Common use of Security Clause in Contracts

Security. 8.01. (a) In the event Tenant deposits with Landlord any Security Deposit, the same shall be held as security for the full and faithful payment and performance by Tenant of Tenant's obligations under this Lease. If Tenant defaults in the full and prompt payment and performance of any of its obligations under this Lease, including, without limitation, the payment of Rent, Landlord may use, apply or retain the whole or any part of the Security Deposit to the extent required for the payment of any Rent or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under this Lease, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premises. In the event of any sale or leasing of the Land, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.

Appears in 2 contracts

Samples: Lease Agreement (Childrens Place Retail Stores Inc), Lease Modification Agreement (Kasper a S L LTD)

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Security. 8.01. (a) In Tenant has deposited with Owner the event Tenant deposits with Landlord any Security Deposit, the same shall be held sum of $50,706.68 as security for the full faithful performance and faithful payment and performance observance by Tenant of Tenant's obligations under the terms, provisions and conditions of this Lease. If lease; it is agreed that in the event Tenant defaults in the full and prompt payment and performance respect of any of its obligations under the terms, provisions and conditions of this Leaselease, including, without limitationbut not limited to, the payment of Rentrent and additional rent, Landlord Owner may use, apply or retain the whole or any part of the Security Deposit security so deposited to the extent required for the payment of any Rent rent and additional rent, or any other sums sum as to which Tenant is in default default, or for any sum which Landlord Owner may expend or may be required to expend by reason of Tenant's ’s default in respect of any of Tenant's obligations under the terms, covenants and conditions of this Leaselease, including, without limitationincluding but not limited to, any damages or deficiency in the reletting re-letting of the Demised Premisesdemised premises, whether such damages or deficiency accrue accrued before or after summary proceedings or other re-entry by LandlordOwner. If Landlord shall so In the case of every such use, apply application or retain the whole or any part of the securityretention, Tenant shall upon demand immediately deposit with Landlord a shall, within five (5) days after demand, pay to Owner the sum equal to the amount so used, applied and retained, as or retained which shall be added to the security as aforesaiddeposit so that the same shall be replenished to its former amount. If In the event that Tenant shall fully and faithfully pay and perform comply with all of Tenant's obligations under the terms, provisions, covenants and conditions of this Leaselease, the Security Deposit or any balance thereof to which Tenant is entitled security shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner fixed as the end or terminate, of the lease and after delivery to Landlord of entire possession of the Demised Premisesdemised premises to Owner. In the event of any a sale of the land and building, or leasing of the Landbuilding, Landlord of which the demised premises form a part, Owner shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee lessee, and Landlord Owner shall thereupon be released by Tenant from all liability for the return or payment thereofof such security; and Tenant shall agrees to look solely to the new landlord Owner solely for the return or payment of the same; said security, and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the same security to a new landlordOwner. Tenant shall further covenants that it will not assign or encumber encumber, or attempt to assign or encumber encumber, the monies deposited herein as security, and that neither Landlord Owner nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.

Appears in 2 contracts

Samples: Sub Lease Agreement (Loxo Oncology, Inc.), Sub Lease (Loxo Oncology, Inc.)

Security. 8.01. (a) In the event Tenant deposits with Landlord any Security Deposit, the same This Mortgage shall be held as security for the full and faithful payment and performance by Tenant of Tenant's secure not only presently existing obligations under this Lease. If Tenant defaults in the full Deferral Agreement and prompt payment and performance of any of its obligations under this Lease, the other Fund Documents (including, without limitation, the payment Guarantee), but also future financial accommodations that constitute Obligations under the Deferral Agreement (whether such accommodations are obligatory or are to be made at the option of RentMortgagee, Landlord may useor otherwise), apply or retain to the whole or any part same extent and with the same priority as if such future accommodations were made on the date of the Security Deposit execution of the Original Mortgage, and without regard as to whether or not there is any indebtedness outstanding at the effective date of this Mortgage or at the date any such accommodation is made. [IF IN A MORTGAGE TAX STATE OR A STATE WHERE IT IS CUSTOMARY TO INSERT A MULTIPLE OF THE INDEBTEDNESS AS THE MAXIMUM PRINCIPAL INDEBTEDNESS: Subject to the extent required limitations upon the maximum amount secured hereby, this Mortgage secures all present and future Obligations under the Deferral Agreement, and all other sums from time to time owing to the Funds by Obligors and/or Mortgagor under the Fund Documents. Notwithstanding anything contained in this Mortgage to the contrary, the maximum principal amount which may be secured hereby at any one time is [ ] Dollars ($[ ]), plus interest thereon, and any disbursements made by Mortgagee for the payment of taxes, special assessments, or insurance on the Mortgaged Property, with interest on such disbursements; provided, however, that the foregoing limitation shall apply only to the maximum amount of the lien created by this Mortgage, and it shall not in any Rent manner limit, affect or impair any grant of a security interest or other right in favor of Mortgagee or the Funds under the provisions of the Deferral Agreement or under any of the other Fund Documents at any time executed by Obligors or Mortgagor or any Guarantor.] [OR] [This Mortgage secures all present and future Obligations under the Deferral Agreement, and all other sums from time to time owing to the Funds by Obligors and/or Mortgagor under the Fund Documents.] To the fullest extent permitted by applicable law, the lien of this Mortgage, as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under this Leaseall such sums so owed, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premises. In the event of any sale or leasing of the Land, Landlord shall have priority over all subsequent liens and encumbrances, including statutory liens (excepting solely taxes and assessments levied on the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released Mortgaged Property secured by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrancethis Mortgage).

Appears in 2 contracts

Samples: Contribution Deferral Agreement, Contribution Deferral Agreement (YRC Worldwide Inc.)

Security. 8.01. (a) In the event DEPOSIT Tenant deposits has deposited with Landlord any Security Deposit, the same sum of Thirty Thousand One Hundred and Eighty Dollars ($30,180.00). Said sum shall be held by Landlord as security for the full and faithful payment and performance by Tenant of Tenant's obligations under all the terms, covenants, and conditions of this LeaseLease to be kept and performed by Tenant during the term hereof. If Tenant defaults in the full and prompt payment and performance with respect to any provision of any of its obligations under this Lease, Lease including, without limitationbut not limited to, the provisions relating to the payment of Rentrent, Landlord may (but shall not be required to) use, apply or retain the whole all or any part of the Security Deposit to the extent required this security deposit for the payment of any Rent rent or any other sums as to which Tenant is sum in default default, or for the payment of any sum amount which Landlord may expend spend or may be required become obligated to expend spend by reason of Tenant's default in respect of to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's obligations under default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount and Tenant's failure to do so shall be a material breach of this Lease, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, not be required to keep this security deposit separate from its general fund and Tenant shall upon demand immediately deposit with Landlord a sum equal not be entitled to the amount so used, applied and retained, as security as aforesaidinterest on such deposit. If Tenant shall fully and faithfully pay and perform all every provision of Tenant's obligations under this LeaseLease to be performed by it, the Security Deposit security deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after (or, at Landlord's option, to the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord last assignee of entire possession Tenant's interest hereunder) at the expiration of the Demised PremisesLease term. In the event of any sale or leasing termination of the LandLandlord's interest in this Lease, Landlord shall have the right transfer said deposit to transfer the security to which Landlord's successor in interest. Tenant is entitled to a Security Deposit credit in the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for amount of $1,911.67 ($32,091.67 - $30,180.00) as a result of renegotiating the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as securityexisting lease dated December 15, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance1988.

Appears in 2 contracts

Samples: Office Building Lease (Fair Isaac & Company Inc), Office Building Lease (Fair Isaac & Company Inc)

Security. 8.01. (a) In the event Tenant deposits with shall deliver to Landlord any Security Depositupon execution hereof by Tenant, the same shall be held as security for the full and faithful payment and performance by Tenant of Tenant's ’s obligations under this Lease, either an unconditional, clean, irrevocable letter of credit in the amount of $128,282.00 (“Security Deposit Amount”) in the form annexed hereto as Exhibit G and issued by a bank reasonably satisfactory to Landlord (the “Letter of Credit”) or a cash security deposit by certified check or wire transfer in the amount of the Security Deposit Amount (the “Cash Security”). The Letter of Credit shall provide that it is assignable by Landlord without charge and shall either (i) expire on the date which is 60 days after the expiration or earlier termination of this Lease (the “LC Date”) or (ii) be automatically self-renewing until the LC Date. If any Letter of Credit is not renewed at least 60 days prior to the expiration thereof or if Tenant holds over in the Premises without the consent of Landlord after the expiration or termination of this Lease, Landlord may draw upon the Letter of Credit and hold the proceeds thereof as security for the performance of Tenant’s obligations under this Lease. If Landlord may draw on the Letter of Credit (or the proceeds thereof) and/or the Cash Security to remedy defaults by Tenant defaults in the full and prompt payment and or performance of any of its Tenant’s obligations under this Lease, Lease (including, without limitation, the payment of Rent, Landlord may use, apply or retain the whole or any part of the Security Deposit to the extent required for the payment of any Rent or any other sums as to which Tenant is in default or for (i) any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of ’s default, and/or (ii) any of Tenant's obligations under damages to which Landlord is entitled pursuant to this Lease, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry reentry by Landlord). If Landlord shall have so use, apply drawn upon the Letter of Credit (or retain the whole or any part of the securityproceeds thereof) and/or Cash Security, Tenant shall upon demand immediately shall, within five (5) days of demand, deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaiddrawn by Landlord. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit or any balance thereof The failure to which Tenant is entitled make such deposit within such five (5) day period shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord deemed an Event of entire possession of the Demised PremisesDefault hereunder. In the event of any sale or leasing of the Land, Landlord shall have not be required to deposit the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbranceCash Security into an interest bearing account.

Appears in 2 contracts

Samples: Lease (Y-mAbs Therapeutics, Inc.), Lease (Y-mAbs Therapeutics, Inc.)

Security. 8.01. (a) In Simultaneously with Xxxxxx’s execution and delivery of this Lease to Landlord, Tenant shall pay Landlord in immediately available funds the event Tenant deposits with Landlord any cash amount of the Initial Premises Security Deposit, the same shall be held as security Deposit or a Letter of Credit for the full and faithful payment and performance by Tenant of Tenant's obligations under each and every term, provision, covenant, and condition of this Lease. Within ten (10) days of the Fifth Floor Southwest Premises Commencement Date, Tenant shall pay Landlord in immediately available funds the cash amount of the Fifth Floor Southwest Premises Security for the full and faithful performance by Tenant of each and every term, provision, covenant, and condition of this Lease. If Tenant defaults in the full and prompt payment and performance of fails timely to perform any of its obligations under the terms, provisions, covenants and conditions of this Lease or any other document executed by Tenant in connection with this Lease, including, without limitation, the payment of Rent, then Landlord may use, apply apply, or retain the whole or any part of the Security Deposit to the extent required for the payment of any Rent or not paid when due, for the cost of repairing any damage, for the cost of cleaning the Premises, for the payment of any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect ’s failure to perform, and otherwise for compensation of Landlord for any of Tenant's obligations under this Leaseother loss or damage to Landlord occasioned by Xxxxxx’s failure to perform, including, without limitationbut not limited to, any damages loss of future Rent and any damage or deficiency in the reletting of the Demised Premises, Premises (whether such loss, damages or deficiency accrue before or after summary proceedings or other re-entry reentry by Landlord) and the amount of the unpaid past Rent, future Rent loss, and all other losses, costs and damages, that Landlord would be entitled to recover if Landlord were to pursue recovery under Section 11.2(b) or (c) of this Lease or California Civil Code Section 1951.2 or 1951.4 (and any supplements, amendments, replacements and substitutions thereof and therefor from time to time). If Landlord shall so useuses, apply applies or retain the whole retains all or any part of the securitySecurity Deposit, Tenant shall upon within five (5) business days after demand pay or deliver to Landlord in immediately deposit with Landlord a available funds the sum equal necessary to replace the amount so used, applied and or retained, as security as aforesaid. If Tenant shall has fully and faithfully pay performed and perform observed all of Tenant's ’s obligations under the terms, provisions, covenants and conditions of this Lease, the Security Deposit or (except any balance thereof to which Tenant is entitled amount retained for application by Landlord as provided herein) shall be returned or paid over to Tenant with thirty (30) days after the date on which this Lease shall expire latest of: (i) the Expiration Date; (ii) the removal of Tenant from the Premises; or sooner end or terminate, and after delivery (iii) the surrender of the Premises by Tenant to Landlord of entire possession of the Demised Premises. In the in accordance with this Lease, or such longer time as may be permissible under Law; provided, however, in no event of any sale or leasing of the Land, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrancereturn be construed as an admission by Landlord that Xxxxxx has performed all of its obligations hereunder.

Appears in 2 contracts

Samples: Workletter Agreement (Kyverna Therapeutics, Inc.), Workletter Agreement (Kyverna Therapeutics, Inc.)

Security. 8.01. (a) In the event Tenant deposits has deposited with Landlord any Security DepositLandlord, the same shall be held as security for Tenant’s compliance with this lease, the full Security, in cash or, if requested by Landlord or Tenant, by a standby letter of credit on the terms, and faithful payment substantially in the form, attached to this lease as Exhibit D, issued by a bank that is a member of the New York Clearing House Association, L.L.C. having its principal office in the City of New York and performance by Tenant otherwise acceptable to Landlord (the “Letter of Tenant's obligations under this LeaseCredit”). If Tenant defaults in the full and prompt payment and performance of any of its obligations under this Lease, including, without limitation, the payment of Rentthere is a Default, Landlord may use, apply or retain the whole use all or any part portion of the Security Deposit to cure the extent required Default or for the payment of any Rent other amount due and payable from Tenant to Landlord in accordance with this lease. Tenant shall, within 15 days following Landlord’s notice, deposit with Landlord in cash or by a Letter of Credit an amount sufficient to restore the full amount of the Security (without giving consideration to any interest accrued on the Security). Landlord shall not, unless required by any Law, pay interest to Tenant on the Security, and if Landlord is required to maintain the Security in an interest bearing account or pay any interest to Tenant, Landlord shall retain the maximum amount of interest permitted under any Law (which Landlord may withdraw and retain annually or at any other times). Tenant shall not assign (other than to a permitted assignee of this lease) or encumber the Security, and no prohibited assignment or encumbrance by Tenant of the Security shall bind Landlord. Landlord shall not be required to exhaust its remedies against Tenant or the Security before having recourse to Tenant, any Guarantor, the Security or any other sums as security held by Landlord, or before exercising any right or remedy, and recourse by Landlord to which Tenant is in default any one of them, or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect the exercise of any of Tenant's obligations under this Leaseright or remedy, including, without limitation, shall not affect Landlord’s right to pursue any damages other right or deficiency in remedy or Landlord’s right to proceed against the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlordothers. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Leasethere is then no uncured Default, the Security Deposit and any accrued and unpaid interest thereon, or any balance thereof to which Tenant is entitled balance, shall be returned paid or paid over delivered to Tenant promptly after the date on which this Lease shall expire or sooner end or terminate, Expiration Date and after delivery to Landlord of entire possession Tenant’s vacating of the Demised PremisesPremises in accordance with this lease. In If Landlord’s interest in the event of any sale Building is sold or leasing of the Landleased, Landlord shall have the right to transfer the security to which Tenant is entitled Security and any accrued and unpaid interest thereon, or any balance, to the vendee or lessee and new Landlord and, upon such transfer, the assignor shall thereupon be automatically released by Tenant from all liability for the return of the Security or payment thereof; any interest (and Tenant shall agrees to look solely to the new landlord assignee for the return or payment of the same; and Security or any interest). If the Security is by a Letter of Credit, the following provisions hereof of this Section shall apply (in addition to every transfer or assignment made the other provisions of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.this Article):

Appears in 2 contracts

Samples: Office Lease, Office Lease

Security. 8.01. A. Subtenant has deposited with Sublandlord a letter of credit (athe ”Letter”) In in the event Tenant deposits amount of $175,000.00 (the “Security Amount”), complying with Landlord any Security Depositthe requirements of Section 21(B) hereof, the same shall be held as security (“Security”) for the full and faithful payment and punctual performance by Tenant Subtenant of Tenant's obligations under all of the terms of this LeaseSublease. At the election of Sublandlord such Security shall be held by Sublandlord in the form of the Letter or as cash. If Tenant Subtenant defaults in the full and prompt payment and performance of any of its obligations under the terms of this LeaseSublease, including, without limitation, including the payment of RentRental, Landlord Sublandlord may use, apply or retain the whole or any part of the Security Deposit so deposited to the extent required for the payment of any Rent or any other sums as to which Tenant is in default rent or for any sum which Landlord Sublandlord may expend or may be required to expend by reason of TenantSubtenant's default in respect of any of Tenant's obligations under the terms, provisions or conditions set forth in this Lease, including, without limitation, any damages Sublease or deficiency in the reletting of Prime Lease (to the Demised Premisesextent incorporated herein), whether such damages or deficiency accrue accruing before or after summary proceedings or other re-entry by LandlordSublandlord. In the case of every such use, application or retention, Subtenant, on demand, shall cause the Letter or cash deposit, as the case may be, to be restored to the full Security Amount as provided in Section 21(B) below with respect to the Letter, and any failure by Subtenant to do so on demand shall constitute a default under this Sublease. If Landlord any bankruptcy, insolvency, reorganization or other creditor debtor proceedings shall so usebe instituted by or against Subtenant, apply or retain the whole its successors or assigns, any part of the security, Tenant Security deposited with Sublandlord pursuant to this Section shall upon demand immediately deposit with Landlord a sum equal be deemed to be applied first to the amount so usedpayment of any rents and/or other charges due Sublandlord for all periods prior to the institution of such proceedings and the balance, applied and retainedif any, as of such security as aforesaiddeposited with Sublandlord may be retained by Sublandlord in partial liquidation of Sublandlord's damages. If Tenant Subtenant shall fully and faithfully pay and perform punctually comply with all of Tenant's obligations under the terms of this LeaseSublease, the Security Deposit Letter or any balance thereof to which Tenant is entitled cash deposit, as the case may be, shall be returned or paid over to Tenant Subtenant after the date on which termination of this Lease shall expire or sooner end or terminate, Sublease and after delivery to Landlord of entire exclusive possession of the Demised PremisesSublease Premises to Sublandlord. In the event of any a sale or leasing lease of the LandBuilding, Landlord Sublandlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord Sublandlord shall thereupon upon such transfer be released by Tenant Subtenant from all liability for the return or payment thereof; of such security and Tenant shall Subtenant agrees to look solely to the new landlord for the return or payment of the same; and the said security. The provisions hereof of this Section shall apply to every transfer or assignment made of the same security to a new landlord. Tenant Subtenant shall not assign or encumber or attempt to assign or encumber the monies money deposited herein as security, security and neither Landlord Sublandlord nor its successors or assigns shall be bound by any such assignmentattempt, encumbrance, attempted assignment or attempted encumbrance.

