Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 4 contracts
Sources: Sublease (Litronic Inc), Sublease (Litronic Inc), Sublease (Litronic Inc)
Security Deposit. Sublessee 7.1 On or before the date of final signature by both parties hereto, Subtenant shall deposit with Sublessor upon execution FibroGen a sum equal to one hundred percent (100%) of this the first month’s Rent; and on or before the Sublease Commencement Date, Subtenant shall deposit with FibroGen an additional sum equal to two hundred percent (200%) of the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) first month’s Rent both sums as security for Sublessee's the full and faithful performance of Sublessee's obligations hereunder each provision of this Sublease.
7.2 Subtenant shall provide a properly completed, signed and dated IRS Form W-9 or Form W-8BEN ("Security Deposit"). as applicable, the “IRS W8/9 Form”) to FibroGen.
7.3 If Sublessee fails Subtenant defaults with respect to pay rent or other charges when due under any provision of this Sublease, including, but not limited to, the provisions relating to the payment of Rent or fails to perform any of its other obligations hereundercharges, Sublessor FibroGen may use use, apply or apply retain all or any portion part of the Security Deposit said deposit for the payment of any rent Rent or other amount then due hereunder and unpaid, charges in default; or for the payment of any other sum for amount which Sublessor FibroGen may spend or become obligated to spend by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachSubtenant’s default. If Sublessor so uses any portion of the Security Depositsaid deposit is so used or applied, Sublessee Subtenant shall, within ten (10) days after written demand by Sublessortherefore, deposit cash with FibroGen in an amount sufficient to restore the Security Deposit said deposit to the full amount originally depositedhereinabove stated, and Sublessee's Subtenant’s failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be If Subtenant fully and faithfully performs every provision required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in by this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Depositsaid deposit, or so much thereof as had has not theretofore been applied or credited by Sublessor, FibroGen shall be returned to Sublessee or Subtenant (or, at FibroGen’s option, to the last assignee, if any, assignee of Sublessee's Subtenant’s interest hereunder) at the expiration of the term hereof. The making by Subtenant of such deposit, or the application thereof by FibroGen in the manner hereinabove provided, shall not constitute nor be construed as a limitation upon the exercise by FibroGen of any other rights or remedies provided to FibroGen under the terms of this Sublease in the event of Subtenant’s default. In the event FibroGen sells or assigns FibroGen’s interest in the 409 Building, FibroGen may assign said deposit to the purchaser of FibroGen’s interest in the demised premises without liability to Subtenant. FibroGen’s obligations with respect to the deposit are those of a debtor and not a trustee. FibroGen may maintain the deposit separate and apart from FibroGen’s general funds or can commingle the deposit with FibroGen’s general and other funds.
Appears in 3 contracts
Sources: Sublease (Merrimack Pharmaceuticals Inc), Sublease (Merrimack Pharmaceuticals Inc), Sublease (Merrimack Pharmaceuticals Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) hereof $ as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, Sublessor, may use, apply or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, hereinabove stated and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Depositsaid deposit, or so much thereof as had has not theretofore been applied by Sublessor, shall be returned returned, without payment of interest or other increment for its use to Sublessee (or at Sublessor s option, to the last assignee, . if any, of Sublessee's interest hereunder) at the expiration of the term hereof, and after Sublessee has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to said Security Deposit.
Appears in 3 contracts
Sources: Sublease Agreement, Sublease Agreement, Sublease Agreement
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as 15.1 As security for Sublessee's the faithful performance and observance by Subtenant of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under the terms, provisions, covenants and conditions of this Sublease, or fails Subtenant is simultaneously herewith delivering to perform Sublandlord a check in the amount set forth in Section 1.1
15.2 In the event Subtenant defaults in respect of any of its other obligations hereunderthe terms, Sublessor provisions, covenants and conditions of this Sublease, including, but not limited to, the payment of annual fixed rent and additional rent, Sublandlord may use use, apply or apply all retain the whole or any portion part of the Security Deposit security so deposited to the extent required for the payment of any annual fixed rent and additional rent or other amount then due hereunder and unpaid, for the payment of any other sum as to which Subtenant is in default or for any sum which Sublessor Sublandlord may become obligated expend or may be required to expend by reason of SublesseeSubtenant's default in respect of any of the terms, provisions, covenants, and conditions of this Sublease, including, but not limited to, any damages or breachdeficiency accrued before or after any re-entry by Sublandlord.
15.3 In the event that Subtenant defaults in respect of any of the terms, provisions, covenants and conditions of the Sublease and Sublandlord utilizes all or any part of the security but does not terminate this Sublease as provided herein, Sublandlord may in addition to exercising its rights as provided in Section 15.2, retain the unapplied and unused balance of the principal amount of the security as security for the faithful performance and observance by Subtenant thereafter of the terms, provisions and conditions of this Sublease and may use, apply or retain the whole or any part of said balance to the extent required for payment of rent, additional rent, or any other sum as to which Subtenant is in default or for any loss sum which Sublandlord may expend or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep expend by reason of Subtenant's default in respect of any of the Security Deposit separate from its general accountsterms, covenants, and shall have no obligation or liability for payment conditions of interest on the Security Depositthis Sublease. In the event Sublessor assigns its interest in Sublandlord applies or retains any portion or all of the security delivered hereunder, Subtenant shall forthwith restore the amount so applied or retained so that at all times the amount deposited shall be no less than the security required by Section 15.2.
15.4 In the event that Subtenant shall fully and faithfully comply with all of the terms, provisions, covenants and conditions of this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, security shall be returned to Sublessee Subtenant upon the earlier of: (a) the Sublease Expiration Date and after delivery of entire possession of the Subleased Premises to Sublandlord; or (b) Sublandlord's receipt of an equivalent amount of security from an assignee or undertenant pursuant to an assignment or underletting permitted by Section 6 of this Sublease. In the event of an assignment of the ▇▇▇▇▇▇▇▇▇ by Sublandlord, Sublandlord shall have the right to transfer any interest it may have in the security to the last assignee and Sublandlord shall thereupon be released by Subtenant from all liability for the return of such security, provided such assignee assumes any responsibilities of Sublandlord with respect to such security, in writing, and upon receipt of written confirmation to Subtenant from the assignee, if any, . Subtenant agrees to look solely to the new sublandlord for the return of Sublessee's interest hereundersaid security; and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the security to a new sublandlord.
Appears in 3 contracts
Sources: Lease Agreement (Bridgepoint Education Inc), Lease Agreement (Bridgepoint Education Inc), Lease Agreement (Bridgepoint Education Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Fifteen Thousand Two Nine Ninety Eight Hundred Fifty and 40/100ths 12/100 Dollars ($20,250.4015,998.12) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee Sublessor fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten Sublessor within (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, Deposit or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or applied to the last assigneetwo months of the term, if any, of Sublessee's interest hereunder.
Appears in 3 contracts
Sources: Sublease (Maxxis Group Inc), Sub Sublease (Maxxis Group Inc), Sublease (Maxxis Group Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon Sublessee's execution of this Sublease hereof the sum of Twenty Sixteen Thousand Two Four Hundred Fifty and 40/100ths Sixty-Four 99/100 Dollars ($20,250.4016,464.99) ("Security Deposit"), plus applicable sales tax as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent Base Rental or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the said Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the said Security Depositdeposit, Sublessee shall, within ten (10) days after written demand by Sublessortherefor, deposit cash with Sublessor in and amount sufficient to restore the said Security Deposit deposit to the full amount originally deposited, stated above and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the said Security Deposit deposit separate from its general accounts, and shall have no obligation or liability for payment account. If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the said Security Deposit, or so much thereof as had has not theretofore been applied by Sublessor, shall be returned returned, without payment of interest to sublessee at the expiration of the term hereof, and after Sublessee or has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to the last assignee, if any, of Sublessee's interest hereundersaid Security deposit.
Appears in 3 contracts
Sources: Sublease (Goldenaccess Com Inc), Sublease (Goldenaccess Com Inc), Sublease (Goldenaccess Com Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars (hereof $20,250.40) 3,968.00 as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, hereinabove stated and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Depositsaid deposit, or so much thereof as had has not theretofore been applied by Sublessor, shall be returned returned, without payment of interest or other increment for its use to Sublessee (or at Sublessor's option, to the last assignee, if any, of Sublessee's interest hereunder) at the expiration of the term hereof, and after Sublessee has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to said Security Deposit.
Appears in 3 contracts
Sources: Sublease Agreement (Cumetrix Data Systems Corp), Sublease Agreement (Cumetrix Inc), Sublease Agreement (Cumetrix Data Systems Corp)
Security Deposit. Sublessee shall deposit with Sublessor upon execution on the Effective Date an amount equal to two (2) months Rent at the rate of this Sublease the sum of Twenty Ninety Four Thousand Two Nine Hundred Fifty Forty Six and 40/100ths 00/100 Dollars ($20,250.4094,946.00) per month, for a sum total of One Hundred Eighty Nine Eight Hundred Ninety Two and 00/100 Dollars ($189,892.00), as security for Sublessee's faithful performance of Sublessee's its obligations hereunder (the "Security Deposit"). If Sublessee fails to pay rent Rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Deposit, Sublessee shall, within ten (10) days after its receipt of Sublessor's written demand by Sublessordemand, deposit cash with Sublessor in an amount sufficient to restore the Security Deposit to the full amount originally deposited, and set forth above. Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts. If Sublessee performs all of its obligations hereunder, following the Termination Date and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever Sublessor shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, return the Security Deposit, Deposit (or so much the portion thereof as had which has not theretofore been applied by Sublessor, shall be returned ) to Sublessee (or at Sublessor's option, to the last assignee, if any, of Sublessee's interest hereunderin the Sublease). No trust relationship is created herein between Sublessor and Sublessee with respect to the Security Deposit. No payment of interest or other incremental charge shall be payable to Sublessee for Sublessor's use of the Security Deposit.
Appears in 3 contracts
Sources: Assignment and Assumption of Sublease (Marimba Inc), Assignment and Assumption of Sublease (Marimba Inc), Assignment and Assumption of Sublease (Marimba Inc)
Security Deposit. Sublessee Upon execution hereof, Subtenant shall deposit with Sublessor upon execution of this Sublease Sublandlord, in cash, the sum of Twenty Thousand Two Hundred Fifty seventy thousand three hundred thirty-four dollars and 40/100ths Dollars no cents ($20,250.4070,334.00) as security and for Sublesseea Security Deposit to secure Subtenant's faithful full and timely performance of Sublessee's all of its obligations hereunder ("Security Deposit")hereunder. If Sublessee fails Subtenant defaults after notice and the expiration of any cure period, with respect to pay rent or other charges when due under any provision of this Sublease, Sublandlord may (but shall not be obligated to) use, apply, or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become Subtenant is obligated by reason of Sublessee's default or breach, or which will compensate Sublandlord for any loss or damage sustained which Sublandlord may suffer thereby. Any such use, application, or retention shall not constitute a waiver by Sublessor as a result Sublandlord of Sublessee's default its right to enforce its other remedies hereunder, at law, or breachin equity. If Sublessor so uses any portion of the Security Depositsaid deposit is so used, Sublessee applied, or retained, Subtenant shall, within ten (10) days after delivery of written demand by Sublessorfrom Sublandlord, restore the Security Deposit said deposit to the full amount originally deposited, and Sublesseeits original amount. Subtenant's failure to do so shall constitute a default under material breach of this Sublease, and in such event Sublandlord may elect, among or in addition to other remedies, to terminate this Sublease. Sublessor Sublandlord shall not be a trustee of such deposit, and shall not be required to keep the Security Deposit this deposit separate from its general accounts, . Sublandlord alone shall be entitled to any interest or earnings thereon and Sublandlord shall have no obligation or liability for payment the free use of interest on the Security Depositsame. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, If Subtenant fully and provided Sublessee is not then in default of any faithfully performs all of its obligations hereunder, the Security Deposit, or then so much thereof of the deposit as had not theretofore been applied by Sublessor, remains shall be returned to Sublessee Subtenant (without payment of interest or earnings thereon) within thirty (30) days after the later of (i) expiration or sooner termination of the term of this Sublease; or (ii) Subtenant's surrender of possession of the Subleased Premises to the last assignee, if any, of Sublessee's interest hereunderSublandlord.
Appears in 2 contracts
Sources: Sublease Agreement (Advanced Semiconductor Engineering Inc), Sublease Agreement (Ase Test LTD)
Security Deposit. Sublessee To secure the faithful performance by Tenant of all of the covenants and conditions in this Lease set forth and contained on the part of Tenant to be fulfilled, kept, observed and performed including, but without limiting the generality of the foregoing, such covenants and conditions in this Lease which become applicable upon the termination of the same by re-entry or otherwise, Tenant shall deposit simultaneous with Sublessor upon the execution of this Sublease Lease the sum of Twenty not less than Sixty-Two Thousand Two One Hundred Fifty Ninety-Seven and 40/100ths 13/100 Dollars ($20,250.4062,197.13) and which such sum shall be finally determined after review of Tenant’s financial statements by Landlord as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent Deposit upon the following terms and conditions:
A. Such deposit or other charges when due under this Subleaseany part thereof not previously applied, or fails from time to perform time, such one or more parts or portions thereof, may be applied to the curing of any of default that may then exist, without prejudice to any other remedy or remedies which the Landlord may have on account thereof, and upon such application Tenant shall pay Landlord on demand the amount so applied which shall be added to the Security Deposit so the same may be restored to its other obligations hereunder, Sublessor may use or apply all original amount;
B. Should the Building be conveyed by Landlord the deposit or any portion of thereof not previously applied may be turned over to Landlord’s grantee or a new agent, as the Security Deposit for case may be and, if the payment of same be turned over as aforesaid, Tenant hereby releases Landlord from any rent and all liability with respect to the deposit and/or its application or other amount then due hereunder return and unpaidTenant agrees to look to such grantee or agent, as the case may be, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default such applications or breach, returns;
C. Landlord or for any loss its agent or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, its successors and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor assigns shall not be required obligated to keep the Security Deposit hold said deposit as a separate from its general accountsfund, and shall have no obligation or liability for payment of interest but on the Security Deposit. In contrary may commingle the event Sublessor assigns same with its interest other funds;
D. If Tenant shall faithfully fulfill, keep, perform and observe all of the covenants and conditions in this SubleaseLease set forth and contained on the part of Tenant to be fulfilled, Sublessor kept, performed and observed, such deposit shall deliver be returned to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten Tenant without interest no later than thirty (1030) days after the expiration of the Term has expiredof this Lease or any renewal or extension thereof, or Sublessee provided Tenant has vacated the PremisesPremises and surrendered possession thereof to the Landlord at the expiration of the Term or any extension or renewal thereof as provided herein; and
E. Landlord or its agent on behalf of itself and its successors, reserves the right, at its sole option, to return to Tenant said deposit, or what may then remain thereof, at any final adjustment pursuant time prior to Subsection 6.2 hereof has been madethe date when Landlord or its agent or its successors and assigns are obligated hereunder to return the same, whichever but said return shall last occur, and provided Sublessee is not then in any manner be deemed to be a waiver of any default of Tenant hereunder then existing not to limit or extinguish any liability of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest Tenant hereunder.
Appears in 2 contracts
Sources: Office Lease (Paylocity Holding Corp), Office Lease (Paylocity Holding Corp)
Security Deposit. (a) Simultaneously with the execution and delivery of this Sublease, Sublessee has deposited (the "SECURITY DEPOSIT") with Sublessor the sum of Two Hundred Sixty-Seven Thousand Three Hundred Thirty-Eight Dollars ($267,338) to be held during the Term as security for the payment of the Base Rent, additional rent and all other sums of money payable by Sublessee under this Sublease, and for the faithful performance of all other covenants and agreements of Sublessee under this Sublease. The Security Deposit shall be returned to Sublessee (subject to the application thereof to any unpaid "SECURED OBLIGATION" as hereinafter defined) within thirty (30) days after the expiration date of this Sublease. Said Security Deposit be held in a non-segregated, non-interest bearing account.
(b) Notwithstanding anything to the contrary set forth herein and subject to the terms and conditions of this Article 25, if Sublessee fails to commence construction and/or thereafter diligently continue and complete construction of the Unfinished Space in accordance with the plans approved therefor by Sublessor within nine (9) months after the Commencement Date, the Security Deposit shall be increased on the nine month anniversary of the Commencement Date (the "SECURITY INCREASE DATE") to Eight Hundred and Two Thousand Thirteen Dollars ($802,013) and such amount shall be deemed to be the Security Deposit hereunder. The failure by Sublessee to provide such increase in the Security Deposit shall be deemed to be a material breach of the terms of this Sublease and an Event of Default.
(c) If an Event of Default shall occur hereunder, in addition to all of Sublessor's right and remedies set forth in this Sublease, within ten (10) days after notice by Sublessor, Sublessee shall immediately restore the Security Deposit to the full amount of the Security Deposit.
(d) Sublessee's Federal Identification Number is (omitted).
(e) If an Event of Default shall occur and be continuing, Sublessor may, subject to the terms and conditions hereinafter set forth, apply the whole or any part of the Security Deposit (i) toward the payment of any Base Rent or any item of additional rent due under this Sublease as to which Sublessee is then in default beyond any applicable notice, cure and/or grace period and (ii) toward any sum which Sublessor may expend or may be required to expend by reason of Sublessee's default, beyond any applicable notice, cure and/or grace period, in respect of any of the terms, covenants and conditions of this Sublease (the obligations of Sublessee set forth in the foregoing clauses (i) and (ii) being referred to collectively herein as the "SECURED OBLIGATIONS"). If Sublessor applies or retains any part of the proceeds of the Security Deposit, Sublessee, upon demand by Sublessor, shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) amount so applied or retained so that Sublessor shall have the full Security Deposit on deposit as security for Sublesseethe Secured Obligations, at all times during the Term.
(f) In lieu of the cash security deposit, Sublessee may at any time during the Term deliver to Sublessor and shall thereafter maintain in effect a clean, irrevocable, non-documentary and unconditional letter of credit, in the form attached hereto as EXHIBIT E (the "LETTER OF CREDIT") issued by and drawable upon any commercial bank, trust company, national banking association or savings and loan association with offices for banking and drawing purposes in the State of New Jersey (the "ISSUING BANK"), which has outstanding unsecured, uninsured and unguaranteed indebtedness, or shall have issued a letter of credit or other credit facility that constitutes the primary security for any outstanding indebtedness (which is otherwise uninsured and unguaranteed), that is then rated, without regard to qualification of such rating by symbols such as "+" or "-" or numerical notation, "Aa" or better by ▇▇▇▇▇'▇ Investors Service and "AA" or better by Standard & Poor's faithful performance Ratings Service (and is not on credit-watch with negative implications), and has combined capital, surplus and undivided profits of not less than $500,000,000. The Letter of Credit shall (i) name Sublessor as beneficiary, (ii) be in the amount of the Security Deposit, (iii) have a term of not less than one (1) year, (iv) permit multiple drawings, (v) be fully transferable by Sublessor multiple times without the consent of Sublessee and without the payment of any fees or charges, (vi) be payable to Sublessor or an authorized representative of Sublessor upon presentation of only the Letter of Credit and a sight draft and shall not contain as a condition to a draw the requirement of Sublessor's certification or other statement as to the existence of Sublessee's obligations hereunder default, and ("Security Deposit")vii) otherwise be in form and content satisfactory to Sublessor. If upon any transfer of the Letter of Credit, any fees or charges shall be so imposed, then such fees or charges shall be payable solely by Sublessee fails and the Letter of Credit shall so specify. The Letter of Credit shall provide that it shall be deemed automatically renewed, without amendment, for consecutive periods of one (1) year each thereafter during the Term through the date that is at least sixty (60) days after the Expiration Date, unless the Issuing Bank sends a notice (the "NON-RENEWAL NOTICE") to pay rent Sublessor by certified mail, return receipt requested, not less than sixty (60) days prior to the then-current expiration date of the Letter of Credit, stating that the Issuing Bank has elected not to renew the Letter of Credit. Sublessor shall have the right to draw upon the Letter of Credit (in whole or other charges when due in part, at Sublessor's discretion) at any time or times that Sublessor shall, under this Sublease, or fails be entitled to perform any of its other obligations hereunder, Sublessor may use retain or apply all or any portion of the Security Deposit for Deposit. Sublessor also shall have the payment right, upon receipt of a Non-Renewal Notice, to draw the full amount of the Letter of Credit, by sight draft on the Issuing Bank, and shall thereafter hold or apply the cash proceeds of the Letter of Credit pursuant to the terms of this Section 25. The Letter of Credit shall state that drafts drawn under and in compliance with the terms of the Letter of Credit will be duly honored upon presentation to the Issuing Bank at an office location in the State of New Jersey or the State of Connecticut. The Letter of Credit shall be subject in all respects to the International Standby Practices 1998, International Chamber of Commerce Publication No. 590. Sublessee shall cooperate, at Sublessee's expense, with Sublessor to promptly execute and deliver to Sublessor any rent or other amount then due hereunder and unpaidall modifications, for amendments, and replacements of the payment Letter of any other sum for which Credit, as Sublessor may become obligated by reason reasonably request to carry out the intent, terms and conditions of Sublessee's default or breachthis Section 25. If Sublessee is required to increase the Security Deposit as required in this Section 25, or Sublessee may tender to Sublessor a replacement Letter of Credit for any loss or damage sustained by such increased amount and thereupon, Sublessor as a result shall exchange the Letter of Sublessee's default or breachCredit it is then holding for such replacement Letter of Credit. If Sublessor so uses applies or returns any portion part of the proceeds to the Security Deposit, Sublessee shallSublessee, within ten (10) days after written upon demand by Sublessor, restore shall deposit with Sublessor the amount so applied or retained in the form of an additional letter of credit meeting the requirements hereof, or an increase in the amount of the ▇▇▇▇▇▇ of credit meeting the requirements hereof so that Sublessor shall have the full Security Deposit to on deposit as security for the full amount originally depositedSecured Obligations, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep at all times during the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderTerm.
