Additional Rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's defaultamount, or to compensate Landlord for any other loss or damage which Landlord may spend, incur or suffer by reason of Tenant's ’s default. If any portion of said deposit the Security Deposit is so used or applied, Tenant shall, within five ten (510) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount and Tenant's failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisionsamount. Landlord shall not be required to keep this security deposit the Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security depositthe Security Deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit Security Deposit or any balance thereof shall be returned to the Tenant within thirty (or at the Landlord's option, to the last assignee of Tenant's interests hereunder30) at days following the expiration of the Term, provided that Landlord may retain the security deposit Security Deposit until such time as any amount due from the Tenant in accordance hereof with this Lease has been determined and paid in full. If Landlord sells its interest in the Building during the Term and if Landlord deposits with or credits to the purchaser the Security Deposit (or balance thereof), then, upon such sale, Landlord shall be discharged from any further liability with respect to the Security Deposit. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and agrees that the provisions of this Article 6 shall govern the treatment of Tenant’s Security Deposit in all respects for this Lease.

Appears in 1 contract

Sources: Commercial Lease Agreement (Zhone Technologies Inc)

Security Deposit. Tenant shall pay to Landlord, immediately upon Concurrently with Tenant’s execution of this Lease, Tenant has deposited with Landlord the sum specified in the Basic Lease Provisions of SIXTY FIVE THOUSAND AND NO/100 DOLLARS ($65,000.00) as a security for the full and faithful performance of every provision of this Lease to be performed by Tenantdeposit. If Tenant defaults with respect to any provisions of this Leaselease, including, including but not limited to, to the provisions relating to the payment of rentrent or other charges, Landlord may (but shall not be required to) usemay, apply or retain to the extent reasonably necessary to remedy Tenant’s default, use all or any part of this security said deposit for the payment of any rent or other charges in default or the payment of any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, ’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's ’s default. If any portion of said deposit is so used or applied, Tenant shall, within five ten (510) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security said deposit to its original the full amount hereinabove stated and Tenant's failure shall pay to do so Landlord such other sums as shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time necessary to time increase during the term of this Lease, Tenant shall, within ten (10) days after request reimburse Landlord for any sums paid by Landlord, . Said deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to the Tenant within fifteen (or at the Landlord's option, to the last assignee of Tenant's interests hereunder15) at days after the expiration of the Termterm hereof less any amount deducted in accordance with this paragraph, together with Landlord’s written notice itemizing the amounts and purposes for such retention. In the event of termination of Landlord’s interest in this lease, Landlord shall transfer said deposit to Landlord’s successor in interest, provided that Landlord may retain the security deposit until such time as any amount due from the Tenant said successor in accordance hereof has been determined and paid in fullinterest assumes Landlord’s obligations under this Lease.

Appears in 1 contract

Sources: Lease Agreement (Supertex Inc)

Security Deposit. Concurrently with Tenant’s execution of the Lease, Tenant shall pay to Landlord, immediately upon execution of this Lease, deposit with Landlord the sum Security Deposit specified in the Basic Lease Provisions Information as security for the Tenant’s full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provisions of this Lease, including, but not limited to, the provisions relating to the payment of rent, . Landlord may (but shall not be required to) use, apply or retain all the whole or any part of the Security Deposit as may be reasonably necessary (a) to remedy Tenant’s default in the payment of any Rent which is unpaid either before or after the termination of this security deposit Lease, (b) to repair damage to the Premises caused by Tenant, (c) to perform Tenant’s obligations under Paragraph 11, if Tenant fails to do so , (d) to reimburse Landlord for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may reasonably spend or become obligated be required to spend by reason of Tenant's ’s default, or (e) to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used before or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and Tenant's failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term termination of this Lease, whether foreseeable or unforeseeable, caused by the act or omission of Tenant shallor any officer, employee, agent, contractor or invitee of Tenant. If Tenant faithfully and fully complies with this Lease, within ten thirty (1030) days after request by following the expiration of the Term, the Security Deposit or any balance thereof shall be returned to Tenant or, at the option of Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth last assignee of Tenant’s interest in the Basic Lease Provisionsthis Lease. Landlord shall not be required to keep this security deposit the Security Deposit separate from its general funds, and Tenant shall not be entitled to any interest on such deposit. No trust relationship is created hereby If Landlord so uses or applies all or any portion of said deposit, within five (5) business days after written demand therefor Tenant shall deposit cash with Landlord in an amount sufficient to restore the Security Deposit to the full extent of the above amount, and Tenant’s failure to do so shall be a default under this Lease. If Landlord transfers its interest in this Lease, Landlord shall transfer the then remaining amount of the Security Deposit to Landlord’s successor in interest, and thereafter Landlord shall have no further liability to Tenant with respect to such Security Deposit. Tenant hereby waives any and all rights under (i) California Civil Code Section 1950.7, as amended or recodified from time to time, and any and all other laws, rules and regulations, now or hereafter in force, applicable to security deposit. If Tenant shall fully deposits in the commercial context (“Security Deposit Laws”), and faithfully perform every provision of this Lease (ii) any and all rights, duties and obligations either party may now or, in the future, will have relating to be performed by it, the security deposit or any balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration of the Term, provided that Landlord may retain the security deposit until such time as any amount due arising from the Tenant in accordance hereof has been determined and paid in full.Security Deposit Laws. ▇▇▇▇▇▇ #▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇ Lease

Appears in 1 contract

Sources: Warehouse/Industrial Lease Agreement (Zeltiq Aesthetics Inc)