Appears in 2 contracts

Samples: Agreement of Sublease (Enzon Pharmaceuticals Inc), Agreement of Sublease (Enzon Pharmaceuticals Inc)

Security. 8.01. (a) In This Agreement is for the event Tenant deposits with Landlord any Security Depositbenefit of the Collateral Agent and the Secured Parties to secure (i) the prompt and complete payment and performance when due by the OPNY Borrower of all of the OPNY Obligations, including all amounts payable or to become payable to the OPNY Secured Parties by the OPNY Borrower under the OPNY Financing Documents when and as the same shall be held as security for become due and payable (whether by acceleration or otherwise) in accordance with the full terms thereof, (ii) the prompt and faithful complete payment and performance when due by Tenant the OPMW Borrower of Tenant's obligations all OPMW Obligations, including all amounts payable or to become payable to the OPMW Secured Parties by the OPMW Borrower under this Lease. If Tenant defaults the OPMW Financing Documents when and as the same shall become due and payable (whether by acceleration or otherwise) in accordance with the full terms thereof, (iii) the prompt and prompt complete payment and performance when due of all other obligations of any OPNY Operating Subsidiary under any of its the OPNY Financing Documents, (iv) the prompt and complete payment and performance when due of all other obligations of the OPMW Operating Subsidiary under any of the OPMW Financing Documents, (v) the prompt and complete payment and performance when due of all other obligations of the OPNY Companies, the OPMW Companies and Holdco under any OPNY Financing Document or OPMW Financing Document to which any of the OPNY Companies, the OPMW Companies or Holdco is a party, and (vi) the due performance and compliance by Pledgor with the terms hereof, each other OPNY Financing Document and each of the OPMW Financing Documents to which it is a party (collectively, the "Secured Obligations"). Without limiting the generality of the foregoing, this Lease, including, without limitation, Agreement secures the payment of Rent, Landlord may use, apply or retain the whole or any all amounts which constitute part of the Security Deposit Secured Obligations and would be owed to the extent required Secured Parties by any of Holdco, the OPNY Companies, the OPMW Companies, the OPNY Borrower, each OPNY Operating Subsidiary, the OPMW Borrower and the OPMW Operating Subsidiary (collectively, the "Transaction Parties") but for the payment of any Rent fact that such Secured Obligations are unenforceable or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under this Lease, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal not allowable due to the amount so usedexistence of a bankruptcy, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit reorganization or similar proceeding involving any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premises. In the event of any sale or leasing of the Land, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbranceTransaction Party.

Appears in 2 contracts

Samples: Credit Agreement (Orion Power Holdings Inc), Credit Agreement (Orion Power Holdings Inc)

Security. 8.01. Tenant shall deposit with Landlord, upon Tenant’s execution of this Lease, the security deposit specified in Paragraph N of the Basic Lease Provisions (a“Security Deposit”) In the event Tenant deposits with Landlord any Security Deposit, the same shall be held as security for the full and faithful payment and performance by Tenant of Tenant's obligations under every term and covenant of this Lease. If In the event Tenant defaults in the full and prompt payment and performance of any of its obligations under hereunder, or otherwise breaches this Lease, including, without limitation, the payment of Rent, Landlord may use, apply apply, or retain the whole all or any part portion of the Security Deposit for the payment of any amount due Landlord or to reimburse or compensate Landlord for any liability, cost, expense, loss or damage (including attorneys’ fees) which Landlord shall suffer or incur by reason thereof. If Landlord uses or applies all or any portion of the Security Deposit, Tenant shall, within ten (10) days after written request therefore deposit monies with Landlord sufficient to restore the Security Deposit to the extent full amount required for the payment of any Rent or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under this Lease, including, without limitation, any damages . Upon the expiration or deficiency in the reletting earlier termination of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part this Lease and performance of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's ’s obligations under this Leasehereunder, Landlord shall return the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premises. In the event of any sale or leasing of the Land, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlordTenant. Tenant shall not assign or encumber or attempt be entitled to assign or encumber any interest on the monies deposited herein as securitySecurity Deposit, and neither Landlord nor its successors or assigns shall be bound entitled to commingle the Security Deposit with its general funds. No part of the Security Deposit shall be considered to be held in trust, to bear interest for its use, or to be a prepayment for any-monies to be paid by any such assignment, encumbrance, attempted assignment or attempted encumbranceTenant under this Lease.

Appears in 2 contracts

Samples: Office Lease (Equillium, Inc.), Office Lease (Equillium, Inc.)

Security. 8.01. 8.1 Landlord acknowledges receipt of the sum of Seventy One Thousand Six Hundred Twenty Five and 00/100 (a$71,625.00) In Dollars, which sum is equivalent to two (2) months of Basic Rental and Additional Rental as of the event date of the execution of this Lease, which shall be returned to Tenant, without interest, on the day set forth for the expiration of the term herein, provided, however, that Tenant deposits with Landlord any Security Deposithas fully and faithfully carried out all of the terms, the same covenants and conditions on its part to be performed, and which sum shall be held by Landlord as a security for the full and faithful payment of Tenant to so perform under the conditions and performance by Tenant terms of Tenant's obligations under this Lease. If Tenant defaults in the full and prompt payment and performance of any of its obligations under this Lease, including, without limitation, the payment of Rent, Landlord may use, apply or retain the whole or any part of the Security Deposit to the extent required for the payment of any Rent or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under this Lease, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain have the whole or any part of the security, right to require Tenant shall upon demand immediately deposit with Landlord a sum equal to increase the amount so used, applied and retained, as of said security as aforesaid. If Tenant shall fully and faithfully pay and perform all of deposit to reflect the then current Basic Rental by written notice to Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premises. In the event of any sale or leasing of the Landaddition, Landlord shall have the right to transfer require Tenant to increase the amount of said security deposit, provide a completion bond or irrevocable letter of credit in form satisfactory to Landlord to financially secure Landlord against the faithful performance of Tenant's obligation to repair or restore the Premises at the termination of this Lease under Paragraph 12.2 hereunder, the amount of said increased security deposit, completion bond or irrevocable letter of credit to be determined by Landlord in its reasonable commercial judgment. Upon such written notice to Tenant, Tenant shall pay such additional security deposit, provide said completion bond or said irrevocable letter of credit within Thirty (30) days. Landlord may apply security deposit, or so much thereof, or so much thereof as may be necessary, towards the remedying of any damage or condition that is the responsibility of Tenant which an inspection shall disclose. Nothing hereinabove contained shall, in any way, limit the right of Landlord to recover against Tenant for any damage or other condition arising out of the failure of Tenant to so perform. In no event shall Tenant have the right to cause or direct Landlord to apply the security to which Tenant is entitled to deposit against any monthly rental installment, including the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrancelast month's rental installment.

Appears in 2 contracts

Samples: Memry Corp, Memry Corp

Security. 8.01The amount set forth in the Data Sheet as a security deposit is payable by Tenant, upon the execution of this Lease by Tenant, in the manner and at the place where minimum rent is payable. (a) In the event Tenant deposits with Landlord any Security Deposit, the same shall be held is to retain said amount as security for the full faithful performance of all covenants, conditions and faithful payment and performance by Tenant agreements of Tenant's obligations under this Lease. If Tenant Such amount is occasionally referred to herein as the "security." Landlord may, at its option, apply the security to remedy defaults in the full and prompt payment and performance of any of its obligations under this Lease, including, without limitation, the payment of Rent, Landlord may use, apply or retain the whole or any part of the Security Deposit to the extent required for the payment of any Rent rent or any other sums as charge hereunder, to which Tenant is repair damages to the leased premises caused by Tenant, or to clean the leased premises upon the expiration or termination of this Lease; in default no event however, shall Landlord be obligated so to apply the security. Landlord's right to bring a special proceeding to recover or otherwise to obtain possession of the leased premises before or after Landlord's declaration of the termination of this Lease for nonpayment of rent or for any sum which other reason shall not in any event be affected by reason of the fact that Landlord holds such security. Such 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 breach of the covenants, conditions and agreements of this Lease, is to be returned to Tenant without interest, except as provided by law, when this Lease is terminated according to its terms, but in no event is such security to be returned until Tenant has vacated the leased premises and delivered possession thereof to Landlord. In the event that Landlord repossesses itself of the leased premises, whether by special proceeding or re-entry or otherwise, because of Tenant's default or failure to carry out the covenants, conditions and agreements of this Lease, Landlord may expend or apply such security upon all damages suffered to the date of said repossession and may retain the security to apply upon such damages as may be required to expend suffered or shall accrue thereafter by reason of Tenant's default in respect of any of Tenant's obligations under this Lease, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premisesbreach. In the event any bankruptcy, insolvency, reorganization or other creditor-debtor proceedings shall be instituted by or against Tenant, or its successors or assigns, or any guarantor of Tenant hereunder, such security shall be deemed to be applied first to the payment of any sale rents and/or other charges due Landlord for all periods prior to the institution of such proceedings, and the balance, if any, of such security may be retained by Landlord in partial liquidation of Landlord's damages. Landlord shall not be obligated to keep such security as a separate fund but may commingle the security with its own funds. In the event Landlord applies the security in whole or leasing in part, Tenant shall, upon demand by Landlord, deposit sufficient funds to maintain the security in the initial amount. Failure of Tenant to deposit such additional security shall entitle Landlord to avail itself of the Land, remedies provided in this Lease for nonpayment of rent by Tenant. The acceptance by Landlord of the security deposit submitted by Tenant shall not render this Lease effective unless and until Landlord shall have the right executed and actually delivered to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment a fully-executed copy of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrancethis Lease.

Appears in 2 contracts

Samples: Construction Agreement (Hart Industries Inc), Silver Diner Inc /De/

Security. 8.01To secure Tenant’s obligations under this Lease to pay Rent and other monetary amounts, to maintain the Premises and repair damages thereto, to surrender the Premises to Landlord in clean and sanitary condition and repair upon termination of this Lease as required pursuant to Section 18.15 below and to discharge Tenant’s other obligations hereunder, Tenant shall deliver to Landlord, concurrently with Tenant’s execution of this Lease, a letter of credit in the amount of Two Hundred Nine Thousand Four Hundred Fifty Dollars ($209,450) (“Letter of Credit”). (a) In the event Tenant deposits with Landlord any Security Deposit, the same Said Letter of Credit shall be held as security substantially in the form and of the substance of Exhibit F attached hereto, and issued by Silicon Valley Bank, or another financial institution reasonably acceptable to Landlord. Tenant shall replace the Letter of Credit with another Letter of Credit that meets the requirements set forth above for at least thirty (30) days before the full and faithful payment and performance Letter of Credit expires. Upon any default by Tenant which has not been cured within the applicable time period after any notice required by this Lease, including specifically but without limitation Tenant’s obligation to pay Rent or abide by any of Tenant's its obligations under this Lease, Landlord shall be entitled to draw upon said Letter of Credit in the amount of the default(s) by the issuance of Landlord’s sole written demand to the issuing Verus Lease v06 -6- February 2, 2005 (8:51 pm) financial institution. Any such draw shall be without waiver of any rights Landlord may have under this Lease or at law or in equity as a result of the default. If any portion of the Letter of Credit is drawn after a default by Tenant, Tenant defaults shall, within seven (7) business days after written demand by Landlord restore the Letter of Credit to its original amount. Provided that (a) Tenant is not in default in the full and prompt payment and performance of any of its obligations under this LeaseLease on the date which is four (4) years after the Effective Date of this Lease (“Letter of Credit Termination Date”) and (b) Tenant can establish by delivering to Landlord evidence reasonably acceptable to Landlord that Tenant has as of the Letter of Credit Termination Date, includingand has continually had during the two (2) calendar quarters preceding the Letter of Credit Termination Date, without limitationliquid assets consisting of cash or cash equivalents (bonds and publicly traded securities) reserves of not less than Five Million Dollars ($5,000,000) and a ratio of current assets to current liabilities, as determined by generally accepted accounting principles, consistently applied, of not less than two-to-one (“Tenant’s Financial Requirement”), subject, however, to Tenant delivering to Landlord the Security Deposit described below in this Section 4.05, the payment obligation of RentTenant to maintain the Letter of Credit shall terminate as of the Letter of Credit Termination Date. As a condition to the termination of Tenant’s obligation to maintain the Letter of Credit, Tenant shall deposit with Landlord on or before the Letter of Credit Termination Date an amount equal to the Base Rent payable for the month which contains the Letter of Credit Termination Date (“Security Deposit”). The Security Deposit when delivered shall secure Tenant’s obligations under the Lease secured by the Letter of Credit. Landlord may use and commingle the Security Deposit with other funds of Landlord. If Tenant fails to perform Tenant’s obligations hereunder, Landlord may usemay, but without any obligation to do so, apply or retain the whole all or any part portion of the Security Deposit towards fulfillment of Tenant’s unperformed obligations. If Landlord does so apply any portion of the Security Deposit, Tenant, shall immediately pay Landlord a sufficient amount in cash to restore the Security Deposit to the extent required full original amount. In the event that Landlord shall expend the same in order to cure Tenant’s default hereunder, Tenant’s failure to forthwith remit to Landlord a sufficient amount in cash to restore the Security Deposit to the original sum deposited within five (5) days after Tenant’s receipt of notice from Landlord that such amounts have been so expended shall constitute an Event of Default. The Security Deposit shall be held by Landlord without liability for interest on the payment same. Upon termination of any Rent or any other sums as to which this Lease, if Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason has then performed all of Tenant's default in respect of any of ’s obligations hereunder, Landlord shall return the Security Deposit to Tenant's obligations . If Landlord sells or otherwise transfers Landlord’s rights or interest under this Lease, includingLandlord may deliver the Security and Security Deposit to the transferee, without limitationwhereupon Landlord shall be released from any further liability to Tenant with respect to the Security and Security Deposit. Notwithstanding anything to the contrary contained in this Section 4.05, any damages or deficiency in the reletting event the obligation of Tenant to maintain the Demised PremisesLetter of Credit is terminated as provided above, whether such damages or deficiency accrue before or if at any subsequent time during the Term of this Lease, including any extensions thereof, from and after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part Letter of the securityCredit Termination Date, Tenant shall upon demand immediately deposit with Landlord a sum equal fail to maintain the amount so usedTenant’s Financial Requirement, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit or any balance immediately give written notice thereof to which Tenant is entitled shall Landlord and cause a replacement letter of credit to be returned or paid over delivered to Tenant Landlord, within ten (10)days after the date on which this Lease shall expire or sooner end or terminateTenant fails to meet the Tenant’s Financial Requirement, in the amount, and after delivery to Landlord on the other terms of, the original Letter of entire possession of the Demised Premises. In the event of any sale or leasing of the Land, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbranceCredit.

Appears in 2 contracts

Samples: Lease (Zogenix, Inc.), Consent to Assignment Agreement (Zogenix, Inc.)