Appears in 2 contracts
Sources: Sublease Agreement (Amicus Therapeutics Inc), Sublease Agreement (Amicus Therapeutics Inc)
Security Deposit. Sublessee Sub-Subtenant may, in its sole discretion, (i) provide a cash Security Deposit in lieu of the Letter of Credit prior to the issuance of a Letter of Credit, or (ii) at any time, substitute a cash Security Deposit for the Letter of Credit, and upon such substitution, Sub-Sublandlord shall return the Letter of Credit to Sub-Subtenant within (5) business days after Sub-Sublandlord’s receipt of the cash Security Deposit. In the event Sub-Sublandlord holds any cash security deposit with Sublessor upon execution of this (the “Security Deposit”) from time to time during the Sub-Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) Term, as security for Sublessee's the faithful performance by Sub-Subtenant of Sublessee's obligations hereunder ("Security Deposit")all the terms, covenants, and conditions of this Sub-Sublease to be kept and performed by Sub-Subtenant during the Sub-Sublease Term, this Section 4.6.5 shall apply. If Sublessee Sub-Subtenant fails to pay rent Rent or other charges when sums due under hereunder, or otherwise is in breach with respect to any provisions of this Sub-Sublease, Sub-Sublandlord may use, apply or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit for the payment of any rent past due sum or other amount then due hereunder and unpaid, for the payment of any other sum for to which Sublessor Sub-Sublandlord may become obligated by reason of Sublessee's default or Sub-Subtenant’s breach, or to compensate Sub-Sublandlord for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachwhich Sub-Sublandlord may suffer thereby. If Sublessor Sub-Sublandlord so uses or applies all or any portion of the Security Deposit, Sublessee shall, Sub-Subtenant shall within ten (10) days after written demand by Sublessor, therefor deposit cash with Sub-Sublandlord in an amount sufficient to restore the Security Deposit to the full amount originally deposited, thereof and Sublessee's Sub-Subtenant’s failure to do so shall constitute be a default under material breach of this Sub-Sublease. Sublessor If Sub-Subtenant performs all of Sub-Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sub-Sublandlord, shall be returned, without interest, to Sub-Subtenant (or, at Sub-Sublandlord’s option, to the last assignee, if any, of Sub-Subtenant’s interest hereunder) within sixty (60) days following the later to occur of (a) the expiration of the Term, and (b) Sub-Subtenant’s vacation from the Sub-Sublease Premises and completion of all removal, repair and restoration obligations. No trust relationship is created herein between Sub-Sublandlord and Sub-Subtenant with respect to the Security Deposit. Sub-Sublandlord shall not be required to keep the Security Deposit separate from its general other accounts. Sub-Subtenant hereby waives any and all rights under and the benefits of Section 1950.7 of the California Civil Code, and shall have no obligation all other provisions of law now in force or liability for payment that become in force after the date of interest on the Security Deposit. In the event Sublessor assigns its interest in execution of this Sub-Sublease, Sublessor shall deliver that provide that Sub-Sublandlord may claim from a security deposit only those sums reasonably necessary to its assignee so much of the Security Deposit as is then held remedy any failure to timely pay Rent, to repair damage caused by Sublessor. Within ten (10) days after the Term has expiredSub-Subtenant, or Sublessee has vacated to clean the Sub-Sublease Premises. Sub-Sublandlord and Sub-Subtenant agree that Sub-Sublandlord may, in addition, claim those sums reasonably necessary to compensate Sub-Sublandlord for any other foreseeable or unforeseeable loss or damage caused by the act or omission of Sub-Subtenant or Sub-Subtenant’s officers, agents, employees, independent contractors, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderinvitees.
Appears in 2 contracts
Sources: Sub Sublease (Carmot Therapeutics Inc.), Sub Sublease (Carmot Therapeutics Inc.)
Security Deposit. Sublessee Upon execution of this Sublease, Subtenant shall deposit with Sublessor upon execution of this Sublease Sublandlord the sum of Twenty Eighteen Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.4018,000) as a security for Sublessee's faithful performance of Sublessee's obligations hereunder deposit ("Security Deposit"). If Sublessee Subtenant fails to pay rent Rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor Sublandlord may use or apply all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor Sublandlord may become obligated by reason of SublesseeSubtenant's default or breach, or for any loss or damage sustained by Sublessor Sublandlord as a result of SublesseeSubtenant's default or breach. If Sublessor Sublandlord so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, Subtenant shall restore the Security Deposit to the full amount originally deposited, and Sublesseedeposited within ten days after Sublandlord's failure to do so shall constitute a default under this Subleasewritten demand. Sublessor Sublandlord shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the The Security Deposit, or so much thereof as had not theretofore been applied by SublessorSublandlord, shall be returned to Sublessee Subtenant within ten days of the expiration or to earlier termination of this Sublease, provided Subtenant has surrendered possession of the last assignee, if any, Subleased Premises in accordance with the terms of Sublessee's interest hereunderthis Sublease.
Appears in 2 contracts
Sources: Annual Report, Sublease (Vivus Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars (hereof $20,250.40) 25,000.00 as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent Rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent Rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore forward to Sublessor an amount sufficient to restore the Security said Deposit to the full amount originally deposited, provided for herein and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security said Deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security said Deposit, or so much thereof as had has not theretofore therefore been applied by Sublessor, shall be returned returned, without payment of Interest to Sublessee (or at Sublessor's option, to the last assignee, if any, of Sublessee's interest hereunder) at the expiration of the term hereof, and after Sublessee has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to said Security Deposit.
Appears in 2 contracts
Sources: Sublease Agreement (Vixel Corp), Sublease Agreement (Emulex Corp /De/)
Security Deposit. Upon execution hereof by Sublessee, Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty Twenty-Two Thousand Seven Hundred Seven and 40/100ths 68/100 Dollars ($20,250.40222,707.68) (the “Security Deposit”), in cash, as security for Sublessee's faithful the performance by Sublessee of Sublessee's obligations hereunder ("Security Deposit")the terms and conditions of this Sublease. If Sublessee fails to pay rent Rent or other charges when due under hereunder or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, then Sublessor may use draw upon, use, apply or apply retain all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaidcharge in default, for the payment of any other sum for which Sublessor may has become obligated to pay by reason of Sublessee's default or breach’s default, or to compensate Sublessor for any loss or damage sustained which Sublessor has suffered thereby, including future rent damages under California Civil Code Section 1951.2, without prejudice to any other remedy provided herein or by law. Sublessee hereby waives the provisions of any law, now or hereafter in force, including, without limitation, California Civil Code Section 1950.7, that provides that Sublessor as may claim from a result security deposit only those sums reasonably necessary to remedy defaults in the payment of Rent, to repair damage caused by Sublessee, or to clean the Subleased Premises, it being agreed that Sublessor, in addition, may claim those sums reasonably necessary to compensate Sublessor for any other loss or damage, foreseeable or unforeseeable, caused by the act or omission of Sublessee's default or breach, including future rent damages following the termination of this Sublease. If Sublessor so uses or applies all or any portion of the Security Deposit, Sublessee shallthen Sublessee, within ten (10) days after written demand by Sublessortherefor, shall deposit cash with Sublessor in the amount required to restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Subleasestated above. Sublessor shall not be required to keep Upon the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment expiration of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver return to its assignee Sublessee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by SublessorSublessor pursuant to this paragraph, shall be returned or which is not otherwise required to Sublessee or to the last assignee, if any, of cure Sublessee's interest hereunder’s defaults.
Appears in 2 contracts
Sources: Sublease (CARGO Therapeutics, Inc.), Sublease (CARGO Therapeutics, Inc.)
Security Deposit. On the Commencement Date, Sublessee shall pay to Sublessor a security deposit with Sublessor upon execution in the amount of this Sublease $ 15,833.33 (the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("“Security Deposit"”). If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaidcharge in default, or for the payment of any other sum for which Sublessor may become obligated incurs by reason of Sublessee's default or breach’s default, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Deposit, Sublessee shall, must within ten (10) days after written demand by Sublessor, therefor deposit cash with Sublessor in an amount sufficient to restore the Security Deposit to the its full amount originally deposited, and Sublessee's ’s failure to do so shall constitute will be a default under material breach of this Sublease. Sublessor shall not not, unless otherwise required by law, be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of nor pay interest on the Security DepositDeposit to Sublessee. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much If Sublessee performs all of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee’s obligations hereunder, the Security Deposit, Deposit or so much thereof as had has not theretofore been used or applied by Sublessor, shall will be returned to Sublessee (or at Sublessor’s option, to the last assignee, if any, of Sublessee's ’s interest hereunder) at the expiration or other termination of the Sublease Term, and after Sublessee has vacated the Subleased Premises. The obligation to return the Security Deposit upon termination of the Sublease shall survive termination of this Sublease.
Appears in 2 contracts
Sources: Lease Agreement (Argos Therapeutics Inc), Lease Agreement (Argos Therapeutics Inc)
Security Deposit. Sublessee shall deposit with Sublessor (a) Subject to Section 6(b) below, upon execution of this Sublease Sublease, Subtenant shall deposit with Wind River the sum of Twenty One Million Five Hundred Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.401,500,000.00) as a security for Sublessee's faithful performance of Sublessee's obligations hereunder deposit ("Security Deposit"). If Sublessee Subtenant fails to pay rent Rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor Wind River may use or apply all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor Wind River may become obligated by reason of SublesseeSubtenant's default or breach, or for any loss or damage sustained by Sublessor Wind River as a result of SublesseeSubtenant's default or breach. If Sublessor Wind River so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, Subtenant shall restore the Security Deposit to the full amount originally deposited, and Sublesseedeposited within ten (10) days after Wind River's failure to do so shall constitute a default under this Subleasewritten demand. Sublessor Wind River shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the The Security Deposit, or so much thereof as had not theretofore been applied by SublessorWind River, shall be returned to Sublessee Subtenant within thirty (30) days of the expiration or earlier termination of this Sublease, provided Subtenant has vacated the Sublease Premises.
(b) Notwithstanding the foregoing, Subtenant may, at its option at any time during the Term, substitute for the cash described in subparagraph (a) above, an irrevocable standby letter of credit (the "Letter of Credit") in the face amount of One Million Five Hundred Thousand and 00/100 Dollars ($1,500,000.00), with payment thereon conditioned only upon presentation of a site draft and a certificate asserting a default by Subtenant hereunder, issued by a bank in form and substance reasonably satisfactory to Wind River. Subtenant shall maintain the Letter of Credit in effect during the full term of this Sublease and for a period extending for thirty (30) days following the expiration or earlier termination hereof. If the term of the Letter of Credit has an expiration prior to the last assigneeexpiration of this Sublease and such letter or certificate is not renewed or replaced at least sixty (60) days prior to its expiration, if anyWind River shall be entitled to draw upon the entire Letter of Credit and hold the proceeds thereof as a cash security deposit.
(c) Notwithstanding anything to the contrary contained herein, of Sublessee's interest hereunderin the event Tenant becomes a publicly traded company and provided that Tenant is not then in default (and has never been in default beyond any applicable notice and cure periods) under this Sublease, the Security Deposit shall be reduced to $1,000,000.
Appears in 2 contracts
Sources: Net Office Tech Lease (Silicon Energy Corp), Net Office Tech Lease (Silicon Energy Corp)
Security Deposit. Sublessee shall deposit with Sublessor upon ---------------- execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars hereof TWENTY THOUSAND FOUR HUNDRED AND NO/100 DOLLARS ($20,250.4020,400.00) as ------------------------------------------------------------ security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")under this Sublease. If Sublessee fails to pay rent any Rental due hereunder, or other charges when due under otherwise defaults with respect to any provisions of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent Rental in default or other amount then due hereunder and unpaid, for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore deposit sufficient cash with Sublessor in the amount needed to restore the Security Deposit said deposit to the full amount originally deposited, deposited prior to the application of said funds and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, accounts and no interest or earnings shall have be paid by Sublessor with respect to such security deposit. If no obligation default of Sublessee under this Sublease or liability for payment of interest the Prime Lease remains outstanding and uncured on the Security Deposit. In the event Sublessor assigns its interest in expiration date of this Sublease, Sublessor shall deliver to its assignee so much then any remaining balance of the Security Deposit as is then held security deposit shall be returned by Sublessor. Within ten Sublessor to Sublessee within thirty (1030) days after the Term has expired, later of the expiration date of this Sublease or the date Sublessee has vacated surrendered possession of the Premises, or any final adjustment pursuant entire Subleased Premises to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then Sublessor in default accordance with the terms of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderthis Sublease.
Appears in 2 contracts
Sources: Sublease Agreement (Atroad Inc), Sublease Agreement (Atroad Inc)
Security Deposit. Sublessee shall deposit Undertenant shall, concurrent with Sublessor upon execution of this Sublease Secondary Sublease, deliver to Underlandlord a security deposit ("Deposit") in the sum amount of Twenty Forty-Six Thousand Two Four Hundred Fifty Sixty-Three and 40/100ths No/00 Dollars ($20,250.4046,453.00) as security for Sublesseerepresenting one (1) month Base Rent. The Deposit shall be held by Underlandlord to insure Undertenant's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any all of its other obligations hereunder, Sublessor may use or apply all or any portion of under the Security Deposit for Secondary Sublease. Underlandlord shall have the payment of any rent or other amount then due hereunder and unpaid, for the payment of right from time to time without prejudice to any other sum for which Sublessor remedy Underlandlord may become obligated by reason of Sublessee's default or breachhave on account hereof, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of to apply the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant part thereof, to Subsection 6.2 hereof has been madeUnderlandlord's damages arising from any uncured default on the part of Undertenant. Provided Undertenant shall have fully and timely complied with all of the terms, whichever covenants and conditions of this sublease, Underlandlord shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, return the Security Deposit, or so much remainder thereof as had not theretofore been applied previously applied, to Undertenant on the expiration or earlier termination of the Term and surrender by Sublessor, shall be returned Undertenant of the Subleased Premises to Sublessee or Underlandlord. Underlandlord may hold the Deposit without any obligation to pay interest thereon and may commingle the last assignee, if any, of SublesseeDeposit with Underlandlord's other funds. If Underlandlord conveys Underlandlord's interest hereunderunder this Secondary Sublease, the Deposit, or any part thereof not previously applied, may be turned over by Underlandlord to Underlandlord's grantee, whereupon, Undertenant agrees to look solely to such grantee for application and return of the Deposit in accordance herewith.
Appears in 2 contracts
Sources: Sublease (Predix Pharmaceuticals Holdings Inc), Sublease (EPIX Pharmaceuticals, Inc.)
Security Deposit. 4.1 Sublessee shall deposit with Sublessor upon the execution of this Sublease hereof the sum of Twenty One Hundred One Thousand Two Eight Hundred Fifty and 40/100ths Seventy-five Dollars ($20,250.40101,875) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten fifteen (1015) days after written demand by Sublessor, therefor deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, herein above stated and Sublessee's failure to do so shall constitute be a default under breach of this Sublease, and Sublessor may at his option terminate this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, Said deposit or so much thereof as had not theretofore been applied by Sublessor, Sublessor shall be returned without payment of interest for its use, to Sublessee within ten (10) days after the expiration of the term hereof (or earlier termination of the Sublease if Sublessee does not have any remaining contractual obligations to Sublessor), or after Sublessee has vacated the last assigneePremises, if any, of Sublessee's interest hereunderwhichever is later.
Appears in 2 contracts
Sources: Lease (Accelgraphics Inc), Sublease Agreement (C Cube Microsystems Inc)
Security Deposit. Sublessee Subtenant shall deposit with Sublessor Sublandlord upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars twenty-five thousand twenty dollars ($20,250.4025,020.00) as security for SublesseeSubtenant's faithful performance of SublesseeSubtenant's obligations hereunder ("Security Deposit"). If Sublessee Subtenant fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor Sublandlord may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor Sublandlord may become obligated by reason of SublesseeSubtenant's default or breach, or for any loss or damage sustained by Sublessor Sublandlord as a result of SublesseeSubtenant's default or breach. If Sublessor Sublandlord so uses any portion of the Security Deposit, Sublessee Subtenant shall, within ten (10) days after written demand by SublessorSublandlord, restore the Security Deposit to the full amount originally deposited, and SublesseeSubtenant's failure to do so shall constitute a default under this Sublease. Sublessor Sublandlord shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor Sublandlord assigns its interest in this Sublease, Sublessor Sublandlord shall deliver to its assignee so much of the Security Deposit as is then held by SublessorSublandlord. Within ten (10) days after the Term has expired, or Sublessee Subtenant has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 7.3 hereof has been made, whichever shall last occur, and provided Sublessee Subtenant is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by SublessorSublandlord, shall be returned to Sublessee Subtenant or to the last assignee, if any, of SublesseeSubtenant's interest hereunder.
Appears in 2 contracts
Sources: Sublease (Covad Communications Group Inc), Sublease (Covad Communications Group Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon Upon execution of this Sublease Sublease, Subtenant shall deliver to Sublandlord the sum of Twenty One Hundred Sixty-One Thousand Two Four Hundred Fifty and 40/100ths No/100 Dollars ($20,250.40161,400.00) as security for Sublessee's faithful the performance of SublesseeSubtenant's obligations hereunder under this Sublease ("Security Deposit"). If Sublessee Subtenant fails to pay rent Rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor Sublandlord may use or apply all or any the portion of the Security Deposit required for the payment of any rent Rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor Sublandlord may become obligated by reason of SublesseeSubtenant's default or breach, or for any loss or damage sustained by Sublessor Sublandlord as a result of SublesseeSubtenant's default or breach. If Sublessor Sublandlord so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, Subtenant shall restore the Security Deposit to the full amount originally deposited, and Sublesseedeposited within ten (10) days after receipt of Sublandlord's failure to do so shall constitute a default under this Subleasewritten demand therefor. Sublessor Sublandlord shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the The Security Deposit, or so much thereof as had not theretofore been applied by SublessorSublandlord, shall be returned to Sublessee Subtenant within thirty (30) days of the expiration or to earlier termination of this Sublease, provided Subtenant has vacated the last assignee, if any, Sublease Premises in accordance with the terms of Sublessee's interest hereunderthis Sublease.
Appears in 2 contracts
Sources: Sublease (Virologic Inc), Consent to Sublease (Diadexus Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon execution and delivery of this Sublease by Sublessor the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) 61,820.39 as security for Sublessee's ’s full and faithful performance and observance of the terms, covenants and conditions of this Sublease as herein provided, including without limitation Sublessee's obligations hereunder ("Security Deposit")’s obligation to restore the Sublet Premises to its condition prior to any alteration by Sublessee. If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform defaults in the full and faithful performance and observance of any of its other obligations hereunderthe terms covenants and conditions of this Sublease beyond any applicable notice and cure period, Sublessor may use apply or apply all retain the whole or any portion part of the Security Deposit security so deposited to the extent required for the payment of any rent or other amount then due hereunder additional rent to which Sublessee is in default beyond any applicable notice and unpaid, cure period or for the payment of any other sum for which Sublessor may become obligated expend by reason of Sublessee's ’s default or breach, or for beyond any loss or damage sustained by Sublessor as a result of Sublessee's default or breachapplicable notice and cure period. If Sublessor so uses applies the whole or any portion part of the Security Depositsecurity as aforesaid, Sublessee shall, shall within ten (10) days after written demand by Sublessor, notice from Sublessor deposit with Sublessor an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Subleaseset forth herein. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation to hold the security deposit in an interest-bearing account, provided that if Sublessor is required by law to do so or liability for payment of if Sublessor elects to hold such security deposit in an interest-bearing account, Sublessee shall be entitled to interest earned on the Security Depositsecurity deposit in proportion to the amount of the security deposit not applied or retained by Sublessor pursuant to the terms hereof. In Within thirty (30) days after the event Sublessor assigns its interest in later of (i) Sublessee’s surrendering the Sublet Premises or (ii) the expiration or sooner termination of this Sublease, Sublessor shall deliver return to its assignee so much Sublessee the whole or part of the Security Deposit as is then held security deposit (and interest, if applicable) not applied or retained by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment Sublessor pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderterms hereof.
Appears in 2 contracts
Sources: Sublease Agreement, Sublease (Iomega Corp)
Security Deposit. Sublessee shall deposit To secure the faithful performance by Subtenant of all the covenants, conditions and agreements in this Sublease set forth and contained on the part of Subtenant to be fulfilled, kept, observed and performed, simultaneously with Sublessor upon Subtenant’s execution of this Sublease Sublease, Subtenant shall deliver to Sublandlord a security deposit in the sum amount of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars $11,164.50 ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("the “Security Deposit"”). If Sublessee fails Subtenant defaults with respect to pay rent or other charges when due under any provision of this Sublease, including without limitation the payment of any Rent, then Sublandlord may use, apply, draw upon or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any part of the Security Deposit to the extent necessary for the payment of any rent, or to compensate Sublandlord for any other loss, cost or damage that Sublandlord may suffer by reason of Subtenant’s default. If any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaidis so used, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breachapplied, or for any loss or damage sustained by Sublessor drawn upon as a result of Sublessee's default or breach. If Sublessor so uses any portion of permitted in accordance with the Security Depositterms hereof, Sublessee then Subtenant shall, within ten (10) 10 days after written demand by Sublessornotice thereof, deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount originally deposited, and Sublessee's its original amount. Subtenant’s failure to do so shall constitute a default be an automatic Event of Default under this SubleaseSublease without any additional notice. Sublessor Sublandlord shall not not, unless otherwise required by law, be required to keep the Security Deposit separate from its general accountsfunds, nor pay interest to Subtenant. If Subtenant shall fully and shall have no obligation or liability for payment faithfully perform every provision of interest on the Security Deposit. In the event Sublessor assigns its interest in this SubleaseSublease to be performed by it, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much balance thereof as had not theretofore been applied by Sublessor, (if any) shall be returned to Sublessee Subtenant (or to the last assignee, if any, transferee of Sublessee's Subtenant’s interest hereunder) after the Expiration Date (or sooner termination of this Sublease), provided that Subtenant vacates the Sublease Space in accordance with this Sublease and Subtenant surrenders possession thereof to Sublandlord in the condition required under this Sublease.
Appears in 2 contracts
Sources: Sublease Agreement, Sublease Agreement (Verrica Pharmaceuticals Inc.)
Security Deposit. Sublessee Within one (1) business day after the Effective Date, Subtenant shall deposit with Sublessor upon execution Sublandlord an irrevocable, unconditional standby letter of credit issued by a financial institution reasonably acceptable to Sublandlord, in substantially the form attached to this Sublease (the sum "Letter of Twenty Thousand Credit") in an amount equal to Two Hundred Fifty and 40/100ths Million Dollars ($20,250.402,000,000) as security for SublesseeSubtenant's faithful performance of SublesseeSubtenant's obligations hereunder ("Security Deposit"). If Sublessee Subtenant fails to pay rent or other charges when due under this SubleaseSublease beyond any applicable notice and cure period, or fails to perform any of its other obligations hereunderhereunder beyond any applicable notice and cure period, Sublessor Sublandlord may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor Sublandlord may become obligated pursuant to this Sublease by reason of SublesseeSubtenant's default or breach, or for any loss or damage sustained by Sublessor Sublandlord as a result of SublesseeSubtenant's default or breachbreach pursuant to this Sublease. If Sublessor so uses any portion Upon demand following application of the Security DepositDeposit pursuant to this Section 7, Sublessee shall, within ten (10) days after written demand by Sublessor, Subtenant shall immediately restore the Security Deposit to its full amount. Concurrently with Subtenant's delivery of the full Letter of Credit, Sublandlord shall return to Subtenant the security deposit that it holds under Prior Sublease in the amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Subleaseof $131,729.58. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much Any portion of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment not applied pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, this Section 7 and provided Sublessee is not then in default remaining at the expiration of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, this Sublease shall be returned to Sublessee or to Subtenant within twenty (20) days of the last assignee, if any, expiration of Sublessee's interest hereunderthe Term.
