Common use of Security for Tenant's Performance Clause in Contracts

Security for Tenant's Performance. Tenant acknowledges that the Retained Funds with respect to the Collective Leased Properties constitute security for the faithful observance and performance by Tenant of all the terms, covenants and conditions of this Agreement and the Other Leases by Tenant to be observed and performed. If any Event of Default shall occur and be continuing under this Agreement or the Other Leases, Landlord may, at its option and without prejudice to any other remedy which Landlord may have on account thereof, appropriate and apply the amount of such Retained Funds as may be necessary to compensate Landlord toward the payment of the Rent or other sums due Landlord under this Agreement or the Other Leases, as the case may be, as a result of such breach by Tenant. It is understood and agreed that the aggregate amount of the Retained Funds is not to be considered as prepaid rent, nor shall damages be limited to the amount of the amount of the Retained Funds. Upon the expiration or sooner termination of this Agreement, any unapplied balance of the Retained Funds allocable to the Leased Property shall be paid by wire transfer to an account or accounts designated by the Sellers under the Purchase Agreement (or by Tenant if the Sellers so designate). Notwithstanding anything to the contrary contained herein, Landlord shall not appropriate and apply any portion of the Retained Funds until it has exhausted any available rights and remedies pursuant to the Limited Rent Guaranty.

Security for Tenant's Performance. (a) On the Transfer Date, Tenant shall deposit with an escrow agent and pursuant to the terms of an escrow agreement mutually acceptable to Landlord and Tenant an amount equal to four times the amount set forth on Exhibit A (the "Security Deposit"). All interest earned on the Security Deposit shall accrue for the benefit of Tenant and shall be paid to Tenant. (b) Tenant acknowledges that the Retained Funds security deposits with respect to the Collective Leased Properties (collectively, the "Collective Security Deposit") constitute security for the faithful observance and performance by Tenant of all the terms, covenants and conditions of this Agreement and the Other Leases by Tenant and any Affiliated Person of Tenant that is a tenant under the Other Leases to be observed and performed. If any Event of Default shall occur and be continuing under this Agreement or the Other LeasesAgreement, Landlord may, at its option and without prejudice to any other remedy which Landlord may have on account thereof, appropriate and apply apply, first, the amount of the Security Deposit and, second, the amount of such Retained Funds Collective Security Deposit as may be necessary to compensate Landlord toward the payment of the Rent or other sums due Landlord under this Agreement or the Other Leases, as the case may be, as a result of such breach by Tenant. Additionally, Landlord may, if any Event of Default shall occur and be continuing under the Other Leases, appropriate and apply the Security Deposit after first applying the security deposit under the Other Lease that is in default. It is understood and agreed that neither the aggregate amount of Security Deposit nor the Retained Funds Collective Security Deposit is not to be considered as prepaid rent, nor shall damages be limited to the amount of the amount of the Retained FundsCollective Security Deposit. Upon the expiration or sooner termination of this Agreement, any unapplied balance of the Retained Funds allocable to the Leased Property Security Deposit shall be paid by wire transfer to an account or accounts designated by the Sellers under the Purchase Agreement (or by Tenant if the Sellers so designate). Notwithstanding anything to the contrary contained herein, Landlord shall not appropriate and apply any portion of the Retained Funds until it has exhausted any available rights and remedies pursuant to the Limited Rent GuarantyTenant.