Security Deposit. Tenant shall pay to Landlord, immediately upon Concurrently with Tenant's execution of this Lease, the sum specified ---------------- Tenant shall deposit with Landlord a security deposit ("Security Deposit") in the Basic Lease Provisions amount set forth in Paragraph 1.11 above. The Security Deposit shall be held by Landlord as security for the full and faithful performance by Tenant of each and every provision term, covenant and condition of this Lease applicable to be performed by Tenant, and not as prepayment of Rent. If Tenant defaults with respect shall at any time fail to keep or perform any provisions term, covenant or condition of this LeaseLease applicable to Tenant, includingincluding without limitation, but not limited to, the provisions relating to the payment of rentRentals of those provisions requiring Tenant to repair damage to the Premises caused by Tenant or to surrender the Premises in the condition required pursuant to Paragraph 35 below, Landlord may (may, but shall not be required obligated to) , and without waiving or releasing Tenant from any obligation under this Lease, use, apply or retain all the whole or any part of this security deposit the Security Deposit reasonably necessary for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, default or as necessary to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If In the event Landlord uses or applies any portion of said deposit is so used or appliedthe Security Deposit, Tenant shall, within five (5) business days after written demand thereforby Landlord, deposit cash with remit to Landlord in an amount sufficient funds to restore the security deposit Security Deposit to its original amount and Tenant's failure sum. Failure by Tenant to do so remit funds shall be a material breach of this LeaseDefault by Tenant. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Should Tenant shall, within ten (10) days after request by Landlord, deposit comply with Landlord additional money as a security deposit so that the total amount all of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general fundsterms, covenants and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision conditions of this Lease applicable to be performed by itTenant, the security deposit or any balance thereof of the Security Deposit shall be returned to Tenant within fourteen (14) days after Lease Termination and surrender of the Premises by Tenant; provided, however, if any portion of the Security Deposit is to be applied to repair damages to the Premises caused by Tenant (or at the LandlordTenant's optionagents, to clean the last assignee of Tenant's interests hereunder) at Premises, or to remove alterations and restore the expiration Premises pursuant to Paragraph 13.2 below, then the balance of the Term, provided that Security Deposit shall be returned to Tenant no later than thirty (30) days after the date Landlord may retain receives possession of the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in fullPremises.

Appears in 1 contract

Sources: Net Lease Agreement (Navisite Inc)

Security Deposit. Tenant shall pay to Landlord, immediately upon Concurrently with the execution of this Lease, Tenant shall deposit with Landlord the sum specified Security Deposit in the Basic Lease Provisions amount set forth above. The Security Deposit shall be held by Landlord as security for the full and faithful performance of every provision Tenant’s obligations under this Lease. The Security Deposit is not an advance rental deposit or a measure of Landlord’s damages in case of Tenant’s default. Upon each occurrence of an Event of Default (hereinafter defined), Landlord may use all or part of the Security Deposit to pay delinquent payments due under this Lease, and the cost of any damage, injury, expense or liability caused by such Event of Default, without prejudice to any other remedy provided herein or provided by law. Tenant shall pay Landlord on demand the amount that will restore the Security Deposit to its original amount. Landlord’s obligation respecting the Security Deposit is that of a debtor, not a trustee; no interest shall accrue thereon. The Security Deposit shall be the property of Landlord, but shall be paid to Tenant when Tenant’s obligations under this Lease have been completely fulfilled. In the event of a sale or other disposition of the Premises, Landlord will transfer the Security Deposit to the new owner, and, thereafter, Landlord shall be performed released by TenantTenant from all responsibility for returning the Security Deposit, and Tenant shall look solely to the new owner for return of the Security Deposit. If Tenant defaults with respect to any provisions of assigns this Lease, includingTenant’s rights in the Security Deposit shall be deemed to be assigned to the assignee, but not limited to, such Security Deposit shall be held by Landlord as a Security Deposit made by the assignee and Landlord shall have no further responsibility for return of the Security Deposit to Tenant. Tenant hereby waives the provisions relating of any law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may (but shall not be required to) usemay, apply or retain all or any part of in addition, claim those sums specified in this security deposit for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, or Paragraph 5 above and/or those sums reasonably necessary to compensate Landlord for any other loss or damage which Landlord may suffer damage, foreseeable or unforeseeable, caused by reason the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and Tenant's failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration of the Term, provided that Landlord may retain the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in full.

Appears in 1 contract

Sources: Lease Agreement (Avi Biopharma Inc)

Security Deposit. Tenant shall pay to Landlord, immediately upon Concurrently with Tenant's execution of this Lease, Tenant shall deposit with Landlord the sum specified in of Eleven Hundred Dollars ($1100.00) (hereinafter the Basic Lease Provisions as security "Security Deposit"). The Security Deposit shall be held by Landlord for the full and faithful performance by Tenant of every provision all of the terms, covenants, and conditions of this Lease to be kept and performed by TenantTenant during the term of this Lease. If Tenant defaults with respect to my provision of this Lease. If Tenant defaults with respect to any provision of this Lease, including but not limited to the provisions relating to the Payment of Monthly Base Rent, and any costs, expenses, and charges payable under the provisions of this Lease, includingLandlord may, but not limited to, the provisions relating to the payment of rent, Landlord may (but shall not be required to) obligated to use, apply or retain all or any a part of this security deposit the Security Deposit for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit the Security Deposit is so used or applied, Tenant shall, within five ten (510) days after written demand therefordemand, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount amount; and Tenant's failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit the Security Deposit separate from its Landlord's general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security depositthe Security Deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by itTenant, the security deposit Security Deposit or any balance thereof shall be returned to the Tenant (or or, at the Landlord's option, to the last permitted assignee of Tenant's interests hereunderinterest under this Lease within thirty (30) at days of the expiration of the Termterm of this Lease and after Tenant or Tenant's permitted assignee has vacated the Premises or within fifteen (15) days of receipt of Tenant's new mailing address, provided that whichever is later. In the event of termination of landlord's interest in this Lease, Landlord may retain shall transfer the security deposit until such time as Security Deposit to Landlord's successor in interest whereupon Tenant agrees to release Landlord from liability for the return of the Security Deposit or any amount due from the Tenant in accordance hereof has been determined and paid in fullaccounting therefore.

