SECURITY FOR RENT Sample Clauses
The 'Security for Rent' clause establishes the tenant's obligation to provide a security deposit or other form of financial guarantee to the landlord as assurance for the payment of rent and fulfillment of lease obligations. Typically, this involves the tenant paying a specified sum before moving in, which the landlord holds for the duration of the lease and may use to cover unpaid rent or damages beyond normal wear and tear. This clause serves to protect the landlord against financial loss due to tenant default or property damage, ensuring that there are funds available to address such issues if they arise.
SECURITY FOR RENT. 24.1 Lessor shall have a first lien paramount to all others on every right and interest of Lessee in and to this Lease, and on any furnishings, equipment, fixtures or other tangible property of any kind belonging to Lessee and located in or about the Demised Premises. Such lien is granted for the purpose of securing the payments of rents, charges, penalties, and damages herein covenanted to be paid by Lessee, and for the purpose of securing the performance of all of Lessee's obligations under this Lease. Such lien shall be in addition to all rights to Lessor given and provided by law but shall only be exercised by Lessor after the occurrence of an Event of Default which is not cured within any applicable cure period. This Lease shall constitute a security agreement under the Uniform Commercial Code granting Lessor a security interest in any furnishings, equipment, fixtures or other tangible personal property (subject to the terms of Article 11 herein) of any kind belonging to Lessee and located in or about the Demised Premises. If required by Lessor, Lessee shall execute financing statements for filing under the Uniform Commercial Code reflecting the security interest granted under this section. Notwithstanding anything to the contrary contained in this Section 24.1, in the event all or substantially all of the Demised Premises is sublet, assigned or transferred or a controlling number of the outstanding shares in Lessee is sold, assigned or otherwise transferred (other than to ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ or a wholly owned subsidiary of Lessee or of Lessee's parent corporation Sun Healthcare Group, Inc.) with the prior written consent of Lessor in accordance with Section 18.1 of this Lease, this Lease shall at such time constitute a security agreement under the Uniform Commercial Code granting Lessor a security interest in any accounts receivable of Lessee's successor related to the Demised Premises, and at such time, Lessee's successor shall execute a security agreement and financing statements for filing under the Uniform Commercial Code reflecting a security interest in said accounts receivable.
SECURITY FOR RENT. ArenaCo will secure payment of Base Rent and Additional Rent as described in subparagraphs 12.e through 12.g.
SECURITY FOR RENT. 1. Lessee shall provide a guaranty to the extent of SIX NET MONTHLY RENTS to provide security for its obligations under this contract. This guaranty may be effected in the form of a bank guaranty issued for an unlimited period of time. On termination of Lease, the security is returned to the full extent, provided this contract of Lease is perfectly fulfilled and all other obligations in connection with this Lease are complied with. Otherwise, the security provided shall be set off against Lessor's claims. Lessor may demand that the suretyship is increased corresponding to a rent increase as per Section 8 of this contract. Accordingly, the security is to be increased on Lessor's first demand in such a way, that it always matches SIX current net monthly rent payments.
2. If the security or an appropriate guaranty is not received by Lessor within 14 days after handing over of contract, Lessor is entitled to withdraw from contract after another written caution of 14 days.
SECURITY FOR RENT. 1. Not later than 2 weeks prior to the handing over of the Leased Property, Lessee is obligated to procure the absolute bank suretyship of a big German, American or Japanese bank resident in Germany corresponding to Appendix 1 to this Lease, amounting to three month's rents plus advance payments of incidental expenses and the respective statutory value added tax (at present 15 %) plus an amount of DM 375,000 plus statutory value added tax (at present 15 %), covering each and every financial obligation on part of Lessee subject to this contract. If finishing works on Lessee's demand are to be effected by Lessor, the suretyship is to be submitted prior to placing the order for the finishing works. Lessor shall inform Lessee about the date of placing the order. The guarantor is obligated to pay upon Lessor's first demand. Guarantor waives its right to defense of the surety, due to Lessee and guarantor under the law, in particular defenses of defeasibility, of offset, and of failure to pursue remedies (Sections 768, 770, 771 BGB, Civil Code), and the possibility of depositing. Lessor is entitled, but not obligated, to satisfy its claims with the suretyship.
2. In the case that the suretyship is not provided within the period stipulated, the Leased Property will not be handed over. Lessee is responsible for any delays due to such circumstance; Lessee is not released from the obligation to pay rent according to Section 4, sub-paragraph 1. On delay in procuring the suretyship on part of Lessee, Lessor may demand that instead of the suretyship, Lessee has to procure a security of the same amount in cash which Lessor is not to pay interest on.
3. If Lessor makes use of the suretyship, Lessee shall be obligated to replenish the suretyship upon Lessor's first demand.
4. In the case of changes with respect to rent, monthly prepayment for incidental expenses or to the statutory value added tax, suretyship is to be adjusted to the change on Lessor's demand within one month after the corresponding effective date.
5. The obligation of suretyship terminates on Lessor's return of the surety bond to guarantor. This return is to be effected as soon as each and every financial obligation of Lessee with respect to the Lease are fulfilled after termination of Lease.
6. With respect to the security in cash (Section 11, sub-paragraph 2, sentence 3), the previous provisions as to the suretyship shall apply accordingly.
SECURITY FOR RENT. To secure the rent hereunder, Lessee agrees to furnish, in form and content satisfactory to Lessor, rental insurance, bond or other security to the Lessor in an amount equal to one (1) year's rental.
SECURITY FOR RENT. 24.1 Lessor shall have a first lien paramount to all others on every right and interest of Lessee in and to this Sub-Sublease, and on any furnishings, equipment, fixtures, accounts receivable or other property of any kind belonging to Lessee and located at or related to the Demised Premises. Such lien is granted for the purpose of securing the payments of rents, charges, penalties, and damages herein covenanted to be paid by Lessee, and for the purpose of securing the performance of all of Lessee's obligations under this Sub-Sublease. Such lien shall be in addition to all rights to Lessor given and provided by law but shall only be exercised by Lessor after the occurrence of an Event of Default which is not cured within any applicable cure period. This Lease shall constitute a security agreement under the Uniform Commercial Code granting Lessor a security interest in any furnishings, equipment, fixtures, accounts receivable or other personal property of any kind belonging to Lessee and located at or related to the Demised Premises. If required by Lessor, Lessee shall execute financing statements for filing under the Uniform Commercial Code reflecting the security interest granted under this section. Upon Lessee's or Guarantor's written request, Lessor shall subordinate its lien under this Section 24.1, solely as to accounts receivable, to a lien granted by Lessee or Guarantor to a third party lender securing a loan made by such lender to Lessee to provide working capital for the operation of the Leased Property as a nursing home in accordance with this Sub-Sublease.