Appears in 2 contracts
Sources: Landlord's Consent to Subleasing (F5 Networks Inc), Sublease Agreement (Cell Therapeutics Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) hereof $ 27 ,750 as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent Rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent Rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore forward to Sublessor an amount sufficient to restore the Security said Deposit to the full amount originally deposited, provided for herein and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security said Deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security said Deposit, or so much thereof as had has not theretofore therefore been applied by Sublessor, shall be returned returned, without payment of interest to Sublessee (or at Sublessor's option, to the last assignee, if any, of Sublessee's interest hereunder) at the expiration of the term hereof, and after Sublessee has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to said Security Deposit.
Appears in 2 contracts
Sources: Sublease Agreement (Spectrum Laboratories Inc /Ca), Sublease Agreement (Spectrum Laboratories Inc /Ca)
Security Deposit. Sublessee The parties herein acknowledge that Lessee was the tenant of the Premises pursuant to a Standard Industrial Lease-Net dated January 6, 1995 (the "Former Lease") between Lessee and the ▇▇▇ ▇. ▇▇▇▇▇▇] 1989 Trust (the "Prior Landlord") dated February 8, 1989 which has been terminated and superseded by this Lease. Pursuant to the terms of the Former Lease, Lessee deposited with the Prior Landlord a security deposit, for which Lessee has received a cash payment in full satisfaction of the Prior Landlord's obligation with respect thereto. Prior Landlord has delivered to Lessor funds in the amount of $45,234 (the "Security Deposit") for the account and benefit of Lessee, which Lessor shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) hold as security for SublesseeLessee's faithful performance of SublesseeLessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee Lessee fails to pay rent or other charges when due under this Subleasehereunder, or fails otherwise defaults with respect to perform any provision of its other obligations hereunderthis Lease after the expiration of the applicable cure period provided in this Lease, Sublessor Lessor may use use, apply or apply retain all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor Lessor may become obligated by reason of SublesseeLessee's default or breachdefault, or to compensate Lessor for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachwhich Lessor may suffer thereby. If Sublessor Lessor so uses or applies all or any portion of the Security Deposit, Sublessee shall, Lessee shall within ten (10) days after written demand by Sublessor, therefore and deposit cash with Lessor in an amount sufficient to restore the Security Deposit to the full amount originally deposited, hereinabove stated and SublesseeLessee's failure to do so shall constitute a default under be material breach of this SubleaseLease. Sublessor Lessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment . If Lessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Lessee's obligations hereunder, the Security Deposit, or so much thereof as had has not theretofore been applied by SublessorLessor, shall be returned returned, without payment of interest or other increment for its use, to Sublessee or Lessee (or, at Lessor's option, to the last assignee, if any, of SublesseeLessee's interest hereunder) at the expiration of the term hereof, and after Lessee has vacated the Premises. No trust relationship is created herein between Lessor and Lessee with respect to the Security Deposit.
Appears in 2 contracts
Sources: Lease (Graphic Controls Corp), Lease (Graphic Controls Corp)
Security Deposit. Sublessee shall deposit with pay to Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars $38,185.00 ($20,250.40“Security Deposit”) as security for Sublessee's faithful the full and timely payment and performance of Sublessee's ’s obligations hereunder under this Sublease. Sublessee shall deliver the Security Deposit to Sublessor upon the execution hereof. Sublessor shall have no obligation to segregate the Security Deposit from Sublessor’s other funds. The Security Deposit shall be refunded to Sublessee, without interest, within thirty ("Security Deposit")30) days after the termination of this Sublease subject to Sublessee’s satisfactory compliance with the conditions of this Sublease and subject to deduction for payment of Sublessee’s obligations not then fulfilled by Sublessee. If Sublessee fails to pay rent or other charges when due perform in a full and timely manner any of its obligations under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of toward curing any rent or other amount then due hereunder such default under this Sublease (beyond any applicable notice and unpaid, for the payment of any other sum for which cure periods) and compensating Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss loss, damage or damage sustained by Sublessor as a result of Sublessee's default or breachexpenses arising from such default. If Sublessor so uses applies any portion of the Security Deposit, Sublessee shall, shall pay to Sublessor the amount necessary to restore the Security Deposit to its original amount within ten five (105) days after written demand by Sublessor, restore and failure to do so within five (5) days after written demand shall be deemed an automatic Event of Default hereunder. Sublessee may not use the Security Deposit to the full amount originally depositedpay any of Sublessee’s payment obligations, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor Sublessee shall not be required have the right to keep the Security Deposit separate from its general accountsmortgage, and shall have no obligation transfer, assign or liability for payment of interest on encumber the Security Deposit. In the event Sublessor assigns its Sublessee acknowledges that Sublessee has no interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then paid by Sublessor to Landlord under the Lease (“Original Security Deposit”), which Original Security Deposit shall continue to be held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or Landlord subject to the last assignee, if any, terms of Sublessee's interest hereunderthe Lease.
Appears in 2 contracts
Security Deposit. Sublessee shall will deposit with Sublessor upon on execution of this Sublease sublease the sum of Twenty Thirteen Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.4013,000) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")under this Sublease. If Sublessee fails to pay rent or other charges when due under this Subleasedue, or fails to perform any of its other obligations hereunderunder this Sublease, Sublessor may use or apply all or any portion of the Security Deposit security deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason because of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Depositsecurity deposit, Sublessee shallwill, within ten (10) days after written demand by Sublessor, restore the Security Deposit security deposit to the full amount originally deposited, and . Sublessee's failure to do so shall will constitute a default under this Sublease. Sublessor shall will not be required to keep the Security Deposit separate from its general accounts, and shall will have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, expired or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occuroccurs last, and provided that Sublessee is not then in default of any of its obligations hereunderunder this Sublease, the Security Depositsecurity deposit, or so as much thereof as had remains that has not theretofore been applied by Sublessor, shall will be returned to Sublessee. Sublessee or shall have the right to apply any portion of the security deposit in payment of the last assignee, if any, of Sublesseemonth's interest hereunderrent.
Appears in 2 contracts
Sources: Sublease Agreement (Zapworld Com), Sublease Agreement (Zapworld Com)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Sixteen Thousand, Five Hundred Fifty Seventy-Four and 40/100ths 15/100 Dollars ($20,250.40) 16,574.15 as security for Sublessee's ’s faithful performance of Sublessee's ’s obligations hereunder ("“Security Deposit"”). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's ’s default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's ’s default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's ’s failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest Interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's ’s interest hereunder.
Appears in 2 contracts
Sources: Sublease Agreement (GenuTec Business Solutions, Inc.), Sublease (GenuTec Business Solutions, Inc.)
Security Deposit. Sublessee Subtenant shall deposit with Sublessor Sublandlord upon Subtenant's execution of this Sublease hereof, in cash, the sum of Twenty Forty-Nine Thousand Four Hundred Eighty-Two Hundred Fifty and 40/100ths 54/100 Dollars ($20,250.4049,482.54) (the "Security Deposit") as security for SublesseeSubtenant's faithful performance of SublesseeSubtenant's obligations hereunder ("Security Deposit")hereunder. If Sublessee Subtenant fails to pay rent any Rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, Sublandlord may use, apply or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaidcharge in default, or for the payment of any other sum for which Sublessor may become obligated Sublandlord incurs by reason of SublesseeSubtenant's default or breachdefault, or to compensate Sublandlord for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachwhich Sublandlord may suffer thereby. If Sublessor so Sublandlord uses or applies all or any portion of the Security Deposit, Sublessee shall, Subtenant must within ten (10) days after written demand by Sublessor, therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the its full amount originally deposited, and SublesseeSubtenant's failure to do so shall constitute will be a default under material breach of this Sublease. Sublessor Sublandlord shall not not, unless otherwise required by law, be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of nor pay interest on the Security DepositDeposit to Subtenant. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much If Subtenant performs all of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Subtenant's obligations hereunder, the Security Deposit, or so much thereof as had has not theretofore been used or applied by SublessorSublandlord, shall will be returned to Sublessee Subtenant (or at Sublandlord's option, to the last assignee, if any, of SublesseeSubtenant's interest hereunder) at the expiration or earlier termination of the Sublease Term, and within thirty (30) days after Subtenant has vacated the Subleased Premises. Subtenant hereby waives (i) California Civil Code Section 1950.7 (or any successor law) and any and all other laws, rules and regulations applicable to security deposits in the commercial context ("Security Deposit Laws"), and (ii) any and all rights, duties and obligations either party may now or, in the future, will have relating to or arising from the Security Deposit Laws. Notwithstanding anything to the contrary contained herein, the Security Deposit may be retained and applied by Sublandlord (a) to offset Rent which is owed and unpaid by Subtenant either before or after termination of this Sublease, and (b) against other damages suffered by Sublandlord due to the acts or omissions of Subtenant or Subtenant's agents, employees, contractors, invitees or licensees before or after termination of this Sublease. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit. Sublessor has a security interest in the Security Deposit pursuant to the Uniform Commercial Code of the state in which the Subleased Premises is located. Any deposit paid by Sublandlord under the Lease which may be returned by the Landlord will be the property of Sublandlord.
Appears in 1 contract
Sources: Sublease (Finjan Holdings, Inc.)
Security Deposit. Sublessee shall deposit with Sublessor Sublessor, upon execution of this Sublease hereof, the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Zero Dollars ($20,250.400) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay when due rent or additional rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may, in addition to all of its rights and remedies under this Sublease and at law, require Sublessee to immediately deposit with Sublessor a Security Deposit equal to (1) month's fixed rent and Sublessee's Proportionate Share of Ownership taxes and Operating Expenses. Thereafter, Sublessor may use use, apply or apply retain all of or any portion of the Security Deposit said deposit for the payment of any rent rent, additional rent, or other amount then due hereunder and unpaid, for the payment of any other sum charges for which Sublessor Sublessee may become obligated by reason of Sublessee's default or breach, or and to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses uses, retains, or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, within ten (10) days after written demand by Sublessortherefor, deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, hereinabove stated and Sublessee's failure to do so shall constitute be a default under breach of this Sublease, and Sublessor may, at his option, terminate this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much If Sublessee performs all of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Deposit, said deposit or so much thereof as had not theretofore been used, retained or applied by Sublessor, Sublessor shall be returned to Sublessee or (or, at Sublessor's option, to the last assignee, if any, of Sublessee's interest hereunder) and without interest for the use thereof within ten (10) days after the expiration of the term hereof, or after Sublessee has vacated the Subleased Premises, whichever is later.
Appears in 1 contract
Security Deposit. Sublessee shall deposit with Sublessor upon (a) Upon the execution of this Sublease Lease, Tenant has deposited with Landlord the sum “Deposit” in the amount of Twenty Sixty-Nine Thousand Seven Hundred Twenty-Two Hundred Fifty and 40/100ths 00/100 Dollars ($20,250.40) 69,722.00). The Deposit shall be held by Landlord as security for Sublessee's the faithful performance of Sublessee's obligations hereunder ("Security Deposit")by Tenant. If Sublessee Tenant fails to pay rent or other charges when due under this Subleasehereunder, or fails otherwise defaults with respect to perform any provision of its other obligations hereunderthis Lease, Sublessor may use Landlord may, but shall have no obligation to, use, apply or apply retain all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor Landlord may become obligated by reason of Sublessee's default or breachTenant’s default, or to compensate Landlord for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachwhich Landlord may suffer thereby. If Sublessor Landlord so uses or applies all or any portion of the Security Deposit, Sublessee shall, Tenant shall within ten (10) days after written demand by Sublessor, therefor deposit cash with Landlord in an amount sufficient to restore the Security Deposit deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Subleasethereof. Sublessor Landlord shall not be required to keep the Security Deposit deposit separate from its general accounts, and shall have no obligation or liability for payment . If Tenant performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Tenant’s obligations hereunder, the Security Deposit, Deposit or so much thereof as had has not theretofore been applied by SublessorLandlord, shall be returned returned, without payment of interest or other increment for its use, to Sublessee or Tenant (or, at Landlord’s option, to the last assignee, if any, of Sublessee's Tenant’s interest hereunder) at the expiration of the Term, and after Tenant has vacated the Demised Premises. No trust relationship is created herein between Landlord and Tenant with respect to the Deposit.
(b) If the credit rating of Tenant’s Guarantor, Metaldyne Company LLC (hereinafter referred to as “Metaldyne”), as reported by ▇▇▇▇▇’▇ falls below “Ba 3” or as reported by Standard & Poors falls below “BB-” or Metaldyne is placed on a “watch list’’ other than as a result of an acquisition by either ▇▇▇▇▇’▇ and/or Standard & Poors or remains on a watch list after an acquisition for a period of six (6) months or more (hereinafter referred to as a “Trigger Event”), Tenant shall promptly notify Landlord and the Security Deposit shall be increased by Sixty-Nine Thousand Seven Hundred Twenty-Two and 00/100 Dollars ($69,722.00) (hereinafter referred to as the “Additional Deposit”), whether or not Tenant shall so notify Landlord. The Additional Deposit shall be deemed part of the Deposit and held and distributed in accordance with Section 39(a) hereof. If Landlord shall apply any portion of the Deposit to cure Tenant’s default, such amount shall reduce the Additional Deposit. Notwithstanding the foregoing, if Metaldyne’s credit rating shall be raised by ▇▇▇▇▇’▇ to “Ba 3” or better and by Standard & Poors to “BB-’’ or better and Metaldyne shall be removed from such watch list, if any (or has been on such watch list as a result of an acquisition for less than six (6) months), such credit rating shall remain at such levels and Metaldyne shall not appear on such watch list(s) for six (6) consecutive months other than as a result of an acquisition and no Event of Default then exists (hereinafter referred to as the “Return Event”), Landlord shall return to Tenant the then remaining portion of the Additional Deposit. Each time the Additional Deposit has been returned to Tenant as aforesaid and a Triggering Event shall subsequently occur, Tenant shall so notify Landlord and again make such Additional Deposit, whether or not Tenant shall so notify Landlord, and if such Additional Deposit has been again made and a Return Event occurs, the balance of the Additional Deposit shall again be returned to Tenant.
(c) Alternatively, in satisfaction of the requirement set forth in the first sentence of Section 39(a), Tenant may deliver to Landlord a letter of credit in the amount of Sixty-Nine Thousand Seven Hundred Twenty-Two and 00/100 Dollars ($69,722.00) in the form set forth on Exhibit E attached hereto (hereinafter referred to as the “Initial Letter of Credit’’). Tenant shall no later than fifteen (15) days prior to the expiration of the Initial Letter of Credit or any subsequent replacement letter of credit, deliver to Landlord, pursuant to this Section 39(c), a replacement letter of credit (hereinafter referred to as the “Replacement L/C), substantially in the same form or such other form as shall be reasonably acceptable to Landlord. The Initial Letter or Credit and each Replacement L/C (hereinafter collectively referred to as the “Letter of Credit”) shall be issued by an Approved Bank, as hereinafter defined. The Letter of Credit shall be in effect from the date of this Lease through the Expiration Date. In the event any Letter of Credit requires a transfer fee or charge, Tenant shall immediately upon request reimburse Landlord for such amount. Upon satisfaction of the foregoing requirements, Tenant shall receive back its $69,722.00 cash deposit.
(d) Landlord may (but shall not be required to do so) draw down the Letter of Credit, up to the Applicable Amount, as hereinafter defined, only in accordance with this Section 39(d) and the provisions of the Letter of Credit and only if any of the following occur:
(i) Tenant shall fail to deliver to Landlord a Replacement L/C pursuant to Section 39(c) hereof, in which event Landlord shall hold the proceeds in trust as cash collateral in an interest bearing account in an Approved Bank. Tenant shall thereafter have the right to furnish a Replacement L/C, and upon the furnishing of such Replacement L/C. Landlord shall immediately turn over such cash collateral (including the interest earned thereon) to Tenant. While Landlord holds such cash collateral, it shall have the right to utilize the same to the extent necessary to cure Tenant’s default, under this Lease, provided if Landlord terminates this Lease as a result of Tenant’s default hereunder, Landlord shall be entitled to retain the entire amount of the cash collateral free of any such trust.
(ii) an Event of Default.
(e) For purposes of this Section 39, (i) “Applicable Amount” means (A) upon a drawing pursuant to Section 39(d)(i) hereof, the entire amount of the Letter of Credit and (B) upon a drawing pursuant to Section 39(d)(ii) hereof, the amount necessary to cure Tenant’s default, provided that if Landlord terminates this Lease, as a result of Tenant’s default hereunder, Landlord shall be entitled to draw the entire Letter of Credit, and (ii) “Approved Bank” shall mean a bank organized under the laws of the United States or any state of the United States, with capital and surplus in excess of One Hundred Million Dollars ($100,000,000).
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Security Deposit. Sublessee Concurrently with the execution and delivery of this Sublease, Subtenant shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Sixteen Thousand Two Four Hundred Fifty Six and 40/100ths Fifty/lOOths ($16,456.50) Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder (the "Security Deposit")) with Sublandlord. Sublandlord shall hold the same as security for the performance by Subtenant of all obligations on the part of Subtenant hereunder. Sublandlord shall have the right from time to time without prejudice to any other remedy Sublandlord may have on account thereof, to apply such deposit, or any part thereof, to Sublandlord's damages arising from, or to cure, any Event of Default. If Sublessee fails to pay rent Sublandlord shall so apply any or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shallSubtenant shall immediately deposit with Sublandlord the amount so applied to be held as security hereunder. There then existing no Event of Default of Subtenant, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so Sublandlord shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, return the Security Deposit, or so much thereof as had shall theretofore not theretofore been applied by Sublessorin accordance with the terms of this Article XXVII, shall be returned to Sublessee or to Subtenant on the date which is the last assignee, if any, to occur of Sublessee(i) the date which is sixty (60) days after the last day of the Term of this Sublease or (ii) the date which is sixty (60) days after the date of delivery of the entire Premises to Sublandlord in accordance with the terms of this Sublease or (iii) the date which is sixty (60) days after the last of Subtenant's interest hereundermonetary obligations to Sublandlord under this Sublease have been paid and satisfied in full.
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Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Eighty-Seven Thousand Two Seven Hundred Fifty Fifty-Eight and 40/100ths No/100 Dollars ($20,250.4087,758.00) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's for Sublessee default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and SublesseeSublease's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Sources: Sublease (800 Com Inc)
Security Deposit. Upon execution of this agreement, Sublessee shall deposit with Sublessor upon execution an amount of this Sublease the sum of Twenty Thousand Two Hundred Fifty sixteen thousand dollars and 40/100ths Dollars 00 cents, ($20,250.4016,000) (hereinafter referred to as “Security Deposit”) as security for Sublessee's faithful performance compliance with the term of Sublessee's obligations hereunder ("Security Deposit")the Sublease. If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use from time to time in its sole discretion, without prejudice to any other remedy, following written notice to Sublessee including an explanation the reasons for the application or use, apply all or any portion of the Security Deposit for to the payment extent necessary to make good any arrearages of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default damage, injury, expense or breach, or for any loss or damage sustained liability suffered by Sublessor as a result by such Event of Sublessee's default or breachDefault. If Sublessor so uses Following any portion such application of the Security Deposit, Sublessee shall, shall pay to Sublessor within ten (10) days after of written demand by Sublessor, notice as additional rent the amount so applied in order to restore the Security Deposit to the full original amount originally deposited, and Sublessee's ’s failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts. Within approximately thirty (30) days after the Sublease Expiration Date and after the Subleased Premises have been timely vacated in good order and repair, broom clean and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Subleaseinspected and keys returned to Sublessor, then Sublessor shall deliver return said Security Deposit to its assignee so much Sublessee, less such portion of the Security Deposit as Sublessor shall have used to satisfy Sublessee’s obligations under the Sublease. If a default under this Sublease shall occur more than two (2) times within any twelve (12) month period irrespective of whether or not such Event of Default is then held by cured, then, without limiting Sublessor. Within ten (10) days after the Term has expired, ’s other right and remedies provided for in this Sublease or Sublessee has vacated the Premises, at law or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunderequity, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, Deposit shall be returned increased by one and one half (1.5) times the original Security Deposit. Sublessee shall have twenty (20) day to Sublessee or to remit the last assignee, if any, additional monies after its receipt of Sublessee's interest hereunderSublessor’s written demand for said increase in the Security Deposit.
Appears in 1 contract
Sources: Sublease (ADS Tactical, Inc.)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Ten Thousand Two Hundred Fifty Dollars and 40/100ths no cents. Dollars ($20,250.4010,000.00) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Sources: Sublease Agreement (Bernstein Leibstone Associates Inc /Ny/)
Security Deposit. Sublessee shall deposit with Sublessor upon In addition to the Advance Rent and within seven (7) days after the execution of this Sublease Sublease, Sublessee shall deliver to Sublessor an unconditional and irrevocable letter of credit in favor of Sublessor, drawn upon Silicon Valley Bank in a form reasonably acceptable to Sublessor, for the principal sum of Twenty One Hundred Sixty Thousand Seven Hundred Eighty-Two Hundred Fifty and 40/100ths Dollars ($20,250.40160,782) ("Deposit") as security for Sublessee's faithful performance of Sublessee's obligations hereunder hereunder. If Sublessee faithfully performs all of Sublessee's obligations under this Sublease, then on or after April 1, 2000, Sublessee may elect to reduce the principal amount of the letter of credit to Eighty Thousand Three Hundred Ninety-One Dollars ("Security Deposit"$80,391). Upon Sublessee exercising such right, the term "Deposit" shall mean such reduced principal amount. If any letter of credit held by Sublessor will expire prior to the Expiration Date, and it is not extended or a new letter of credit is not substituted within thirty (30) days prior to the expiration date of the letter of credit then held by Sublessor, then Sublessor shall be entitled to draw the entire amount of the letter of credit then held by Sublessor and hold such funds in accordance with this Section 5 until the Expiration Date. At any time that Sublessee fails to pay rent Rent or any other charges when amounts due under this Subleasehereunder, or fails otherwise defaults with respect to perform any provision of its other obligations hereunderthis Sublease or the Master Lease, Sublessor may use shall be entitled to draw the entire amount of any letter of credit then held by Sublessor and use, apply or apply retain all or any portion of the Security Deposit for the payment of any rent such amounts or other amount then due hereunder and unpaid, for the payment of any other sum for amount to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefor deposit cash with Sublessor in an amount sufficient to restore the Security Deposit to the full amount originally deposited, hereinabove stated and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts. If Sublessee faithfully performs all of Sublessee's obligations hereunder, and shall have no obligation or liability for payment any letter of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is credit then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment Sublessor pursuant to Subsection 6.2 hereof this Section 5 or if Sublessor has been made, whichever shall last occur, and provided Sublessee is not then in default drawn upon such letter of any of its obligations hereundercredit pursuant to this Section 5, the Security Deposit, or so much thereof as had has not theretofore been previously applied by Sublessor, shall be returned returned, without payment of interest or other increment for its use, to Sublessee at the expiration of the term hereof and after Sublessee has vacated the Sublease Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to said letter of credit or to the last assignee, if any, of Sublessee's interest hereunderDeposit.