Appears in 1 contract

Sources: Lease Agreement (Ziasun Technologies Inc)

Security Deposit. Tenant shall pay to Landlord, immediately upon Concurrently with Tenant's execution of this Leaselease, the sum specified Tenant shall deliver to Landlord an unconditional and irrevocable Letter of Credit in the Basic Lease Provisions as security for amount of nineteen thousand two hundred seventy-two and 72/100 dollars ($19,272.72) to secure the full and faithful performance by Tenant of every provision all of the terms, covenants and conditions of this Lease lease to be kept and performed by Tenant. The Letter of Credit shall be available by draft at sight, subject only to receipt by the bank of a notarized statement from ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇ or ▇▇▇▇▇▇ ▇. ▇▇▇▇ stating that the amount demanded is due and owing to Landlord by reason of the default of Tenant. The Letter of Credit shall by its terms expire not less than one year from the date issued, provided that said Letter of Credit shall be renewed by Tenant for successive periods of not less than one year each to and including not less than ten (10) days after the termination of this lease. The bank's written renewal of the Letter of Credit shall in each case be delivered to Landlord not less than ninety (90) days prior to the expiration date of the then outstanding Letter of Credit. Tenant's failure to so deliver, renew (including specifically but not limited to the delivery to Landlord of such renewal not less than ninety (90) days prior to expiration of the Letter of Credit) and maintain such Letter of Credit shall be a material breach of this lease*. If Tenant fails to comply with any provision of this lease, including without limitation the payment of rent and other amounts due Landlord after ten (10) days' written notice to Tenant, Landlord may immediately and without further notice resort to said Letter of Credit and use or apply all or any part of same to compensate Landlord for any loss and expense occasioned thereby and for the payment of any amount due Landlord under the terms of this lease, or if Tenant's default consists of the failure to renew said Letter of Credit, then to deposit the full amount thereof (less any amount required otherwise to compensate Landlord for its loss and expense) as a cash security deposit to be held by Landlord as if Tenant had deposited the same as provided below. If any portion of said Letter of Credit is used as specified above, Tenant shall, within ten (10) days after written demand therefor, restore the Letter of Credit to its original amount, except that if Tenant is reasonably and in good faith contesting in a court of law *, excepting only that Tenant's failure to so renew the Letter of Credit shall constitute a breach thereof only if it fails to so renew the Letter of Credit after not less than ten (10) days written notice thereof from Landlord. Landlord's resort to the Letter of Credit, then Tenant shall not be obligated to restore the Letter of Credit while such action is pending. Tenant's failure to restore the Letter of Credit as required herein shall be a material breach of this lease. Landlord's resort to said Letter of Credit shall in no way or manner constitute an acceptance of or waiver of such failure by Tenant to comply with this lease; nor shall resort to said Letter of Credit terminate, or permit Tenant to terminate, or constitute a forfeiture of or be construed as an election by Landlord to terminate, this lease; nor shall such resort affect Landlord's remedies otherwise available under this lease or at law. Tenant may at any time during the term, deposit with Landlord a cash deposit of nineteen thousand two hundred seventy-two and 72/100 ($19,272.72) as a security deposit in lieu of the aforementioned Letter of Credit, in which event said Letter of Credit shall be promptly returned to Tenant. If Tenant thereafter defaults with respect to any provisions provision of this Lease, including, Lease including but not limited to, to the provisions relating to the payment of rentrent and other amounts due Landlord, Landlord may (but shall not be required to) use, apply or retain all or any part of this such security deposit for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or appliedused, Tenant shall, shall within five ten (510) days after written demand therefor, deposit in cash with Landlord in an the amount sufficient to restore the security deposit to its original amount and amount; Tenant's failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general funds, funds and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision At the termination of this Lease to be performed by itLease, the security deposit or any the unused balance thereof shall be returned to Tenant after Tenant vacates the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration of the Term, provided that Landlord may retain the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in fullPremises.

Appears in 1 contract

Sources: Assignment and Assumption of Lease (Novellus Systems Inc)

Security Deposit. The Tenant shall pay to Landlordkeep on deposit with the Landlord at all times during the term of this Lease the Lease Deposit specified on the Lease Facing Page hereof as security for the payment by the Tenant of the Rent and any other sums due under this Lease and for the faithful performance of all the terms, immediately upon execution conditions, and covenants of this Lease, it being expressly understood that the sum specified Lease Deposit shall not be considered advance payment of Rent or a measure of Landlord's damages in the Basic Lease Provisions as security for the full and faithful performance case of every provision of this Lease to be performed default by Tenant. Security deposit is due in full prior to Tena▇▇'▇ ▇ossession of the Premises. If Tenant defaults with respect to any provisions an event of this Lease, including, but not limited toa default set forth in Section 35.1 occurs, the provisions relating to the payment of rent, Landlord may (but shall not be required to) useuse any such deposit, apply or retain all or any part of this security deposit for the so much thereof as necessary in payment of any rent Rent or any other sum sums due under this Lease in default, or for the payment in reimbursement of any other amount which Landlord may spend or become obligated expense incurred by the Landlord, and to spend by reason of Tenant's default, repair any damage or to compensate Landlord for any other loss or damage which Landlord may suffer clean, paint, carpet and fruitage the Leased Premises after termination of possession by reason of Tenant's default. If any portion of said deposit is so used or applied, In such event the Tenant shall, within five (5) days after shall on written demand therefor, deposit of the Landlord forthwith remit to the Landlord a sufficient amount in cash with Landlord in an amount sufficient to restore the security such deposit to its original amount and Tenant's failure to do so amount. If such deposit has not been utilized as aforesaid, such deposit, or as much thereof as has not been utilized for such purposes, shall be a material breach refunded to the Tenant upon full performance of this Lease. At Landlord's election, if Lease by the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease ProvisionsTenant. Landlord shall have the right to commingle such deposit with other funds of the Landlord, and such deposit need not be required kept in an escrow or other segregated account. Landlord shall deliver the funds deposited herein by the Tenant to keep this security deposit separate from its general fundsany purchaser of the Landlord's interest in the Leased Premises in the event such interest be sold, and Tenant thereupon, the Landlord shall not be entitled to interest on such deposit. No trust relationship is created hereby discharged from further liability with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration of the Term, provided that Landlord may retain the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in full.

