Common use of SECURITY PROVISION Clause in Contracts

SECURITY PROVISION. Simultaneously with the execution and delivery of this Lease, Tenant will deposit with Landlord the sum of Seventeen Thousand Fifteen and No/100 Dollars ($17,015.00)*, as security for the full and faithful performance by Tenant of each and every term, covenant, condition and agreement of this Lease on Tenant’s part to be performed (“Security Deposit”). In the event that Tenant defaults in respect of any of the terms, provisions, covenants, conditions or agreements of this Lease, including but not limited to payment of any Rent or Additional Rent or any other sum payable by Tenant under this Lease, Landlord may, but shall not be required to, use, apply, or retain the whole or any part of the Security Deposit for the payment of any such Rent or other payment in default or for any other sum which Landlord may expend or be required to expend by reason of Tenant’s default, including any damages or deficiency in the reletting of the Leased Premises, whether such damages or deficiency may accrue before or after summary proceedings or other re-entry by Landlord. Whenever and as often as the amount of the Security Deposit held by Landlord shall be diminished by Landlord’s application thereof, Tenant shall upon demand immediately deposit additional money with Landlord sufficient to restore the Security Deposit to the original amount set forth in this Paragraph. In the event that Tenant shall fully and faithfully comply with all the terms, provisions, covenants, conditions and agreements of this Lease, the Security Deposit or any balance thereof shall be returned to Tenant within sixty (60) days after this Lease expires. In the absence of evidence satisfactory to Landlord of any assignment of the right to receive the Security Deposit, or the remaining balance thereof, Landlord may return the Security Deposit to the original Tenant, regardless of one or more assignments of this Lease itself. If Landlord shall sell or lease the Complex or otherwise assign or dispose of this Lease, Landlord shall have the right to transfer the Security Deposit to the assignee for the benefit of Tenant and Landlord shall then be released by Tenant from all liability for the Security Deposit and Tenant shall thereafter not have any claim against Landlord hereunder. No holder of a mortgage or any other interest shall be responsible in connection with the Security Deposit deposited hereunder, by way of credit or payment of any Rent or otherwise, unless such holder actually shall have received the Security Deposit deposited hereunder. *Provided Tenant has made all Rent payments on time and is not in default under the terms of this Lease, $4,098 shall be applied to the 12th month of the Initial Term and $4,221 shall be applied to the 24th month of the Initial Term; the amount not drawn down shall be the Security Deposit under the Lease.

SECURITY PROVISION. Simultaneously By no later than Jun 15, 2011, Tenant shall provide Landlord with a clean, unconditional, irrevocable, transferable letter of credit in the amount of One Hundred Eighty-Nine Thousand Nine Hundred Ninety-Six Dollars ($189,996.00) (the “Letter of Credit”), in form and issued by a financial institution (“Issuer”) satisfactory to Landlord in its sole discretion. The Letter of Credit must permit partial draws and provide that draws will be honored on receipt by Issuer of the original or a certified copy of the Letter of Credit accompanied by a written statement signed by Landlord or its authorized agent stating that Landlord is entitled to draw on the Letter of Credit pursuant to the terms of the Lease. The Letter of Credit must have an expiration date no earlier than August 31, 2021. If Tenant fails, by June 1, 2011, Txxxxx has failed to provide Landlord with the execution Letter of Credit as specified above, then this Lease shall be deemed immediately terminated and delivery Tenant, within ten (10) business days of its receipt of an itemized list of Landlord’s amounts incurred as of June 1, 2011, for the improvements described in Exhibits C, D, E, and F, shall reimburse Landlord in full