Security. 8.01. (a) In Tenant has deposited with Owner the event Tenant deposits with Landlord any Security Deposit, the same shall be held sum of $38,000 as security for the full faithful performance and faithful payment and performance observance by Tenant of Tenant's obligations under the terms, provisions and conditions of this Lease. If lease; it is agreed that in the event Tenant defaults in the full and prompt payment and performance respect of any of its obligations under the terms, provisions and conditions of this Leaselease, including, without limitationbut not limited to, the payment of Rentrent and additional rent, Landlord Owner may use, apply or retain the whole or any part of the Security Deposit security so deposited to the extent required for the payment of any Rent rent and additional rent or any other sums sum as to which Tenant is in default or for any sum which Landlord Owner may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under the terms, covenants and conditions of this Leaselease, includingincluding but not limited to, without limitation, any and damages or deficiency in the reletting re-letting of the Demised Premisespremises, whether such damages or deficiency accrue accrued before or after summary proceedings or other re-entry by LandlordOwner. If Landlord shall so use, apply or retain In the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If event that Tenant shall fully and faithfully pay and perform comply with all of Tenant's obligations under the terms, provisions, covenants and conditions of this Leaselease, the Security Deposit or any balance thereof to which Tenant is entitled security shall be returned or paid over to Tenant within sixty (60) days after the date on which this fixed as the end of the Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premisesdemised premises to Owner. In the event of any a sale of the land and building or leasing of the Landbuilding, Landlord of which the demised premises form a part, Owner shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord Owner shall thereupon be released by Tenant from all liability for the return or payment thereof; of such security, and Tenant shall agrees to look solely to the new landlord Owner solely for the return or payment of the samesaid security; and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the same security to a new landlordOwner. Tenant shall further covenants that it will not assign or encumber or attempt to assign or encumber the monies deposited herein as security, security and that neither Landlord Owner nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.. See Attached Rider, Xxxxxxxxx 00

Appears in 2 contracts

Samples: Agreement of Lease (Blue Fish Clothing Inc), Agreement of Lease (Blue Fish Clothing Inc)

Security. 8.01. (a) In Tenant, at Tenant’s sole cost and expense, shall provide Landlord, simultaneously with Tenant’s execution and delivery of this Lease to Landlord, with the event Tenant deposits with Landlord any Letter of Credit (defined below) or cash in the amount of the Security Deposit, the same shall be held specified in Section 1.01(13) as security (“Security”) for the full and faithful payment and performance by Tenant of Tenant's obligations under each and every term, provision, covenant, and condition of this Lease. If Tenant defaults in the full fails timely to perform (within applicable notice and prompt payment and performance of cure periods) any of its obligations under the terms, provisions, covenants and conditions of this Lease or any other document executed by Tenant in connection with this Lease, including, without limitationbut not limited to, the payment of RentRent or the repair of damage to the Premises caused by Tenant (excluding normal wear and tear), then Landlord may use, apply apply, or retain the whole or any part of the Security Deposit to the extent required for the payment of any Rent or not paid when due, for the cost of repairing such damage, for the cost of cleaning the Premises, for the payment of any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect ’s failure to perform, and otherwise for compensation of Landlord for any of other loss or damage to Landlord occasioned by Tenant's obligations under this Lease’s failure to perform, including, without limitationbut not limited to, any damages loss of future Rent and any damage or deficiency in the reletting of the Demised Premises, Premises (whether such loss, damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord) and the amount of the unpaid past Rent, future Rent loss, and all other losses, costs and damages that Landlord would be entitled to recover if Landlord were to pursue recovery under Section 11.02 of this Lease. If Landlord shall so useuses, apply applies or retain the whole retains all or any part of the securitySecurity, Tenant shall upon within ten (10) business days after demand pay or deliver to Landlord in immediately deposit with Landlord a available funds the sum equal necessary to replace the amount so used, applied and or retained, as security as aforesaid. If Tenant shall has fully and faithfully pay performed and perform observed all of Tenant's ’s obligations under the terms, provisions, covenants and conditions of this Lease, the Security Deposit or (except any balance thereof to which Tenant is entitled amount retained for application by Landlord as provided herein) shall be returned or paid over to Tenant no later than sixty (60) days after the latest of: (i) the Termination Date; (ii) the removal of Tenant from the Premises; (iii) the surrender of the Premises by Tenant to Landlord in accordance with this Lease; or (iv) the date on which Rent Adjustments owed pursuant to this Lease have been computed by Landlord and paid by Tenant. Provided, however, in no event shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premises. In the event of any sale or leasing of the Land, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrancereturn be construed as an admission by Landlord that Tenant has performed all of its obligations hereunder.

Appears in 2 contracts

Samples: Workletter Agreement (Accolade, Inc.), Workletter Agreement (Accolade, Inc.)

Security. 8.01. (a) In the event Tenant deposits shall deposit with Landlord any Security Deposit, the same shall be held sum of $44,000 upon the signing of this lease as security for the full faithful performance and faithful payment and performance observance by Tenant of Tenant's obligations under the terms, provisions and conditions of this Leaselease. If It is agreed that in the event Tenant defaults in the full and prompt payment and performance respect of any of its obligations under the terms, provisions and conditions of this Leaselease, including, without limitationincluding but not limited to, the payment of Rentrent and additional rent, Landlord may use, apply or retain the whole or any part of the Security Deposit security so deposited to the extent required for the payment of any Rent rent and additional rent or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under the terms, covenants and conditions of this Leaselease, including, without limitationincluding but not limited to, any damages or deficiency in the reletting of the Demised Premisespremises, whether such damages or deficiency accrue accrued before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain In the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If event that Tenant shall fully and faithfully pay and perform comply with all of Tenant's obligations under the terms, provisions, covenants and conditions of this Leaselease, the Security Deposit or any balance thereof to which Tenant is entitled security shall be returned or paid over to Tenant after the date on which this fixed as the end of the Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premisesdemised premises to Landlord. In the event of any a sale of the land and building or leasing of the Landbuilding, of which the demised premises form a part, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee upon written notice to Tenant and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereofof such security; and Tenant shall agrees to look solely to the new landlord Landlord solely for the return or payment of the samesaid security; and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the same security to a new landlordLandlord. Tenant shall further covenants that it will not assign or encumber or attempt to assign or encumber the monies deposited herein as security, security and that neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance. All interest and/or dividends, if any, accruing on the security deposited, whether in cash or otherwise as aforesaid, shall remain Tenant's property* and, provided Tenant is not in default in the performance of the terms, conditions and covenants of this lease, shall be paid to Tenant after each calendar year during the term, provided, however, that Tenant shall make a written demand therefor no later than January 31st in each year. * Less standard management charge of 1%.

Appears in 2 contracts

Samples: Agreement (Younetwork Corp), Younetwork Corp

Security. 8.01. Tenant shall deposit with Landlord, upon Xxxxxx’s execution of this Lease, the security deposit specified in Paragraph N of the Basic Lease Provisions (a“Security Deposit”) In the event Tenant deposits with Landlord any Security Deposit, the same shall be held as security for the full and faithful payment and performance by Tenant of Tenant's obligations under every term and covenant of this Lease. If In the event Tenant defaults in the full and prompt payment and performance of any of its obligations under hereunder, or otherwise breaches this Lease, including, without limitation, the payment of Rent, Landlord may use, apply apply, or retain the whole all or any part portion of the Security Deposit for the payment of any amount due Landlord or to reimburse or compensate Landlord for any liability, cost, expense, loss or damage (including attorneys’ fees) which Landlord shall suffer or incur by reason thereof. If Landlord uses or applies all or any portion of the Security Deposit, Tenant shall, within ten (10) days after written request therefore deposit monies with Landlord sufficient to restore the Security Deposit to the extent full amount required for the payment of any Rent or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under this Lease, including, without limitation, any damages . Upon the expiration or deficiency in the reletting earlier termination of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part this Lease and performance of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's ’s obligations under this Leasehereunder, Landlord shall return the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premises. In the event of any sale or leasing of the Land, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlordTenant. Tenant shall not assign or encumber or attempt be entitled to assign or encumber any interest on the monies deposited herein as securitySecurity Deposit, and neither Landlord nor its successors or assigns shall be bound entitled to commingle the Security Deposit with its general funds. No part of the Security Deposit shall be considered to be held in trust, to bear interest for its use, or to be a prepayment for any monies to be paid by any such assignment, encumbrance, attempted assignment or attempted encumbranceTenant under this Lease.

Appears in 2 contracts

Samples: Office Lease (GRI BIO, Inc.), Office Lease (Vallon Pharmaceuticals, Inc.)

Security. 8.01. A. Tenant shall, upon execution of this lease, deposit with Landlord the sum of Two Hundred Thousand (a$200,00.00) In security (“Security”) for the faithful performance and observance by Tenant of the terms, provisions and conditions of this lease; it is agreed that in the event Tenant deposits with Landlord any Security Deposit, the same shall be held as security for the full and faithful payment and performance by Tenant of Tenant's obligations under this Lease. If Tenant defaults in the full and prompt payment and performance respect of any of its obligations under the terms, provisions and conditions of this Leaselease, including, without limitationbut not limited to, the payment of Rentrent and additional rent, and fails to cure the same within any applicable grace and/or notice periods, then, Landlord may use, apply or retain the whole or any part of the Security Deposit security so deposited to the extent required for the payment of any Rent rent and additional rent or any other sums sum as to which Tenant tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's ’s default in respect of any of Tenant's obligations under the terms, covenants and conditions of this Leaselease, including, without limitationincluding but not limited to, any damages or deficiency in the reletting re-letting of the Demised Premises, whether such damages or deficiency accrue accrued before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply applies or retain the whole retains all or any part portion of the security, Security Tenant shall immediately upon Landlord’s demand immediately deposit with Landlord a sum equal to restore the amount so used, applied and retained, as security as aforesaidso that Landlord has on deposit the full amount of Security. If In the event that Tenant shall fully and faithfully pay and perform comply with all of Tenant's obligations under the terms, provisions, covenants and conditions of this Leaselease, the Security Deposit or any balance thereof to which Tenant is entitled security shall be promptly returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised PremisesTenant. In the event of any a sale of the land and Building or leasing of the LandBuilding, of which the Demised Premises form a part, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereofof such security; and Tenant shall agrees to look solely to the new landlord Landlord solely for the return or payment of the same; said security, and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the same security to a new landlordLandlord. Tenant shall further covenants that it will not assign or encumber or attempt to assign or encumber the monies deposited herein as security, security and that neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.

Appears in 2 contracts

Samples: www.sec.gov, Office Lease (Neutral Tandem Inc)

Security. 8.0140.01. (a) In the event Tenant deposits has deposited with Landlord any Security Depositan unconditional irrevocable letter of credit (as hereinafter defined) substantially in the form attached hereto as Schedule H (as the same may be modified in accordance with this section, the same shall be held "letter of credit") in an amount equal to Two Hundred Forty Thousand and 00/100 Dollars ($240,000), as security for the full and faithful payment and punctual performance by Tenant of Tenant's obligations under all of the terms of this Lease. If In the event Tenant defaults in the full and prompt payment and performance of any of its obligations under the terms of this Lease, including, without limitation, the payment of Rent, Landlord may use, draw upon the letter of credit in full and any amounts not applied as hereinafter provided shall be held by Landlord subject to and in accordance with the provisions of this Section. Landlord may then apply or retain the whole or any part of the Security Deposit security so drawn upon to the extent required for the payment of (i) any Rent rent or any other sums as to which Tenant is in default or for (ii) any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under this Lease, including, without limitation, any damages or deficiency in the reletting re-letting of the Demised Premises, whether such damages or deficiency accrue accruing before or after summary proceedings or other re-entry by Landlord. If Upon each such application, Tenant shall, on demand, pay to Landlord the sum so applied in cash which shall be added to the remaining proceeds from the letter of credit so that the security held by Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal be restored to the amount so used, applied and retained, as security as aforesaidfirst set forth above. If Tenant shall fully and faithfully pay and perform punctually comply with all of Tenant's obligations under the terms of this Lease, the Security Deposit letter of credit or any balance thereof to which Tenant is entitled the amount of the security deposit, as the case may be, shall be returned or paid over to Tenant after the date on which termination of this Lease shall expire or sooner end or terminateLease, and after delivery to Landlord of entire exclusive possession of the Demised PremisesPremises to Landlord and the payment to Landlord of all amounts payable hereunder. In the event of any a sale or leasing lease of the LandBuilding, Landlord shall have the right to transfer the letter of credit or the security to which Tenant is entitled deposit to the vendee or lessee and Landlord shall thereupon ipso facto be released by Tenant from all liability for the return or payment thereofof such security; and Tenant shall agrees to look solely to the new landlord for the return or payment of the same; said security and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the same letter of credit or security to a new landlord. If 30 days prior to the date of such sale, Landlord shall be holding a letter of credit as Tenant's security, Tenant will upon five (5) days prior written notice, deliver a substitute letter of credit naming the new landlord as the new beneficiary thereof. In the event Tenant shall default in such obligation, Landlord may draw upon the letter of credit and transfer the proceeds thereof to the new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, security and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, or attempted assignment or attempted encumbrance. In the event the letter of credit referred to above or any substitute letter of credit is not renewed so that at all times the letter of credit held by Landlord hereunder is valid for a period in excess of 30 days, Landlord may draw upon said letter of credit and hold the proceeds thereof subject to and in accordance with the terms of this Section.

Appears in 2 contracts

Samples: Office Lease (Exodus Communications Inc), Office Lease (Exodus Communications Inc)

Security. 8.01. (a) In Concurrently with the event execution of this Lease, Tenant deposits shall deposit with Landlord any an unconditional “evergreen” letter of credit in an amount equal to the Security Deposit, set forth in the same shall Basic Lease Provisions from a recognized commercial banking institution located in the State of New Jersey or the City of New York and having a net worth of at least $500,000,000.00. The letter of credit will be held by Landlord as security for the full and faithful payment and performance by Tenant of Tenant's ’s obligations under this Lease. The letter of credit must be payable upon sight draft, together with a certification from Landlord that Tenant is in default under this Lease. If (i) any Basic Rent, Additional Rent or other sum payable by Tenant defaults in the full and prompt payment and performance to Landlord is not paid when due, or (ii) Landlord makes any payments on behalf of Tenant, or (iii) Tenant fails to perform any of its obligations under this Lease, includingthen, in each case, Landlord will have the right, without limitationprejudice to any other remedy Landlord may have, to draw down such letter of credit to compensate or reimburse Landlord, as the case may be, toward the payment of Basic Rent, Additional Rent or other such sum payable hereunder, or other loss or damage sustained by Landlord may useon account of Tenant’s default. The Security will not be deemed to be (x) a limitation on Landlord’s damages or other rights and remedies available under this Lease or at law or equity, apply (y) a payment of liquidated damages, or retain the whole or any part (z) an advance of the Security Deposit to the extent required for the payment of any Basic Rent or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under this Lease, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by LandlordAdditional Rent. If Landlord shall so useuses, apply applies, or retain the whole retains all or any part portion of the securitySecurity, Tenant shall upon demand immediately deposit with restore the Security to its original amount. If the letter of credit requires renewal, Tenant shall furnish to Landlord a sum equal evidence of such renewal at least thirty (30) days prior to the amount so used, applied and retained, as security as aforesaidexpiration date of the letter of credit. If Tenant shall fully and faithfully pay and perform all fails to timely provide Landlord with such evidence of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premises. In the event of any sale or leasing of the Landrenewal, Landlord shall will have the right to transfer cash the letter of credit and to retain the proceeds as security hereunder. Landlord will not be required to which keep any cash security separate from its own funds. Landlord will have no fiduciary responsibilities or trust obligations with regard to any cash security and will not be obligated to pay Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlordany interest on any cash security. Tenant shall not assign assign, pledge, hypothecate, mortgage or encumber or attempt to assign or otherwise encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbranceSecurity.

Appears in 2 contracts

Samples: Lease Agreement (Roka BioScience, Inc.), Lease Agreement (Roka BioScience, Inc.)

Security. 8.01. Seller reserves, and Buyer hereby grants to Seller, both a general security interest and a purchase money security interest in the Goods, all additions, attachments, accessions, parts, replacements, substitutions and renewals thereof, wherever situated, and the proceeds and products of all of the foregoing (athe “Collateral”), to secure (i) In with respect to the event Tenant deposits purchase money security interest, payment of any and all indebtedness and obligations of Buyer to Seller as to the purchase price of the Goods, and (ii) with Landlord any Security Depositrespect to the general security interest, the same obligations specified in the preceding clause (i) and the performance of all other obligations of Buyer herein. The parties intend the Agreement (as defined in paragraph 1) to constitute a security agreement under the Uniform Commercial Code. Until the full amount owed to Seller by Buyer is paid and all of Buyer’s other performance obligations have been satisfied or waived in writing by Seller, the Collateral shall remain at the place of initial delivery at Buyer’s facility following shipment from Seller’s facility, shall not be relocated, shall be held insured against all losses in an amount not less than the purchase price (with Seller as a named insured), shall be properly maintained, and shall be accessible at all reasonable times for inspection by Seller or Seller’s agents on the premises where the Collateral is located. Buyer shall reimburse Seller for all expenses, including reasonable attorney fees and legal expenses, incurred by Seller in seeking to collect any amounts owed to Seller from Buyer, in defending the priority of Seller’s security for the full and faithful payment and performance by Tenant of Tenant's obligations under this Lease. If Tenant defaults interests in the full and prompt payment and performance of Collateral, or in pursuing any of its obligations under this LeaseSeller’s rights or remedies hereunder. Buyer authorizes Seller to prepare and to file, includingany financing statement(s) (UCC- 1) or other documents evidencing Seller’s security interests in the Collateral (a “Financing Statement”) and, without limitation, the payment of Rent, Landlord may use, apply or retain the whole or any part of the Security Deposit to the extent required for the payment Buyer’s execution of any Rent or any other sums as to which Tenant Financing Statement is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under this Lease, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premises. In the event of any sale or leasing of the Land, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any applicable jurisdiction, Buyer hereby grants Seller a limited power of attorney to execute any such assignment, encumbrance, attempted assignment or attempted encumbranceFinancing Statement on Buyer’s behalf.