Security for Tenant's Performance. Tenant acknowledges that the Retained Funds with respect to (as defined in the Collective Leased Properties Purchase Contract) constitute security for the faithful observance and performance by Tenant of all of the terms, covenants and conditions of this Agreement and the Other Leases by Tenant Lease to be observed and performed, including, without limitation, the surrender of possession of the Premises to Landlord as provided herein. If any Event of Default shall occur and be continuing under this Agreement or the Other Leasescontinuing, Landlord may, at its option option, and without prejudice to any other remedy which Landlord may have on account thereof, appropriate and apply so much of the amount of such Retained Funds as may be necessary to compensate Landlord toward the payment of the Rent or other sums or loss or damage sustained by Landlord due Landlord under this Agreement or the Other Leases, as the case may be, as a result of to such breach by Tenant. It is understood and agreed that the aggregate amount of the Retained Funds is not to be considered as prepaid rent, Rent nor shall damages be limited to the amount of Retained Funds. Further, Landlord is not obligated to, but may, at its option, apply the amount Retained Funds to Rent or other charges not paid when due or for payment of damages incurred from Tenant's failure to perform under this Lease. Landlord's right to possession of the Premises for non-payment of Rent for any reason shall not in any way be affected by Landlord's possession of the Retained Funds. Upon In addition, Tenant understands, acknowledges and agrees that in the expiration or sooner termination of event that this AgreementLease is terminated pursuant to Article XIX hereof, any unapplied balance of the Retained Funds allocable shall be applied against and used for payment of all sums and amounts due Landlord or which Landlord may recover on account of a default as contemplated in this Lease including, but not limited to, (a) all Rents and other sums, charges, payments, costs and expenses agreed and/or required to be paid by Tenant to Landlord, (b) all costs and expenses of Landlord in connection with the Leased Property recovery of possession of the Premises, including reasonable attorneys fees (based upon services rendered at hourly rates) and court costs , and (c) the costs of the reletting or attempted reletting of the Premises. Any Retained Funds remaining after payment of the aforesaid sums shall be returned to Tenant. Provided this Lease is not terminated as a result of an Event of Default, the Retained Funds shall be paid by wire transfer to an account or accounts designated by the Sellers under as provided in the Purchase Agreement (or by Tenant if the Sellers so designate). Notwithstanding anything to the contrary contained herein, Landlord shall not appropriate and apply any portion of the Retained Funds until it has exhausted any available rights and remedies pursuant to the Limited Rent GuarantyContract.

Security for Tenant's Performance. Tenant acknowledges that the Retained Funds with respect to (as defined in the Collective Leased Properties Purchase Contract) constitute security for the faithful observance and performance by Tenant of all of the terms, covenants and conditions of this Agreement and the Other Leases by Tenant Lease to be observed and performed, including, without limitation, the surrender of possession of the Premises to Landlord as provided herein. If any Event of Default shall occur and be continuing under this Agreement or the Other Leasescontinuing, Landlord may, at its option option, and without prejudice to any other remedy which Landlord may have on account thereof, appropriate and apply so much of the amount of such Retained Funds as may be necessary to compensate Landlord toward the payment of the Rent or other sums or loss or damage sustained by Landlord due Landlord under this Agreement or the Other Leases, as the case may be, as a result of to such breach by Tenant. It is understood and agreed that the aggregate amount of the Retained Funds is not to be considered as prepaid rent, Rent nor shall damages be limited to the amount of Retained Funds. Further, Landlord is not obligated to, but may, at its option, apply the amount Retained Funds to Rent or other charges not paid when due or for payment of damages incurred from Tenant's failure to perform under this Lease. Landlord's right to possession of the Premises for non-payment of Rent for any reason shall not in any way be affected by Landlord's possession of the Retained Funds. Upon In addition, Tenant understands, acknowledges and agrees that in the expiration or sooner termination of event that this AgreementLease is terminated pursuant to Article XIX hereof, any unapplied balance of the Retained Funds allocable shall be applied against and used for payment of all sums and amounts due Landlord or which Landlord may recover on account of a default as contemplated in this Lease including, but not limited to, (a) all Rents and other sums, charges, payments, costs and expenses agreed and/or required to be paid by Tenant to Landlord, (b) all costs and expenses of Landlord in connection with the Leased Property recovery of possession of the Premises, including reasonable attorneys fees (based upon services rendered at hourly rates) and court costs, and (c) the costs of the reletting or attempted reletting of the Premises. Any Retained Funds remaining after payment of the aforesaid sums shall be returned to Tenant. Provided this Lease is not terminated as a result of an Event of Default, the Retained Funds shall be paid by wire transfer to an account or accounts designated by the Sellers under as provided in the Purchase Agreement (or by Tenant if the Sellers so designate). Notwithstanding anything to the contrary contained herein, Landlord shall not appropriate and apply any portion of the Retained Funds until it has exhausted any available rights and remedies pursuant to the Limited Rent GuarantyContract.