for those amounts incurred. Landlord may draw the Letter of Credit in part or in full in the event of any uncured Event of Default by Tenant to the extent needed to pay for any Tenant obligations under this Lease. If Landlord so uses or applies all or any portion of the Letter of Credit, then Tenant shall restore the Letter of Credit to the full amount within twenty (20) business days after written demand therefor, and failure to do so shall be a material and immediate Event of Default of this Lease. The Letter of Credit, Tenant will deposit with Landlord if not applied toward putting the sum of Seventeen Thousand Fifteen and No/100 Dollars ($17,015.00Premises in the condition required under Sec. 14(A)*, as security for the full and faithful performance by Tenant of each and every term, covenant, condition and agreement of this Lease on Tenant’s part to be performed (“Security Deposit”). In the event that Tenant defaults in respect of any of the terms, provisions, covenants, conditions or agreements of this Lease, including but not limited to payment of any Rent or Additional Rent or any other sum payable by Tenant under this Lease, Landlord may, but shall not be required to, use, apply, or retain the whole or any part of the Security Deposit for the payment of any such Rent rent in arrears, or other the payment in default or for any other sum which of damages suffered by Landlord may expend or be required to expend by reason of Tenant’s defaultdefault under the Lease is to be returned to Tenant at the expiration of the Term of the Lease, including provided Txxxxx has not committed an Event of Default of any damages or deficiency provision of the Lease. In no event is the Letter of Credit to be returned until Txxxxx has vacated the Premises and delivered possession of same in in the reletting of the Leased Premises, whether such damages or deficiency may accrue before or after summary proceedings or other re-entry condition required by Landlord. Whenever and as often as the amount of the Security Deposit held by Landlord shall be diminished by Landlord’s application thereof, Tenant shall upon demand immediately deposit additional money with Landlord sufficient to restore the Security Deposit to the original amount set forth in this ParagraphLease. In the event that Tenant shall fully and faithfully comply with all the terms, provisions, covenants, conditions and agreements of this Lease, the Security Deposit or any balance thereof shall be returned to Tenant within sixty (60) days after this Lease expires. In the absence of evidence satisfactory to Landlord of any assignment of the right to receive sale or other transfer of the Security Deposit, or the remaining balance thereof, Landlord may return the Security Deposit to the original Tenant, regardless of one or more assignments of this Lease itself. If Landlord shall sell or lease the Complex or otherwise assign or dispose of this LeasePremises, Landlord shall have the right to transfer the Security Deposit Letter of Credit to the assignee for the benefit of Tenant such purchaser or Transferee, and Landlord shall then thereupon be released by Tenant from all liability for return of the Security Deposit and Tenant shall thereafter not have any claim against Letter of Credit. In the event that Landlord hereunder. No holder repossesses the Premises because of a mortgage or any other interest shall be responsible in connection with Tenant’s Event of Default, Landlord may apply the Security Deposit deposited hereunder, by way Letter of credit or payment of any Rent or otherwise, unless such holder actually shall have received the Security Deposit deposited hereunder. *Provided Tenant has made Credit to all Rent payments on time and is not in default under the terms of this Lease, $4,098 shall be applied damages suffered to the 12th month date of repossession and may retain the Initial Term and $4,221 Letter of Credit to apply to such damages as may be suffered or shall be applied to the 24th month accrue thereafter by reason of the Initial Term; the amount not drawn down shall be the Security Deposit under the LeaseTenant’s Event of Default.