Appears in 1 contract
Security Deposit. Upon execution hereof, Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty Eighty Thousand Four Hundred Ten and 40/100ths 34/100 Dollars ($20,250.40280,410.34) as security and for a Security Deposit to secure Sublessee's faithful full and timely performance of Sublessee's all of its obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent Rent or any other charges sums as and when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use (but shall not be obligated to) use, apply, or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessee is obligated or which will compensate Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained which Sublessor may suffer thereby. Any such use, application, or retention shall not constitute a waiver by Sublessor as a result of Sublessee's default its right to enforce its other remedies hereunder, at law, or breachin equity. If Sublessor so uses any portion of the Security Depositsaid deposit is so used, applied, or retained, Sublessee shall, within ten 10 (10ten) days after delivery of written demand by from Sublessor, restore the Security Deposit said deposit to the full amount originally deposited, and its original amount. Sublessee's failure to do so shall constitute a default under material breach of this Sublease, and in such event Sublessor may elect, among or in addition to other remedies, to terminate this Sublease. Sublessor shall not be a trustee of such deposit, and shall not be required to keep the Security Deposit this deposit separate from its general accounts, . Sublessor alone shall be entitled to any interest or earnings thereon and Sublessor shall have no obligation or liability for payment the free use of interest on the Security Depositsame. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or If Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, fully and provided Sublessee is not then in default of any faithfully performs all of its obligations hereunder, the Security Deposit, or then so much thereof of the deposit as had not theretofore been applied by Sublessor, remains shall be returned to Sublessee (without payment of interest or earnings thereon) within 30 days after the later of (i) expiration or sooner termination of the term hereof, (ii) Sublessee's surrender of possession of the Subleased Premises to the last assigneeSublessor, or (iii) completion of restoration obligations, if any, of by Sublessee's interest hereunder.
Appears in 1 contract
Security Deposit. Sublessee Upon the execution hereof, Subtenant shall deliver to Sublandlord a security deposit with Sublessor upon execution in the amount of this Sublease the sum of Twenty Seven Thousand Two Eight Hundred Fifty Thirty-Three and 40/100ths 81/100 Dollars ($20,250.407,833.81) (the "Security Deposit") as security for Sublesseethe payment and performance by Subtenant of all of its obligations, covenants, conditions and agreements hereunder. The Security Deposit shall not be considered a prepayment of rent or a limit on Subtenant's faithful performance of Sublessee's obligations hereunder ("Security Deposit")liability under the Sublease or as liquidated damages. If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any there is an event of its other obligations default by Subtenant hereunder, Sublessor may use or Sublandlord shall have the right, but shall not be obligated, to apply all or any portion of the Security Deposit for as is reasonably necessary to cure such default, in which event Subtenant shall be obligated to promptly deliver to Sublandlord the payment of any rent or other cash amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of necessary to restore the Security DepositDeposit to its original amount, Sublessee shall, the Subtenant's failure to do so within ten (10) days after written notice of demand by Sublessortherefor from Sublandlord shall constitute an event of default under the Sublease entitling Sublandlord without further notice to all of its remedies under the Sublease; provided, restore however, such defaults and Subtenant's liability under the Sublease shall thereby be discharged only pro tanto and Subtenant shall remain liable for any amounts that said Security Deposit shall be insufficient to pay. Sublandlord agrees to return the Security Deposit to Subtenant within fifteen (15) days of the full amount originally depositedSublease Expiration Date. In addition, and Sublessee's failure Sublandlord agrees to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of pay Subtenant all accrued interest collected on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much net of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereundertaxes.
Appears in 1 contract
Security Deposit. (a) Upon execution of this Sublease, Sublessee shall provide Sublessor a security deposit in the sum of One Hundred Thousand Dollars ($100,000.00) in cash or by letter of credit drawn on a bank as well as in form approved by Sublessor (the “Letter of Credit”) or other form acceptable to Sublessor as security for the prompt, full and faithful performance by Sublessee of each and every provision of this Sublease and of all obligations of Sublessee hereunder (the “Security Deposit”). Said Security Deposit may not be commingled with other funds of Sublessor and all interest or income from said Security Deposit shall be due Sublessee. At any time during the Term, Sublessee shall have the right to deliver to Sublessor the Letter of Credit in the amount of, and as replacement for, the original Security Deposit given upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails and upon such replacement, the original Security Deposit shall be promptly returned to perform Sublessee. In the event of a default which continues beyond any of its other obligations hereunderapplicable notice and cure period, Sublessor may use use, apply, or apply retain all or any part of the Security Deposit for payment of any: (i) Base Rent or other Rental; (ii) any sum expended by Sublessor on Sublessee’s behalf in accordance with the provisions of this Sublease; and/or (iii) any sum which Sublessor may expend or be required to expend by reason of Sublessee’s default, including damages or deficiency in the reletting of the Subleased Premises. The use, application, or retention of the Security Deposit, or any portion thereof, by Sublessor shall not prevent Sub lessor from exercising any other right or remedy provided by this Agreement of Sublease or by law; and, shall not operate as a limitation on any recovery to which Sublessor may otherwise be entitled. If any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaidis used, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breachapplied, or for any loss or damage sustained retained by Sublessor as for a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Depositpurpose set forth above, Sublessee shall, agrees that within ten five (105) business days after a written demand therefor is made by Sublessor, Sublessee will deposit with the Sublessor an amount sufficient to restore the Security Deposit to its original amount.
(b) Unless otherwise applied in accordance with the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under provisions of this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessorany balance thereof, shall be returned to Sublessee within thirty (30) days after the expiration of the Term. Upon return of the Security Deposit or balance thereof to the last assigneeSublessee, if any, the Sublessor shall be completely relieved of Sublessee's interest hereunderliability under this Section.
Appears in 1 contract
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Ninety Nine Thousand Two Hundred Fifty Twenty Two Dollars and 40/100ths Dollars Seventy-Six cents ($20,250.4099,222.76) in the form of cash or check in immediately available funds as a security deposit (the "Security Deposit"). The Security Deposit shall be considered as security for Sublessee's faithful performance of Sublessee's obligations hereunder hereunder. In addition, at the time of execution Sublessee shall deposit with Sublessor the first month's rent in the amount of Twenty Four Thousand Eight Hundred Five Dollars and Sixty-Nine cents ("$24,805.69) to be applied toward rent for the period April 15, 2005-May 15, 2005. Sublessor further agrees to apply the Security Deposit")Deposit for the monthly rent payments owed for the last three (3) months of the term of this Sublease. If Sublessee fails to pay rent Rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit Deposit, without prejudice to any other remedy which Sublessor may have, for the payment of any rent Rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) business days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns or otherwise conveys its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor and, provided that Sublessor has in fact delivered the Security Deposit as aforesaid, Sublessee agrees to look solely to such grantee or assignee for application or return of the Security Deposit from any mortgage or any purchaser of Sublessor's interest at a foreclosure sale of any grantee of a deed in lieu of foreclosure. Within ten thirty (1030) business days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Sources: Sublease (Ipix Corp)
Security Deposit. Sublessee Simultaneously with the execution and delivery of this Sublease, Subtenant shall deposit with Sublessor upon execution Sublandlord the amount of this Sublease the sum of Twenty Fourteen Thousand Two One Hundred Fifty and 40/100ths Thirty Three Dollars ($20,250.4014,133.00) in cash (the "Security Deposit") as security for Sublessee's faithful performance by Subtenant of the covenants and obligations hereunder. The Security Deposit shall be held by Sublandlord without interest; no trust relationship shall be deemed created thereby; and the Security Deposit may be commingled with other assets of Sublandlord. If Subtenant defaults in the performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations covenants hereunder, Sublessor may use or Sublandlord may, upon notice to Subtenant, apply all the whole or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion part of the Security Deposit, Sublessee to the extent required for the payment of Base Rent, Additional Rent or other sums due from Subtenant hereunder, in addition to any other remedies available to Sublandlord. In the event Sublandlord shall so apply the Security Deposit, Subtenant shall, within ten (10) days after written demand by Sublessorupon demand, restore the Security Deposit immediately deposit with Sublandlord a sum equal to the full amount originally deposited, and Sublesseeso applied. Subtenant's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep If Subtenant fully and faithfully complies with all the covenants hereunder, the Security Deposit separate from its general accounts, and (or the balance thereof) shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver be returned to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten Subtenant within thirty (1030) days after the last to occur of (i) the date the Term has expiredexpires or terminates, or Sublessee has vacated (ii) surrender of possession of the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has Premises and (iii) Sublandlord's inspection of the Premises and determination that all obligations of Subtenant under this Sublease have been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderfully satisfied.
Appears in 1 contract
Security Deposit. Sublessee shall deposit with Sublessor upon execution and maintain during the Term the cash sum of Twenty-five Thousand and 00/100 Dollars ($25,000.00) as a security deposit (the “Security Deposit”) which Sublessor shall hold as security for the full and faithful performance by Sublessee of every term, provision, obligation and covenant under this Sublease and subject to the terms and conditions of this Sublease. The Security Deposit shall be paid to Sublessor as follows: HNZW/505063_5.doc/3583-1
(i) $8,000.00 on the Commencement Date, (ii) $8,000.00 on the 30th day after the Commencement Date and (iii) $9,000.00 on the 60th day after the Commencement Date. The Security Deposit may be deposited by Sublessor into an interest-bearing account, which interest shall accrue for the sole benefit of Sublessor and not Sublessee. The Security Deposit shall not be considered an advance payment of Rent (or of any other sum payable by Sublessee under this Sublease) or a measure of Sublessor’s damages in case of a default by Sublessee. Sublessor shall have no obligation to maintain the Security Deposit separate and apart from Sublessor’s general and/or other funds. If Sublessee defaults in respect of any of the terms, provisions, covenants and conditions of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due if there is a default under this Sublease, or fails to perform any of its other obligations hereunderRelated Lease, Sublessor may use or may, but shall not be required to, in addition to and not in lieu of any other rights and remedies available to Sublessor, apply all or any part of the Security Deposit to the payment of any sum in default, or any other sum that Sublessor may expend or be required to expend by reason of such default, including but not limited to, any damages or deficiency in reletting the Premises. Whenever, and as often as, Sublessor has applied any portion of the Security Deposit for the payment of to cure a default hereunder or under any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security DepositRelated Lease, Sublessee shall, within ten (10) days after written demand by Notice from Sublessor, deposit additional money with Sublessor sufficient to restore the Security Deposit to the full amount originally depositedthen required to be deposited with Sublessor, and Sublessee's ’s failure to do so shall constitute a default under this Subleasean Event of Default without any further Notice. If Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation transfers or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in under this Sublease, Sublessor shall deliver to its assignee so much of assign the Security Deposit as is then held by Sublessor. Within ten (10) days after to the Term has expired, or Sublessee has vacated new Sublessor and thereafter Sublessor shall have no further liability for the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default return of any of its obligations hereunder, the Security Deposit, and Sublessee agrees to look solely to the new Sublessor for the return of the Security Deposit. Sublessee agrees that it will not assign or so much thereof as had not theretofore been applied by encumber or attempt to assign or encumber the Security Deposit and that Sublessor, shall be returned to Sublessee or its successors and assigns may return the Security Deposit to the last assigneeSublessee in possession of the Premises at the last address for which Notice has given by such Sublessee and that Sublessor thereafter shall be relieved of any liability therefor, if any, regardless of Sublessee's interest hereunder.one or more assignments of this Sublease or any such actual or attempted assignment or encumbrances of the Security Deposit
Appears in 1 contract
Security Deposit. Sublessee shall deposit with Sublessor upon execution a letter of this Sublease credit issued by a banking institution of sufficient financial standing (as Sublessor shall reasonably determine) having an office in Newton or Boston, Massachusetts, ▇▇ ▇▇nsas City, Missouri, against which such letter of credit may be drawn in the sum amount of Twenty Thousand Two Hundred Fifty and 40/100ths Forty Thousand Dollars ($20,250.40240,000.00) (such amount, as the same may be reduced in accordance with the provisions hereof, the "SECURITY DEPOSIT"). The letter of credit shall be unconditional, irrevocable and in favor of Sublessor, its successors or assigns, and shall provide that it may be drawn upon "at sight" upon presentation by Sublessor to the issuer of only a statement certified by Sublessor to the effect that a default by Sublessee has occurred under its Sublease with Sublessor and that Sublessee has failed to cure such default within the applicable period, if any, of notice and grace, or that Sublessor is otherwise entitled to draw thereunder pursuant to the terms and conditions of this Sublease. The letter of credit shall provide that it shall remain in force for a period beginning on the Commencement Date and ending January 31, 2011, or for a lesser period provided any letter of credit expiring prior to January 31, 2011 shall be replaced not later than sixty (60) days prior to its expiration by a letter of credit on all of the terms otherwise required hereunder and the failure to timely replace such letter of credit shall be a default with respect to which Sublessor shall have the right to draw the full amount of the letter of credit and retain the same as a cash security deposit. Provided that Sublessee is not in default hereunder beyond applicable notice and cure periods, and provided that Sublessee has provided Sublessor with audited financial statements prepared in accordance with accounting principals generally accepted in the United States of America which provide evidence that the Sublessee has positive net income for the most recent fiscal year, then during each 12 month period in the Term and within thirty (30) days of providing such audited financial statements, the amount of the letter of credit shall reduce by twenty percent (20%) from the preceding year. The Security Deposit shall serve as security for Sublessee's the prompt, full and faithful performance by Sublessee of Sublessee's obligations the terms and provisions of this Sublease. In the event that Sublessee is in default hereunder ("Security Deposit"). If Sublessee and fails to pay rent or other charges when due cure within any applicable time period under this Sublease, or fails in the event that Sublessee owes any amounts to perform any Sublessor upon the expiration of its other obligations hereunderthis Sublease, Sublessor may use or apply all the whole or any portion part of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default obligations hereunder. The use or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion application of the Security DepositDeposit or any portion thereof shall not prevent Sublessor from exercising any other right or remedy provided hereunder or under any law and shall not be construed as liquidated damages. In the event the Security Deposit is reduced by such use or application, Sublessee shall, shall deposit with Sublessor within ten (10) days after written demand by Sublessor, restore notice a new letter of credit (supplementing the Security Deposit to existing partially drawn letter of credit which Sublessor shall retain if Sublessor drew less than the full amount originally deposited, drawable thereunder) in the amount drawn by Sublessor under the existing letter of credit and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, otherwise complying with all terms and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much conditions of the Security Deposit letter of credit hereunder. Any remaining portion of the letter of credit (as is then held reduced by Sublessor. Within ten (10any amount drawn thereon pursuant hereto) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to within thirty (30) days after Sublessee has vacated the last assignee, if any, Premises and complied with all the terms of Sublessee's interest hereunderthis Sublease.
Appears in 1 contract
Security Deposit. (a) Upon execution of this Sublease, Sublessee shall deposit with Sublessor upon execution of this Sublease the a sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars equal to two ($20,250.402) months Base Rent as security for Sublessee's the prompt, full, and faithful performance by Sublessee of Sublessee's each and every provision of this Agreement of Sublease and of all obligations of Sublessee hereunder (the "Security Deposit"). If In the event that, Sublessee fails does not exercise the Early Termination Right described in Section 3 hereof, then, if the Sublease is then in full force and effect and there exists no uncured default by Sublessee hereunder, the Security Deposit shall be reduced, and Sublessor shall refund to pay rent Sublessee the difference between the Security Deposit paid and an amount equal to the scheduled Base Rent for the last month of the Term on or before June 30, 2000, and shall retain the balance as security hereunder. Said Security Deposit may be commingled with other charges when funds of Sublessor and no interest or income from said security deposit shall be due Sublessee. In the event of default that is not cured within any applicable notice and cure periods, Sublessor may use, apply, or retain all or any part of the Security Deposit for payment of any (i) Base Rent or additional Rental; (ii) any sum expended by Sublessor on Sublessee's behalf in accordance with the provisions of this Sublease; (iii) any sum which Sublessor may expend or be required to expend by reason of Sublessee's default, including damages or deficiency in the reletting of the Subleased Premises; (iv) failure of Sublessee to indemnify or hold harmless Sublessor as required under this Sublease. The use, application, or fails retention of the Security Deposit, or any portion thereof, by Sublessor shall not prevent Sublessor from exercising any other right or remedy provided by this Agreement of Sublease or by law; and, shall not operate as a limitation on any recovery to perform any of its other obligations hereunder, which Sublessor may use or apply all or otherwise be entitled. If any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaidis used, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breachapplied, or for any loss or damage sustained retained by Sublessor as for a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Depositpurpose set forth above, Sublessee shall, agrees that within ten five (105) days after a written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.demand
Appears in 1 contract
Sources: Sublease Agreement (Versata Inc)
Security Deposit. Sublessee Tenant shall deposit with Sublessor Landlord upon execution of this Sublease ---------------- hereof the sum of Twenty Thousand Two Hundred Fifty and 40/100ths EIGHTEEN THOUSAND SEVEN HUNDRED SIXTY-SIX AND NO/100 Dollars ---------------------------------------------------- ($20,250.4018,766.00) as security for SublesseeTenant's faithful performance of SublesseeTenant's --------- obligations hereunder ("Security Deposit")hereunder. If Sublessee Tenant fails to pay rent or other charges when due under this Subleasehereunder, or fails otherwise defaults with respect to perform any provision of its other obligations hereunderthis Lease, Sublessor Landlord may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor Landlord may become obligated by reason of SublesseeTenant's default or breachdefault, or to compensate Landlord for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachwhich Landlord may suffer thereby. If Sublessor Landlord so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, Tenant shall within ten (10) days after written demand by Sublessor, therefore deposit cash with Landlord in an amount sufficient to restore the Security Deposit said deposit to the full amount originally depositedhereinabove stated, and SublesseeTenant's failure to do so shall constitute be a default under breach of this SubleaseLease and Landlord may at its option terminate this Lease. Sublessor Landlord shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Tenant performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Tenant's obligations hereunder, the Security Deposit, said deposit or so much thereof as had has not theretofore been applied by Sublessorto Landlord, shall be returned returned, without payment of interest or other increment for its use, to Sublessee or Tenant (or, at Landlord's option, to the last assignee, if any, of SublesseeTenant's interest hereunder) within fifteen (15) days after the expiration of the term hereof, or after Tenant has vacated the Premises, whichever is later.
Appears in 1 contract
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars an amount equal to three (3) months rent $20,250.40) 81,000 as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee so chooses, it shall have the right to issue and deliver a Letter of Credit to Sublessor pursuant to the terms of Paragraph 36 of the Master Lease, except that "$81,000" shall be substituted for "$1,000,000, "Sublessee" shall be substituted for "Tenant", "Sublessor" shall be substituted for "Landlord", and Paragraphs 36. (b) and 36. (c) shall be deleted. Said Letter would replace the aforementioned Security Deposit, and would be subject to all the terms and conditions referenced in this paragraph." If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Sources: Sublease Agreement (Perclose Inc)
Security Deposit. Sublessee Subtenant shall deposit with Sublessor upon execution deliver to the Sublandlord prior to the Commencement Date a corporate check in the amount of this Sublease the sum of Fifty Eight Thousand Three Hundred and Twenty Thousand Two Hundred Fifty and 40/100ths Nine Dollars ($20,250.4058,329) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("“Security Deposit"”). If Sublessee fails to pay rent or other charges when due under Subtenant defaults in respect of any of the terms, covenants, conditions, provisions and agreements of this Sublease, or fails to perform any of its other obligations hereunderincluding, Sublessor may use or apply all or any portion of the Security Deposit for but not limited to, the payment of any rent Base Rent or other amount then due hereunder Additional Rent, Sublandlord shall have the right, and unpaid, for regardless of the payment exercise of any other sum for which Sublessor remedy Sublandlord may become obligated have by reason of Sublessee's a default or breachby Subtenant, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore to draw upon the Security Deposit to the full amount originally depositedcure any default of Subtenant or for any purpose authorized by this Paragraph 8, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep if Sublandlord does so, Subtenant shall, upon demand, additionally fund the Security Deposit separate from its general accounts, and with the amount so drawn so that Sublandlord shall have no obligation or liability the full Security Deposit on hand at all times during the Term of this Sublease and for payment a period of interest on thirty (30) days thereafter. If Subtenant shall comply with all of the Security Deposit. In the event Sublessor assigns its interest in terms, covenants, conditions, provisions and agreements of this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is or the portion thereof then held remaining unapplied, shall be returned by Sublessor. Within ten Sublandlord to Subtenant within thirty (1030) days after the expiration of the Term has expiredand after delivery of possession of the entire Premises to Sublandlord in accordance with the provisions hereof, or Sublessee has vacated if Subtenant’s lease with Master Landlord is then in effect for the continued occupancy of the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, such security shall be returned to Sublessee Subtenant, provided there are no claims then pending by Sublandlord against Subtenant or to by Master Landlord against Sublandlord, which claims issue from the last assignee, if any, acts or actions of Sublessee's interest hereunderSubtenant.
Appears in 1 contract
Security Deposit. Sublessee shall will deposit with Sublessor upon on execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.4020,000.00) Dollars as security for Sublessee's faithful performance of Sublessee's obligations hereunder under this Sublease ("Security DepositSECURITY DEPOSIT"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunderunder this Sublease, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason because of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shallwill, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and . Sublessee's failure to do so shall will constitute a default under this Sublease. Sublessor shall will not be required to keep the Security Deposit separate from its general accounts, and shall will have no obligation or liability for payment of interest on the Security Deposit. In the event If Sublessor assigns its interest in this Sublease, Sublessor shall will deliver to its assignee so as much of the Security Deposit as is Sublessor then held by Sublessorholds. Within ten (10) days after the Term has expired, expired or Sublessee has vacated the Premises, Subleased Premises or any final adjustment pursuant to Subsection 6.2 hereof 4(b) of this Sublease has been made, whichever shall last occuroccurs last, and provided that Sublessee is not then in default of any of its obligations hereunderunder this Sublease, the Security Deposit, or so as much thereof as had remains that has not theretofore been applied by Sublessor, shall will be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderunder this Sublease.