Appears in 2 contracts

Samples: General Terms And, General Terms And

Security. 8.01The amount set forth in the Data Sheet as a security deposit is payable by Xxxxxx, upon the execution of this Lease by Xxxxxx, in the manner and at the place where minimum rent is payable. (a) In the event Tenant deposits with Landlord any Security Deposit, the same shall be held Xxxxxxxx is to retain said amount as security for the full faithful performance of all covenants, conditions and faithful payment and performance by Tenant agreements of Tenant's obligations under this Lease. If Tenant Such amount is occasionally referred to herein as the “security.” Landlord may, at its option, apply the security to remedy defaults in the full and prompt payment and performance of any of its obligations under this Lease, including, without limitation, the payment of Rent, Landlord may use, apply or retain the whole or any part of the Security Deposit to the extent required for the payment of any Rent rent or any other sums as charge hereunder, to which Tenant is repair damages to the Leased Premises caused by Tenant, or to clean the Leased Premises upon the expiration or termination of this Lease; in default no event however, shall Landlord be obligated so to apply the security. Xxxxxxxx’s right to bring a special proceeding to recover or otherwise to obtain possession of the Leased Premises before or after Xxxxxxxx’s declaration of the termination of this Lease for nonpayment of rent or for any sum which other reason shall not in any event be affected by reason of the fact that Landlord may expend holds such security. Such security, if not applied toward the payment of rent in arrears or may be required to expend toward the payment of damages suffered by Landlord by reason of Tenant's default in respect ’s breach of any the covenants, conditions and agreements of Tenant's obligations under this Lease, includingis to be returned to Tenant without interest, without limitationexcept as provided by law, any damages or deficiency when this Lease is terminated according to its terms, but in no event is such security to be returned until Tenant has vacated the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied Leased Premises and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit or any balance delivered possession thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised PremisesLandlord. In the event that Landlord repossesses itself of the Leased Premises, whether by special proceeding or re-entry or otherwise, because of Tenant’s default or failure to carry out the covenants, conditions and agreements of this Lease, Landlord may apply such security upon all damages suffered to the date of said repossession and may retain the security to apply upon such damages as may be suffered or shall accrue thereafter by reason of Tenant’s default or breach. In the event any bankruptcy, insolvency, reorganization or other creditor-debtor proceedings shall be instituted by or against Tenant, or its successors or assigns, or any guarantor of Tenant hereunder, such security shall be deemed to be applied first to the payment of any sale rents and/or other charges due Landlord for all periods prior to the institution of such proceedings, and the balance, if any, of such security may be retained by Landlord in partial liquidation of Landlord’s damages. Landlord shall not be obligated to keep such security as a separate fund but may commingle the security with its own funds. In the event Landlord applies the security in whole or leasing in part, Tenant shall, upon demand by Landlord, deposit sufficient funds to maintain the security in the initial amount. Failure of Tenant to deposit such additional security shall entitle Landlord to avail itself of the Land, remedies provided in this Lease for nonpayment of rent by Tenant. The acceptance by Landlord of the security deposit submitted by Tenant shall not render this Lease effective unless and until Landlord shall have the right executed and actually delivered to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment a fully-executed copy of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlordthis Lease. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.Impossible Kicks /International Plaza/03/21/23 S29 COMMON AREA CHARGE

Appears in 1 contract

Samples: Lease (Impossible Kicks Holding Company, Inc.)

Security. 8.01This Instrument, and each of the obligations of the Borrower provided herein, is secured by the assets of the Borrower, both tangible and intangible. Borrower hereby transfers and assigns to Lender all of Borrower's right, title and interest, (a) In the event Tenant deposits with Landlord but not its liability), in, under, and to all design and production contracts, and any Security Depositand all plans and patents, and agrees that all of the same are covered by the collateral agreement provisions. Borrower agrees to deliver to Lender from time to time upon Lender's request such consents to the foregoing assignment from parties contracting with Borrower as Lender may require. Neither this assignment nor any action by Lender shall be held as security for the full and faithful payment and performance constitute an assumption by Tenant of Tenant's obligations under this Lease. If Tenant defaults in the full and prompt payment and performance Lender of any obligation under any contract or with respect to the production, Borrower hereby agrees to perform all of its obligations under this Leaseany contract, including, without limitation, the and Borrower shall continue to be liable for all obligations of Borrower with respect thereto. Borrower shall transfer as collateral for security for payment of Rentthis or any other liability to Lender due or to become due, Landlord or that may usebe hereafter incurred, apply property listed in Exhibit C. On Borrower's failure to comply with the terms of this obligation, Lender shall have full power and authority in case of such default or retain of the whole nonpayment of any of the liabilities above-mentioned, to sell, assign and deliver all, or any part of such collateral or any substitutes therefor or additions thereto at any broker's board or at public or private sale, at Lender's option, at any time thereafter upon advertisement or notice to Borrower, and with the Security Deposit right on Lender's part to purchase the collateral at such sale without any right of redemption on Lender's part. After deducting all costs and expenses for collection, sale, delivery, including legal expenses, Lender shall be entitled to apply the remaining proceeds of such sale or sales to pay any of Lender's liabilities to remaining proceeds of such sale or sales to pay any of Borrower's liabilities to Lender and return any surplus to the extent required for the payment of any Rent or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under this Lease, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised PremisesBorrower. In the event of any sale or leasing of deficiency, the Land, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability Borrower will remain liable for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbranceamount.

Appears in 1 contract

Samples: Loan Agreement (Cyberlux Corp)

Security. 8.01. (a) In the event Tenant deposits has deposited with Landlord any the sum of $114,925.60 (the "Security Deposit, the same shall be held ") as security for the full and faithful payment performance and performance observance by Tenant of Tenant's covenants and obligations under this LeaseSublease. If Tenant defaults in the full and prompt payment and performance of any of its Tenant's covenants and obligations under this LeaseSublease, including, without limitationbut not limited to, the payment of Fixed Rent, Furniture Rent and Additional Rent, Landlord may may, but shall not be required to, use, apply or retain the whole or any part of the Security Deposit and the interest accrued thereon, if any, to the extent required for the payment of any Fixed Rent, Furniture Rent and Additional Rent or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under the terms, covenants and conditions of this LeaseSublease, including, without limitationbut not limited to, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the securitySecurity Deposit or the interest accrued thereon, if any, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and or retained, as security as aforesaidaforesaid failing which Landlord shall have the same rights and remedies as for the non-payment of Fixed Rent or Furniture Rent beyond the applicable grace period. If Tenant shall fully and faithfully pay and perform comply with all of Tenant's covenants and obligations under this LeaseSublease, the Security Deposit or any balance thereof thereof, with the interest thereon, if any, to which Tenant is entitled entitled, shall be returned or paid over to Tenant after the date on which fixed as the end of this Lease shall expire or sooner end or terminate, Sublease and after delivery to Landlord of entire possession of the Demised Premises. In the event of any sale or leasing of the Land, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as securitySecurity Deposit or any interest thereon to which Tenant is entitled, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.

Appears in 1 contract

Samples: Agreement of Sublease (Playboy Enterprises Inc)

Security. 8.01. (a) In the event Tenant deposits with Landlord any Security Deposit, the same shall be held as As security for the full and faithful payment and performance by Tenant Txxxxx of all of the terms and conditions of this Lease on Tenant's obligations under this Lease’s part to be performed, Txxxxx has deposited with Landlord the sum equal to two month’s rent, or SIXTY THOUSAND DOLLARS ($60,000.00). If Tenant defaults in the full and prompt payment and performance of any of its obligations under this Lease, includingSuch amount shall be returned to Tenant, without limitationinterest, within thirty (30) days after the payment day set forth for the expiration or sooner termination of Rentthe Term if Tenant has fully and faithfully carried out all of the terms, covenants, and conditions of this Lease on its part to be performed. Landlord may use, shall have the right to apply or retain the whole or any part of the Security Deposit said deposit to the extent required for the cure any default of Tenant, including but not limited to damages and payment of any Rent or any other sums as to which Tenant additional rent. The application of the deposit shall be at the sole discretion of Landlord. It is expressly understood that this remedy is in default or for any sum which Landlord may expend or may be required addition to expend by reason of Tenant's default all other remedies vested in respect of any of Tenant's obligations under this Lease, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premises. In the event of any a sale or leasing of the Landbuilding of which the Demised Premises are a part or lease of the land on which it stands subject to this Lease, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee purchaser and Landlord and his Agent shall thereupon be released by Tenant from all liability for the return or payment thereof; of such security and Tenant shall look solely to the new landlord solely for the return or payment of the same; and the provisions hereof said security. It is agreed that this provision shall apply to every transfer or assignment made of the same security to a new landlord. Tenant The security deposited under this Lease shall not assign be mortgaged, assigned, or encumber or attempt to assign or encumber encumbered by Tenant without the monies deposited herein as security, and neither written consent of Landlord nor its successors or assigns In the event of any authorized assignment of this Lease by Tenant the said security deposit shall be bound deemed to be held by any such assignment, encumbrance, attempted assignment or attempted encumbrancethe Landlord as a deposit made by the assignee and Landlord shall have no further liability with respect to the return of said security to Tenant.

Appears in 1 contract

Samples: Lease Agreement (Hut 8 Corp.)

Security. 8.01. (a) In the event DEPOSIT Tenant deposits has deposited with Landlord any Security Deposit, the same sum of Thirteen Thousand One Hundred Eighty Nine Dollars and 54/l00ths ($13,189.54). Said sum shall be held by Landlord as security for the full and faithful payment and performance by Tenant of all of Tenant's obligations under this Leasehereunder. Ten Thousand Dollars ($10,000.00) of the deposit set forth above shall be held in an interest bearing account. All interest earned from said $10,000.00 shall be paid to Tenant by Landlord at the end of the lease term. If Tenant defaults in with respect to any provision of this Lease, including but not limited to the full and prompt provisions relating to the payment and performance of rent, Landlord may (but shall not be required to) use, apply or retain all or any part of this security deposit for the payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of the deposit is so used or applied, Tenant shall, upon demand, deposit cash with Landlord in an amount sufficient to restore the security deposit to its original amount. Tenant's failure to do so shall be a material breach of this Lease. Landlord shall not be required to keep this security deposit separate from its general f unds, and Tenant shall not be entitled to interest on such deposit, except for as provided above. If Tenant shall fully and faithfully perform all of its obligations under this Lease, including, without limitation, the payment of Rent, Landlord may use, apply or retain the whole or any part of the Security Deposit to the extent required for the payment of any Rent or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under this Lease, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately security deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after (or, at Landlord's option, to the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord last assignee of entire possession Tenant's interest hereunder) at the expiration of the Demised Premises. In the event of any sale or leasing of the LandLease term, provided that Landlord shall have the right to transfer may retain the security to which deposit until such time as any amount due from Tenant is entitled to the vendee or lessee in accordance with Article 4 hereof has been determined and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrancepaid in full.

Appears in 1 contract

Samples: Letter Agreement (Ayurcore Inc)

Security. 8.0134. (a) In Tenant has deposited with Owner the event Tenant deposits with Landlord any Security Deposit, the same shall be held sum of $132,660.00 34.1 as security for the full faithful performance and faithful payment and performance observance by Tenant of Tenant's obligations under the terms, provisions and conditions of this Lease. If lease; it is agreed that in the event Tenant defaults in the full and prompt payment and performance respect of any of its obligations under the terms, provisions and conditions of this Leaselease, including, without limitationbut not limited to, the payment of Rentrent and additional rent, Landlord Owner may use, apply or retain the whole or any part of the Security Deposit security so deposited to the extent required for the payment of any Rent rent and additional rent, or any other sums sum as to which Tenant is in default default, or for any sum which Landlord Owner may expend or may be required to expend by reason of Tenant's ’s default in respect of any of Tenant's obligations under the terms, covenants and conditions of this Leaselease, including, without limitationincluding but not limited to, any damages or deficiency in the reletting of the Demised Premisesdemised premises, whether such damages or deficiency accrue accrued before or after summary proceedings or other re-entry by LandlordOwner. If Landlord shall so In the case of every such use, apply application or retain the whole or any part of the securityretention, Tenant shall upon demand immediately deposit with Landlord a shall, within five (5) days after demand, pay to Owner the sum equal to the amount so used, applied and retained, as or retained which shall be added to the security as aforesaiddeposit so that the same shall be replenished to its former amount. If In the event that Tenant shall fully and faithfully pay and perform comply with all of Tenant's obligations under the terms, provisions, covenants and conditions of this Leaselease, the Security Deposit or any balance thereof to which Tenant is entitled security shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner fixed as the end or terminate, of the lease and after delivery to Landlord of entire possession of the Demised Premisesdemised premises to Owner. In the event of any a sale of the land and building, or leasing of the Landbuilding, Landlord of which the demised premises form a part, Owner shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee lessee, and Landlord Owner shall thereupon be released by Tenant from all liability for the return or payment thereofof such security; and Tenant shall agrees to look solely to the new landlord Owner solely for the return or payment of the same; said security, and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the same security to a new landlordOwner. Tenant shall further covenants that it will not assign or encumber encumber, or attempt to assign or encumber encumber, the monies deposited herein as security, and that neither Landlord Owner nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.

Appears in 1 contract

Samples: Office Lease (Olo Inc.)

Security. 8.01. A. Landlord hereby acknowledges receipt, subject to collection, if by check, from Tenant, of the sum of Sixty-Six Thousand (a$66,000.00) In the event Tenant deposits with Landlord any DOLLARS (hereinafter referred to as "Security Deposit"), the same shall which Security Deposit is to be held by Landlord as security for the full and faithful payment and performance by Tenant of each and every term, condition and covenant of this Lease on the part of Tenant to be observed and performed, it being expressly understood that such Security Deposit is not an advance payment of rental or a measure of Landlord's damages in the case of default by Tenant's obligations under this Lease. Landlord shall deposit the Security Deposit in a separate, interest bearing bank account and shall annually pay tenant the amount of such interest accruing in said account, less a one percent (1%) administration fee. Such Security Deposit shall not be mortgaged, assigned, transferred or encumbered by tenant without the consent of Landlord and any such act on the part of Tenant shall be without force and effect and shall not be binding upon Landlord. If Tenant defaults in the full and prompt payment and performance of any of its obligations under the Minimum Rent or any item of Additional Rent payable by Tenant to Landlord shall be overdue and unpaid or should Landlord make payments on behalf of Tenant, or should tenant fail to perform any of the terms of this Lease, includingthe landlord may, at its option, and without limitationprejudice to any other remedy which Landlord may have on account thereof, appropriate and apply said entire Security Deposit, or so much thereof as may be necessary to compensate Landlord toward the payment of Rent, Landlord may use, apply or retain the whole Minimum Rent or any item of Additional Rent due from Tenant or towards any loss, damage or expense sustained by Landlord resulting from such default on the part of the Tenant and, in such event Tenant shall forthwith, upon demand, restore said Security Deposit to the extent required for original sum deposited. In the payment of any Rent or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under this Lease, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If event Tenant shall fully and faithfully pay and perform comply with all of Tenant's obligations under the terms, covenants and conditions of this LeaseLease and promptly pay all of the Minimum Rent and all items of Additional Rent as they fall due to Landlord, the any remaining balance of such Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over by Landlord to Tenant after the date on which expiration or termination of this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession the surrender of the Demised PremisesPremises by Tenant in compliance with the provisions of this Lease. In the event of any sale bankruptcy, insolvency, reorganization or leasing of the Landother creditor-debtor proceedings shall be instituted by or against Tenant, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns assigns, or any surety of this Lease, such Security Deposit shall be bound by deemed to be applied first to the payment of any Minimum Rent and any item of Additional Rent due Landlord for all periods prior to the institution of such assignmentproceedings, encumbranceand the balance, attempted assignment or attempted encumbrance.if any, of such

Appears in 1 contract

Samples: Getty Images Inc

Security. 8.0142.01. (a) In the event Tenant deposits shall deposit with Landlord any either the sum of $510,417.00 or the "Security DepositLetter", the same shall be held as defined in Section 42.02 hereof in such amount, as security for the full faithful performance and faithful payment and performance observance by Tenant of Tenant's obligations under the terms, provisions, covenants and conditions of this Lease. If Such security (including without limitation any cash portion remaining after application of the proceeds drawn down under the Security Letter) shall be deposited in a segregated interest-bearing account at Bankers Trust Company or, upon notice to Tenant, any money center bank and Landlord shall refund to Tenant the amount of such interest accrued on the monies so deposited once each calendar year upon written request from Tenant. It is agreed that in the event Tenant defaults in the full and prompt payment and performance respect of any of its obligations under the terms, provisions, covenants and conditions of this Lease, including, without limitationbut not limited to, the payment of Rentfixed annual rent and additional rent, and such default remains uncured after the expiration of the applicable grace period set forth herein, Landlord may may, during the continuance of such event of default, use, apply or retain the whole or any part of the Security Deposit security so deposited to the extent required for the payment of any Rent fixed annual rent and additional rent or any other sums sum as to which Tenant is in default after notice and beyond applicable grace periods or for any sum which Landlord may expend or may be required to reasonably expend by reason of Tenant's default in respect of any of Tenant's obligations under the terms, provisions, covenants and conditions of this Lease, including, without limitationafter notice and beyond applicable grace periods including but not limited to, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue accrued before or after summary proceedings or other re-entry by Landlord. If and to the extent that Landlord shall so use, apply or retain has not applied the whole or any part of security in accordance with the security, provisions hereof and Tenant shall upon demand immediately deposit with have delivered to Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If an executed document in recordable form terminating any memorandum of lease which Tenant shall fully and faithfully pay and perform all have caused to be recorded pursuant to Article 40 of Tenant's obligations under this Lease, Lease the Security Deposit or any balance thereof to which Tenant is entitled security shall be returned or paid over to Tenant within thirty (30) days after the date on which this fixed as the end of the Lease shall expire or sooner end or terminate, the earlier termination thereof and after delivery to Landlord of entire possession of the Demised Premisesdemised premises to Landlord in accordance with this Lease. In the event of any a sale of the Land and Building or leasing of the LandBuilding, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee who shall be bound by the provisions hereof, and Landlord shall thereupon upon such transfer be released by Tenant from all liability for the return or payment thereofof such security; and in such event Tenant shall agrees to look solely to the new landlord for the return or payment of the samesaid security; and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the same security to a new landlord. Tenant shall further covenants that it will not assign or encumber or attempt to assign or encumber the monies deposited herein as security, security except in connection with an assignment of this Lease permitted hereunder and consented to by Landlord and that neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbranceencumbrance except in connection with an assignment of this Lease permitted hereunder and consented to by Landlord. In the event Landlord applies or retains any portion or all of the security deposited, Tenant shall forthwith restore the amount so applied or retained so that at all times the amount deposited shall be $510,417.00.