Appears in 1 contract

Sources: Lease Agreement (Ibiz Technology Corp)

Security Deposit. Tenant shall pay to Landlord, immediately upon Upon execution of this Lease, Tenant shall deposit with Landlord as the sum specified Security Deposit the amount set forth in the Basic Lease Provisions Article 1 above as security for the full and Tenant’s faithful performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provisions of its obligations under this Lease, including, but not limited to, the provisions relating to the payment of rent, . Landlord may (but commingle the Security Deposit with funds of Landlord, and Landlord shall have no obligation or liability to pay interest on the Security Deposit. Tenant shall not be required to) usepledge, apply assign, transfer or retain all or encumber the Security Deposit and any part of this security deposit for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend attempt by reason of Tenant's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and Tenant's failure to do so shall be a material breach of void, without force or effect, and shall not be binding upon Landlord. If Tenant fails to pay any Rent or other amount when due and payable under this Lease, or fails to perform any of the other terms hereof, Landlord may apply or use all or any portion ​ of the Security Deposit for Rent payments or any other amount then due and unpaid, for payment of any amount for which Landlord has become obligated as a result of Tenant’s default or breach, and for any loss or damage sustained by Landlord as a result of Tenant’s default or breach, and Landlord may so apply or use the Security Deposit without prejudice to any other remedy Landlord may have by reason of Tenant’s default or breach. At Landlord's election, if If Landlord so applies or uses any of the monthly Base Rent shall from time to time increase during the term of this LeaseSecurity Deposit, Tenant shall, within ten (10) days after request by Landlordwritten demand therefore, deposit with Landlord additional money as restore the Security Deposit to the full amount originally deposited. Tenant’s failure to do so shall constitute a security deposit so that the total amount of the security deposit held by default hereunder, and Landlord shall bear have the same proportion right to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth exercise any remedy provided for in the Basic Lease Provisionsthis Lease. Landlord shall not be required to keep this security deposit separate from its general funds, and If Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant in default under this Lease, Landlord shall fully and faithfully perform every provision of this Lease to be performed by itreturn the Security Deposit, the security deposit or any balance thereof shall be returned to not applied or used in accordance with the Tenant (or at the Landlord's optionprovisions of this Lease, to Tenant within thirty (30) days following the last assignee later of Tenant's interests hereunder) at the expiration of the TermTerm or the date on which Tenant surrenders the Premises to Landlord in the condition required under this Lease. If Landlord transfers its interest in the Premises, provided that Landlord may retain deliver the security deposit until such time as Security Deposit to the transferee of Landlord’s interest and thereupon be relieved of any amount due from further liability or obligation with respect to the Tenant in accordance hereof has been determined and paid in fullSecurity Deposit.

Appears in 1 contract

Sources: Office Sublease Agreement (Jaguar Health, Inc.)

Security Deposit. Tenant shall pay to Landlord, immediately upon (a) Concurrently with Tenant's execution of this Lease, Tenant shall deposit with Landlord the sum specified in the Basic Lease Provisions of two hundred sixty thousand four hundred thirty five dollars ($260,435.00). Said sum shall be held by Landlord as a security deposit ("Deposit") for the full and faithful performance by Tenant of every provision all of the terms, covenants, and conditions of this Lease to be kept and performed by TenantTenant during the term hereof. This amount may be paid in cash or in the form of a Letter of Credit, from a commercial institution and in a form reasonably acceptable to Landlord upon the execution of this Lease. (b) If Tenant defaults defaults, with respect to any provisions of this Lease, including, but not limited to, the provisions relating to the payment of rentrent and any of the monetary sums due herewith, Landlord may (but shall not be required to) use, apply or retain all or any part of this security deposit Deposit for the payment of any rent or any other sum such amount in default, or default and for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit Deposit is so used or applied, Tenant shall, within five ten (510) days Business Days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit Deposit to its original required amount. Such amount and as is necessary to restore the Deposit to the required amount shall be in the form of cash. Tenant's failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit Deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. Deposit. (c) If Tenant shall fully and faithfully perform performs every provision of this Lease to be performed by it, the security deposit Deposit or any balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests interest hereunder) at the expiration of the TermLease term and after Tenant has vacated the Premises. In the event of termination of Landlord's interest in this Lease, provided that Landlord may retain shall transfer said Deposit to Landlord's successor in interest whereupon Tenant agrees to release Landlord from liability for the security deposit until return of such time as any amount due from Deposit or the Tenant in accordance hereof has been determined and paid in fullaccounting therefor.

Appears in 1 contract

Sources: Lease Agreement (Vicinity Corp)

Security Deposit. Tenant shall pay to Landlord, immediately upon Upon execution of this Lease, Tenant shall deposit with Landlord as the sum specified Security Deposit the amount set forth in the Basic Lease Provisions Article 1 above as security for the full and Tenant's faithful performance of every provision its obligations under this Lease. Landlord may commingle the Security Deposit with funds of this Lease Landlord, and Landlord shall have no obligation or liability to pay interest on the Security Deposit. Tenant shall not pledge, assign, transfer or encumber the Security Deposit and any attempt by Tenant to do so shall be performed by Tenantvoid, without force or effect, and shall not be binding upon Landlord. If Tenant defaults with respect fails to pay any provisions of Rent or other amount when due and payable under this Lease, including, but not limited to, or fails to perform any of the provisions relating to the payment of rentother terms hereof, Landlord may (but shall not be required to) use, apply or retain use all or any part portion of this security deposit the Security Deposit for the Rent payments or any other amount then due and unpaid, for payment of any rent amount for which Landlord has become obligated as a result of Tenant's default or breach, and for any loss or damage sustained by Landlord as a result of Tenant's default or breach, and Landlord may so apply or use the Security Deposit without prejudice to any other sum in default, or for the payment of any other amount which remedy Landlord may spend or become obligated to spend have by reason of Tenant's default, default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's defaultbreach. If Landlord so applies or uses any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and Tenant's failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this LeaseSecurity Deposit, Tenant shall, within ten (10) days after request by Landlordwritten demand therefor, deposit with Landlord additional money as restore the Security Deposit to the full amount originally deposited. Tenant's failure to do so shall constitute a security deposit so that the total amount of the security deposit held by default hereunder, and Landlord shall bear have the same proportion right to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth exercise any remedy provided for in the Basic Lease Provisionsthis Lease. Landlord shall not be required to keep this security deposit separate from its general funds, and If Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant in default under this Lease, Landlord shall fully and faithfully perform every provision of this Lease to be performed by itreturn the Security Deposit, the security deposit or any balance thereof shall be returned to not applied or used in accordance with the Tenant (or at the Landlord's optionprovisions of this Lease, to Tenant within thirty (30) days following the last assignee later of Tenant's interests hereunder) at the expiration of the TermTerm or the date on which Tenant surrenders the Premises to Landlord in the condition required under this Lease. If Landlord transfers its interest in the Premises, provided that Landlord may retain deliver the security deposit until such time as Security Deposit to the transferee of Landlord's interest and thereupon be relieved of any amount due from further liability or obligation with respect to the Tenant in accordance hereof has been determined and paid in fullSecurity Deposit.