Appears in 1 contract
Sources: Sublease Agreement (Inhale Therapeutic Systems Inc)
Security Deposit. Upon payment in full of the Note (defined in Section 9.5 below), Sublessee shall deposit with Sublessor upon execution of this Sublease and Sublessee shall maintain during the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars Term an amount equal to one month’s Rent as a security deposit ($20,250.40the “Security Deposit”) which Sublessor shall hold as security for Sublessee's the full and faithful performance by Sublessee of Sublessee's obligations hereunder every term, provision, obligation and covenant under this Sublease. The Security Deposit shall not be considered an advance payment of Rent ("or of any other sum payable by Sublessee under this Sublease) or a measure of Sublessor’s damages in case of a default by Sublessee under this Sublease. Sublessor shall have no obligation to maintain the Security Deposit")Deposit separate and apart from Sublessor’s general and/or other funds. If Sublessee fails to pay rent or other charges when due under defaults beyond the applicable notice and/or cure period in respect of any of the terms, provisions, covenants and conditions of this Sublease, or fails Sublessor may, but shall not be required to, in addition to perform and not in lieu of any of its other obligations hereunderrights and remedies available to Sublessor, Sublessor may use or apply all or any part of the Security Deposit to the payment of any sum in default, or any other sum that Sublessor may expend or be required to expend by reason of such default, including but not limited to, any damages or deficiency in reletting the Premises. Whenever, and as often as, Sublessor has applied any portion of the Security Deposit for to cure any such default beyond the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Depositapplicable notice and/or cure period hereunder, Sublessee shall, within ten (10) days after written demand by Notice from Sublessor, deposit additional money with Sublessor sufficient to restore the Security Deposit to the full amount originally depositedthen required to be deposited with Sublessor, and Sublessee's ’s failure to do so shall constitute a default under this Subleasean Event of Default without any further Notice. If Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation transfers or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in under this Sublease, Sublessor shall deliver to its assignee so much of assign the Security Deposit as is then held by Sublessor. Within ten (10) days after to the Term has expired, or Sublessee has vacated new Sublessor and thereafter Sublessor shall have no further liability for the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default return of any of its obligations hereunder, the Security Deposit, and Sublessee agrees to look solely to the new Sublessor for the return of the Security Deposit. Sublessee agrees that it will not assign or so much thereof as had not theretofore been applied by encumber or attempt to assign or encumber the Security Deposit and that Sublessor, shall be returned to Sublessee or its successors and assigns may return the Security Deposit to the last assigneeSublessee in possession of the Premises at the last address for which Notice has given by such Sublessee and that Sublessor thereafter shall be relieved of any liability therefor, if any, regardless of Sublessee's interest hereunderone or more assignments of this Sublease or any such actual or attempted assignment or encumbrances of the Security Deposit.
Appears in 1 contract
Sources: Master Sublease Agreement (Adcare Health Systems, Inc)
Security Deposit. Upon execution hereof, Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.4020,000) as security and for Sublesseea Security Deposit to secure ▇▇▇▇▇▇▇▇▇'s faithful full and timely performance of Sublessee's all of its obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent Rent or any other charges sums as and when due under hereunder, or otherwise defaults and/or fails to perform with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use (but shall not be obligated to) use, apply, or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessee is obligated or which will compensate Sublessor for any foreseeable or unforeseeable loss or damage which Sublessor may become obligated by reason suffer thereby including, without limitation, any damage that will result in the future through the term of Sublessee's default or breachthe Sublease, to repair damage to the Subleased Premises, to clean the Subleased Premises at the end of the term or for any loss or damage sustained caused by the act or omission of Sublessee or Sublessee's officers, agents, employees, independent contractors or invitees. Sublessee waives the provisions of and state or federal statute and all other provisions of law now in force or that become in force after the date of execution of this Sublease that provide that Sublessee 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 Subleased Premises. Any such use, application, or retention shall not constitute a waiver by Sublessor as a result of Sublessee's default its right to enforce its other remedies hereunder, at law, or breachin equity. If Sublessor so uses any portion of the Security Depositsaid deposit is so used, applied, or retained, Sublessee shall, within ten (10) days after delivery of written demand by from Sublessor, restore the Security Deposit said deposit to the full amount originally deposited, and its original amount. Sublessee's failure to do so shall constitute a default under material breach of this Sublease and in such event Sublessor may elect, among or in addition to other remedies, to terminate this Sublease. Sublessor shall not be a trustee of such deposit, and shall not be required to keep the Security Deposit this deposit separate from its general accounts, . Sublessor alone shall be entitled to any interest or earnings thereon and Sublessor shall have no obligation or liability for payment the free use of interest on the Security Depositsame. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or If Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, fully and provided Sublessee is not then in default of any faithfully performs all of its obligations hereunder, the Security Deposit, or then so much thereof of the deposit as had not theretofore been applied by Sublessor, remains shall be returned to Sublessee (without payment of interest or to earnings thereon) within 30 days after the last assigneelater of (i) expiration or sooner termination of the term hereof, if any, of or (ii) Sublessee's interest hereundersurrender of possession of the Subleased Premises to Sublessor.
Appears in 1 contract
Sources: Conditional Consent to Sublease (Blue Coat Systems Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon execution To secure the faithful performance by Subtenant of all the covenants, conditions and agreements in this Sublease including, but not by way of limitation, such covenants and agreements in this Sublease which become applicable upon the sum termination of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars the same by re-entry or otherwise, Subtenant has deposited with Sublandlord the Security Deposit as specified in Section 1(O) on the understanding that:
($20,250.40a) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("the Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all Deposit or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaidthereof not previously applied, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breachbe applied, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Depositafter ten, Sublessee shall, within ten (10) days after written notice to Subtenant, to the curing of any default that may then exist, without prejudice to any other remedy or remedies which Landlord may have on account thereof, and upon such application Subtenant shall pay Landlord on demand by Sublessor, restore the amount so applied which shall be added to the Security Deposit so the same may be restored to its original amount;
(b) should the full amount originally depositedPrime Lease be assigned by Sublandlord, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate or any portion thereof not previously applied may be turned over to Sublandlord's assignee and if proof of the same be turned over as aforesaid, Subtenant hereby releases Sublandlord from its general accounts, any and shall have no obligation or all liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver with respect to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten and/or its application or return;
(10c) days after if Subtenant shall faithfully fulfill, keep, perform and observe all of the Term has expiredcovenants, or Sublessee has vacated conditions and agreements in this Sublease set forth and contained on the Premisespart of Subtenant to be fulfilled, or any final adjustment pursuant to Subsection 6.2 hereof has been madekept, whichever shall last occur, performed and provided Sublessee is not then in default of any of its obligations hereunderobserved, the Security Deposit, sum deposited or so much the portion thereof as had not theretofore been applied by Sublessorpreviously applied, shall be returned to Sublessee Subtenant without interest no later than thirty (30) days after the expiration of the Term of this Sublease or any renewal or extension thereof, provided Subtenant has vacated the Premises and surrendered possession thereof to Sublandlord at the expiration of the Term or any extension or renewal thereof as provided herein; or
(d) in the event that Sublandlord terminates this Sublease or Subtenant's right to possession by reason of an Event of Default by Subtenant, Sublandlord may apply the Security Deposit against damages suffered to the last assignee, if any, date of Sublesseesuch termination and/or may retain the Security Deposit to apply against such damages as may be suffered or shall accrue thereafter by reason of Subtenant's interest hereunder.default;
Appears in 1 contract
Sources: Sublease (Aquantive Inc)
Security Deposit. Sublessee Lessee shall deposit with Sublessor upon execution of this Sublease Lessor the sum of Twenty One Hundred Forty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40140,000) upon Lessee's occupancy of all or any portion of the Premises for other than construction purposes (including installation of fixtures, equipment and furnishings), as security for SublesseeLessee's faithful performance of SublesseeLessee's obligations hereunder (the "Security Deposit"). If Sublessee Lessee fails to pay rent or other charges when due under this Subleasehereunder, or fails otherwise defaults with respect to perform any provision of its other obligations hereunderthis Lease, Sublessor Lessor may use use, apply or apply retain all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor Lessor may become obligated by reason of SublesseeLessee's default or breachdefault, or to compensate Lessor for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachwhich Lessor may suffer thereby. If Sublessor Lessor so uses or applies all or any portion of the Security Deposit, Sublessee shall, Lessee shall within ten (10) days after written demand by Sublessor, therefor deposit cash with Lessor in an amount sufficient to restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so then required of Lessee. Lessor shall constitute a default under this Sublease. Sublessor shall not be required to keep deposit the Security Deposit separate from its general accountsin an interest bearing account in the name of Lessor and with the tax identification number of Lessee, and, so long as no Event of Default then exists hereunder, shall pay on maturity of the investment or, if such investment has no maturity, semi-annually to Lessee any interest earned on such account. The Security Deposit shall be deposited with any "A" rated bank chosen by Lessor and shall have be invested initially in one (1) year certificates of deposit, or such other investments as may be mutually agreed to by the parties. In no obligation or event shall Lessor incur any liability for the failure of the lending institution to make any payment of interest, Lessor's only obligation being to pay to Lessee any interest on the Security Depositpaid to Lessor. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much If Lessee performs all of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Lessee's obligations hereunder, the Security Deposit, or so much thereof as had has not theretofore been applied by SublessorLessor, shall be returned returned, to Sublessee or Lessee (or, at Lessor's option, to the last assignee, if any, of SublesseeLessee's interest hereunder) after the expiration of the term hereof, and after Lessee has vacated the Premises. No trust relationship is created herein between Lessor and Lessee with respect to the Security Deposit.
Appears in 1 contract
Sources: Single Tenant Industrial Lease Agreement (Western Digital Corp)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease hereof the sum of Twenty Ten Thousand Two Five Hundred Fifty Forty Nine and 40/100ths 38/100 Dollars ($20,250.4010,549.38) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally depositedhereinabove stated, and Sublessee's failure to do so shall constitute be a default under breach of this Sublease, and Sublessor may at its option terminate this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Deposit, said deposit or so much thereof as had has not theretofore been applied by Sublessor, shall be returned returned, without payment of interest or other increment for its use, to Sublessee or (or, at Sublessor's option, to the last assignee, if any, of or Sublessee's interest hereunder) within fifteen (15) days after the expiration of the term hereof, or after Sublessee has vacated the Premises, whichever is later.
Appears in 1 contract
Security Deposit. Concurrently herewith, Sublessee shall deposit One Hundred Four Thousand One Hundred Eighty-eight Dollars and Fifty Cents ($104,188.50) with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's its obligations hereunder ("under the terms of this Sublease. Sublessor shall not be required to keep any cash portion of the Security Deposit")Deposit separate from its general funds, or to pay any interest thereon. The Security Deposit shall be held by Sublessor and may be applied by Sublessor in accordance with the provisions of Article 18 of the Master Lease. If Sublessee fails defaults with respect to pay rent or other charges when due under any provision of this Sublease, or fails including, without limitation, the provisions relating to perform any the payment of its rental and other obligations sums due hereunder, Sublessor may use shall have the right, but shall not be required, to use, apply or apply retain all or any portion part of the Security Deposit for the payment of rental or any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may spend or become obligated to spend by reason of Sublessee's default or breach, or to compensate Sublessor for any other loss or damage sustained which Sublessor may suffer by Sublessor as a result reason of Sublessee's default or breachdefault. If Sublessor so uses any portion of the Security DepositDeposit is so used or applied, Sublessee shall, within ten (10) days after written demand by Sublessortherefor, deposit cash with Sublessor in an amount sufficient to restore the Security Deposit to the full amount originally deposited, required hereunder and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not If Sublessee fully and faithfully performs every provision of this Sublease to be required to keep the Security Deposit separate from its general accountsperformed by it, and shall have no obligation or liability for payment of interest on the Security Deposit, or any balance thereof, shall be returned to Sublessee or, at Sublessor's option, to the last assignee of Sublessee's interest hereunder, at the expiration of the term of this Sublease and after Sublessee has vacated the Premises. In the event Sublessor assigns its of termination of Sublessor's interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is transfer all deposits then held by Sublessor under this Section to Sublessor. Within ten (10) days after 's successor in interest, whereupon Sublessee agrees to release Sublessor from all liability for the Term has expired, return of such deposit or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderaccounting thereof.
Appears in 1 contract
Security Deposit. Sublessee shall deposit Concurrent with Sublessor upon the execution of this Sublease, Sublessee shall pay a security deposit equal to the amount of the rent payment for the last month of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.404,000.00) and the amount of the first rent payment due hereunder ($4,000.00). The security deposit shall be held by Sublessor without liability for interest and as security for Sublessee's faithful the performance by Sublessee of Sublessee's covenants and obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, it being expressly understood that the security deposit shall not be considered an advance payment of rental or fails to perform any a measure of its other obligations hereunder, Sublessor's damages in case of a default by Sublessee. Sublessor may commingle the security deposit with Sublessor's other funds and may hold same in an interest bearing account, with such interest to accrue to Sublessor's benefit. Sublessor may, from time to time, without prejudice to any other remedy, use the security deposit to the extent necessary to make good any arrearages of rent or apply all to satisfy any other covenant or obligation of Sublessee hereunder. following any portion such application of the Security Deposit for security deposit, sublessee shall pay to sublessor on demand the payment amount so applied in order to restore the security deposit to its original amount. If Sublessee is not in default at the termination of this Sublease, the balance of the security deposit remaining after any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained such application shall be returned by Sublessor as a result of to Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns transfers its interest in the Premises during the term of this Sublease, Sublessor shall deliver to its assignee so much of may assign the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or security deposit to the last assignee, if any, transferee and thereafter Sublessor shall have no further liability for the return of Sublessee's interest hereundersuch security deposit.
Appears in 1 contract
Security Deposit. Upon execution hereof, Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Two Hundred Six Thousand Two Hundred Fifty and 40/100ths no/100 Dollars ($20,250.40206,250.00) as security and for a Security Deposit to secure Sublessee's faithful ’s full and timely performance of Sublessee's all of its obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent Rent or any other charges sums as and when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use (but shall not be obligated to) use, apply, or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessee is obligated or which will compensate Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained which Sublessor may suffer thereby including, without limitation, any damage that will result in the future through the term of the Sublease, to repair damage to the Subleased Premises or to clean the Subleased Premises at the end of the term. Any such use, application, or retention shall not constitute a waiver by Sublessor as a result of Sublessee's default its right to enforce its other remedies hereunder, at law, or breachin equity. If Sublessor so uses any portion of the Security Depositsaid deposit is so used, applied, or retained, Sublessee shall, within ten (10) days after delivery of written demand by from Sublessor, restore the Security Deposit said deposit to the full amount originally deposited, and its original amount. Sublessee's ’s failure to do so shall constitute a default under material breach of this Sublease, and in such event Sublessor may elect, among or in addition to other remedies, to terminate this Sublease. Sublessor shall not be a trustee of such deposit, and shall not be required to keep the Security Deposit this deposit separate from its general accounts, . Sublessor alone shall be entitled to any interest or earnings thereon and Sublessor shall have no obligation or liability for payment the free use of interest on the Security Depositsame. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or If Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, fully and provided Sublessee is not then in default of any faithfully performs all of its obligations hereunder, the Security Deposit, or then so much thereof of the deposit as had not theretofore been applied by Sublessor, remains shall be returned to Sublessee (without payment of interest or earnings thereon) within 30 days after the later of (i) expiration or sooner termination of the term hereof, or (ii) Sublessee’s surrender of possession of the Subleased Premises to the last assignee, if any, of Sublessee's interest hereunderSublessor.
Appears in 1 contract
Sources: Sublease Agreement (Roxio Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security Security Deposit set forth in Section 1.1 for Sublessee's the faithful performance and observance by Sublessee of Sublessee's obligations hereunder ("Security Deposit")the terms and provisions of this Sublease. If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform defaults on any of its other obligations hereunderunder this Sublease beyond any applicable notice and cure periods, Sublessor may use or apply all or any portion of draw down on the Security Deposit to the extent required for the payment of any rent Rent, Additional Rent or other amount then due hereunder and unpaid, for the payment of any other sum for as to which Sublessee is in default, or any sum which Sublessor may become obligated expend or may be required to expend by reason of Sublessee's default or breach, or for any loss or damage sustained by ’s default. In the event that Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of does draw down on the Security Deposit, Sublessee shall, shall within ten (10) days after written demand by receiving notice from Sublessor, restore replenish the Security Deposit to by the full amount originally deposited, Sublessor withdrew therefrom and Sublessee's failure to do so within such ten (10) day period shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much return any unapplied portion of the Security Deposit as to Sublessee within thirty (30) days after the termination or earlier expiration of this Sublease. The Security Deposit shall be in the form of a clean, irrevocable, non-documentary and unconditional letter of credit in the amount of the Security Deposit (the “Letter of Credit”) issued by and drawable upon any commercial bank, trust company, national banking association or savings and loan association with offices for banking and drawing purposes in Boston, Massachusetts or other location provided such bank allows drawing by facsimile (the “Issuing Bank”), which has outstanding unsecured, uninsured and unguaranteed indebtedness, that is then held 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 Ratings Service (and is not on credit-watch with negative implications), and has combined capital, surplus and undivided profits of not less than $1,000,000,000. The Letter of Credit shall (i) name Sublessor as beneficiary, (ii) be in the amount of the Security Deposit, (iii) have a term of not less than one year, (iv) permit multiple drawings, (v) be fully transferable by Sublessor multiple times without the consent of Sublessee and without the payment of any fees or charges, (vi) be payable to Sublessor or an authorized representative of Sublessor upon presentation of only the Letter of Credit and a sight draft and a certification of Sublessor (acceptable to Sublessor in its sole discretion) as to the existence of an event of default of Sublessee, and (vii) otherwise be in form and content reasonably satisfactory to Sublessor. If upon any transfer of the Letter of Credit, any fees or charges shall be so imposed, then such fees or charges shall be payable solely by Sublessee 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 through the date that is at least ninety (90) days after the last day of the Term of this Sublease, unless the Issuing Bank sends a notice (the “Non-Renewal Notice”) to Sublessor by certified mail, return receipt requested, not less than thirty (30) days prior to the then-current expiration date of the Letter of Credit, stating that the Issuing Bank has elected not to renew the Letter of Credit. Sublessor shall have the right, upon receipt of a Non-Renewal Notice, to draw the full amount of the Letter of Credit, by sight draft on the Issuing Bank, and shall thereafter hold or apply the cash proceeds of the Letter of Credit pursuant to the terms of this Section 12.11. The Letter of Credit shall state that drafts drawn under and in compliance with the terms of the Letter of Credit will be duly honored upon presentation to the Issuing Bank at an office location in Boston, Massachusetts or other location by facsimile. The Letter of Credit shall be subject in all respects to the International Standby Practices current as of the date of this Sublease, International Chamber of Commerce Publication No. 590. Provided that no default by Sublessee under this Sublease beyond any applicable notice or cure period occurs at any time prior to the second (2nd) anniversary of the Rent Commencement Date (the “SD Reduction Obligation”), then Sublessee, no later than forty-five (45) days after the second (2nd) anniversary of the Rent Commencement Date, may notify Sublessor in writing that it wishes to decrease the Security Deposit to $440,583.39 (the “Reduced Security Deposit”). Within ten (10) business days following Sublessor’s receipt of such notice, Sublessor shall (y) confirm in writing that the SD Reduction Obligation has been satisfied and that the Security Deposit shall be deemed to equal the Reduced Security Deposit or (z) notify Sublessee that the SD Reduction Obligation has not been satisfied. Upon Sublessor’s confirmation that the SD Reduction Obligation has been satisfied, Sublessee may provide to Sublessor, and Sublessor shall accept, a replacement letter of credit in the amount of the Reduced Security Deposit in the form required herein. Notwithstanding the foregoing, from the date of execution of this Sublease until the date that is sixty (60) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereundersuch execution date, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, Deposit shall be returned to Sublessee or in the form of cash. Prior to the last assigneeexpiration of such sixty (60) day period, if anySublessee shall provide to Sublessor the Security Deposit in the form of the Letter of Credit described above. Promptly upon Sublessor’s receipt of the Letter of Credit, it will return any applied balance of the cash Security Deposit to Sublessee's interest hereunder.
Appears in 1 contract
Sources: Sublease (Akebia Therapeutics, Inc.)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease hereof the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars NINE THOUSAND NINE HUNDRED EIGHTY-FOUR AND NO/100 DOLLARS ($20,250.40) 9,984.00), as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally depositedhereinabove stated, and Sublessee's failure to do so shall constitute be a default under breach of this Sublease, and Sublessor may at its option terminate this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Deposit, said deposit or so much thereof as had has not theretofore been applied by Sublessor, shall be returned returned, without payment of interest or other increment for its use, to Sublessee or (or, at Sublessor's option, to the last assignee, if any, of or Sublessee's interest hereunder) within fifteen (15) days after the expiration of the term hereof, or after Sublessee has vacated the Premises, whichever is later.
Appears in 1 contract
Security Deposit. Upon the execution of this Sublease, Sublessee ---------------- shall deposit with Sublessor upon execution of this Sublease $14,912.50 (the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"), as security ---------------- for the faithful performance and observance by Sublessee of the terms, provisions, agreements, covenants and conditions of this Sublease. If Sublessee fails to pay rent The Security Deposit shall not be considered an advance payment of Basic Rent or other charges when due Additional Charges, and the Security Deposit shall not be considered a measure of Sublessor's damages in case of the occurrence of any default under this Sublease, or fails . Sublessee shall not be entitled to perform receive any interest on the Security Deposit and Sublessor may commingle the same with other monies of Sublessor. In the event Sublessee defaults in respect to any of its other obligations hereunderthe terms, provisions, agreements, covenants and conditions of this Sublease including, but not limited to, the payment of Basic Rent or Additional Charges, Sublessor may use may, at Sublessor's option, from time to time, without prejudice to any other remedy, use, apply or apply all retain the whole or any portion part of the Security Deposit for not theretofore applied to Basic Rent or Additional Charges to the payment extent necessary to make good any arrears of Basic Rent or Additional Charges or any rent damage, injury, expense or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated liability caused by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachsuch default. If Sublessor so uses any portion of shall ever use the Security DepositDeposit not theretofore applied to Basic Rent to pay the sums described above, and if this Sublease has not terminated, Sublessee shall, shall immediately deposit with Sublessor additional monies equal to the amount so used within ten (10) days after written demand by Sublessorrequest therefor. If Sublessee shall fully and faithfully comply with all of the terms, restore provisions, agreements, covenants and conditions of this Sublease, then the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee within thirty (30) days after the termination or to the last assignee, if any, expiration of this Sublease (provided such termination is not a result of a default by Sublessee's interest hereunder).