Appears in 1 contract

Samples: Agreement of Lease (PPC Publishing Corp)

Security. 8.01. (a) In the event Concurrent with its execution of this Lease, Tenant deposits is depositing with Landlord any Security Depositthe sum of $287,000.00 by check for the Initial Premises, subject to collection, as the same security deposit under this Lease (the "Security"). Landlord shall be held retain such amount as security for the full faithful performance of all of the terms, covenants, and faithful payment and performance by Tenant conditions of Tenant's obligations under this Lease. If Tenant defaults Landlord shall in no event be obligated to apply the full and prompt Security to Rent in arrears or damages for Tenant's default, although Landlord may so apply the Security, at its option. Landlord's right to bring a special proceeding to recover or otherwise obtain possession of the Leased Premises for non-payment and performance of Rent or for any other reason shall not in any event be affected by reason of its obligations under this Leasethe fact that Landlord holds the Security. The Security, including, without limitation, if not applied toward the payment of Rent, Landlord may use, apply Rent in arrears or retain the whole or any part of the Security Deposit to the extent required for toward the payment of any Rent or any other sums as to which Tenant is in default or for any sum which damages suffered by Landlord may expend or may be required to expend by reason of Tenant's default default, shall be returned to Tenant without interest within thirty (30) days of the expiration of the Lease, or when this Lease is terminated, but in respect no event shall the Security be returned until Tenant has vacated the Leased Premises and delivered possession thereof to Landlord in accordance with the terms and provisions of any this Lease, which shall be verified by a walk-through by Landlord within ten (10) days after the Leased Premises has been vacated to confirm that the Leased Premises are in the condition required to be at the expiration or termination of the Term. If Landlord repossesses the Leased Premises, because of Tenant's obligations under this Leasedefault, including, without limitation, any Landlord may apply the Security to damages or deficiency in suffered to the reletting date of such repossession and may apply the Demised Premises, whether Security to such damages as may be suffered or deficiency shall accrue before or after summary proceedings or other re-entry thereafter by Landlordreason of Tenant's default. Except as otherwise required by the Laws, Landlord shall not be obligated to keep the Security as a separate fund and may commingle the Security with its own funds. If Landlord shall so use, apply or retain applies the Security in whole or any in part against damages incurred by reason of Tenant’s default, Tenant shall, upon demand by Landlord, deposit sufficient funds to replenish the Security to the original amount required hereunder. Failure of Tenant to deposit such additional security within 30 days of Landlord's demand therefore shall entitle Landlord to avail itself of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which remedies provided in this Lease shall expire or sooner end or terminate, and after delivery to Landlord for nonpayment of entire possession of the Demised Premises. In the event of any sale or leasing of the Land, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released Rent by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbranceTenant.

Appears in 1 contract

Samples: Lease Agreement (Rocket Pharmaceuticals, Inc.)

Security. 8.01. Section 27.1: TENANT shall deposit with LANDLORD the sum of Fifteen Thousand Eight Hundred Twenty Five Dollars and Forty Eight Cents (a$15,825.48) In the event Tenant deposits with Landlord any Security Deposit, the same shall be held as security for the full faithful performance and faithful payment observance by TENANT of the terms, provisions and performance by Tenant conditions of Tenant's obligations under this Leaselease. If Tenant It is agreed that in the event TENANT defaults in the full and prompt payment and performance respect of any of its obligations under the terms, provisions and conditions of this Leaselease, including, without limitation, including but not limited to the payment of Rentrent and additional rent, Landlord LANDLORD may use, apply or retain the whole or any part of the Security Deposit security so deposited to the extent required for the payment of any Rent or rent and additional renter any other sums sum as to which Tenant TENANT is in default or for any sum which Landlord may expend or may be required to expend by reason of TenantTENANT's default in respect of any of Tenant's obligations under the terms, covenants and conditions of this Leaselease, including, without limitation, including but not limited to any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlordpremises. If Landlord shall so use, apply or retain In the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant event that TENANT shall fully and faithfully pay and perform comply with all of Tenant's obligations under the terms, provisions, covenants and conditions of this Leaselease, the Security Deposit or any balance thereof to which Tenant is entitled security shall be returned or paid over to Tenant TENANT after the date on which this Lease shall expire or sooner fixed as the end or terminate, of the lease and after delivery to Landlord of entire possession of the Demised PremisesPremises to LANDLORD. In the event of any a sale or leasing of the Landland and Building, Landlord LANDLORD shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord LANDLORD shall thereupon be released by Tenant TENANT from all liability for the return or payment thereofof such security; and Tenant shall and, the TENANT agrees to look solely to the new landlord LANDLORD solely for the return or payment of the same; and said security, and, it is agreed that the provisions hereof shall apply to every transfer or assignment made of the same security to a new landlordLANDLORD. Tenant shall not TENANT further covenants that it will no assign or encumber or attempt to assign or encumber the monies deposited herein as security, security and that neither Landlord LANDLORD nor its his successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance. The security deposit shall be placed in an interest bearing escrow account and the interest (in accordance with the law) accrues to the TENANT.

Appears in 1 contract

Samples: Agreement of Lease (Netwolves Corp)

Security. 8.01. (a) In the event Tenant deposits with Landlord any Security DepositAt Closing, the same Seller shall deliver to the Buyer an irrevocable letter of credit (the "Letter of Credit") in the form of Exhibit F hereto. The Letter of Credit shall be held issued by The Chase Manhattan Bank (the "Letter of Credit Issuer"). If at any time prior to the exercise of the Put Option on the Exercise Date and the payment of the Put Consideration payable on the Exercise Date by the Seller or pursuant to the Letter of Credit the long-term rating of the senior unsecured debt of the Letter of Credit Issuer falls below AA- by Standard & Poor's Ratings Group or Aa3 by Xxxxx'x Investor Service, Inc., the Seller shall promptly, but in no event later than thirty (30) days after such event, deliver to the Buyer in exchange for the Letter of Credit a substitute letter of credit of the same tenor as the Letter of Credit issued by a financial institution reasonably satisfactory to the Buyer and whose senior unsecured debt has a long-term rating of at least AA- by Standard & Poor's Ratings Group and Aa3 by Xxxxx'x Investor Service, Inc., and after such delivery such substitute letter of credit and such financial institution shall be deemed to be the Letter of Credit and Letter of Credit Issuer, respectively, for all purposes of this Section 4.3. The Letter of Credit shall serve as security for the full and faithful payment and performance by Tenant of Tenant's obligations under this Lease. If Tenant defaults in the full and prompt payment and performance of any Seller of its obligations under the Put Option and the repayment of the Note and accrued and unpaid interest thereon as a result of an Event of Default on or prior to the Exercise Date. If the Buyer elects to exercise the Put Option with respect to any Exercise Date and the Seller fails to deliver all or any portion of the Put Consideration on such Exercise Date, Buyer, in its sole discretion, may draw upon the Letter of Credit the portion (which may be all) of the Put Consideration not paid by the Seller on such Exercise Date (the "Unpaid Portion") and upon receipt of the Unpaid Portion by the Buyer under the Letter of Credit, the Put Consideration shall be deemed to have been paid in full by the Seller. If the Buyer does not exercise the Put Option on or prior to the Exercise Date or if it converts the Note in full into the Conversion Shares, it will return the Letter of Credit to the Seller within five days after the Exercise Date or the date of such conversion. Capitalized terms used but not defined in this Lease, includingSection that are defined in the Note shall have the meanings assigned to such terms in the Note and, without limitation, if the payment of Rent, Landlord may use, apply or retain Exercise Date is extended as provided in the whole or any part of the Security Deposit Note all references herein to the extent required for the payment of any Rent or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may Exercise Date shall be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under this Lease, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount Exercise Date as so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premises. In the event of any sale or leasing of the Land, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbranceextended.

Appears in 1 contract

Samples: Execution Copy Note Purchase Agreement (Cascade Investment LLC)

Security. 8.01A security deposit (or government subsidy equivalent, as approved and allowed by Landlord on a case-by-case basis) is required to ratify this Lease. Tenant must give a security deposit to Landlord in the amount stated above. If Tenant does not pay rent on time, Landlord may use the security deposit to pay for rent past due. If Tenant fails to perform any other term in this Lease, Landlord may use the security deposit for payment of money Landlord may spend, or damages Landlord suffers because of Tenant’s failure. If the Landlord uses the security deposit Tenant shall upon notice from Landlord, send to Landlord an amount equal to the sum used by Landlord. At all times Landlord is to have the amount of security deposit stated above. If Tenant breaks this Lease for any reason, Tenant forfeits all deposits paid including security deposit, last months rent, trash, and parking fees. If Xxxxxx fully performs all terms of this Lease, pays rent on time and leaves the Apartment in good condition on the last day of the Term, then Landlord will return the security deposit being held; the process of returning the security deposit shall involve the following: Tenant must give adequate notice of intention to vacate, in writing, and must take all steps necessary to ensure Landlord is in receipt of the notice; Landlord shall conduct a pre-surrender inspection and advise Tenant of grossly unacceptable issues; Xxxxxx must resolve all issues and surrender the apartment in a timely and orderly fashion, according to all terms written in this Lease (aa “surrender” is defined as the complete relinquishment of all keys and rights and claims to the apartment, and also shall require the Tenant to provide a mailing address to the Landlord solely for security deposit correspondence matters); Landlord shall inspect the apartment immediately upon Xxxxxx’s surrender, and shall document the condition of the apartment; Landlord shall have a reasonable period of time (usually not to exceed 30 days) to make determinations and/or to invoice Tenant for repair(s) and/or to return whatever security deposit may be due; Landlord shall not be expected to return security deposit prior to, or immediately upon, Xxxxxx’s surrender. Tenants who receive any government subsidy equivalent of their security deposits are not entitled to any return. The security deposit may not be used as payment of the last month’s rent. If Xxxxxx fails to take occupancy of the apartment for any cause, Xxxxxx agrees to forfeit all deposits paid including security deposit, last months rent, trash, and parking fees. If Landlord sells or leases the Building, Landlord may give the security deposit to the buyer or lessee. In the that event Tenant deposits with Landlord any Security Deposit, will look only to the same shall be held as security buyer or lessee for the full and faithful payment and performance return of the security deposit. The security deposit is for Landlord’s use as stated in this Section. Landlord may put the security deposit in any place permitted by law. Landlord need not give Tenant of Tenant's obligations under interest in the security deposit, even if Tenant is fully performing all terms in this Lease. If Tenant defaults Xxxxxx (who does not fall within the Landlord’s government subsidy equivalent approval) fails to pay a security deposit in the full and prompt payment and performance of any of its obligations under this Lease, including, without limitation, the payment of Rent, Landlord may use, apply or retain the whole or any part of the Security Deposit prior to the extent required for the payment of any Rent or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under this Lease, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire taking possession of the Demised Premises. In the event of any sale or leasing of the LandApartment, Landlord shall have the right to transfer the security to which Tenant this Lease Agreement is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrancevoided.

Appears in 1 contract

Samples: Apartment Lease

Security. 8.01. Tenant shall, upon execution of this lease, deposit with Landlord the sum of FORTY-ONE THOUSAND TWO HUNDRED FIFTY (a$41,250.00) In DOLLARS security for the faithful performance and observance by Tenant of the terms, provisions and conditions of this lease; it is agreed that in the event Tenant deposits with Landlord any Security Deposit, the same shall be held as security for the full and faithful payment and performance by Tenant of Tenant's obligations under this Lease. If Tenant defaults in the full and prompt payment and performance respect of any of its obligations under the terms, provisions and conditions of this Leaselease, including, without limitationbut not limited to, the payment of Rentrent and additional rent, and fails to cure the same within any applicable grace and/or notice periods, then, Landlord may use, apply or retain the whole or any part of the Security Deposit security so deposited to the extent required for the payment of any Rent rent and additional rent or any other sums sum as to which Tenant tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under the terms, covenants and conditions of this Leaselease, including, without limitationincluding but not limited to, any damages or deficiency in the reletting re-letting of the Demised Premises, whether such damages or deficiency accrue accrued before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain hold the whole or any security deposit hereunder in trust in an interest-bearing escrow account and said security deposit shall not be commingled with other funds of Landlord. Any interest which accrues on the security deposit shall be deemed to be a part of the security, Tenant shall upon demand immediately security deposit with Landlord a sum equal to for all purposes under this Lease. In the amount so used, applied and retained, as security as aforesaid. If event that Tenant shall fully and faithfully pay and perform comply with all of Tenant's obligations under the terms, provisions, covenants and conditions of this Leaselease, the Security Deposit or any balance thereof to which Tenant is entitled security together with accrued interest thereon, if any, shall be returned or paid over to Tenant within ten (10) days after the date on which this fixed as the end of the Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised PremisesPremises to Landlord. In the event of any a sale of the land and Building or leasing of the LandBuilding, of which the Demised Premises form a part, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereofof such security; and Tenant shall agrees to look solely to the new landlord Landlord solely for the return or payment of the same; said security, and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the same security to a new landlordLandlord. Tenant shall further covenants that it will not assign or encumber or attempt to assign or encumber the monies deposited herein as security, security and that neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.

Appears in 1 contract

Samples: Office Lease (Quietpower Systems Inc)

Security. 8.01The Seller hereby cedes, transfers and makes over to LCS Financial Services all its right, title and interest in and to all the book debts of the Seller, both future and present of whatsoever nature and from whatsoever cause arising, as security for all and any indebtedness from whatsoever cause and howsoever arising which is due, owing and payable by the Seller to LCS Financial Services and whether liquidated or not, it being agreed that this cession shall endure and be of force and effect until all liability of the Seller to LCS Financial Services has been paid by the Seller or otherwise discharged. The Seller hereby undertakes and warrants that it: has not entered into any agreement restricting or excluding the transferability of the claims that form the object of this cession; has no knowledge of any counterclaims that may extinguish the claims that form the object of this cession; has not, prior to this cession, ceded the claims that form the object of this cession to any other person or concern; but if it should so happen that the Seller is in breach of this, then this cession shall operate as a cession of the Seller’s reversionary rights, including all rights of action against the prior LCS Financial Services. During such time as the cession which is the subject matter of this Agreement remains of force and effect, the Seller agrees that it will: deliver to LCS Financial Services at intervals of not less than one month a list reflecting all debtors of the Seller, with their names and addresses, the nature and amount of the indebtedness of each of them, particulars of any bills of exchange, promissory notes, cheques, agreements, documents of title or other security of whatsoever nature held in respect thereof, a statement showing whether the indebtedness is on open account or on credit, and in the latter event the terms of such credit; upon demand deliver, cede, transfer or negotiate to LCS Financial Services all or such of the bills of exchange, promissory notes, cheques, documents of title or other security referred to in sub-clause (a) In hereof as may be demanded, duly endorsed, ceded, transferred or negotiated in such form as shall render LCS Financial Services the event Tenant deposits with Landlord absolute owner thereof entitled in his/her own name to enforce payment thereof; make available for inspection by LCS Financial Services or its authorised agent at any Security Deposittime during normal business hours at the Seller’s place of business all books of account, the same shall be held as security for the full receipt and faithful payment other books, papers and performance by Tenant of Tenant's obligations under this Lease. If Tenant defaults in the full and prompt payment and performance of any of its obligations under this Lease, including, without limitation, the payment of Rent, Landlord may use, apply or retain the whole or any part of the Security Deposit correspondence relating to the extent required for said book debts and the payment of any Rent or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default Seller’s dealings with the debtors in respect of the indebtedness of each of them to him/her in his/her said business; give LCS Financial Services all such information concerning the said Debtors as may be reasonably required by LCS Financial Services to enable it to recover the amount owing by each of them. LCS Financial Services authorises the Seller to collect the aforesaid book debts in its own name and keep the proceeds until such time as LCS Financial Services may determine. The Seller authorises LCS Financial Services from time to time in the absolute discretion of LCS Financial Services to give notice to all or any of Tenant's obligations under this Lease, including, without limitation, any damages or deficiency in the reletting debtors of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part Seller both present and future of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premises. In the event of any sale or leasing of the Land, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrancesaid cession.