Appears in 1 contract

Sources: Standard Office Lease (Cybergold Inc)

Security Deposit. Tenant Landlord acknowledges receipt of the Security Deposit which shall pay to Landlord, immediately upon execution of this Lease, the sum specified in the Basic Lease Provisions be held by Landlord as security for the full and faithful performance by Tenant of every provision all the terms, covenants, and conditions of this Lease to be kept and performed by TenantTenant during the term hereof. If Tenant defaults with respect to any provisions provision of this Lease, including, but not limited to, the provisions relating to the payment of rentGross Rent, Landlord may (but shall not be required to) use, apply or retain all or any part of this security deposit for the payment of any rent Gross Rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss los or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, shall within five (5) days after written demand therefortherefore, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount and Tenant's failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every any provision of this Lease to be performed by it, the security deposit Security Deposit or any balance thereof shall be returned to the Tenant (or or, at the Landlord's Landlords' option, to the last assignee of Tenant's interests interest hereunder) at the expiration of the TermLease term. In the event of termination of Landlords' interest in this Lease, provided that Landlord may retain shall transfer the security deposit until such time as Security Deposit to Landlord's successor in interest and shall thereupon be released from all liability for the return of the Security Deposit, and Tenant shall look solely to the new landlord for the return of the Security Deposit, and this provision shall apply toe very transfer or assignment made of the Security Deposit to the new landlord. The Security Deposit shall not be assigned or encumbered by Tenant and any amount due from the attempted assignment or encumbrance by Tenant in accordance hereof has been determined and paid in fullshall be void.

Appears in 1 contract

Sources: Office Lease (Visual Data Corp)

Security Deposit. Tenant shall pay to Landlord, immediately upon execution of As additional consideration for this Lease, Tenant has delivered to Landlord as a security deposit the sum specified shown in the Basic Lease Provisions Section 1.14 above. Such sum shall be held by Landlord as security for the full and faithful performance by Tenant of every provision all the terms, covenants and conditions of this Lease to be kept and performed by TenantTenant during the entire Lease Term. If Tenant defaults with respect to is in breach under any provisions provision of this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may (but shall not be required to) use, apply or retain all or any part of this security deposit for the payment of any rent or any other unpaid obligation or sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default’s breach, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default’s breach. If In the event Landlord elects to so use, apply or retain all or any portion part of said deposit is so used or appliedthe security deposit, Tenant shallshall deposit with Landlord, within five ten (510) days after written of demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original the amount and Tenant's failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease ProvisionsSection 1.14. Landlord shall not be required to keep this the security deposit separate from its general funds, funds and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by itLease, the security deposit or any balance thereof after deductions hereunder by Landlord shall be returned to the Tenant (or at the Landlord's ’s option, to the last assignee assignee, if any, of Tenant's interests ’s interest hereunder) at the within thirty (30) days following expiration of the TermLease Term or Tenant’s return of the Leased Premises to Landlord in the ▇▇▇▇▇▇▇▇▇▇.▇▇▇ NNN Lease 11 condition required hereunder, provided that whichever shall last occur. No trust relationship is created hereby between Landlord may retain and Tenant with respect to the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in fulldeposit.

Appears in 1 contract

Sources: Office Lease (Smartsheet Inc)