Appears in 1 contract
Sources: Sublease Agreement (Imall Inc)
Security Deposit. Upon execution hereof, Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Sixty-Six Thousand Two One Hundred Fifty and 40/100ths One Dollars ($20,250.4066,101.00) as security and for a Security Deposit to secure Sublessee's faithful full and timely performance of Sublessee's all of its obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent Rent or any other charges sums as and when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use (but shall not be obligated to) use, apply, or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessee is obligated or which will compensate Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained which Sublessor may suffer thereby. Any such use, application, or retention shall not constitute a waiver by Sublessor as a result of Sublessee's default its right to enforce its other remedies hereunder, at law, or breachin equity. If Sublessor so uses any portion of the Security Depositsaid deposit is so used, applied, or retained, Sublessee shall, within ten (10) 10 days after delivery of written demand by from Sublessor, restore the Security Deposit said deposit to the full amount originally deposited, and its original amount. Sublessee's failure to do so shall constitute a default under material breach of this Sublease, and in such event Sublessor may elect, among or in addition to other remedies, to terminate this Sublease. Sublessor shall not be a trustee of such deposit, and shall not be required to keep the Security Deposit this deposit separate from its general accounts, . Sublessor alone shall be entitled to any interest or earnings thereon and Sublessor shall have no obligation or liability for payment the free use of interest on the Security Depositsame. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or If Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, fully and provided Sublessee is not then in default of any faithfully performs all of its obligations hereunder, the Security Deposit, or then so much thereof of the deposit as had not theretofore been applied by Sublessor, remains shall be returned to Sublessee (without payment of interest or to earnings thereon) within 30 days after the last assigneelater of (i) expiration or sooner termination of the term hereof, if any, of or (ii) Sublessee's interest hereundersurrender of possession of the Premises to Sublessor.
Appears in 1 contract
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty hereof Seven Thousand Two Five Hundred Fifty and 40/100ths 00/100 Dollars ($20,250.407,500.00) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said security deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid security deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said security deposit to the full amount originally deposited, hereinabove stated and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit said security deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Depositsaid security deposit, or so much thereof as had has not theretofore been applied by Sublessor, shall be returned returned, without payment of interest or other increment for its use to Sublessee or at the expiration of the term hereof, and after Sublessee has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to the last assignee, if any, of Sublessee's interest hereundersaid Security Deposit.
Appears in 1 contract
Sources: Sublease (Balanced Care Corp)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) 0.00 as security for Sublessee's ’s faithful performance of Sublessee's ’s obligations hereunder ("“Security Deposit"”). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's ’s default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's ’s default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's ’s failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's ’s interest hereunder.
Appears in 1 contract
Security Deposit. (a) Simultaneous with the execution hereof, Sublessee shall deposit with has paid to Sublessor upon execution $19,326.29 (first month's rent of this Sublease the sum $8,320.00, plus one (1) month C.A.M. of Twenty Thousand Two Hundred Fifty $1,966.25 (3,025 sq. ft. x $.65), plus sales tax of $720.04 and 40/100ths Dollars (Security Deposit of $20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"8,320.00). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion The purpose of the Security Deposit for is (a) to remedy any defaults by Sublessee in the payment of Rent, (b) to repair damages to the Building or the Sublet Premises caused by Sublessee, its employees, invitees, contractors, subcontractors, licensees, subtenants or agents, and (c) to otherwise secure the faithful performance by Sublessee of all of the provisions, covenants and conditions of this Sublease to be kept and performed by Sublessee, during the term of this Sublease or any extension thereof.
(b) If at any time during the term of this Sublease, (i) Sublessee should default in the payment of Rent, (ii) Sublessee, its employees, invitees, contractors, subcontractors, licensees, subtenants or agents should cause damage to the Sublet Premises or the Building, or (iii) Sublessee should otherwise fail to keep and perform any of the provisions, covenants and conditions of this Sublease to be kept and performed by Sublessee, Sublessor, at its option, may, in addition to all other rights and remedies which it may have, utilize all or any part of the Security Deposit toward the payment of any rent or other amount then due hereunder and unpaidcost, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss expense or damage incurred or sustained by Sublessor as a result or for payment of Sublessee's default Rent or breachother amounts due to Sublessor under this Sublease (but Sublessor shall not be required to do so). If Sublessor so uses any portion of elects to utilize the Security DepositDeposit as aforesaid, Sublessee shall, within ten fifteen (1015) days after written demand by Sublessortherefor, deposit cash with Sublessor in an amount sufficient to restore the Security Deposit to its original amount or have issued a letter of credit in form and substance satisfactory to the full Sublessor in an amount originally depositedsufficient to restore the Security Deposit to its original amount. The parties agree that the provisions of this Section shall not operate as a limitation upon the amount of damages to which Sublessor is entitled by virtue of any default by Sublessee or failure by Sublessee to perform all of the provisions, covenants, conditions and Sublessee's failure to do so shall constitute a default under agreements of this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of pay Sublessee interest on the Security DepositDeposit except as required by law. Sublessor's obligations with respect to the Security Deposit are those of a debtor and not trustee. Sublessor shall have the right to commingle the Security Deposit with Sublessor's general and other funds, to the extent permitted by law.
(c) In the event Sublessor assigns its case of an assignment of Sublessor's interest in this Subleasethe Sublet Premises, Sublessor shall deliver to its assignee so much pay over any unapplied part of the Security Deposit as is then held by to Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur's successor, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, Sublessor shall be returned relieved of all liability with respect thereto so long as Sublessor provides Sublessee with written notification of such transfer with acknowledgment of recipient's acceptance of same. The provisions of the preceding sentence shall apply to Sublessee or to every subsequent transfer of the last assignee, if any, of SublesseeSublessor's interest hereunderunder the ▇▇▇▇▇▇▇▇▇.
Appears in 1 contract
Sources: Sublease Agreement (Ramp Corp)
Security Deposit. Upon execution hereof, Sub-Sublessee shall deposit ---------------- with Sub-Sublessor upon execution of this Sublease the sum of Twenty Seventy-Two Thousand Two Hundred Fifty Fifty-Two and 40/100ths no/100 Dollars ($20,250.4072,252.00) as security and for a Security Deposit to secure Sub- Sublessee's faithful full and timely performance of Sublessee's all of its obligations hereunder ("Security Deposit")hereunder. If Sublessee SubSublessee fails to pay rent or any other charges sums as and when due under hereunder, or otherwise defaults with respect to any provision of this Sub-Sublease, or fails to perform any of its other obligations hereunder, Sub- Sublessor may use (but shall not be obligated to) use, apply, or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sub-Sublessee is obligated or which will compensate Sub-Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained which Sub-Sublessor may suffer thereby. Any such use, application, or retention shall not constitute a waiver by Sub-Sublessor as a result of Sublessee's default its right to enforce its other remedies hereunder, at law, or breachin equity. If Sublessor so uses any portion of the Security Depositsaid deposit is so used, applied, or retained, Sub-Sublessee shall, within ten (10) 10 days after delivery of written demand by from Sub-Sublessor, restore the Security Deposit said deposit to the full amount originally deposited, and its original amount. Sub-Sublessee's failure to do so shall constitute a default under Default of this Sub- Sublease. Sub-Sublessor shall not be a trustee of such deposit, and shall not be required to keep the Security Deposit this deposit separate from its general accounts, . Sub-Sublessor alone shall be entitled to any interest or earnings thereon and SubSublessor shall have no obligation or liability for payment the free use of interest on the Security Depositsame. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so So much of the Security Deposit deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, remains shall be returned to Sublessee SubSublessee (without payment of interest or to earnings thereon) within 30 days after the last assigneelater of (i) expiration or sooner termination of the term hereof, if any, of or (ii) Sub-Sublessee's interest hereundersurrender of possession of the Sub-Subleased Premises to Sub-Sublessor.
Appears in 1 contract
Sources: Sub Sublease Agreement (Scient Corp)
Security Deposit. Sublessee shall deposit with Sublessor upon execution and maintain during the Term the cash sum of Thirty Thousand and 00/100 Dollars ($30,000.00) as a security deposit (the “Security Deposit”) which Sublessor shall hold as security for the full and faithful performance by Sublessee of every term, provision, obligation and covenant under this Sublease and subject to the terms and conditions of this Sublease. The Security Deposit shall be paid to Sublessor on the Commencement Date. The Security Deposit may be deposited by Sublessor into an interest-bearing account, which interest shall accrue for the sole benefit of Sublessor and not Sublessee. The Security Deposit shall not be considered an advance payment of Rent (or of any other sum payable by Sublessee under this Sublease) or a measure of Sublessor’s damages in case of a default by Sublessee. Sublessor shall have no obligation to maintain the Security Deposit separate and apart from HNZW/493109_4.doc/3583-95 (Greenfield) Sublessor’s general and/or other funds. If Sublessee defaults in respect of any of the terms, provisions, covenants and conditions of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"or if there is a default under any agreement or instrument with which this Sublease is cross-defaulted). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or may, but shall not be required to, in addition to and not in lieu of any other rights and remedies available to Sublessor, apply all or any part of the Security Deposit to the payment of any sum in default, or any other sum that Sublessor may expend or be required to expend by reason of Sublessee’s default, including but not limited to, any damages or deficiency in reletting the Premises. Whenever, and as often as, Sublessor has applied any portion of the Security Deposit for the payment of to cure Sublessee’s default hereunder or under any rent or other amount then due hereunder and unpaid, for the payment of any other sum for agreement with which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Depositthis Sublease is cross-defaulted, Sublessee shall, within ten (10) days after written demand by Notice from Sublessor, deposit additional money with Sublessor sufficient to restore the Security Deposit to the full amount originally depositedthen required to be deposited with Sublessor, and Sublessee's ’s failure to do so shall constitute a default under this Subleasean Event of Default without any further Notice. If Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation transfers or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in under this Sublease, Sublessor shall deliver to its assignee so much of assign the Security Deposit as is then held by Sublessor. Within ten (10) days after to the Term has expired, or Sublessee has vacated new Sublessor and thereafter Sublessor shall have no further liability for the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default return of any of its obligations hereunder, the Security Deposit, and Sublessee agrees to look solely to the new Sublessor for the return of the Security Deposit. Sublessee agrees that it will not assign or so much thereof as had not theretofore been applied by encumber or attempt to assign or encumber the Security Deposit and that Sublessor, shall be returned to Sublessee or its successors and assigns may return the Security Deposit to the last assigneeSublessee in possession of the Premises at the last address for which Notice has given by such Sublessee and that Sublessor thereafter shall be relieved of any liability therefor, if any, regardless of Sublessee's interest hereunderone or more assignments of this Sublease or any such actual or attempted assignment or encumbrances of the Security Deposit.
Appears in 1 contract
Security Deposit. Sublessee Simultaneously with Subtenant’s execution of this Sublease, Subtenant shall deposit with Sublessor upon execution Sublandlord the Security Deposit Amount as a security deposit for the performance by Subtenant of all of Subtenant’s obligations, covenants, conditions and agreements under this Sublease. Sublandlord shall not be required to maintain such security deposit in a separate account. Except as may be required by law, Subtenant shall not be entitled to interest on the security deposit. Within thirty (30) days after the later of the expiration or earlier termination of the Sublease Term or Subtenant’s vacating the Subleased Premises, Sublandlord shall return such security deposit to Subtenant, less such portion thereof as Sublandlord shall have appropriated to satisfy any of Subtenant’s obligations under this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")or to satisfy a Default under this Sublease. If Sublessee fails to pay rent or other charges when due there shall be any Default under this Sublease, then Sublandlord shall have the right, but shall not be obligated, to use, apply or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit security deposit for the payment of any rent (a) Sublease Base Rent, Additional Rent, or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor applicable to such event, or (b) amount Sublandlord may spend or become obligated to spend, or for the compensation of Sublandlord for any losses incurred, by reason of Sublessee's default such event (including any damage or breach, or for any loss or damage sustained by Sublessor as a result deficiency arising in connection with the reletting of Sublessee's default or breachthe Subleased Premises). If Sublessor so uses any portion of the Security Depositsecurity deposit (in whatever form) is so used or applied, Sublessee shall, then within ten seven (107) business days after Sublandlord gives written demand by Sublessornotice to Subtenant of such use or application, Subtenant shall deposit with Sublandlord cash in an amount sufficient to restore the security deposit to the original Security Deposit to the full amount originally depositedAmount, and Sublessee's Subtenant’s failure to do so shall constitute a default Default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Sources: Sublease Agreement (Zynex Inc)
Security Deposit. Upon the oral acceptance of this Sublease by Master Lessor, Sublessee shall deposit with Sublessor upon execution Sublessor, in immediately available funds, a security deposit in the amount of this Sublease the sum of Twenty Seventeen Thousand Two Hundred Fifty Fifty-Six dollars and 40/100ths Dollars 00/100 ($20,250.4017,056.00) as security for Sublessee's faithful performance of Sublessee's obligations hereunder (the "Security Deposit"), which Security Deposit shall be held by Sublessor as security for the faithful performance by Sublessee of each of every term, covenant and condition of this Sublease applicable to Sublessee, and not as prepayment of Rent, provided, however, that should Sublessee be in material compliance with the terms of this Sublease on November 1, 2006, the rent due November 1, 2006 shall be deducted from the Security Deposit held by Sublessor. Sublessee shall not be entitled to receive any interest on the Security Deposit. The Security Deposit shall be deposited in the Sublessor's attorney's trust account. If Sublessee fails shall at any time fail to pay rent keep or perform any term, covenant or payment of Rent or any other charges when amounts due under this Sublease, hereunder or fails otherwise fail to perform any of its other obligations hereunder, Sublessor may use may, but shall not be obligated to and without waiving or releasing Sublessee from any obligation under this Sublease, use, apply all or retain the whole or any portion part of the Security Deposit necessary for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated incur by reason of Sublessee's default or breach, or as necessary to compensate Sublessor for any loss or damage sustained which Sublessor may suffer by Sublessor as a result reason of Sublessee's default default. In the event Sublessor uses or breach. If Sublessor so uses applies any portion of the Security Deposit, Sublessee shall, within ten five (105) days after written demand by Sublessor, remit to Sublessor sufficient funds to restore the Security Deposit to the full amount originally deposited, and its original sum. Sublessee's failure to do so remit funds to Sublessor shall constitute a default by Sublessee under this Sublease. Sublessor shall not be required In the event Sublessee complies with all of the terms, covenants and conditions of the Sublease applicable to keep Sublessee, the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to within thirty (30) days from the last assignee, if any, date Sublessor receives possession of the Sublease Premises from Sublessee's interest hereunder.
Appears in 1 contract
Security Deposit. Sublessee Upon execution of this Sublease, Subtenant shall deposit with Sublessor upon execution of this Sublease the Sublandlord the sum of Twenty Thousand Two Hundred Fifty and 40/100ths four thousand six hundred eighty Dollars ($20,250.404,680.00) as a security for Sublessee's faithful performance of Sublessee's obligations hereunder deposit ("“Security Deposit"”). If Sublessee Subtenant fails to pay rent Rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor and such failure is not cured within the applicable cure period under this Sublease, Sublandlord may use or apply all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor Sublandlord may become obligated by reason of Sublessee's Subtenant’s default or breach, or for any loss or damage sustained by Sublessor Sublandlord as a result of Sublessee's Subtenant’s default or breach. If Sublessor Sublandlord so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, Subtenant shall restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Subleasedeposited within ten (10) days after Sublandlord’s written demand. Sublessor Sublandlord shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the The Security Deposit, or so much thereof as had not theretofore been applied by SublessorSublandlord, shall be returned to Sublessee Subtenant within thirty (30) days of the expiration or to earlier termination of this Sublease, provided Subtenant has vacated the last assignee, if any, of Sublessee's interest hereunderSubleased Premises.
Appears in 1 contract
Sources: Sublease (Kura Oncology, Inc.)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Twenty-Five Thousand Two Hundred Fifty and 40/100ths No/1 00 Dollars ($20,250.4025,000) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, Deposit or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.as
Appears in 1 contract
Sources: Sublease (Corillian Corp)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease hereof the sum of Twenty Five Thousand Two Five Hundred Fifty Seventy Three and 40/100ths Dollars 00/100ths ($20,250.405,573.00) Dollars as security for Sublessee's ’s faithful performance of Sublessee's ’s obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breach’s default, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, hereinabove stated and Sublessee's ’s failure to do so shall constitute be a default under breach of this Sublease, and Sublessor may at his option terminate this Sublease. Sublessor shall not note be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee’s obligations hereunder, the Security Deposit, said deposit or so much thereof as had not theretofore heretofore been applied by Sublessor, Sublessor shall be returned without payment of interest for its use, to Sublessee or (or, at Sublessor’s option, to the last assignee, if any, of Sublessee's ’s interest hereunder) within ten (10) days after the expiration of the term hereof, or after Sublessee has vacated the Premises, whichever is later.
Appears in 1 contract
Sources: Landlord Consent to Sublease (Digital Music Group, Inc.)
Security Deposit. Sublessee shall agrees to deposit with Sublessor an amount equal to four (4) months rent ($30,580.00) upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. Interest at a commercially reasonable rate shall be paid to Sublessee on a quarterly basis by Sublessor. If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten fifteen (1015) days after the Term has expired, or Sublessee has vacated the Subleased Premises, or and if any final adjustment pursuant to Subsection 6.2 Articles Eight and Thirteen hereof has of the Prime Lease have been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Sources: Sublease Agreement (Ebix Com Inc)
Security Deposit. Sublessee Upon execution of this Sublease, Subtenant shall deposit with Sublessor upon execution of this Sublease the Sublandlord the sum of Twenty Thousand Two Hundred Fifty fifteen thousand nine hundred and 40/100ths eight Dollars ($20,250.4015, 908) as a security for Sublessee's faithful performance of Sublessee's obligations hereunder deposit ("“Security Deposit"”). If Sublessee Subtenant fails to pay rent Rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor and such failure is not cured within the applicable cure period under this Sublease, Sublandlord may use or apply all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor Sublandlord may become obligated by reason of Sublessee's Subtenant’s default or breach, or for any loss or damage sustained by Sublessor Sublandlord as a result of Sublessee's Subtenant’s default or breach. If Sublessor Sublandlord so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, Subtenant shall restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Subleasedeposited within ten (10) days after Sublandlord’s written demand. Sublessor Sublandlord shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the The Security Deposit, or so much thereof as had not theretofore been applied by SublessorSublandlord, shall be returned to Sublessee Subtenant within thirty (30) days of the expiration or to earlier termination of this Sublease, provided Subtenant has vacated the last assignee, if any, of Sublessee's interest hereunderSubleased Premises.
Appears in 1 contract
Sources: Sublease (Kura Oncology, Inc.)
Security Deposit. Sublessee Upon execution of this Sublease, Subtenant shall deposit with Sublessor upon execution of this Sublease Sublandlord the cash sum of Twenty Thousand two times the last month's rent (Two Hundred Fifty Eighty-Three Thousand Seven Hundred Seventy-Three and 40/100ths 10/100ths Dollars ($20,250.40283,773.10) as security for Sublessee's faithful performance of Sublessee's obligations hereunder (the "Security Deposit"). The Security Deposit shall be security for Subtenant's faithful performance of Subtenant's obligations hereunder. If Sublessee Subtenant fails to pay rent Rent or other charges when due under this Subleasehereunder, or fails otherwise defaults with respect to perform any provision of its other obligations hereunderthis Sublease beyond any applicable cure periods, Sublessor Sublandlord may use use, apply or apply retain all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaid, charge in default beyond any applicable cure periods or for the payment of any other sum for to which Sublessor Sublandlord may become obligated by reason of SublesseeSubtenant's default or breachbeyond any applicable cure periods, or to compensate Sublandlord for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachwhich Sublandlord may suffer thereby. If Sublessor Sublandlord so uses or applies all or any portion of the Security Deposit, Sublessee shall, Subtenant shall within ten (10) days after written demand by Sublessor, therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount originally deposited, hereinabove stated and SublesseeSubtenant's failure to do so shall constitute be a default under breach of this Sublease. Sublessor Sublandlord shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment . If Subtenant performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Subtenant's obligations hereunder, the Security Deposit, said deposit or so much thereof as had not theretofore been applied by SublessorSublandlord, shall be returned without payment of interest for its use, to Sublessee or Subtenant (or, at Sublandlord's option, to the last assignee, if any, of SublesseeSubtenant's interest hereunder) within ten (10) days after the expiration of the term hereof or ten (10) days after the date Subtenant has vacated the Premises, whichever is later.
Appears in 1 contract
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease hereof the sum of Twenty Fifteen Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.4015,000.00) as security a Security Deposit for Sublessee's Sublessees faithful performance of Sublessee's Sublessees obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachSublessees default, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefor deposit cash with Sublessor in an amount sufficient to restore the Security Deposit to the full amount originally deposited, and Sublessee's failure said deposit. Failure to do so shall constitute a default under be breach of this Sublease, and Sublessor may, at its option, terminate this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expiredexpiration of the term hereof, or on condition that Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occurpremises, and provided Sublessee is not then in default has fully and faithfully performed every provision of any of its obligations hereunderthis Sublease to be performed by it, the Security Deposit, Deposit or so much any balance thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or (or, at Sublessors option, to the last assignee, if any, of Sublessee's or Sublessees interest hereunder).