SECURITY PROVISION. Simultaneously Landlord acknowledges the receipt of Fifteen Thousand Dollars ($15,000.00), which it is to retain as security for Tenant's faithful performance of all the covenants, conditions, and agreements of the Lease. But in no event shall Landlord be obligated to apply the security upon rents or other charges in arrears or upon damages for Tenant's failure to perform its obligations. Landlord, at its sole discretion, may elect to apply the security to any delinquent amount owed by Tenant and shall give Tenant notice of the fact. Landlord's right to possession of the Premises for nonpayment of rent or for any other reason shall not be affected by reason of the fact that Landlord holds this security. The security, if not applied toward the payment of rent in arrears or toward the payment of damages suffered by Landlord by reason of Tenant's default under the Lease, is to be returned to Tenant at the expiration of the Term of the Lease provided Tenant is not in default of any provision of the Lease. In no event is the security to be returned until Tenant has vacated the Premises and delivered possession of same in an acceptable condition to Landlord. If Landlord so uses or applies all or any portion of the security, Tenant shall deposit sufficient cash with the execution Landlord to restore the security to the full amount within fifteen (15) days after written demand therefor, and delivery failure to do so shall be a material and immediate breach of this Lease, Tenant will deposit with Landlord the sum of Seventeen Thousand Fifteen and No/100 Dollars ($17,015.00)*, as security for the full and faithful performance by Tenant of each and every term, covenant, condition and agreement of this Lease on Tenant’s part to be performed (“Security Deposit”). In the event that Tenant defaults in respect of any of the terms, provisions, covenants, conditions sale or agreements other transfer of this Lease, including but not limited to payment of any Rent or Additional Rent or any other sum payable by Tenant under this Leasethe Building and/or Property, Landlord may, but shall not be required to, use, apply, or retain the whole or any part of the Security Deposit for the payment of any such Rent or other payment in default or for any other sum which Landlord may expend or be required to expend by reason of Tenant’s default, including any damages or deficiency in the reletting of the Leased Premises, whether such damages or deficiency may accrue before or after summary proceedings or other re-entry by Landlord. Whenever and as often as the amount of the Security Deposit held by Landlord shall be diminished by Landlord’s application thereof, Tenant shall upon demand immediately deposit additional money with Landlord sufficient to restore the Security Deposit to the original amount set forth in this Paragraph. In the event that Tenant shall fully and faithfully comply with all the terms, provisions, covenants, conditions and agreements of this Lease, the Security Deposit or any balance thereof shall be returned to Tenant within sixty (60) days after this Lease expires. In the absence of evidence satisfactory to Landlord of any assignment of the right to receive the Security Deposit, or the remaining balance thereof, Landlord may return the Security Deposit to the original Tenant, regardless of one or more assignments of this Lease itself. If Landlord shall sell or lease the Complex or otherwise assign or dispose of this Lease, Landlord shall have the right to transfer the Security Deposit security to the assignee for the benefit of Tenant such purchaser or Transferee, and Landlord shall then thereupon be released by Tenant from all liability for return of such security. Tenant covenants that it will not assign or encumber or attempt to assign or encumber the Security Deposit monies deposited herein as security. As an accommodation and Tenant shall thereafter not have any claim against Landlord hereunder. No holder of a mortgage or any other interest shall be responsible in connection with the Security Deposit deposited hereunder, by way of credit or payment of any Rent or otherwise, unless such holder actually shall have received the Security Deposit deposited hereunder. *Provided Tenant has made all Rent payments on time and is not in default under the terms condition of this Lease, $4,098 shall be applied Landlord will provide Tenant with notice of the sale of the Building and/or Property. In the event that Landlord repossesses the Premises because of Tenant's default, Landlord may apply the security to all damages suffered to the 12th month date of repossession and may retain the Initial Term and $4,221 security to apply to such damages as may be suffered or shall accrue thereafter by reason of Tenant's default or breach. Landlord shall not be applied obligated to keep the 24th month of security as a separate fund but may mix the Initial Term; the amount not drawn down shall be the Security Deposit under the Leasesecurity with its own funds.