Security Deposit. 5.1 Tenant shall pay to Landlord, immediately deposit the Security Deposit with Landlord upon the execution of this Lease, the . Said sum specified in the Basic Lease Provisions shall be held by Landlord as security for the full and faithful performance by Tenant of every provision all the terms, covenants and conditions of this Lease to be kept and performed by Tenant and not as an advance rental deposit or as a measure of Landlord’s damage in case of Tenant’s default. If Tenant defaults with respect to any provisions provision of this Lease, including, but not limited to, the provisions relating to the payment of rentbeyond applicable notice and cure periods, Landlord may (but shall not be required to) use, apply or retain all or use any part of this security deposit the Security Deposit for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's ’s default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's ’s default. If any portion of said deposit is so used or appliedused, Tenant shall, shall within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount and Tenant's ’s failure to do so shall be a material breach of this Lease. At Landlord's electionExcept to such extent, if the monthly Base Rent any, as shall from time to time increase during the term of this Leasebe required by law, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit the Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit The Security Deposit or any balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee within 30 days after determination that all of Tenant's interests hereunder’s obligations under this Lease have been fulfilled and Tenant vacating the Premises. 5.2 The required Security Deposit shall be in the form of an Irrevocable Standby Letter of Credit in favor of Landlord (the “letter of credit”) at in the amount set forth on the Reference Pages. Under any circumstance under which Landlord is entitled the use of all of the Security Deposit, then, Landlord, in addition to all other rights and remedies provided under the Lease, shall have the right to draw down the full balance of the letter of credit and retain the proceeds. The following terms and conditions shall govern the letter of credit: 5.2.1 Upon expiration of the Term, the letter of credit shall be returned to Tenant when Tenant is entitled to return of its Security Deposit. 5.2.2 The letter of credit shall be in favor of Landlord, shall be issued by Chase, or a commercial bank reasonably acceptable to Landlord having a Standard & Poors rating of “A” or better, and shall comply with all of the terms and conditions of this Section 5.2 and shall otherwise be in form reasonably acceptable to Landlord. The initial letter of credit shall have an expiration date not earlier than fifteen (15) months after the Commencement Date. A draft of the form of letter of credit must be submitted to Landlord for its approval prior to issuance. 5.2.3 The letter of credit or any replacement letter of credit shall be irrevocable for the term thereof and shall automatically renew on a year to year basis until a period ending not earlier than three (3) months after the Termination Date (“End Date”) without any action whatsoever on the part of Landlord; provided that the issuing bank shall have the right not to renew the letter of credit by giving written notice to Landlord not less than forty-five (45) days prior to the expiration of the then current term of the letter of credit that it does not intend to renew the letter of credit. Tenant understands that the election by the issuing bank not to renew the letter of credit shall not, in any event, diminish the obligation of Tenant to maintain such an irrevocable letter of credit in favor of Landlord through such date. 5.2.4 Landlord, or its then managing agent, shall have the right from time to time to make one or more draws on the letter of credit at any time that an Event of Default has occurred. The letter of credit must state that it can be presented for payment at the office of the issuer or an approved correspondent in the metropolitan Boston, Massachusetts area. Funds may be drawn down on the letter of credit upon presentation to the issuing or corresponding bank of Landlord’s (or Landlord’s then managing agent’s) certificate stating as follows: “Beneficiary is entitled to draw on this credit pursuant to that certain Lease dated for reference October 4, 2007 between RREEF AMERICA REIT III-Z1,LLC, a Delaware limited liability company, as Landlord and THE PRINCETON REVIEW, INC., a Delaware corporation, as Tenant, as amended from time to time.” It is understood that if Landlord or its managing agent be a corporation, partnership or other entity, then such statement shall be signed by an officer (if a corporation), a general partner (if a partnership), or any authorized party (if another entity). 5.2.5 Tenant acknowledges and agrees (and the letter of credit shall so state) that the letter of credit shall be honored by the issuing bank without inquiry as to the truth of the statements set forth in such draw request and regardless of whether the Tenant disputes the content of such statement. 5.2.6 In the event of a transfer of Landlord’s interest in the Premises, Landlord shall have the right to transfer the letter of credit to the transferee and thereupon the Landlord shall, without any further agreement between the parties, be released by Tenant from all liability therefor, and it is agreed that the provisions hereof shall apply to every transfer or assignment of said letter of credit to a new landlord; and Tenant shall pay all fees to the issuer necessary to effect and evidence such transfer. 5.2.7 Without limiting the generality of the foregoing, if the letter of credit expires earlier than the End Date, or the issuing bank notifies Landlord that it will not renew the letter of credit, Landlord shall accept a renewal thereof or substitute letter credit (such renewal or substitute letter of credit to be in effect not later than thirty (30) days prior to the expiration of the expiring letter of credit), irrevocable and automatically renewable as above provided to the End Date upon the same terms as the expiring letter of credit or upon such other terms as may be acceptable to Landlord. However, if (i) the letter of credit is not timely renewed, or (ii) a substitute letter of credit, complying with all of the terms and conditions of this Section is not timely received, then Landlord may retain present the security deposit expiring letter of credit to the issuing bank, and the entire sum so obtained shall be paid to Landlord, to be held by Landlord until Tenant would otherwise be entitled to the return of the letter of credit, and to be retained by Landlord if a default occurs. 5.2.8 On each anniversary of the Commencement Date during the Term (individually, a “Reduction Date” and collectively the “Reduction Dates”), the Security Deposit (or the applicable Letter or Credit) shall be reduced by $18,645.15, provided that on the applicable Reduction Date (i) the Lease is in full force and effect and (ii) no monetary Event of Default then exists. If on any of the reduction Dates the Security Deposit (or the applicable Letter of Credit) shall not be reduced because one or more of the conditions set forth in clauses (i) or (ii) above cease to exist on the applicable Reduction Date, the reduction of the Security Deposit (or applicable Letter of Credit) shall be implemented immediately after such time as any condition ceases. If the Security Deposit (or applicable Letter of Credit) is reduced pursuant to the foregoing provisions, (a) Landlord shall return the amount due from of each such applicable reduction to Tenant on or before the date that is thirty (30) days after the relevant Reduction Date, if the Security Deposit is in cash, or (b) Tenant may replace and/or amend the Letter of Credit accordingly and Landlord shall cooperate with Tenant in accordance hereof has been determined and paid in fullconnection with any replacement or amendment of the Letter of Credit.

Appears in 1 contract

Sources: Lease Agreement (Princeton Review Inc)

Security Deposit. Tenant shall pay to Landlord, immediately upon Concurrently with Tenant's execution of this Lease, Tenant shall deposit with Landlord the sum specified sum, as defined in Paragraph 1.9 of the Basic Lease Provisions outlined above, in the form of a Cashier's Check or Certified Check payable to Landlord. Said sum shall be held by Landlord as a security deposit for the full and faithful performance by Tenant of every provision all of the terms, covenants, and conditions of this Lease to be kept and performed by TenantTenant during the term hereof, including any extension or renewal of the term. If Tenant defaults with respect to any provisions of this Lease, including, including but not limited to, to the provisions relating to the payment of rent, additional rent and any of the monetary sums due herewith, Landlord may (but shall not be required to) use, apply or retain all or any part of this security deposit for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five ten (510) days after written demand therefortherefore, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and amount; Tenant's failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to the Tenant (or or, at the Landlord's option, to the last assignee of Tenant's interests interest hereunder) at the expiration of the TermLease Term and after Tenant has vacated the Premises. In the event of termination of Landlord's interest in the Lease, provided that Landlord may retain shall transfer said deposit to Landlord's successor in interest whereupon Landlord shall be automatically released of all liability for return of such deposit or the accounting therefore. Tenant hereby agrees not to look to the mortgages, as mortgagee, mortgagee in possession, or successor in title to the property, for accountability for any security deposit required by the Landlord hereunder, unless said sums have actually been received by said mortgagee as security for the Tenant's performance of this Lease. If at any time the Base Rent is increased, the security deposit until such time as any amount due from shall be increased by the Tenant in accordance hereof has been determined and paid in fullsame amount.

Appears in 1 contract

Sources: Lease Agreement (Intest Corp)