Appears in 1 contract
Sources: Sublease (Steri Oss Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon execution and maintain during the Term the cash sum of One Hundred Thousand and 00/100 Dollars ($100,000.00) as a security deposit (the “Security Deposit”) which Sublessor shall hold as security for the full and faithful performance by Sublessee of every term, provision, obligation and covenant under this Sublease and subject to the terms and conditions of this Sublease. The Security Deposit shall be paid to Sublessor as follows: (i) $33,000.00 on the Commencement Date, (ii) $33,000.00 on the 30th day after the Commencement Date and (iii) $34,000.00 on the 60th day after the Commencement Date. The Security Deposit may be deposited by Sublessor into an interest-bearing account, which interest shall accrue for the sole benefit of Sublessor and not Sublessee. The Security Deposit shall not be considered an advance payment of Rent (or of any other sum payable by Sublessee under this Sublease) or a measure of Sublessor’s damages in case of a default by Sublessee. Sublessor shall have no obligation to maintain the Security Deposit separate and apart from Sublessor’s general and/or other funds. If Sublessee defaults in respect of any of the terms, provisions, covenants and conditions of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"or if there is a default under any agreement or instrument with which this Sublease is cross-defaulted). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or may, but shall not be required to, in addition to and not in lieu of any other rights and remedies available to Sublessor, apply all or any part of the Security Deposit to the payment of any sum in default, or any other sum that Sublessor may expend or be required to expend by reason of Sublessee’s default, including but not limited to, any damages or deficiency in reletting the Premises. Whenever, and as often as, Sublessor has applied any portion of the Security Deposit for the payment of to cure Sublessee’s default hereunder or under any rent or other amount then due hereunder and unpaid, for the payment of any other sum for agreement with which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Depositthis Sublease is cross-defaulted, Sublessee shall, within ten (10) days after written demand by Notice from Sublessor, deposit additional money with Sublessor sufficient to restore the Security Deposit to the full amount originally depositedthen required to be deposited with Sublessor, and Sublessee's ’s failure to do so shall constitute a default under this Subleasean Event of Default without any further Notice. If Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation transfers or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in under this Sublease, Sublessor shall deliver to its assignee so much of assign the Security Deposit as is then held by Sublessor. Within ten (10) days after to the Term has expired, or Sublessee has vacated new Sublessor and thereafter Sublessor shall have no further liability for the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default return of any of its obligations hereunder, the Security Deposit, and Sublessee agrees to look solely to the new Sublessor for the return of the Security Deposit. Sublessee agrees that it will not assign or so much thereof as had not theretofore been applied by encumber or attempt to assign or encumber the Security Deposit and that Sublessor, shall be returned to Sublessee or its successors and assigns may return the Security Deposit to the last assigneeSublessee in possession of the Premises at the last address for which Notice has given by such Sublessee and that Sublessor thereafter shall be relieved of any liability therefor, if any, regardless of Sublessee's interest hereunder.one or more assignments of this Sublease or any such actual or attempted assignment or encumbrances of the Security Deposit
Appears in 1 contract
Security Deposit. Sublessee Upon execution of this Sublease, Subtenant shall deposit with Sublessor upon execution of this Sublease Sublandlord the sum of Twenty One Hundred Twenty-Three Thousand Two Nine Hundred Fifty Twelve and 40/100ths 75/100 Dollars ($20,250.40123,912.75) in cash as security for Sublessee's Subtenant’s full, timely and faithful performance of Sublessee's all of Subtenant’s obligations hereunder under this Sublease ("the “Security Deposit"”). If Sublessee Subtenant fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor and does not cure such failure within the applicable notice and cure periods for a default by Subtenant under this Sublease, Sublandlord may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor Sublandlord may become obligated by reason of Sublessee's Subtenant’s default or breach, or for any loss or damage sustained by Sublessor Sublandlord as a result of Sublessee's Subtenant’s default or breach. If Sublessor Sublandlord so uses any portion of the Security Deposit, Sublessee Subtenant shall, within ten five (105) business days after written demand by SublessorSublandlord, restore the Security Deposit to the full amount originally deposited, and Sublessee's Subtenant’s failure to do so shall constitute a default under this Sublease. Sublessor Sublandlord shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor Sublandlord assigns its interest in this Sublease, Sublessor Sublandlord shall deliver to its assignee so much of the Security Deposit as is then held by SublessorSublandlord. Within ten sixty (1060) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunderExpiration Date, the Security Deposit, less any amount that has been or so much thereof as had not theretofore been can be applied by SublessorSublandlord as a result of any uncured default by Subtenant under this Sublease, shall be returned to Sublessee Subtenant or to the last assignee, if any, of Sublessee's Subtenant’s interest hereunder; provided, however, that Sublandlord may withhold from such amount a sum equal to Sublandlord’s reasonable estimate of Subtenant’s share of any unbilled amount of Additional Rent, and shall refund to Subtenant any excess withheld promptly following Master Landlord’s reconciliation of such Additional Rent under the Master Lease, which obligations shall survive the expiration or earlier termination of this Sublease. Subtenant waives the provisions of California Civil Code section 1950.7, and all other provisions of law now in force or that become in force after the date of execution of this Sublease to the extent they provide that Sublandlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Subtenant, or to clean the Sublease Premises. Sublandlord and Subtenant agree that Sublandlord may, in addition, claim those sums reasonably necessary to compensate Sublandlord for any other foreseeable or unforeseeable loss or damage caused by the act or omission of Subtenant or Subtenant’s officers, agents, employees, independent contractors, or invitees.
Appears in 1 contract
Sources: Sublease (Mobileiron, Inc.)
Security Deposit. The Sublessee shall has delivered to Sublessor a security deposit with Sublessor upon execution in the, amount of $76,835.70 as a security deposit for the full and faithful Performance Of each and every provision of this Sublease to be performed by Sublessee, on the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars understanding that ($20,250.40a) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("the Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all Deposit or any portion of thereof not previously applied or from time to time, such one or more portions thereof, may be applied to cure any default that may then exist, without prejudice to any other remedy or remedies which Sublessor may have on account thereof and upon such application Sublessee Shall pay Sublessor on demand the amount so applied which shall be added to the Security Deposit for so the payment of any rent or other amount then due hereunder and unpaid, for same may be restored to its original amount; (b) should the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand Ontario Sublease be assigned by Sublessor, restore the Security Deposit or any portion thereof not previously applied may be paid to the full amount originally depositedSublessor's assignee and if the same is paid as aforesaid, Sublessee hereby releases Sublessor from any and Sublessee's failure all liability with respect to do so shall constitute a default under this Sublease. the Security Deposit and/or its application or return; (c) if permitted by law, Sublessor or its successor shall not be required obligated to keep hold the Security Deposit as a separate from fund, but on the contrary may commingle the same with its general accountsother funds; (d) if Sublessee shall faithfully perform and observe all of the terms, covenants, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest conditions in this Sublease, Sublessor shall deliver the Ontario Sublease and in the Prime Lease to its assignee so much of the Security Deposit as is then held be fulfilled, kept, performed and observed by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunderSublessee, the Security Deposit, sum deposited or so much the portion thereof as had not theretofore been applied by Sublessorpreviously applied, shall be returned to Sublessee without interest no later than thirty (30) days after the expiration of the Term of this Sublease or any renewal or extension thereof, provided Sublessee has vacated the Subleased Premises and surrendered possession thereof to Sublessor at the expiration of the Term or any extension or renewal thereof as provided herein; (e) in the event that Sublessor terminates this Sublease or Sublessee's right to possession by reason of a Default by Sublessee, Sublessor may apply the Security Deposit against damages suffered to the last assigneedate of such termination and/or may retain the Security Deposit to apply against such damages as may be suffered or shall accrue thereafter by reason of Sublessee's default; (f) in the event any bankruptcy, insolvency, reorganization or other creditor-debtor proceedings shall be instituted by or against Sublessee, or its successors or assigns, the Security Deposit shall be deemed to be applied first to the payment of any rent due for all periods prior to the institution of such proceedings, and the balance, if any, of Sublesseethe Security Deposit may be retained or paid to Sublessor in partial liquidation of Sublessor's interest hereunder.damages,
Appears in 1 contract
Sources: Sublease (Techies Com Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease hereof the sum of Twenty Thousand Two Four Thousand, Four Hundred Fifty and 40/100ths Eighty-Seven Dollars and Eighty Cents ($20,250.404,487.80) as security Security Deposit for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, within ten (10) days after written demand by Sublessordemand, deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally depositedhereinabove stated, and Sublessee's failure to do so shall constitute be a default under breach of the Sublease, and Sublessor may at its option terminate this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expiredexpiration of the term hereof, or on the condition that Sublessee has vacated the PremisesPremises and has fully and faithfully performed every provision of this Sublease to be performed by it, the security deposit or any final adjustment pursuant to Subsection 6.2 hereof has been madebalance thereof, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessortogether, shall be returned to Sublessee or (or, at Sublessor's option, to the last assignee, if any, of Sublessee's interest hereunder).
Appears in 1 contract
Sources: Office Sublease (Cirtran Corp)
Security Deposit. Sublessee shall deposit has concurrently with Sublessor upon the execution of this Sublease deposited with Sublessor the sum of Twenty Thirty Thousand Two Hundred Fifty and 40/100ths 00/100 Dollars ($20,250.4030,000.00) (hereinafter referred to as the “Security Deposit”) as security for Sublessee's faithful the full performance of Sublessee's obligations hereunder ("Security Deposit")every provision of this Sublease by Sublessor. If Sublessee fails to pay rent or other charges when due under shall fully perform each provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained has not been used by Sublessor as a result of Sublessee's default to apply to any costs, charges or breach. If payments owing by Sublessee to Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, hereunder shall be returned to Sublessee or without interest within thirty (30) days after the expiration of the Lease term. Sublessor may deliver the funds deposited hereunder by Sublessee to the last assigneepurchaser or transferee of Sublessor’s interest in the Premises in the event that such interest is sold or transferred and, if anyin the event the purchaser or transferee assumes the obligations of Sublessor, thereupon Sublessor shall be discharged from any further liability with respect to such Security Deposit. Sublessee shall have the right to provide a letter of Sublessee's interest hereundercredit to the Sublessor in the amount of the Security Deposit in lieu of cash. In the event the improvements made to the Premises by the Sublessee require restoration of the Premises at the expiration of the Lease Term, the Security Deposit may be increased in an amount reasonably calculated to satisfy the cost of said restoration.
Appears in 1 contract
Security Deposit. Concurrently with Sublessee’s execution of this Sublease, Sublessee shall deposit with Sublessor upon execution the sum of $96,975.00 which sum shall be held by Sublessor as a security deposit for the faithful performance by Sublessee of all of the terms, covenants and conditions of this Sublease the sum of Twenty Thousand Two Hundred Fifty to be kept and 40/100ths Dollars ($20,250.40) as security for performed by Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails defaults with respect to pay rent or other charges when due under any provision of this Sublease, or fails including but not limited to, the provisions relating to perform any the payment of its other obligations hereunderBasic Rent, Sublessor may use (but shall not be required to) use, apply, or apply retain all or any portion part of the Security Deposit this security deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated spend as permitted by law by reason of Sublessee's ’s default of its obligations hereunder or breach, or to compensate Sublessor for any other loss or damage sustained which Sublessor may suffer by Sublessor as a result reason of Sublessee's default or breachsuch default. If Sublessor so uses any portion of the Security Depositsaid deposit is so used, Sublessee shall, within ten (10) days after written demand by Sublessortherefor, deposit cash with Sublessor in the amount sufficient to restore the Security Deposit security deposit to the full amount originally deposited, and its original amount; Sublessee's ’s failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit this security deposit separate from its general accounts, funds and Sublessee shall have no obligation or liability for payment of not be entitled to interest on such deposit. If Sublessee is not in default at the Security Depositexpiration or termination of this Sublease, the security deposit or any balance thereof shall be returned to Sublessee no later than thirty (30) days after Sublessee has vacated the Subleased Premises in accordance with the terms of this Sublease. In the event Sublessor assigns its of an assignment of Sublessor’s interest in this Sublease, Sublessor shall deliver transfer said deposit to its assignee so much Sublessor’s successor in interest, and Sublessee agrees that Sublessor shall thereupon be released from liability for the return of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, such deposit or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderaccounting therefor.
Appears in 1 contract
Sources: Sublease (Telik Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon execution and maintain during the Term the cash sum of Sixty Thousand and 00/100 Dollars ($60,000.00) as a security deposit (the “Security Deposit”) which Sublessor shall hold as security for the full and faithful performance by Sublessee of every term, provision, obligation and covenant under this Sublease and subject to the terms and conditions of this Sublease. The Security Deposit shall be paid to Sublessor on the Commencement Date. The Security Deposit may be deposited by Sublessor into an interest-bearing account, which interest shall accrue for the sole benefit of Sublessor and not Sublessee. The Security Deposit shall not be considered an advance payment of Rent (or of any other sum payable by Sublessee under this Sublease) or a measure of Sublessor’s damages in case of a default by Sublessee. Sublessor shall have no obligation to maintain the Security Deposit separate and apart from HNZW/492594_3.doc (Eaglewood SNF) Sublessor’s general and/or other funds. If Sublessee defaults in respect of any of the terms, provisions, covenants and conditions of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"or if there is a default under any agreement or instrument with which this Sublease is cross-defaulted). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or may, but shall not be required to, in addition to and not in lieu of any other rights and remedies available to Sublessor, apply all or any part of the Security Deposit to the payment of any sum in default, or any other sum that Sublessor may expend or be required to expend by reason of Sublessee’s default, including but not limited to, any damages or deficiency in reletting the Premises. Whenever, and as often as, Sublessor has applied any portion of the Security Deposit for the payment of to cure Sublessee’s default hereunder or under any rent or other amount then due hereunder and unpaid, for the payment of any other sum for agreement with which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Depositthis Sublease is cross-defaulted, Sublessee shall, within ten (10) days after written demand by Notice from Sublessor, deposit additional money with Sublessor sufficient to restore the Security Deposit to the full amount originally depositedthen required to be deposited with Sublessor, and Sublessee's ’s failure to do so shall constitute a default under this Subleasean Event of Default without any further Notice. If Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation transfers or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in under this Sublease, Sublessor shall deliver to its assignee so much of assign the Security Deposit as is then held by Sublessor. Within ten (10) days after to the Term has expired, or Sublessee has vacated new Sublessor and thereafter Sublessor shall have no further liability for the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default return of any of its obligations hereunder, the Security Deposit, and Sublessee agrees to look solely to the new Sublessor for the return of the Security Deposit. Sublessee agrees that it will not assign or so much thereof as had not theretofore been applied by encumber or attempt to assign or encumber the Security Deposit and that Sublessor, shall be returned to Sublessee or its successors and assigns may return the Security Deposit to the last assigneeSublessee in possession of the Premises at the last address for which Notice has given by such Sublessee and that Sublessor thereafter shall be relieved of any liability therefor, if any, regardless of Sublessee's interest hereunderone or more assignments of this Sublease or any such actual or attempted assignment or encumbrances of the Security Deposit.
Appears in 1 contract
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as As security for Sublessee's the faithful performance by ---------------- Sub-Subtenant of Sublessee's all of its obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit Sub-Sublease and for the payment of any rent damages to which Sub-Sublandlord may be entitled in the event of a default by Sub-Subtenant hereunder, Sub-Subtenant will deposit with Sub-Sublandlord the Security Deposit. The Security Deposit shall be returned to Sub-Subtenant by Sub-Sublandlord without interest, 30 days after the expiration of the Sub-Sublease Term, or renewal thereof, if applicable, provided that Sub-Subtenant has fully and faithfully carried out all of the terms, covenants and conditions under this Sub-Sublease, the Master Lease and the Sublease. If Sub-Subtenant defaults with respect to any provision of this Sub-Sublease, including, but not limited to, the provisions relating to the payment of the Rent, Sub-Sublandlord shall have the right, but shall not be required to, at any time during the Sub-Sublease Term to use, apply or retain all or any part of the Security Deposit: a) for the payment of any of the Rent or any other amount then due hereunder and unpaid, sum in default; and/or b) for the payment of any other sum for amount which Sublessor Sub-Sublandlord may spend or become obligated to spend by reason of SublesseeSub-Subtenant's default, and/or c) to cure any default or breachof Sub-Subtenant, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Depositand if Sub-Sublandlord does so, Sublessee Sub-Subtenant shall, within ten (10) days after written demand by Sublessorupon demand, restore immediately deposit with Sub-Sublandlord an additional sum to make the sum equal to the original Security Deposit to amount, so that Sub-Sublandlord shall have the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on available throughout the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderSub-Sublease Term.
Appears in 1 contract
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty __Eighteen thousand four hundred two dollars and 40/100ths 50/100 (1 month’s rent) Dollars ($20,250.40$ 18,402.50 ) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("“Security Deposit"Deposi”). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Sources: Sublease Agreement (Careguide Inc)
Security Deposit. Sublessee Subtenant shall deposit with Sublessor Sublandlord upon execution of this Sublease hereof the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars SEVEN THOUSAND AND NO/100s DOLLARS ($20,250.407,000.00) as security for SublesseeSubtenant's faithful performance of SublesseeSubtenant's obligations hereunder ("Security Deposit")hereunder. If Sublessee Subtenant fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, Sublandlord may use, apply or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor Sublandlord may become obligated by reason of SublesseeSubtenant's default or breachdefault, or to compensate Sublandlord for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachwhich Sublandlord may suffer thereby. If Sublessor Sublandlord so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, within Subtenant shall with ten (10) days after written demand by Sublessor, therefore deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, hereinabove stated and SublesseeSubtenant's failure to do so shall constitute be a default under breach of this Sublease, and Sublandlord may at its option terminate this Sublease. Sublessor Sublandlord shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Subtenant performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Subtenant's obligations hereunder, the Security Deposit, said deposit or so much thereof hereof as had not theretofore been applied by Sublessor, Sublandlord shall be returned without payment of interest for its use, to Sublessee or Subtenant (or, at Sublandlord's option, to the last assignee, if any, of SublesseeSubtenant's interest hereunder) within ten (10) days after the expiration of the term hereof, or after Subtenant has vacated the Sublease Premises, whichever is later.
Appears in 1 contract
Sources: Sublease (Harvey Entertainment Co)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths thirteen thousand, eight hundred twenty-four Dollars ($20,250.40$ 13,824.00) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and SublesseeSublessees's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten thirty (1030) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Sources: Sublease (Hybrid Networks Inc)
Security Deposit. Sublessor and Sublessee acknowledge that Sublessee ---------------- has paid to Sublessor a deposit in the amount of Eighty-Three Thousand Seven Hundred Ninety-Four and 90/100 Dollars ($83,794.90) (the "Lock-Up Deposit") which would have been non-refundable to Sublessor if Sublessor and Sublessee had failed to execute this Sublease. Upon execution hereof, Sublessee shall deposit with Sublessor upon execution an additional amount of this Sublease the sum of Twenty One Hundred Seven Thousand Two Seven Hundred Fifty Thirty-Six and 40/100ths 30/100 Dollars ($20,250.40107,736.30), in cash, so that Sublessor shall hold a total amount of One Hundred Ninety-One Thousand Five Hundred Thirty-One Dollars and 20/100 ($191,531.20) as security for Sublessee's faithful performance of Sublessee's obligations hereunder (the "Security Deposit"), in cash, as security for the performance by Sublessee of the terms and conditions of this Sublease. If Sublessee fails to pay rent Rent or other charges when due under hereunder or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, then Sublessor may use draw upon, use, apply or apply retain all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaidcharge in default, for the payment of any other sum for which Sublessor may has become obligated to pay by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachhas suffered thereby. If Sublessor so uses or applies all or any portion of the Security Deposit, Sublessee shallthen Sublessee, within ten three (103) days after written delivery of demand by Sublessortherefor, shall deposit cash with Sublessor in the amount required to restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Subleasestated above. Sublessor shall not be required to keep Upon the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment expiration of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, if Sublessee is not in default beyond applicable cure periods, Sublessor shall deliver return to its assignee Sublessee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by SublessorSublessor pursuant to this paragraph, shall be returned or which is not otherwise required to Sublessee or to the last assignee, if any, of cure Sublessee's interest hereunderdefaults.
Appears in 1 contract
Sources: Sublease (Synplicity Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon On the date of execution of this Sublease Sub-sublease by Subtenant #2, Subtenant #2 will pay to Subtenant #1 a security deposit in the sum amount of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security 5,332.71 for SublesseeSubtenant #2's faithful performance of SublesseeSubtenant #2's obligations obligation hereunder (hereinafter "Security Deposit"). If Sublessee Subtenant #2 fails to pay rent or other charges when due under this SubleaseSub-sublease, or fails to perform any of its other obligations hereunder, Sublessor Subtenant #1 may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount amounts then due hereunder and unpaid, for the payment of any other sum for which Sublessor Subtenant #1 may become obligated by reason of SublesseeSubtenant #2's default or breach, or for any loss or damage sustained by Sublessor Subtenant #1 as a result of SublesseeSubtenant #2's default or breach. If Sublessor Subtenant #1 so uses any portion of the Security Deposit, Sublessee Subtenant #2 shall, within ten (10) days after written demand by SublessorSubtenant #1, restore the Security Deposit to the full amount originally deposited, and SublesseeSubtenant #2's failure to do so shall constitute a default under this SubleaseSub-sublease. Sublessor Subtenant #1 shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor Subtenant #1 assigns its interest in this SubleaseSub-sublease, Sublessor Subtenant #1 shall deliver to its assignee so much of the Security Deposit as is then held by SublessorSubtenant #1. Within ten (10) days after the Term has expired, or Sublessee Subtenant #2 has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 Paragraph 5(b) hereof has been made, whichever shall last occur, and provided Sublessee Subtenant #2 is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by SublessorSubtenant #1, shall be returned to Sublessee Subtenant #2 or to the last assignee, if any, of SublesseeSubtenant #2's interest hereunder.. 3
Appears in 1 contract
Sources: Sub Sublease (Maxxis Group Inc)
Security Deposit. Upon the later of the execution of this Sublease ---------------- and the receipt of DEC's written consent to this Sublease, Sublessee shall deposit with Sublessor upon execution a security deposit in the amount of this Sublease $34,416.20 (the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges Rent when due under this Sublease, or fails to perform which failure continues beyond any of its other obligations hereunderapplicable cure period, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount such Rent then due hereunder and unpaid, for the payment of unpaid beyond any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachapplicable cure period. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after receipt of written demand by Sublessor, restore the Security Deposit to the full amount originally depositedrequired, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunderoccur last, the Security Deposit, or so much thereof as had not theretofore heretofore been applied by Sublessor in accordance with Sublessor's rights hereunder, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Sources: Sublease (Microsoft Corp)
Security Deposit. Sublessee shall deposit with Sublessor upon Sublessee’s execution hereof cash or a Letter of this Sublease Credit (as hereinafter defined) in the sum amount of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars $206,976.00 ($20,250.40the “Security Deposit”) as security for Sublessee's ’s faithful performance of Sublessee's ’s obligations hereunder ("Security Deposit")under this Agreement. If Sublessee fails to pay rent Rent or other charges when due otherwise defaults beyond applicable notice and cure periods under this Sublease, or fails to perform any of its other obligations hereunderAgreement, Sublessor may use or apply all or any portion of draw on the Security Deposit for the payment of any rent amount due Sublessor or other amount then due hereunder and unpaidto reimburse or compensate Sublessor for any liability, for the payment of any other sum for cost, expense, loss or damage (including attorneys’ fees) which Sublessor may become obligated suffer or incur by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachthereof. If Sublessor so uses any portion of the Security DepositDeposit is so drawn on, Sublessee shall, within ten five (105) days after written demand by Sublessortherefor, deposit further funds or an additional or amended Letter of Credit with Sublessor in an amount sufficient to restore the Security Deposit to the full amount originally depositedits original amount, and Sublessee's ’s failure to do so shall constitute be a default under this SubleaseAgreement. Sublessor shall not be required to keep all or any part of the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the The Security Deposit, or so much any balance thereof as had not theretofore been applied by SublessorSublessor pursuant to this Section, shall be returned to Sublessee within thirty (30) days, for a cash Security Deposit, or sixty (60) days, for a Letter of Credit, following the expiration or earlier termination of the Term and after Sublessee has vacated the Premises. The Security Deposit may be made in cash or by an unconditional, irrevocable sight draft letter of credit (the “Letter of Credit”) in form and content reasonably acceptable to Sublessor. If used, the Letter of Credit shall name Sublessor as the beneficiary and shall state that an authorized agent of Sublessor may make demand on the issuing bank for the whole or any portion of the principal amount of the Letter of Credit, only upon the delivery to the issuing bank of a certificate executed by or on behalf of Sublessor stating that the Sublessee has breached one of its obligations under this Agreement or there are less than thirty (30) days remaining on the Letter of Credit and a renewal or extension has not been delivered, and no other qualification or satisfaction of any other condition shall be required. Sublessee shall deliver its proposed form of Letter of Credit to Sublessor, for Sublessor’s approval, prior to delivery of any Letter of Credit. If using a Letter of Credit for all or any part of the Security Deposit, Sublessee shall provide Sublessor with a replacement Letter of Credit or additional Letter of Credit or modification of Letter of Credit in the amount required to be maintained hereunder at least thirty (30) days prior to any anticipated expiration of the Letter of Credit. If Sublessee does not provide such replacement Letter of Credit or additional Letter of Credit or modification of Letter of Credit within the time period described herein, then Sublessor shall be entitled to draw upon the entire amount of the Letter of Credit. No part of the Security Deposit shall be considered to be held in trust, to bear interest, or to be prepayment for any monies to be paid by Sublessee under this Agreement. In the last event of any assignment by Sublessor of its interest under the Master Lease, Sublessor shall have the right to transfer the Security Deposit to Sublessor’s assignee, if anyand Sublessee agrees to look to such assignee solely for the return of the Security Deposit and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the Security Deposit to a new sublessor. Upon the request of Sublessor or any successor-in-interest to Sublessor, Sublessee shall re-issue or modify at the requesting party’s sole cost and expense the Letter of Sublessee's interest hereunderCredit in the name of such assignee. Upon Sublessor’s receipt of the re-issued Letter of Credit, Sublessor shall return the original Letter of Credit to Sublessee or will exchange it with the issuer at the place of draw. Sublessee further covenants that it shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security and that neither Sublessor nor its successor or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.