Appears in 1 contract

Samples: Memorandum of Agreement

Security. 8.01. (a) In the event Tenant deposits has deposited with Landlord any Security Depositan irrevocable letter of credit drawn on a bank in Fairfield County, Connecticut in the same shall be held sum of $173,107.00 as security for the full faithful performance and faithful payment and performance observance by Tenant of Tenant's obligations under the terms, provisions and conditions of this Leaselease. Said letter of credit shall be automatically renewed during the term of this lease and any renewal periods. Tenant shall provide Landlord with renewal at least thirty (30) days prior to the expiration of the term of the letter of credit. If Tenant fails to do so, Landlord at its option can draw down the letter of credit and hold cash as security in accordance with the terms of this paragraph 22. It is agreed that in the event Tenant defaults in the full and prompt payment and performance respect of any of its obligations under the material, terms, provisions and conditions of this Leaselease, including, without limitationbut not limited to, the payment of Rentrent and additional rent, beyond any applicable notice and cure period Landlord may use, apply or retain the whole or any part of the Security Deposit security so deposited to the extent required for the payment of any Rent rent and additional rent or any other sums as sum the Landlord is entitled to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under this Lease, including, without limitation, any damages or deficiency in hereunder. In the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, event that Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall have fully and faithfully pay and perform complied with all of Tenant's obligations under the terms, provisions, covenants and conditions of this Leaselease, the Security Deposit or any balance thereof to which Tenant is entitled security shall be returned or paid over to Tenant within thirty (30) days after the date on which this fixed as the end of the Lease shall expire or sooner end or terminate, and after delivery to Landlord of the entire possession of the Demised Premisesdemised premises to Landlord, in accordance with the terms hereof. In the event of any a sale of the Real Property and Building or leasing of the LandBuilding, of which the Demised Premises form a part, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and upon such transferee's acceptance of the security and notice thereof to Tenant, Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlordsuch security. Tenant shall further covenants that it will not assign or encumber or attempt to assign or encumber the monies deposited herein as security, security and that neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.

Appears in 1 contract

Samples: Priceline Com Inc

Security. 8.0135.01. (a) In the event Tenant deposits shall deposit with Landlord any the Security Deposit, Deposit upon the same execution of this Lease. The Security Deposit shall be held by Landlord as security for the full and faithful payment and performance by Tenant of all the terms of this Lease by said Tenant to be observed and performed. The Security Deposit shall not and may not be mortgaged, assigned, transferred, or encumbered by Tenant's obligations under , 4846-0294-9028.v11 without the written consent of Landlord, and any such act on the part of Tenant shall be without force and effect and shall not be binding upon Landlord. If any of the Fixed Base Rent or Additional Rent herein reserved or any other sum payable by Tenant to Landlord shall be overdue and unpaid beyond applicable notice and cure periods, or if Landlord makes payment on behalf of Tenant, or if Tenant shall fail beyond applicable notice and cure periods to perform any of the terms, covenants, and conditions of this LeaseLease then Landlord may, at its option and without prejudice to any other remedy which Landlord may have on account thereof, appropriate and apply the so much of the Security Deposit as may be necessary to compensate Landlord toward the payment of Fixed Base Rent or Additional Rent and any loss or damage sustained by Landlord due to such breach on the part of Tenant, plus expenses; and Tenant shall forthwith within ten (10) business days after demand restore the Security Deposit to the original sum deposited. The issuance of a warrant and/or the re-entering of the Demised Premises by Landlord for any default on the part of Tenant or for any other reason prior to the expiration of the term shall not be deemed such a termination of this Lease as to entitle Tenant to the recovery of the Security Deposit. If Tenant defaults complies with all of the terms, covenants, and conditions of this Lease and pays all of the Fixed Base Rent and Additional Rent and all other sums payable by Tenant to Landlord as they fall due, the Security Deposit shall be returned in full to Tenant within thirty (30) days after the full expiration of the Term of this Lease and prompt payment and performance Tenant’s satisfaction of any of all its obligations under accruing prior to this LeaseLease expiration date. In the event of bankruptcy or other creditor-debtor proceedings against Tenant, including, without limitation, the Security Deposit and all other securities shall be deemed to be applied first to the payment of RentFixed Base Rent and Additional Rent and other charges due Landlord for all periods prior to the filing of such proceedings. In the event of sale by Landlord of the Building, Landlord may use, apply or retain shall deliver the whole or any part then balance of the Security Deposit to the extent required for the payment transferee of any Rent or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under this Lease, including, without limitation, any damages or deficiency Landlord’s interest in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premises. In the event of any sale or leasing of the Land, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee Premises and Landlord shall thereupon be released by Tenant discharged from all any further liability for the return or payment thereof; and Tenant shall look solely with respect to the new landlord for Security Deposit and this provision shall also apply to any subsequent transferees. No holder of a superior mortgage to which this Lease is subordinate shall be responsible in connection with the return Security Deposit, by way of credit or payment of any Fixed Base Rent or Additional Rent, or otherwise, unless such mortgagee actually shall have received the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbranceentire Security Deposit.

Appears in 1 contract

Samples: Lease Agreement (UroGen Pharma Ltd.)

Security. 8.01. (a) In To secure all of the event Tenant deposits with Landlord any Security Deposit, the same shall be held as security for the full and faithful payment and performance by Tenant of Tenant's Lessee’s obligations under this LeaseAgreement, including and without derogating from any of the Lessee’s other obligations, timely vacating the Premises, the payment for any damage that is caused to the Premises, the payment of Rent and the payments that are imposed upon the Lessee under this Agreement, the following provisions shall apply: The Lessee hereby delivers to the Lessor upon this Agreement’s execution an unconditional bank guarantee linked to the dollar in an amount equal to six months of Rent, which may be realized at any time and which shall remain in effect for the entire Lease Period and for two additional months (hereinafter, the “Security”). If Tenant defaults The Lessor shall be entitled at any time to extend the expiration of the bank guarantee in order that it shall be in effect during the entire Lease Period and/or the Option Periods if they are exercised (plus two additional months). The Lessor shall realize the aforesaid Security and/or any part thereof in its sole discretion based upon the value of any breach and/or damage if the Lessee does not fulfill its undertakings under this Agreement, including if the Lessee does not timely vacate the Premises and/or does not make any Rent payment or payment that is imposed upon it by law and under the Agreement, and if it does not pay for damages that were caused to the Premises. It is hereby clarified that realizing the said Security or any part thereof by the Lessor shall not grant the Lessee any rights in the full Premises and prompt payment and performance such an act shall not constitute a waiver or conditioning of any of the Lessor’s rights and/or the Lessee’s obligations under this Agreement’s provisions and/or by law. For the avoidance of doubt, it is agreed that for efficiency’s sake only, the Security shall be granted for the benefit of Niber Promotions and Investments Ltd., that is Lessor number 1, and it shall be entitled to realize upon it even if the Lessee breaches the Agreement with respect to the other Lessors. For the avoidance of doubt, it is hereby clarified that the delivery of possession is conditioned upon the timely delivery of the bank guarantee as stated above and upon the arranging of insurance as detailed in Section 8d above. The Security shall be returned to the Lessee within thirty days after the Premises is vacated at the end of the Lease Period, provided that the Lessee fulfilled all of its obligations under this Lease, including, without limitation, the payment of Rent, Landlord may use, apply or retain the whole or any part of the Security Deposit to the extent required for the payment of any Rent or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under this Lease, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premises. In the event of any sale or leasing of the Land, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbranceAgreement.

Appears in 1 contract

Samples: Unprotected Lease Agreement (Optium Corp)

Security. 8.01. (a) In Concurrently with the event Tenant deposits with Landlord any Security Deposit, the same shall be held as security for the full and faithful payment and performance by Tenant execution of Tenant's obligations under this Lease. If Tenant defaults in the full and prompt payment and performance of any of its obligations under this Lease, including, without limitation, the payment of Rent, Landlord may use, apply or retain the whole or any part of the Security Deposit to the extent required for the payment of any Rent or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under this Lease, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to twice the amount so usedTotal Monthly Rent applicable during the first year of the Lease, applied and retainedi.e., the sum of $117,970.78 (the "Security Deposit"), which sum shall be retained by Landlord as security as aforesaidfor the payment by Tenant of the rents herein agreed to be paid by Tenant and for the faithful performance by Tenant of the terms and covenants of this Lease. If It is agreed that Landlord, at Landlord's option, may at any time apply said sum or any part thereof toward the payment of the rents and all other sums payable by Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, and towards the performance of each and every of Tenant's covenants under this Lease, but such covenants and Tenant's liability under this Lease shall thereby be discharged only pro tanto; that Tenant shall remain liable for any amounts that such sum shall be insufficient to pay; that Landlord may exhaust any or all rights and remedies against Tenant before resorting to said sum, but nothing herein contained shall require or be deemed to require Landlord so to do; that in the event that Landlord does so apply all or part of said Security Deposit, then Tenant shall pay Landlord a sum sufficient to restore the to the then-required amount (within 10 days of being billed for same); that, in the event this Security Deposit or shall not be utilized for any balance thereof to which Tenant is entitled such purposes, then such Security Deposit shall be returned or paid over by Landlord to Tenant within ten (10) days next after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession expiration of the Demised PremisesTerm of this Lease. In Landlord shall not be required to pay Tenant any interest on said Security Deposit. Notwithstanding the above, in the event of that Tenant's stockholders equity as reported by any sale annual report or leasing of other public announcement or press release, declines below fifty million dollars ($50,000,000.00), then in such event, Tenant shall additionally pay Landlord an additional sum as additional security deposit in an amount sufficient to raise the Landtotal Security Deposit to a sum equal to three (3) times Total Monthly Rental then in effect, Landlord as set forth on Schedule "C", attached. Upon written request by Landlord, Tenant shall have the right seven (7) days to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrancemake said payment.

Appears in 1 contract

Samples: Agreement (Be Aerospace Inc)

Security. 8.01. (a) In the event Tenant deposits with Landlord any Security Deposit, the same shall be held as security for the full and faithful payment and performance by Tenant of Tenant's obligations under this Lease. If Tenant defaults in the full and prompt payment and performance of any of its obligations under this Lease, including, without limitation, the payment of Rent, Landlord may use, apply or retain the whole or any part of the Security Deposit to the extent required for the payment of any Rent or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under this Lease, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately keep on deposit with Landlord a sum equal to at all times during the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all Term of Tenant's obligations under this Lease, the Security Deposit as security for the payment by Tenant of the Base Rent and any other sums due under this Lease and for the faithful performance of all the terms, conditions and covenants of this Lease. If, at any time during the Term of this Lease Tenant shall be in default in the performance of any provision of this Lease, Landlord may, but shall not be required to, use the Security Deposit or so much thereof as necessary, in payment of any Base Rent or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which other sums due under this Lease shall expire in default, in reimbursement of any expense incurred by Landlord or sooner end or terminatein payment of the damages incurred by Landlord by reason of Tenant’s default. In such event, and after delivery Tenant shall, on written demand of Landlord, forthwith remit to Landlord of entire possession of a sufficient amount in cash to restore the Demised PremisesSecurity Deposit to its original amount. In the event of any sale the Security Deposit has not been utilized as described above, the Security Deposit, or leasing as much thereof as has not been utilized for such purposes, shall be refunded to Tenant, with interest, within sixty (60) days of the Landend of the Term, upon full performance of this Lease by Tenant. Landlord shall have the right to transfer commingle the security to which Security Deposit with other funds of Landlord; however, Landlord shall quarterly pay Tenant is entitled interest on the average daily principal balance of the Security Deposit at an annual rate of eight percent (8%). Landlord shall deliver the Security Deposit (plus any accrued interest) to the vendee or lessee purchaser of Landlord’s interest in the Premises in the event such interest be sold, and thereupon, Landlord shall thereupon be released by discharged from further liability with respect to the Security Deposit. Notwithstanding the above provisions of this Section 28, if claims of Landlord exceed the Security Deposit, Tenant from all liability shall remain liable for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment balance of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlordsuch claims. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited Security Deposit provided for herein as security, and neither Landlord nor its successors or assigns shall be bound by any except that Tenant may assign such assignment, encumbrance, attempted deposit in the event of a permitted assignment or attempted encumbranceof Tenant’s entire interest in this Lease.

Appears in 1 contract

Samples: Office Lease (Horizon Organic Holding Corp)

Security. 8.0130.1. (a) Tenant has deposited with Landlord the sum Specified in Article M of Section I as security for the faithful performance and observance by Tenant of all of the terms, covenants, conditions, provisions, and agreements of this Lease. Tenant shall not be entitled to interest on such security deposit and Landlord shall not be obligated to hold such deposit as a separate fund, but may commingle it with other funds. In the event Tenant deposits with Landlord any Security Deposit, the same shall be held as security for the full and faithful payment and performance by Tenant of Tenant's obligations under this Lease. If Tenant defaults in the full and prompt payment and performance respect of any of its obligations under the terms, covenants, conditions, provisions or agreements of this Lease, including, without limitationbut not limited to, the payment of Rentrent or other sums due hereunder, Landlord may use, apply or retain the whole or any part of the Security Deposit security so deposited to the extent required for the payment of any Rent rent or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under the terms, covenants, conditions, provisions or agreements of this Lease, including, without limitationbut not limited to, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue accrued before or after summary proceedings or other re-entry by Landlord. If Landlord shall so useTenant, apply or retain on demand by Landlord, will forthwith replenish the whole security or any part of portion thereof so used or applied by Landlord. In the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If event that Tenant shall fully and faithfully pay and perform comply with all of Tenant's obligations under the terms, covenants, conditions, provisions and agreements of this Lease, the Security Deposit or any balance thereof to which Tenant is entitled security, without interest, shall be returned or paid over to Tenant promptly after the date on which fixed as the end of this Lease shall expire or sooner end or terminate, and but only after delivery to Landlord of entire possession of the Demised PremisesPremises to Landlord. In the event of any a sale of the land and/or Building or leasing of the Landland and/or the entire Building, or the sale of such leasehold, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee transferee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereofof such security; and in the event of such transfer of security, Tenant shall look solely to the new landlord Landlord solely for the return or payment of the samesaid security; and the provisions hereof shall apply to every transfer or assignment made of the same security to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.attempt

Appears in 1 contract

Samples: Office Lease (PDF Solutions Inc)

Security. 8.01. (a) In The Tenant has deposited with the event Tenant deposits with Landlord any Security Deposit, and shall maintain throughout the same shall be held term as security for the full and faithful payment and performance by of this lease the sum set forth in Paragraph 1.10. Landlord may utilize said security deposit to perform any unfulfilled obligation of Tenant of Tenant's obligations under this Leasehereunder or to cure any Tenant default. Tenant acknowledges that Landlord has a perfected security interest in the security deposit Tenant may not assign, hypothecate, pledge, mortgage or transfer its rights in or to such deposit. If all or any portion of such deposit is used by Landlord to cure a default by Tenant, Tenant defaults in shall immediately restore the full deposit to the foregoing amount, and prompt payment and performance the event of any default will not be deemed “cured” until the applied deposit has been so restored by Tenant. Said sum shall be returned to the Tenant without interest at the end of the term herein, if the Tenant has complied with all of its obligations under hereunder; provided, however, if at any time during the term of this Leaselease the Tenant makes any assignment for the benefit of creditors, includingor is decreed insolvent or bankrupt according to law, without limitationor if a receiver shall be appointed for the Tenant, the payment of Rent, Landlord may use, apply or retain the whole or any part said security deposit shall not be considered an asset of the Security Deposit Tenant in any legal proceedings; instead, it shall be retained by the Landlord as damages for rental or lease charges due and owing, and to the extent required defray real estate commissions and/or real estate department expenses for the payment of any Rent or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under this Lease, including, without limitation, any damages or deficiency in the reletting leasing of the Demised PremisesPremises to the Tenant, whether such damages or deficiency accrue before or after summary proceedings or other and for re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of leasing the Demised Premises. In Premises to future tenants, for the event potential loss of future rentals and for the cost of alterations to be made in the Demised Premises on behalf of any sale or leasing of the Land, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrancefuture tenant.

Appears in 1 contract

Samples: Lease (API Nanotronics Corp.)

Security. 8.01. (a) In the event Tenant deposits has deposited with Landlord any Security Depositthe sum of Ten Thousand Two Hundred Three and 56/100 Dollars ($10,203.56) representing the equivalent of three (3) months' Rent including 7.0% sales tax, the same shall be held as security for the full faithful performance and faithful payment and performance observance by Tenant of Tenant's obligations under the terms, provisions and conditions of this Lease. If It is agreed that, in the event Tenant defaults in the full and prompt payment and performance respect of any of its obligations under the terms, provisions and conditions of this Lease, including, without limitationbut not limited to, the payment of Base Rent and Additional Rent, Landlord may use, apply or retain the whole or any part of the Security Deposit security deposited to the extent required for the payment of any Rent or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under the terms, covenants and conditions of this Lease, including, without limitationbut not limited to, any damages or deficiency in the reletting re-letting of the Demised Premises, whether such damages or deficiency accrue damage accrued before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain In the whole or any part of event the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform comply with all of Tenant's obligations under the terms, provisions, covenants and conditions of this Lease, the Security Deposit or any balance thereof to which Tenant is entitled security shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner fixed at the end or terminateof the Lease, and after delivery to Landlord of the entire possession of the Demised PremisesPremises to Landlord. In the event of any a sale or leasing of the LandLand and Building, of which the Premises form a part, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee vendee, and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; of such security and Tenant shall agrees to look solely to the new landlord Landlord for the return or payment of the same; and said security. It is agreed that the provisions hereof shall apply to every transfer or assignment made of the same security to a new landlordLandlord. Tenant shall further covenants that it will not assign or encumber or attempt to assign or encumber the monies deposited herein as security, security and that neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance. Landlord shall not be required to keep the security in a segregated account and the security may be commingled with other funds of Landlord, and in no event shall Tenant be entitled to any interest on the security. The mortgagee holding a mortgage encumbering the Building shall not be responsible to Tenant for the security deposit in the event such mortgagee becomes the owner of the Building through foreclosure or by reason of a deed in lieu thereof. Tenant agrees not to look to any Mortgagee or Purchaser at any foreclosure sale or Grantee in a Deed given in lieu of foreclosure for the return of any Security Deposit given to Landlord unless Landlord has given such Deposit to any such entity.