Security Deposit. Tenant shall pay to Landlord, immediately upon Concurrently with T▇▇▇▇▇’s execution of this Lease, Tenant shall deposit with Landlord the sum specified in of FORTY-EIGHT THOUSAND THREE HUNDRED THIRTY-FOUR AND NO/100 DOLLARS ($48,334.00) (the Basic Lease Provisions “Security Deposit”). The Security Deposit shall be held by Landlord as security for the full and faithful performance by Tenant of every provision all of the terms, covenants and conditions of this Lease to be performed by TenantTenant during the term hereof. If Tenant defaults with respect to any provisions provision of this Lease, including, but not limited to, including the provisions relating to the payment of rentany Rent, Landlord may (but shall not be required to) use, apply or retain all or any part of this security deposit for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated Security Deposit to spend by reason of Tenant's default, cure such default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's ’s default. If any portion of said deposit is so used or applied, Tenant shall, within five ten (510) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit Security Deposit to its original amount and amount; Tenant's ’s failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit the Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. , If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit Security Deposit or any balance thereof shall be returned to the Tenant (or or, at the Landlord's ’s option, to the last assignee of Tenant's interests ’s interest hereunder) at upon the expiration of the TermLease term and T▇▇▇▇▇’s vacating the Premises; provided, provided however, that Landlord may elect, in its discretion, to retain a portion of the Security Deposit in an amount to be determined by Landlord in its reasonable judgment and Landlord shall, promptly upon determining the increases in Operating Costs for the calendar year in which this Lease terminates, pursuant to Paragraph 5.3 - “Notice and Payment,” apply from such retained portion of the Security Deposit any sums underpaid by Tenant with respect to Operating Costs for the final year of the Lease term, and return the balance, if any, to Tenant or its assignee. In the event of termination of Landlord’s interest in this Lease, Landlord shall transfer the Security Deposit to Landlord’s successor in interest whereupon Landlord shall be released from liability for the return of the Security Deposit or the accounting therefor. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code, and all other provisions of any Regulations, now or hereafter in force, which restricts the amount or types of claim that a landlord may make upon a security deposit until such time as or imposes upon a landlord (or its successors) any amount due from obligation with respect to the Tenant in accordance hereof has been determined and paid in fullhandling or return of security deposits.

Appears in 1 contract

Sources: Building Lease (Neonode, Inc)

Security Deposit. Tenant shall pay to Landlord, immediately upon Concurrent with execution of this LeaseLease by Tenant, Tenant will deposit with Landlord the sum specified in the Basic Lease Provisions Section 1.6 of the FLP (the “Deposit”). The Deposit will be held by Landlord as security for the full and faithful performance by Tenant of every provision all provisions of this Lease to be performed or observed by Tenant, including the payment of Rent. If Tenant defaults with respect fails to pay any provisions of this Lease, including, but Rent or Other Charges (and is not limited to, the provisions relating to the payment of rentin good faith disputing Other Charges) due hereunder, Landlord may (but shall not be required to) useat its option, and without prejudice to any other remedy it has, apply or retain all or any part portion of this security deposit the Deposit for the payment of any rent Rent or any other sum Other Charges in default, default or for the payment of any other amount sum to which Landlord may spend or become obligated to spend by reason of Tenant's ’s default, or to compensate Landlord for any other loss losses or damage which Landlord may suffer by reason of Tenant's defaultthereby. If Landlord so uses or applies all or any portion of said deposit is so used or appliedthe Deposit, Tenant shall, then within five ten (510) business days after Tenant’s receipt of written demand therefor, Tenant will deposit cash with Landlord in an amount sufficient to restore the security deposit Deposit to its original the full amount and thereof. Tenant's ’s failure to do so shall be a material breach restore the Deposit by the end of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within such ten (10) days after request by business day period will constitute an Event of Default on the part of Tenant. Landlord, deposit with Landlord additional money as ’s application or retention of the Deposit will not constitute a security deposit so waiver of Tenant’s default to the extent that the total amount of the security deposit held Deposit does not fully compensate Landlord for all losses or damages incurred by Landlord shall bear the same proportion in connection with such default and will not prejudice any other rights or remedies available to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Landlord under this Lease Provisionsor by Law. Landlord shall will not be required to keep this security deposit the Deposit separate from its general fundsaccounts. So much of the Deposit as has not been applied by Landlord, and will he returned, less amounts retained to cover uncured defaults, without payment of interest or other increment for its use, to Tenant shall not be entitled (or, at Landlord’s option, to the last assignee, if any, of Tenant’s interest on such deposithereunder) within thirty {30) days after the later of (i) expiration of the Term of this Lease; or (ii) vacation of the Premises by Tenant. No trust relationship is created hereby between Landlord and Tenant with respect to such security depositthe Deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, Landlord will deliver the security deposit or any balance thereof shall be returned Deposit to the Tenant (purchaser or at assignee of Landlord’s interest in the Landlord's option, Premises and thereupon Landlord will be discharged from any further liability with respect to the last assignee of Tenant's interests hereunderDeposit. Tenant agrees and acknowledges that no interest will be paid to Tenant on the Deposit. Tenant hereby waives (i) at California Civil Code Section 1950.7, as amended or recodified from time to time, and any and all other laws, rules and regulations, now or hereafter in force, applicable to security deposits in the expiration of commercial context (“Security Deposit Laws”), and (ii) any and all rights, duties and obligations either party may now or will have in the Term, provided that Landlord may retain the security deposit until such time as any amount due future relating to or arising from the Tenant in accordance hereof has been determined and paid in fullSecurity Deposit Laws.

Appears in 1 contract

Sources: Lease Agreement (SuccessFactors, Inc.)

Security Deposit. The Tenant shall will pay the Landlord a security deposit of XXX according to Landlordthe following terms: Tenant will pay XXX towards the security deposit. Once the Tenant moves out this Security Deposit of XXX will be proportionally refunded to Tenant. In the event that the unit suffers damages other than normal wear and tear caused by any source while it is in this Tenant’s responsibility, immediately upon execution of Tenant understands that any charges to cover this Lease, the sum specified in the Basic Lease Provisions damage will be deducted from this amount as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provisions of this Leaseall the terms, including, but not limited to, the provisions relating to the payment of rent, Landlord may (but shall not be required to) use, apply or retain all or any part of this security deposit for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount conditions and Tenant's failure to do so shall be a material breach covenants of this Lease. At Landlord's election, if the monthly Base Rent shall from If at any time to time increase during the term of this Lease, the Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that shall be in default in the total amount performance of any provisions of the security deposit held by Lease, the Landlord shall bear have the same proportion right to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, use the security deposit or as much thereof as Landlord may deem necessary to cure, correct or remedy any balance such default; and the Tenant, upon notification thereof, shall forthwith pay to the Landlord any and all such expenditure or expenditures so that the Landlord will at all times thereafter have the full amount of the deposit as security. This security deposit and applications thereof shall not be considered as liquidated damages in event of breach but only as an application toward actual damages. Upon termination of this Lease in any manner, if the Tenant shall not then be in default, the security deposit, or as much thereof as has not been lawfully expected by the Landlord, shall be returned to the Tenant within sixty (or at 60) days, without interest. In the case of sale of Premises by the Landlord's option, this deposit shall be transferred to the last assignee of Tenant's interests hereunder) at the expiration of the Term, provided that Landlord may retain the new Landlord. Failure to pay said security deposit until such time as any amount due from according to the Tenant in accordance hereof has been determined terms stated above shall be “Material Non- Compliance” of lease and paid in fullis grounds for eviction.