Appears in 1 contract
Sources: Sublease (Augmedix, Inc.)
Security Deposit. Upon execution of this Sublease, Sublessee shall deposit with the Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars amount $7,505.00 ($20,250.40one month’s Base Rent) as a security deposit for Sublessee's faithful the performance of Sublessee for the payment and performance by Sublessee of all Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due ’s obligations, covenants, conditions, and agreements under this Sublease. In addition, or fails Sublessor shall have the right to perform increase the amount of the deposit, not to exceed a total deposit of four (4) month’s of Base Rent, if Sublessee determines in the exercise of reasonable discretion that Sublessee’s creditworthiness has materially and adversely changed. Any increase in the deposit shall be paid by Sublessee to Sublessor within thirty (30) days of notice thereof by Sublessor to Sublessee. In the event of any of its other obligations default by Sublessee hereunder, Sublessor may use or shall have the right, but shall not be obligated to, apply all or any portion of the Security Deposit for the payment deposit to cure such default (after receipt by Sublessee of any rent or other amount then due hereunder and unpaidnotice thereof, for the payment which notice shall given be in accordance with Section 11.01 of any other sum for this Sublease, at lease five (5) business days prior to such application), in which Sublessor may become event Sublessee shall be obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, to promptly deposit within ten (10) days after written demand by Sublessor, with Sublessor the amount necessary to restore the Security Deposit deposit to its original amount. If Sublessee is not in the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under at the expiration or termination of this Sublease, Sublessor shall return the security deposit or any balance thereof to Sublessee, within thirty (30) days after the expiration of the term hereof, or after Sublessee has vacated the Demised Premises, whichever is later. Sublessor shall not be required to pay Sublessee interest on the security deposit, nor to keep the Security Deposit security deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.funds
Appears in 1 contract
Sources: Sublease Agreement (Inferx Corp)
Security Deposit. On the Effective Date, Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Eight Hundred Sixty Thousand Two Three Hundred Fifty Sixty and 40/100ths 25/100 Dollars ($20,250.40860,360.25) (the “Security Deposit”), in cash, as security for Sublessee's faithful the performance by Sublessee of Sublessee's obligations hereunder ("Security Deposit")the terms and conditions of this Sublease. If Sublessee fails to pay rent Rent or other charges when due under hereunder or otherwise defaults with respect to any provision of this SubleaseSublease after expiration of the applicable cure period, or fails to perform any of its other obligations hereunder, then Sublessor may use draw upon, use, apply or apply retain all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaidcharge in default, for the payment of any other sum for which Sublessor may has become obligated to pay by reason of Sublessee's default or breach’s default, or to compensate Sublessor for any loss or damage sustained which Sublessor has suffered thereby, including future rent damages under California Civil Code Section 1951.2, without prejudice to any other remedy provided herein or by law. Sublessee hereby waives the provisions of any law, now or hereafter in force, including, without limitation, California Civil Code Section 1950.7, that provides that Sublessor as may claim from a result security deposit only those sums reasonably necessary to remedy defaults in the payment of Rent, to repair damage caused by Sublessee, or to clean the Subleased Premises, it being agreed that Sublessor, in addition, may claim those sums reasonably necessary to compensate Sublessor for any other loss or damage, foreseeable or unforeseeable, caused by the act or omission of Sublessee's default or breach, including future rent damages following the termination of this Sublease. If Sublessor so uses or applies all or any portion of the Security Deposit, Sublessee shallthen Sublessee, within ten (10) days after written demand by Sublessortherefor, shall deposit cash with Sublessor in the amount required to restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Subleasestated above. Sublessor shall not be required to keep Within thirty (30) days of the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment expiration of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, if Sublessee is not in default after the expiration of any applicable cure period, Sublessor shall deliver return to its assignee Sublessee so much of the Security Deposit as has not been applied by Sublessor pursuant to this paragraph, or which is not otherwise required to cure Sublessee’s defaults. Sublessee shall have the right to instead provide the Security Deposit upon execution hereof in the form of a letter of credit in a form and from a bank that are reasonably acceptable to Sublessor, which shall be held in accordance with the terms of Article 21 of the Master ▇▇▇▇▇, as incorporated herein. Sublessor expressly acknowledges and agrees that the Security Deposit shall be and shall remain the property of Sublessee and shall not constitute property of Sublessor’s estate subject to the claims of Sublessor’s creditors in any Sublessor bankruptcy. Notwithstanding anything to the contrary herein, provided that Sublessee meets the Required Conditions (as defined below), then held on the later of (a) thirtieth (30th) month of the Term and (b) one (1) month following Sublessor’s receipt of evidence for item (iv) below and confirmation that Sublessee meets the Required Conditions, Sublessee shall have the right to reduce the amount of the Security Deposit to Two Hundred Eighty-Six Thousand Seven Hundred Eight-Six and 75/100 Dollars ($286,786.75) by requesting such reduction in writing and providing evidence required by Sublessor that Sublessee has met the net worth and credit requirements of item (iv) below. In the event that Sublessee elected to provide the Security Deposit in the form of a letter of credit, upon any reduction of the Security Deposit Sublessee shall either deliver an amendment to the existing letter of credit or a replacement letter of credit in the new amount that otherwise complies with all other applicable requirements specified in this Section 5 and is in a form reasonably acceptable to Sublessor. Within ten The term “Required Conditions” as set forth above shall mean satisfaction of all of the following: (10i) days after the Term has expired, or Sublessee has vacated not committed a monetary or material default within the Premisessix (6) month period prior to Sublessee’s request, or any final adjustment pursuant to Subsection 6.2 hereof (ii) Sublessee has not been madein default of this Sublease after expiration of the applicable cure period, whichever shall last occur, and provided (iii) Sublessee is not then currently in default, and an event or circumstance does not then exist that would constitute a default by Sublessee under this Sublease without regard to any notice and cure period, and (iv) Sublessee’s tangible net worth (i.e., net worth without taking into account intangible assets such as goodwill, copyrights and other intellectual property) and credit worthiness is not less than that of any Sublessee as of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, Effective Date of Sublessee's interest hereunderthis Sublease.
Appears in 1 contract
Security Deposit. Within three (3) days of Walnut Creek Design Review Commission's approval of Sublessee's planned improvements of the Premises, Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Sixteen Thousand Two Hundred Fifty and 40/100ths 00/100 Dollars ($20,250.4016,000.00) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term Sublease term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has adjustments have been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore heretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Sources: Sublease (Pyramid Breweries Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon execution and maintain during the Term the cash sum of Sixty Thousand and 00/100 Dollars ($60,000.00) as a security deposit (the “Security Deposit”) which Sublessor shall hold as security for the full and faithful performance by Sublessee of every term, provision, obligation and covenant under this Sublease and subject to the terms and conditions of this Sublease. The Security Deposit shall be paid to Sublessor on the Commencement Date. The Security Deposit may be deposited by Sublessor into an interest-bearing account, which interest shall accrue for the sole benefit of Sublessor and not Sublessee. The Security Deposit shall not be considered an advance payment of Rent (or of any other sum payable by Sublessee under this Sublease) or a measure of Sublessor’s damages in case of a default by Sublessee. Sublessor shall have no obligation to maintain the Security Deposit separate and apart from Sublessor’s general and/or other funds. If Sublessee defaults in respect of any of the terms, HNZW/478508_3.docx/3583-1 provisions, covenants and conditions of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"or if there is a default under any agreement or instrument with which this Sublease is cross-defaulted). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or may, but shall not be required to, in addition to and not in lieu of any other rights and remedies available to Sublessor, apply all or any part of the Security Deposit to the payment of any sum in default, or any other sum that Sublessor may expend or be required to expend by reason of Sublessee’s default, including but not limited to, any damages or deficiency in reletting the Premises. Whenever, and as often as, Sublessor has applied any portion of the Security Deposit for the payment of to cure Sublessee’s default hereunder or under any rent or other amount then due hereunder and unpaid, for the payment of any other sum for agreement with which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Depositthis Sublease is cross-defaulted, Sublessee shall, within ten (10) days after written demand by Notice from Sublessor, deposit additional money with Sublessor sufficient to restore the Security Deposit to the full amount originally depositedthen required to be deposited with Sublessor, and Sublessee's ’s failure to do so shall constitute a default under this Subleasean Event of Default without any further Notice. If Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation transfers or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in under this Sublease, Sublessor shall deliver to its assignee so much of assign the Security Deposit as is then held by Sublessor. Within ten (10) days after to the Term has expired, or Sublessee has vacated new Sublessor and thereafter Sublessor shall have no further liability for the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default return of any of its obligations hereunder, the Security Deposit, and Sublessee agrees to look solely to the new Sublessor for the return of the Security Deposit. Sublessee agrees that it will not assign or so much thereof as had not theretofore been applied by encumber or attempt to assign or encumber the Security Deposit and that Sublessor, shall be returned to Sublessee or its successors and assigns may return the Security Deposit to the last assigneeSublessee in possession of the Premises at the last address for which Notice has given by such Sublessee and that Sublessor thereafter shall be relieved of any liability therefor, if any, regardless of Sublessee's interest hereunder.one or more assignments of this Sublease or any such actual or attempted assignment or encumbrances of the Security Deposit
Appears in 1 contract
Security Deposit. Upon the execution of this Sublease, Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security Security Deposit in cash in the amount set forth in Section 1.1, for Sublessee's the faithful performance and observance by Sublessee of Sublessee's obligations hereunder ("Security Deposit")the terms and provisions of the Sublease. If Sublessee fails defaults with respect to pay rent or other charges when due under any of the terms, provisions and conditions of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of draw down on the Security Deposit to the extent required for the payment of any rent Rent, Additional Rent or other amount then due hereunder and unpaid, for the payment of any other sum for as to which Sublessee is in default, or any sum which Sublessor may become obligated expend or may be required to expend by reason of Sublessee's default or breach, or for any loss or damage sustained by ’s default. In the event that Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of does draw down on the Security Deposit, Sublessee shall, shall within ten five (105) business days after written demand by receiving notice from Sublessor, restore replenish the Security Deposit to by the full amount originally deposited, Sublessor withdrew therefrom and Sublessee's failure to do so within such 5-business day period shall constitute a default under this Sublease. Sublessor shall not be required to keep Provided that no default exists at the Security Deposit separate from its general accounts, and shall have no obligation expiration or liability for payment earlier termination of interest on the Security Deposit. In the event Sublessor assigns its interest in this SubleaseSublease Term, Sublessor shall deliver to its assignee so much return any unapplied balance of the Security Deposit to Sublessee within sixty (60) days after such expiration or earlier termination of the Sublease Term. If at any time after the third (3rd) anniversary of the Commencement Date, so long as is Sublessee has not been in default under this Sublease beyond any applicable notice and cure periods (the “SD Reduction Obligation”), then held by SublessorSublessee may notify Sublessor in writing that it wishes to decrease the Security Deposit to an amount equal to $57,797.75 (the “Reduced Security Deposit”). Within ten (10) business days after of receipt of such notice, Sublessor shall either: (i) confirm in writing that the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof SD Reduction Obligation has been made, whichever satisfied and that the Security Deposit shall last occurbe deemed to equal the Reduced Security Deposit, and provided shall thereafter promptly return to Sublessee is not then in default of any of its obligations hereunder, the amount by which the Security Deposit exceeds the the Reduced Security Deposit, or so much thereof as had (ii) provide Sublessee with satisfactory written evidence that such SD Reduction Obligation has not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereundersatisfied.
Appears in 1 contract
Sources: Sublease (Adicet Bio, Inc.)
Security Deposit. Concurrently with the execution and delivery of this Sublease Agreement, Sublessee shall deposit with Sublessor upon execution cash (the “Security Deposit”) in the amount of this Sublease the sum of Twenty One Hundred One Thousand Two Six Hundred Fifty Ninety-Three Dollars and 40/100ths Dollars Eighty-Five Cents ($20,250.40101,693.85) as security for Sublessee's the full and faithful performance of every provision of this Sub-Sublease Agreement to be performed by Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails defaults with respect to pay rent or other charges when due under any provision of this SubleaseSub-Sublease Agreement beyond any applicable notice and cure periods, including but not limited to the provisions relating to the payment of Rent, then Sublessor may, as applicable, use, apply, or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion part of the Security Deposit to the extent necessary in Sublessor’s judgment to cure such default and Sublessor may use, apply, or retain such amount for the payment of any rent or Rent and any other amount then due hereunder and unpaid, for the payment of any other sum for which that Sublessor may spend or become obligated to spend by reason of Sublessee's ’s default or breach, or to compensate Sublessor for any other loss or damage sustained that Sublessor may suffer by Sublessor as a result reason of Sublessee's default or breach’s default. If Sublessor so uses any portion amount of the Security DepositDeposit is so used or applied, Sublessee shall, within ten twenty (1020) business days after written demand by Sublessortherefor, deposit cash with Sublessor in an amount sufficient to restore the Security Deposit to its original amount. The amount so demanded shall be considered Additional Rent and the full failure of Sublessee to pay such amount originally deposited, and Sublessee's failure to do so shall constitute be a default under of this SubleaseSub-Sublease Agreement. If Sublessee shall fully and faithfully perform every provision of this Sublease to be performed by Sublessee, Sublessor shall not be required to keep return the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten Sublessee within thirty (1030) days after the Term has expired, or Sublessee has vacated expiration of the Premises, or any final adjustment pursuant Sublease Term. Nothing in this Sub-Sublease Agreement shall be deemed to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default limit the amount of any of its obligations hereunder, damages recoverable by Sublessor to the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Sources: Sub Sublease Agreement (Kubota Pharmaceutical Holdings Co LTD)
Security Deposit. Sublessee shall deposit with pay Sublessor upon execution the amount of this Sublease the sum of Twenty One Hundred Fifty-three Thousand Two Four Hundred Fifty Seventy and 40/100ths 62/100 ($153,470.62) Dollars ($20,250.40equal to three months’ gross rent), within five (5) days after Sublessor, Sublessee and Master Landlord have executed and delivered the Master Landlord’s Consent (as defined in Section 17) to this Sublease, as security deposit for Sublessee's ’s faithful performance of Sublessee's Sublessor’s obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under otherwise defaults with respect to any provision of this Sublease, Sublessor may, after the expiration of all applicable notice and cure periods, use, apply or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breach’s default, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit deposit separate from its general accounts, and shall have no obligation or liability for payment account. If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its ’s obligations hereunder, the Security Depositdeposit, or so much thereof as had has not theretofore been applied by SublessorSublessor or refunded to Sublessee, shall be returned returned, without payment of interest or other increments for its use, to Sublessee within 30 days after the expiration of the term hereof and after Sublessee has vacated the Premises. Notwithstanding the foregoing, provided that Sublessee is not then in Default and no event which with the passage of time or the giving of notice or both would constitute a Default exists, the Security Deposit shall be reduced to two months’ gross rent (the “Reduced Security Deposit Amount”) on and as of February 1, 2014 (the “Security Deposit Reduction Date”). Accordingly, if Sublessee is not in Default as of February 14, 2014 and no event which with the passage of time or the giving of notice or both would constitute a Default exists, Sublessor shall refund the excess Security Deposit within thirty (30) days after February 14, 2008. Notwithstanding the foregoing, if Sublessee is in Default on the Security Deposit Reduction Date or Sublessee is in breach of this Sublease but the applicable notice and cure period has not expired by such date, then upon Sublessee’s cure of any such Default or breach, Sublessee shall have the right to reduce the Security Deposit to the Reduced Security Deposit Amount, provided that if Sublessee has been in Default more than three (3) times during the Term prior to the Security Deposit Reduction Date then Sublessee shall have not have the right to reduce the Security Deposit after Security Deposit Reduction Date regardless if Sublessee ultimately cures such Default or breach. Instead of a cash security deposit, Sublessee shall have the right at any time during the Sublease Term (including, without limitation, on or before the date that the cash Security Deposit is due hereunder) to replace the cash Security Deposit with a clean, unconditional and irrevocable Letter of Credit Security Deposit (the “Letter of Credit”). If Sublessee elects to deposit a Letter of Credit, the Letter of Credit and any substitute Letter of Credit shall be issued in a form and by a bank (the “Bank”) approved by Sublessor, in Sublessor’s reasonable discretion. Upon Sublessee’s deposit of the Letter of Credit with Sublessor, Sublessor shall immediately return the cash Security Deposit. Sublessee shall maintain the Letter of Credit, or a substitute Letter of Credit, from the Bank approved by Sublessor, in accordance with the terms hereof, in full force and effect at all times during the entire term of this Sublease (subject to terms of this Sublease) and for a period of thirty (30) days thereafter (the last assigneeday of such 30 day period shall be referred to as the “Return Date”) or until all obligations due from Sublessee under this Sublease have been paid in full. If the Letter of Credit expires before the Return Date, if anySublessee shall replace the Letter of Credit deposited with Sublessor by providing Sublessor with a substitute Letter of Credit at least thirty (30) days prior to the expiration date of the then effective Letter of Credit being held by Sublessor in the amount required hereunder. Sublessor shall have the right to draw upon the Letter of Credit and apply such Letter of Credit or portion thereof to cure any Default of Sublessee under this Sublease in same manner described in this Section 4. Within thirty days following the expiration or earlier termination of this Sublease, Sublessor shall return the Letter of Sublessee's interest hereunderCredit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this paragraph or drawn upon by Sublessor and applied to cure any default of Sublessee existing at the expiration or earlier termination of this Sublease. If the Security Deposit is in the form of a Letter of Credit when the Security Deposit is reduced on February 14, 2014 as described above, Sublessee shall have the right to replace the existing Letter of Credit with a new Letter of Credit in the required amount. Upon such replacement Sublessor shall return the Letter of Credit previously in Sublessor’s possession.
Appears in 1 contract
Security Deposit. Sublessee shall deposit with Sublessor shall, upon execution of this Sublease Sublease, deposit with Sublessor the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) 75,000 as security for Sublessee's the full and faithful performance by Sublessee of Sublessee's covenants and obligations hereunder ("Security Deposit")under this Sublease. If Sublessee fails to pay rent or other charges when due defaults in the full and prompt payment and performance of any of Sublessee's covenants and obligations under this Sublease, or fails to perform any including but not limited to, the payment of its base rent and additional rent and other obligations hereundercharges, Sublessor may use use, apply or apply all retain the whole or any portion part of the Security Deposit security so deposited to the extent required for the payment of any base rent and additional rent or other amount then due hereunder and unpaid, for the payment of any other sums as to which Sublessee is in default or for any sum for which Sublessor may become obligated expend or may be required to expend by reason of Sublessee's default or breachin respect of any of the covenants, or for any loss or damage sustained by Sublessor as a result agreements, terms, provisions and conditions of Sublessee's default or breachthis Sublease. If Sublessor shall so uses use, apply or retain the whole or any portion part of the Security Depositsecurity, Sublessee shall, within ten (10) days after written demand by Sublessorupon demand, restore the Security Deposit immediately deposit with Sublessor a sum equal to the full amount originally depositedso used, applied or retained as a security as aforesaid. Sublessee shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and Sublessee's failure to do so neither Sublessor nor its successors or assigns shall constitute a default under this Subleasebe bound by any such assignments, encumbrance, attempted assignment or attempted encumbrance. Sublessor shall not be required to keep the Security Deposit separate from its general accountsOn September 1, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease1998, Sublessor shall deliver reduce the security to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or $50,000 provided Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has not been made, whichever shall last occur, and provided Sublessee is not then in default in the performance of any terms of its obligations hereunderthis Sublease during the period June 15, the Security Deposit1997 to September 1, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder1998.
Appears in 1 contract
Sources: Sublease (PLD Telekom Inc)
Security Deposit. Sublessee shall deposit with Sublessor Subtenant shall, upon mutual execution of this Sublease Sublease, deposit with Sublandlord the sum of Twenty Seventy-Six Thousand Two One Hundred Fifty and 40/100ths Twenty-Five Dollars ($20,250.4076,125.00) as security for Sublessee's faithful the full performance of Sublessee's obligations hereunder ("Security Deposit")every provision of this Sublease to be performed by Subtenant. If Sublessee fails Subtenant defaults with respect to pay rent or other charges when due under any provision of this Sublease, Sublandlord may use, apply or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion part of the Security Deposit this security deposit (or any additional security as hereinafter required) for the payment of any base rent, additional rent or any other amount then due hereunder and unpaidsum in default, or for the payment of any other sum for amount which Sublessor Sublandlord may spend or become obligated to spend by reason of SublesseeSubtenant's default or breachdefault, or to compensate Sublandlord for any loss other loss, cost or damage sustained which Sublandlord may suffer by Sublessor as a result reason of SublesseeSubtenant's default or breachdefault. If Sublessor so uses any portion of the Security Depositsaid deposit or additional security is so used or applied, Sublessee Subtenant shall, within ten (10) days after written demand by Sublessortherefor, deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit security deposit to the full its original amount originally deposited, and SublesseeSubtenant's failure to do so shall constitute be a default under breach of this Sublease. Sublessor Sublandlord shall not not, unless otherwise required by law, be required to keep the Security Deposit this security deposit (or any additional security as hereinafter required) separate from its general accounts, and shall have no obligation or liability for payment of funds nor pay interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much Subtenant. If Subtenant defaults with respect to any provision of the Security Deposit this Sublease more than twice in any calendar year, Subtenant shall, as is then held by Sublessor. Within additional security for Subtenant's performance of this Sublease and within ten (10) days after written demand therefor, deposit cash with Sublandlord equal to twice the Term has expired, or Sublessee has vacated monthly Base Rent in effect for the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then month in which Subtenant's third default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderoccurred.
Appears in 1 contract
Sources: Sublease (Mp3 Com Inc)