Appears in 1 contract

Samples: Lease Agreement (Medical Makeover Corp of America)

Security. 8.01. (a) In the event Concurrent with its execution of this Lease, Tenant deposits is depositing with Landlord any Security Depositthe sum of $441,876.00 by check, subject to collection, as the same security deposit under this Lease (the “Security”). Landlord shall be held retain such amount as security for the full faithful performance of all of the terms, covenants and faithful payment and performance by Tenant conditions of Tenant's obligations under this Lease. If Tenant defaults Landlord shall in no event be obligated to apply the full and prompt Security to Rent in arrears or damages for Tenant’s default, although Landlord may so apply the Security, at its option. Landlord’s right to bring a special proceeding to recover or otherwise obtain possession of the Leased Premises for non-payment and performance of Rent or for any other reason shall not in any event be affected by reason of its obligations under this Leasethe fact that Landlord holds the Security. The Security, including, without limitation, if not applied toward the payment of Rent, Landlord may use, apply Rent in arrears or retain the whole or any part of the Security Deposit to the extent required for toward the payment of any Rent or any other sums as to which Tenant is in default or for any sum which damages suffered by Landlord may expend or may be required to expend by reason of Tenant's default ’s default, shall be returned to Tenant without interest, when this Lease is terminated, but in respect no event shall the Security be returned until Tenant has vacated the Leased Premises and delivered possession thereof to Landlord in accordance with the terms and provisions of any of Tenant's obligations under this Lease, includingwhich shall be verified by a walk-through by Landlord to confirm that all equipment is in good working order, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlordreasonable wear excepted. If Landlord repossesses the Leased Premises, because of Tenant’s default, Landlord may apply the Security to damages suffered to the date of such repossession and may apply the Security to such damages as may be suffered or shall so useaccrue thereafter by reason of Tenant’s default. Except as otherwise required by the Laws, apply or retain Landlord shall not be obligated to keep the Security as a separate fund and may commingle the Security with its own funds. If Landlord applies the Security in whole or any part in part, Tenant shall, upon demand by Landlord, deposit sufficient funds to replenish the Security to the original amount required hereunder. Failure of Tenant to deposit such additional security within fifteen (15) business days of Landlord’s demand therefore shall entitle Landlord to avail itself of the securityremedies provided in this Lease for nonpayment of Rent by Tenant. So long as Tenant has not been in default under the Lease, Tenant shall upon demand immediately deposit with Landlord a sum equal to at the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all end of Tenant's obligations under this Leasethe fifth full year of the Lease Term, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over reduced to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premises. In the event of any sale or leasing of the Land, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance$331,407.00.

Appears in 1 contract

Samples: Amicus Therapeutics Inc

Security. 8.01. (a) In Section 27.1 TENANT shall deposit with LANDLORD the event Tenant deposits with Landlord any Security Deposit, the same shall be held sum of $11,850.99 as security for the full faithful performance and faithful payment observance by TENANT of the terms, provisions and performance by Tenant conditions of Tenant's obligations under this Lease. If Tenant It is agreed that in the event TENANT defaults in the full and prompt payment and performance respect of any of its obligations under the terms, provisions and conditions of this Lease, including, without limitationbut not limited to, the payment of Rentrent and additional rent, Landlord LANDLORD may use, apply or retain the whole or any part of the Security Deposit security so deposited to the extent required for the payment of any Rent rent and additional rent or any other sums sum as to which Tenant TENANT is in default or of for any sum which Landlord may expend or may be required to expend by reason of Tenant's TENANT'S default in respect of any of Tenant's obligations under the terms, covenants and conditions of this Lease, including, without limitationbut not limited to, any damages or deficiency in the reletting of the Demised Premisespremises, whether such damages or deficiency accrue accrued before or after summary proceedings or other re-entry by LandlordLANDLORD. If Landlord shall so use, apply or retain In the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant event that TENANT shall fully and faithfully pay and perform comply with all of Tenant's obligations under the terms, provisions, covenants and conditions of this Lease, the Security Deposit or any balance thereof to which Tenant is entitled security shall be returned or paid over to Tenant TENANT after the date on which this fixed as the end of the Lease shall expire and without deduction or sooner end or terminate, and charge after delivery to Landlord of entire possession of the Demised PremisesPremises to LANDLORD. In the event of any a sale or leasing of the Landland and building, Landlord LANDLORD shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord LANDLORD shall thereupon be released by Tenant TENANT from all liability for the return or payment thereofof such security; and Tenant shall the TENANT agrees to look solely to the new landlord LANDLORD solely for the return or payment of the samesaid security; and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the same security to a new landlordLANDLORD. Tenant shall TENANT further covenants that it will not assign or encumber or attempt to assign or encumber the monies deposited herein as security, security and that neither Landlord LANDLORD nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance. Provided that the TENANT is not in default under the terms, covenants and conditions of the Lease, TENANT shall be entitled to a credit of $6,173.86 in the twenty-fifth (25th ) month of the Lease, leaving a remaining security of $5,713.13 after such credit.

Appears in 1 contract

Samples: Total Tel Usa Communications Inc

Security. 8.01. (a) In Concurrently with the event execution of this Lease, Tenant deposits shall deposit with Landlord any an unconditional “evergreen” letter of credit in an amount equal to the Security Deposit, from a recognized commercial banking institution located in the same shall State of New Jersey or the City of New York and having a net worth of at least $500,000,000.00 (the “Letter of Credit”). The Letter of Credit will be held by Landlord as security for the full and faithful payment and performance by Tenant of Tenant's ’s obligations under this Lease. The Letter of Credit must be payable upon sight draft, together with a certification from Landlord that Tenant is in default under this Lease. If (i) any Basic Rent, Additional Rent or other sum payable by Tenant defaults in the full and prompt payment and performance to Landlord is not paid when due, or (ii) Landlord makes any payments on behalf of Tenant, or (iii) Tenant fails to perform any of its obligations under this Lease, includingthen, in each case, Landlord will have the right, without limitationprejudice to any other remedy Landlord may have, to draw down such Letter of Credit to compensate or reimburse Landlord, as the case may be, toward the payment of Basic Rent, Additional Rent or other such sum payable hereunder, or other loss or damage sustained by Landlord may useon account of Tenant’s default. The Security will not be deemed to be (x) a limitation on Landlord’s damages, apply (y) a payment of liquidated damages, or retain the whole or any part (z) an advance of the Security Deposit to the extent required for the payment of any Basic Rent or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under this Lease, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by LandlordAdditional Rent. If Landlord shall so useuses, apply applies, or retain the whole retains all or any part portion of the securitySecurity, Tenant shall upon demand immediately deposit with restore the Security to its original amount. If the Letter of Credit requires renewal, Tenant shall furnish to Landlord a sum equal evidence of such renewal at least thirty (30) days prior to the amount so used, applied and retained, as security as aforesaidexpiation date of the Letter of Credit. If Tenant shall fully and faithfully pay and perform all fails to timely provide Landlord with such evidence of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premises. In the event of any sale or leasing of the Landrenewal, Landlord shall will have the right to transfer cash the Letter of Credit and to retain the proceeds as security hereunder. Landlord will not be required to which keep any cash security separate from its own funds. Landlord will have no fiduciary responsibilities or trust obligations with regard to any cash security and will not be obligated to pay Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlordany interest on any cash security. Tenant shall not assign assign, pledge, hypothecate, mortgage or otherwise encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.the

Appears in 1 contract

Samples: Lease Agreement (Roka BioScience, Inc.)

Security. 8.01. (a) In Tenant has deposited the event Tenant deposits Security with Landlord any Security Deposit, the same shall be held as security for the full faithful performance and faithful payment and performance observance by Tenant of Tenant's obligations under the terms, provisions and conditions of this Lease. If It is agreed that in the event Tenant defaults in the full and prompt payment and performance respect of any of its obligations under the terms, provisions and conditions of this Lease, including, without limitationbut not limited to, the payment of Rentrent, beyond any applicable notice and/or cure period, Landlord may use, apply or retain the whole or any part of the Security Deposit to the extent required for the payment of any Rent or any other sums rents as to which Tenant is in default beyond any applicable notice and/or cure period or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default beyond any applicable notice and/or cure period in respect of any of Tenant's obligations under the terms, covenants and conditions of this Lease, including, without limitationbut not limited to, any damages or deficiency in the reletting re-letting of the Demised Premisespremises, whether such damages or deficiency accrue accrued before or after summary proceedings or other re-entry by Landlord. If Landlord shall To the extent that Landlord, during the term hereof, so useuses, apply applies or retain the whole retains all or any part of the securitySecurity, Tenant shall upon demand immediately deposit with Landlord a sum equal shall, within ten (10) business days restore the Security to the amount so its original amount. The Security (less any portions thereof used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all retained by Landlord in accordance with the provisions of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled Article 5) shall be returned or paid over to Tenant within thirty (30) days after the termination date on which (or after such other date when the term may expire or be terminated, without the fault of Tenant, pursuant to the provisions of this Lease shall expire or sooner end or terminate, pursuant to law) and after delivery to Landlord of entire possession of the Demised Premisespremises to Landlord in accordance with the provisions of this Lease. In the event of any a sale or leasing of the LandLand and Building, Landlord shall have the right to transfer the security to which Tenant is entitled Security to the vendee or lessee and lessee, Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; of such Security, and Tenant shall agrees to look solely to the new landlord Landlord solely for the return or payment of the same; and said Security. It is agreed that the provisions hereof shall apply to every such transfer or assignment made of the same to a new landlordSecurity. Tenant shall further covenants that it will not assign or encumber or attempt to assign or encumber the monies deposited herein as security, Security and that neither Landlord nor its successors or and assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.

Appears in 1 contract

Samples: Lease (Amedia Networks, Inc.)

Security. 8.0141.01. (a) In the event Tenant deposits has deposited with Landlord any Security Deposit, upon execution hereof the same shall be held sum of $175,000.00 as security for the full faithful performance and faithful payment and performance observance by Tenant of Tenant's obligations under the terms, provisions, covenants and conditions of this Lease. If ; it is agreed that in the event Tenant defaults in the full and prompt payment and performance respect of any of its obligations under the terms, provisions, covenants and conditions of this Lease, including, without limitationbut not limited to, the payment of Rentfixed annual rent and additional rent, Landlord may use, apply or retain the whole or any part of the Security Deposit security so deposited to the extent required for the payment of any Rent fixed annual rent and additional rent or any other sums sum as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under the terms, provisions, covenants and conditions of this Lease, including, without limitationincluding but not limited to, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue accrued before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain In the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If event that Tenant shall fully and faithfully pay and perform comply with all of Tenant's obligations under the terms, provisions, covenants and conditions of this Lease, the Security Deposit or any balance thereof to which Tenant is entitled security shall be returned or paid over to Tenant after the date on which this fixed as the end of the Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premisesdemised premises to Landlord. In the event of any a sale of the Land and Building or leasing of the LandBuilding, of which the demised premises form a part, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; of such security and Tenant shall agrees to look solely to the new landlord for the return or payment of the samesaid security; and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the same security to a new landlord. Tenant shall further covenants that it will not assign or encumber or attempt to assign or encumber the monies deposited herein as security, security and that neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance. In the event Landlord applies or retains any portion or all of the security deposited, Tenant shall forthwith restore the amount so applied or retained so that at all times except as provided in the following sentence the amount deposited shall be $175,000.00. On the date occurring thirty (30) days prior to the expiration of the abatement period (as defined in Section 1.5 hereof) the, security to be retained by Landlord hereunder shall be increased to $350,000.00 and Tenant shall on or before such date provide Landlord with such additional funds as may be necessary to maintain the security deposit at such amount. The cash security required to be maintained under this Lease shall be hold in an interest-bearing account, the interest on which, less an administration fee in the amount of one (1%) percent per annum of the principal amount thereof, shall be paid to Tenant annually.

Appears in 1 contract

Samples: Interep National Radio Sales Inc

Security. 8.01. TENANT has deposited with LANDLORD the sum of EIGHT THOUSAND EIGHT HUNDRED EIGHTY FOUR AND 88/100 (a$8,884.88) In the event Tenant deposits with Landlord any Security DepositDOLLARS, the same shall be held as security for the full faithful performance and faithful payment observance by TENANT of the terms, provisions and performance by Tenant conditions of Tenant's obligations under this Lease. If Tenant ; it is agreed that, in the event TENANT defaults in the full and prompt payment and performance of respect to any of its obligations under the terms, provisions, and conditions of this Lease, including, without limitation, but not limited to the payment of Rentrent and additional rent, Landlord LANDLORD may use, apply or retain the whole or any part of the Security Deposit security so deposited to the extent required for the payment of any Rent rent and additional rent or any other sums sum as to which Tenant TENANT is in default or for any sum which Landlord LANDLORD may expend or may be required to expend by reason of Tenant's TENANT'S default in respect of to any of Tenant's obligations under the terms, covenants and conditions of this Lease, including, without limitation, but not limited to any damages or deficiency in the reletting re-letting of the Demised Premisespremises, whether such damages damage or deficiency accrue accrued before or after summary proceedings or other re-entry by LandlordLANDLORD. If Landlord shall so use, apply or retain In the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant event that TENANT shall fully and faithfully pay and perform comply with all of Tenant's obligations under the terms, provisions, covenants and conditions of this Lease, Lease the Security Deposit or any balance thereof to which Tenant is entitled security shall be returned or paid over to Tenant TENANT after the date on which this fixed as the end of the Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premisespremises to LANDLORD. In the event of any a sale or leasing of the Landland and Building, Landlord of which the premises form a part, LANDLORD shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee vendee, and Landlord LANDLORD shall thereupon be released by Tenant TENANT from all liability for the return or payment thereof; of such security and Tenant shall TENANT agrees to look solely to the new landlord LANDLORD solely for the return or payment of the same; and said security. It is agreed that the provisions hereof shall apply to every transfer or assignment made of the same security to a new landlordLANDLORD. Tenant shall TENANT further covenants that it will not assign or encumber or attempt to assign or encumber the monies deposited herein as security, security and that neither Landlord LANDLORD nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance. LANDLORD shall not be required to keep the security in a segregated account and the security may be commingled with other funds of LANDLORD, and in no event shall TENANT be entitled to any interest on the security.

Appears in 1 contract

Samples: Lease Agreement (Total Tel Usa Communications Inc)

Security. 8.01. (a) In the event Tenant deposits with Landlord any Security Deposit, the same shall be held as security for the full and faithful payment and performance by Tenant DEPOSIT Upon execution of Tenant's obligations under this Lease. If Tenant defaults in the full and prompt payment and performance of any of its obligations under this Lease, includingTenant shall deposit with Landlord the Security Deposit specified in Section 1, without limitation, the payment of Rentwhich may be deposited in an investment account in accordance with Section 1A. If a default continues beyond any applicable notice and cure period, Landlord may use, apply all or retain the whole or any part of the Security Deposit to the extent required for the payment of any unpaid Rent or to cure any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason defaults of Tenant's default in respect of any of Tenant's obligations under this Lease, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or uses any part of the securitySecurity Deposit, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, restore the Security Deposit or any balance thereof to which Tenant is entitled its original amount within [ * ] after Landlord’s written request. Tenant’s failure to do so shall be returned or paid over to Tenant after the date on which a default under this Lease and the overdue amount shall expire or sooner end or terminateaccrue interest as any delinquent payment. If [ * ], and late charges are assessed against Tenant by Landlord, Landlord may, by written notice to Tenant, require Tenant to pay Landlord an amount equal to [ * ] months Base Rent as an increase in the Security Deposit, due within [ * ] days after delivery to Landlord of entire possession Tenant’s receipt of the Demised notice. If Landlord transfers its interest in the Premises. In the event of any sale or leasing of the Land, Landlord shall have the right to transfer the security Security Deposit to which Tenant is entitled to the vendee or lessee and its successor in interest, whereupon Landlord shall thereupon be automatically released by Tenant from all any liability for the return or payment thereofof the Security Deposit. At the end of the Term, the remaining Security Deposit shall be returned to Tenant after Landlord has verified that Tenant has fully vacated the Premises, removed all of its property and surrendered the Premises in the condition required and otherwise Tenant is not in default in under any provision of this Lease; provided that Landlord may hold back a portion of the Security Deposit until final determination of Tenant’s Share of Operating Expenses due hereunder, whereupon any final adjustment shall be made and Tenant any remaining Security Deposit shall look solely be returned to Tenant. Landlord’s obligations with respect to the new landlord for Security Deposit are those of a debtor and not of a trustee. Unless the return or payment of Security Deposit is in an investment account held by a third party, Landlord may commingle the same; Security Deposit with Landlord’s general funds and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns no interest shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.paid to Tenant on the Security Deposit. 10. INSURANCE/INDEMNITY 10.1

Appears in 1 contract

Samples: Seagen Inc.