Appears in 1 contract

Sources: Lease Agreement

Security Deposit. Tenant shall pay to Landlord, immediately upon 9.1. Upon Tenant's execution of this Lease, the sum specified Tenant shall deposit with Landlord a "Security Deposit" in the Basic Lease Provisions amount set forth in Section 1.8 hereof either in cash by negotiable cheque or by a Letter of Credit pursuant to Section 9.2 following, which shall be held by Landlord as security for the full and faithful performance by Tenant of every provision all of this Lease to be performed by Tenant. If Tenant defaults with respect to any provisions the terms, covenants, and conditions of this Lease, including, but not limited toit being expressly understood and agreed that the deposit is neither an advance Rent deposit nor a measure of Landlord's damages in case of Tenant's default. If at any time during the term of this Lease or any extended term thereof Tenant's Basic Rent is increased pursuant to Article 5 or otherwise, the provisions relating Security Deposit shall be increased in the same proportion and Tenant shall deposit cash with Landlord in an amount sufficient to increase the Security Deposit to the payment of rentappropriate amount. The Security Deposit may be retained, used or applied by Landlord may (but shall not be required to) useto remedy any default by Tenant, apply or retain all or to repair damage caused by Tenant to any part of this security deposit the Project, and to clean the Premises upon expiration or earlier termination of the Lease, as well as to reimburse Landlord for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five ten (510) days after written demand therefortherefore, deposit cash with Landlord in an amount sufficient to restore the security said deposit to its original the full amount required hereunder, and Tenant's failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Lease, Tenant shall, within ten (10) days after request by Landlord, deposit with Landlord additional money as a security deposit so that the total amount of the security deposit held by Landlord shall bear the same proportion to the then current Base Rent as the initial security deposit bears to the initial Base Rent as set forth in the Basic Lease Provisions. Landlord shall not be required to keep this security deposit the Security Deposit separate from its general funds, and 11 Tenant shall not be entitled to interest on such deposit. No trust relationship Tenant may not elect to use any portion of said Security Deposit as a Rental payment although Landlord may elect to do so in the event Tenant is created hereby with respect to such security depositin default hereunder or is insolvent. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, then (a) on the security deposit later of the end of the twelfth (12th) month of the Lease term or any thirty (30) days after Tenant's written request therefor, the amount of the Security Deposit shall be decreased to $120,000.00 and, if Tenant has deposited cash with Landlord, Landlord shall pay to Tenant the sum of $60,000.00 from the Security Deposit, and (b) on the later of the end of the twenty-fourth (24th) month of the Lease term or thirty (30) days after Tenant's written request therefor, the amount of the Security Deposit shall be decreased to $60,000.00 and if Tenant has deposited cash with Landlord, Landlord shall pay to Tenant the sum of $60,000.00 from the Security Deposit, and (c) the balance thereof of the Security Deposit then remaining shall be returned to the Tenant at Tenant's last known address (or or, at the Landlord's option, to the last assignee of Tenant's interests interest hereunder) at within thirty (30) days after the expiration of Lease term has ended and the Term, provided that Landlord may retain the security deposit until such time as any amount due from the Premises have been vacated by Tenant in accordance hereof has been determined and paid in fullthe manner required by this Lease.

Appears in 1 contract

Sources: Office Lease (Isocor)

Security Deposit. Tenant shall pay to Landlord, immediately upon execution of this Lease, has deposited with Landlord the sum specified in the Basic Lease Provisions of $120,561.00, as security (the "Security Deposit") for the full and faithful and performance and observance by Tenant of every provision of Tenant's covenants and obligations under this Lease to be performed by TenantLease. If Tenant defaults with respect to beyond notice and applicable grace period in the performance of any provisions of Tenant's covenants and obligations under this Lease, including, but not limited to, the provisions relating to the payment of rent, Landlord may (but shall not be required to) use, apply or retain all or any part of this security deposit for the Security Deposit to the payment of any rent Rents in default or any other sum in default, or for to the payment of any other amount which sum incurred by Landlord may spend or become obligated to spend by reason of Tenant's defaultdefault under this Lease, or and otherwise to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If all or any portion part of said deposit the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and Tenant's failure to do so shall be a material breach of this Lease. At Landlord's election, if the monthly Base Rent shall from time to time increase during the term of this Leaseapplied pursuant hereto, Tenant shall, within ten (10) days after request by Landlordof written demand, immediately deposit with Landlord additional money as a security deposit so that the total sum necessary to replace the amount used. If Tenant shall fully comply with all of Tenant's covenants and obligations under this Lease, the Security Deposit, or any balance thereof, shall be returned or paid over to Tenant within thirty (30) days after expiration of the security deposit held by Lease Term and delivery to Landlord of possession of the Demised Premises. If another person shall succeed to Landlord's interest hereunder, Landlord shall bear either return the Security Deposit, or the remaining balance thereof, to Tenant or deliver the same proportion to Landlord's successor in interest and any such delivery shall release Landlord from all liability to Tenant for the then current Base Rent as return or payment of the initial security deposit bears Security Deposit. Tenant thereafter shall look solely to Landlord's successor for the initial Base Rent return or payment of the Security Deposit. Tenant shall not assign or encumber or attempt to assign or encumber the Security Deposit or any interest therein and Landlord shall not be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance. Landlord shall be required to keep the Security Deposit in a segregated account, separate from its general funds and shall not have any fiduciary or other duties concerning the Security Deposit except as set forth in the Basic Lease Provisionsthis Article 6. Landlord shall not be required to keep this security deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. No trust relationship is created hereby with respect to such security deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to the Tenant (or at the Landlord's option, to the last assignee of Tenant's interests hereunder) at the expiration of the Term, provided that Landlord may retain the security deposit until such time as any amount due from the Tenant in accordance hereof has been determined and paid in fullits Security Deposit.

Appears in 1 contract

Sources: Lease Agreement (Bion Environmental Technologies Inc)