SECURITY PROVISION. Simultaneously By no later than Jun 15, 2011, Tenant shall provide Landlord with a clean, unconditional, irrevocable, transferable letter of credit in the amount of One Hundred Eighty-Nine Thousand Nine Hundred Ninety-Six Dollars ($189,996.00) (the “Letter of Credit”), in form and issued by a financial institution (“Issuer”) satisfactory to Landlord in its sole discretion. The Letter of Credit must permit partial draws and provide that draws will be honored on receipt by Issuer of the original or a certified copy of the Letter of Credit accompanied by a written statement signed by Landlord or its authorized agent stating that Landlord is entitled to draw on the Letter of Credit pursuant to the terms of the Lease. The Letter of Credit must have an expiration date no earlier than August 31, 2021. If Tenant fails, by June 1, 2011, Tenant has failed to provide Landlord with the execution Letter of Credit as specified above, then this Lease shall be deemed immediately terminated and delivery Tenant, within ten (10) business days of its receipt of an itemized list of Landlord’s amounts incurred as of June 1, 2011, for the improvements described in Exhibits C, D, E, and F, shall reimburse Landlord in full for those amounts incurred. Landlord may draw the Letter of Credit in part or in full in the event of any uncured Event of Default by Tenant to the extent needed to pay for any Tenant obligations under this Lease. If Landlord so uses or applies all or any portion of the Letter of Credit, then Tenant shall restore the Letter of Credit to the full amount within twenty (20) business days after written demand therefor, and failure to do so shall be a material and immediate Event of Default of this Lease. The Letter of Credit, Tenant will deposit with Landlord if not applied toward putting the sum of Seventeen Thousand Fifteen and No/100 Dollars ($17,015.00Premises in the condition required under Sec. 14(A)*, as security for the full and faithful performance by Tenant of each and every term, covenant, condition and agreement of this Lease on Tenant’s part to be performed (“Security Deposit”). In the event that Tenant defaults in respect of any of the terms, provisions, covenants, conditions or agreements of this Lease, including but not limited to payment of any Rent or Additional Rent or any other sum payable by Tenant under this Lease, Landlord may, but shall not be required to, use, apply, or retain the whole or any part of the Security Deposit for the payment of any such Rent rent in arrears, or other the payment in default or for any other sum which of damages suffered by Landlord may expend or be required to expend by reason of Tenant’s defaultdefault under the Lease is to be returned to Tenant at the expiration of the Term of the Lease, including provided Tenant has not committed an Event of Default of any damages or deficiency provision of the Lease. In no event is the Letter of Credit to be returned until Tenant has vacated the Premises and delivered possession of same in in the reletting of the Leased Premises, whether such damages or deficiency may accrue before or after summary proceedings or other re-entry condition required by Landlord. Whenever and as often as the amount of the Security Deposit held by Landlord shall be diminished by Landlord’s application thereof, Tenant shall upon demand immediately deposit additional money with Landlord sufficient to restore the Security Deposit to the original amount set forth in this ParagraphLease. In the event that Tenant shall fully and faithfully comply with all the terms, provisions, covenants, conditions and agreements of this Lease, the Security Deposit or any balance thereof shall be returned to Tenant within sixty (60) days after this Lease expires. In the absence of evidence satisfactory to Landlord of any assignment of the right to receive sale or other transfer of the Security Deposit, or the remaining balance thereof, Landlord may return the Security Deposit to the original Tenant, regardless of one or more assignments of this Lease itself. If Landlord shall sell or lease the Complex or otherwise assign or dispose of this LeasePremises, Landlord shall have the right to transfer the Security Deposit Letter of Credit to the assignee for the benefit of Tenant such purchaser or Transferee, and Landlord shall then thereupon be released by Tenant from all liability for return of the Security Deposit and Tenant shall thereafter not have any claim against Letter of Credit. In the event that Landlord hereunder. No holder repossesses the Premises because of a mortgage or any other interest shall be responsible in connection with Tenant’s Event of Default, Landlord may apply the Security Deposit deposited hereunder, by way Letter of credit or payment of any Rent or otherwise, unless such holder actually shall have received the Security Deposit deposited hereunder. *Provided Tenant has made Credit to all Rent payments on time and is not in default under the terms of this Lease, $4,098 shall be applied damages suffered to the 12th month date of repossession and may retain the Initial Term and $4,221 Letter of Credit to apply to such damages as may be suffered or shall be applied to the 24th month accrue thereafter by reason of the Initial Term; the amount not drawn down shall be the Security Deposit under the LeaseTenant’s Event of Default.