Security. 8.01Section 39.01. (a) In the event Tenant deposits has deposited with Landlord any Security Deposit, the same shall be held sum of ONE HUNDRED THOUSAND and 00/100 ($100,000.00) DOLLARS as security for the full faithful performance and faithful payment and performance observance by Tenant of Tenant's obligations under the terms, provisions, covenants and conditions of this Lease in cash and/or in the form of a Letter of Credit (the “security deposit”) as security for the faithful performance and observance by Tenant of the terms, provisions and conditions of this Lease, which Letter of Credit, if any, shall comply with the following provisions. Said Letter of Credit shall be issued by a “money center” bank, shall name National Realty & Development Corp. as sole beneficiary, shall be presentable for payment at the counters of a branch of the issuing bank in the Metropolitan New York area or by mail at a specific branch of the issuing bank in the continental United States and shall be delivered to Landlord on or prior to the date hereof. The Letter of Credit shall expire on the Expiration Date (as the same may be extended in accordance with Article 40 below). The form of such Letter of Credit and the issuing bank shall be subject to the approval of Landlord and its counsel. The Letter of Credit shall provide that upon any default by Tenant the beneficiary shall be entitled to draw upon the Letter of Credit to the extent of the full amount thereof immediately upon delivery to the issuing bank of a sight draft. If Tenant defaults in the full and prompt payment and performance for any reason such Letter of Credit shall expire without Landlord having drawn thereon for any of its obligations under this Leasereason, including, without limitation, the inadvertent failure to do so by Landlord, Tenant shall thereupon deliver to Landlord a replacement of such Letter of Credit or a cash deposit to bring the security deposit required hereunder to the appropriate balance. Said Letter of Credit shall specifically provide that Landlord will receive not less than forty-five (45) days written notice of the election of the issuing bank to not renew the same. Whether or not Landlord shall receive notice of cancellation or non-renewal of the Letter of Credit, Tenant shall deliver to Landlord a replacement of such Letter of Credit prior to that date which is thirty (30) days prior to the cancellation date, expiration date or non-renewal date of the Letter of Credit. Tenant’s failure to deliver a replacement Letter of Credit as aforesaid shall be deemed a default under this Lease, and without further notice, Landlord shall be entitled to draw upon the expiring Letter of Credit in the entire amount thereof and retain the sums drawn as a cash security deposit (and apply the same in accordance with this Article 39). In the event Tenant defaults in respect of any of the provisions, covenants and conditions of this Lease, including, but not limited to, the payment of Rentannual minimum rental and additional rent, Landlord may may, from time to time, draw upon the security deposit and use, apply apply, or retain the whole or any part of the Security Deposit security so deposited to the extent required for the payment of any Rent annual minimum rental and additional rent or any other sums sum as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's ’s default in respect of any of Tenant's obligations under the provisions, covenants and conditions of this Lease, including, without limitationbut not limited to, counsel fees and other collection charges, or of any damages or deficiency in the reletting re-letting, repairing or altering of the Demised Premises, whether such damages or deficiency accrue accrued before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain In the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If event that Tenant shall fully and faithfully pay comply with all the provisions, covenants and perform all conditions of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled Letter of Credit, if any, by its terms shall be deemed null and void and the security deposit shall be returned or paid over to Tenant Tenant, without interest, promptly after the date on which this Lease shall expire or sooner end or terminateexpiration of the Lease, and after delivery to Landlord of entire possession of the Demised PremisesPremises to Landlord. In /s/ [ILLEGIBLE] T /s/ [ILLEGIBLE] LL Upon the event return of any sale or leasing an undrawn upon and expired Letter of the LandCredit by Landlord to Tenant, Landlord shall have deliver to Tenant a letter authorizing the right issuing bank to transfer accept a surrender of the Letter of Credit. If, due to Tenant’s default hereunder, Landlord shall be entitled to apply or retain any portion of the sum available under the security deposit, Tenant shall within five (5) business days following demand, secure for the sole benefit of Landlord, a new or additional Letter of Credit or deliver to which Tenant is entitled Landlord a cash security deposit in such amount as may be necessary to restore the security deposit to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for amount set forth in the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment first sentence of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlordthis Article. Tenant shall not assign or encumber or attempt to assign or encumber the monies security deposited herein as security, hereunder and neither Landlord nor or its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance. In the absence of evidence satisfactory to Landlord of any assignment of the right to receive the security, or the remaining portion thereof, Landlord may return the security to the original tenant regardless of any number of assignments of the Lease itself. In the event of a sale of the Demised Premises or larger premises of which the Demised Premises form a part, Landlord shall have the right to transfer the cash security and the beneficiary rights under any Letter of Credit to the purchaser for the benefit of Tenant and Landlord, after giving notice to Tenant, shall be deemed released by Tenant from all liability for the return of such security and Tenant shall look solely to the new owner for the return thereof. Tenant shall, upon request, deliver confirmation of said transfer of beneficiary rights and a replacement Letter of Credit naming the transferee as beneficiary if necessary or if required. No holder of any mortgage upon the Demised Premises or the larger property of which the Demised Premises forms a part shall be responsible in connection with the security deposited hereunder unless such mortgagee shall have in fact received such security or been named beneficiary thereof and acknowledged such receipt or beneficiary status in writing to Tenant. In the event of a foreclosure of the Demised Premises or of the larger premises of which the Demised Premises form a part, Tenant shall, on demand of mortgagee, reissue the Letter of Credit in compliance with this Article 39 except naming the mortgagee, or such other party as may be designated by mortgagee, as the sole beneficiary.

Appears in 1 contract

Samples: Fourth Modification of Lease (Cyoptics Inc)

Security. 8.01Simultaneously with its execution and delivery hereof, Sublessee shall deliver to Sublessor prepaid first month’s Rent in the amount of $12,897.50 and a cash security deposit in the amount of $12,897.50 (the “Cash Security Deposit”). (a) The Cash Security Deposit shall be held by Sublessor as additional security for faithful and prompt performance of Sublessee’s obligations under this Sublease. In the event Tenant deposits with Landlord any Security Deposit, the same shall be held as security for the full and faithful payment and performance by Tenant of Tenant's obligations a default under this LeaseSublease, beyond all applicable notice and cure periods, Sublessor may, but shall not be obligated to, draw upon the Cash Security Deposit solely to the extent necessary to make good any arrearages in Rent and any other actual damage, injury, expense or liability caused to Sublessor by such default. If Tenant defaults in the full and prompt payment and performance of any of its obligations under this Lease, including, without limitation, the payment of Rent, Landlord may use, apply or retain the whole Sublessor expends all or any part of the Cash Security Deposit to cure a default, then on notice from Sublessor to Sublessee, Sublessee shall immediately increase the extent required for the payment of any Rent or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under this Lease, including, without limitation, any damages or deficiency in the reletting amount of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum Cash Security Deposit in an amount equal to the amount so used, drawn by Sublessor. The Cash Security Deposit shall not be deemed an advance payment of Rent or a measure of Sublessor’s damages for any default hereunder by Sublessee. To the extent Sublessor has not applied and retainedall of the Cash Security Deposit, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations applicable, to cure one or more defaults under this LeaseSublease then the Cash Security Deposit, as the Security Deposit or any balance thereof to which Tenant is entitled same may have been drawn upon, shall be returned or paid over to Tenant Sublessee within forty-five (45) days after the date on which expiration or earlier termination of this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised PremisesSublease. In the event of any sale or leasing assignment of Sublessor’s interest in the LandLease, Landlord Sublessor shall have the right to transfer the security to which Tenant is entitled Cash Security Deposit to the vendee or lessee assignee and Landlord shall thereupon Sublessor shall, thereupon, be released by Tenant Sublessee from all liability for the return or payment thereof; and Tenant shall of the Cash Security Deposit and, in such event, Sublessee agrees to look solely to the new landlord Sublessor for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlordCash Security Deposit. Tenant shall Sublessee further covenants that it will not assign or encumber encumber, or attempt to assign or encumber encumber, its interest in the monies deposited herein as security, Cash Security Deposit and that neither Landlord Sublessor nor its successors or assigns shall be bound by any such assignment, assignment or encumbrance, or attempted assignment or attempted encumbrance.

Appears in 1 contract

Samples: Sublease (Itex Corp)

Security. 8.01. (a) In To the event Tenant deposits with Landlord any Security Depositextent permitted by law and by the applicable instrument, the same shall be held as security for the full and faithful payment and performance by Tenant of TenantBorrower's repayment obligations under this Lease. If Tenant defaults in the full and prompt payment and performance of any of its obligations under this Lease, including, without limitationhereunder, the payment of RentBorrower hereby pledges, Landlord may useassigns, apply hypothecates, and delivers to the Company a first lien on, and security interest in, the shares or retain other securities (the whole "Shares") covered by any options or any part other right to purchase common stock of the Security Deposit to the extent required for the payment of any Rent Company or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under this LeaseCareInsite, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminateInc. ("Subject Options"), and after delivery to Landlord of entire possession of the Demised Premisesin all proceeds thereof, and, if requested, will deliver appropriate undated stock powers coupled with an interest and assignments duly executed in blank. In the event that the Borrower defaults on his repayment obligations hereunder, or the Borrower's employment with the Company or any of its affiliates terminates for any sale reason, the Company may cause the Borrower to exercise the Subject Options (but only those that are "in the money" and then only up to that number of options which need to be exercised to satisfy the unpaid obligations hereunder) and/or sell, assign, transfer or leasing otherwise dispose of the LandShares, Landlord the proceeds of which (such proceeds being net of the applicable exercise price) shall be applied to the payment of such obligations. Any amounts remaining thereafter shall be returned to the Borrower. The Borrower shall take all steps necessary in the Company's reasonable judgment, to consummate any such exercise of the Subject Options and/or disposition of the Shares. Until the full payment of all such amounts due the Company, the Borrower shall not, without the prior written consent of the Company, (i) sell, assign, transfer or otherwise dispose of, the Subject Options or the Shares unless the net proceeds from such sale, assignment, transfer or disposition are applied in full to the payment of interest on and principal of this Note or (ii) incur any lien on the Subject Options or the Shares, except as provided hereunder. The Company shall be entitled to all rights available to it under the Uniform Commercial Code. In addition, the Company shall have the right to transfer offset amounts owed by the security Borrower pursuant to which Tenant is entitled this Note against the Company's obligation to pay severance under the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for Employment Agreement dated as of May 16, 1999 between the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; Borrower and the provisions hereof shall apply to every transfer or assignment made of Company (the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance"Employment Agreement").

Appears in 1 contract

Samples: Secured Promissory Note (Medical Manager Corp/New/)

Security. 8.01. (a) In As collateral for the event Tenant deposits payment of any and all obligations of Applicant to NationsBank under the Agreement, Applicant hereby grants to NationsBank a security interest in (i) any and all documents of title, policies or certificates of insurance and other documents accompanying or related to instruments drawn under the Credit, and any and all other property shipped under or in connection with Landlord the Credit or in any Security Depositway related thereto or to any of the instruments drawn thereunder (whether or not such documents or property are released to or upon the order of Applicant in trust or otherwise) and (ii) any and all proceeds and products of the foregoing. Also to secure the payment of any and all obligations of Applicant under the Agreement, the same NationsBank shall be subrogated to the rights (but shall have none of the obligations) of Applicant in respect of any transaction to which the Credit relates. Insofar as any property which may be held by NationsBank, or for NationsBank's account, as collateral hereunder may be released to or upon the order of Applicant. Applicant hereby acknowledges that such delivery of property is in trust pending satisfaction of Applicant's payment obligations to NationsBank, and hereby agrees to execute and/or file such receipts, agreements, forms or other documents as NationsBank may request to further evidence NationsBank's interests in such property, it being understood that NationsBank's rights as specified therein shall be in furtherance of and in addition to (but not in limitation of) NationsBank's rights hereunder. If at any time and from time to time NationsBank in good faitx xxxxx xxxelf insecure and requires collateral (or additional collateral), Applicant will, on demand, assign and deliver to NationsBank as security for the full any and faithful payment and performance by Tenant of Tenant's all obligations under this Leasethe Agreement, collateral of a type and value satisfactory to NationsBank or pledge such cash collateral as NationsBank may require. If Tenant defaults NationsBank is hereby authorized, at its option at any time and with or without notice to Applicant, to transfer to or register in its name or the full and prompt payment and performance name of any of its obligations under this Lease, including, without limitation, the payment of Rent, Landlord may use, apply or retain the whole NationsBank's nominees all or any part of the Security Deposit property subject to the extent required for the payment of any Rent or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations the security interests granted under this Leaseor contemplated by the Agreement. NationsBank is also authorized, includingat its option, to file financing statements without limitation, any damages or deficiency in the reletting signature of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole Applicant with respect to all or any part of such property. Applicant will pay the securitycost of any such filing and, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so usedNationsBank's request, applied sign such instruments, documents or other papers, and retainedtake such other action, as NationsBank may reasonably require to perfect such security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premises. In the event of any sale or leasing of the Land, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbranceinterests.

Appears in 1 contract

Samples: Credit Agreement (Leslie Resources Inc)

Security. 8.01. (a) In the event Tenant deposits with Landlord any Security Deposit, the same shall be held as security for the full and faithful payment and performance by Tenant of Tenant's ’s obligations under this Lease. If Tenant defaults in the full and prompt payment and performance of any of its obligations under this Lease, including, without limitation, the payment of Rent, Landlord may use, apply or retain the whole or any part of the Security Deposit to the extent required for the payment of any Rent or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's ’s default in respect of any of Tenant's ’s obligations under this Lease, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's ’s obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premises. In the event of any sale or leasing of the Land, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.

Appears in 1 contract

Samples: Hartz Mountain (Vs Direct Inc.)

Security. 8.01Tenant has paid the sum of $ as a deposit, receipt of which is acknowledged by Landlord as the Security Deposit for this Tenancy and the first monthly installment of rent. [Note: Tenants 62 or over are limited by law to one (a1) In the event Tenant deposits with Landlord any Security Depositmonth’s security deposit plus first month’s rent, the same and Tenants under age 62 are limited by law to two (2) months security deposit plus first month’s rent.]The deposit sums shall be held refundable as permitted by law upon Tenant’s vacating the premises, leaving the premises in broom clean condition and returning the keys to the Landlord at the address designated in this Lease. Landlord shall hold Tenant’s Security Deposit in escrow as may be required by law. Under the law, Tenant may be entitled to interest on such security for deposit. If such is the full and faithful case, interest shall be paid to Tenant at the prescribed interest rate set forth by law. If Tenant fails to make any payments of rent or defaults under any other obligations of this Lease, Landlord may use the security in payment and performance by Tenant of such rent or in payment of any sums Landlord may be forced to spend because of Tenant's default, as permitted by law. If Landlord does so use the security, then he shall notify Tenant in writing of the amount so used along with an itemized list detailing the nature and dollar amount of the damages. If at the end of the term of the Lease Tenant has made all payments of rent required and fully complied with all the other obligations under this the Lease. If Tenant defaults in , then Landlord shall return the full amount of the security to Tenant together with any interest that may be required by law within the time frame allowable by law: within 30 days after termination of the tenancy or within 15 days of Landlord receiving Tenant’s written notice of Tenant’s forwarding address, whichever is later. Tenant understands and prompt payment and performance of any of its obligations under this Lease, including, without limitation, agrees Tenant shall not have the payment of Rent, Landlord may use, option to apply or retain the whole or any part of the Security Deposit towards Tenant’s obligation to pay the extent required for the payment of any Rent or any other sums as to which last month’s rent. Tenant is in default or for any sum which Landlord may expend or may be required still obligated to expend by reason of Tenant's default in respect of any of Tenant's obligations under this Lease, including, without limitation, any damages or deficiency in pay the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery final month’s rental payment to Landlord of entire possession of at the Demised Premisesaddress listed above for paying rent. In the event of any sale or leasing of the Land, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.(Tenant’s Initials)

Appears in 1 contract

Samples: Residential Lease

Security. 8.01. (a) In Tenant has deposited with Landlord the sum of NONE as security in a non-interest bearing account for the faithful performance and observance by Tenant of the terms, provisions and conditions of this Lease; this money is not required to be deposited in a separate bank account but can be deposited in the Landlord’s general bank account and commingled with other monies within the account; it is agreed that in the event Tenant deposits with Landlord any Security Deposit, the same shall be held as security for the full and faithful payment and performance by Tenant of Tenant's obligations under this Lease. If Tenant defaults in the full and prompt payment and performance respect of any of its obligations under the terms, provisions and conditions of this Lease, including, without limitationbut not limited to, the payment of Rentrent and additional rent, Landlord may use, apply or retain the whole or any part of the Security Deposit security so deposited to the extent required for the payment of any Rent rent and additional rent or any other sums sum as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's ’s default in respect of any of Tenant's obligations under the terms, covenants and conditions of this Lease, including, without limitationincluding but not limited to, any damages or deficiency deficiencies in the reletting re-letting of the Demised Premises, whether such damages or deficiency accrue accrued before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain In the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If event that Tenant shall fully and faithfully pay and perform comply with all of Tenant's obligations under the terms, provisions, covenants and conditions of this Lease, the Security Deposit or any balance thereof to which Tenant is entitled security shall be returned or paid over to Tenant after the date on which this fixed as the end of the Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised PremisesPremises to Landlord. In the event of any a sale of the land and building or leasing of the Landbuilding of which the Premises form a part, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; of such security, and Tenant shall agrees to look solely to the new landlord owner of the building or building lessee solely for the return or payment of the samesaid security; and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the same security to a new landlordowner of the building or building lessee. Tenant shall further covenants that it will not assign or encumber or attempt to assign or encumber the monies deposited herein as security, security and that neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.

Appears in 1 contract

Samples: Roosevelt (Wilshire Bancorp Inc)

Security. 8.01The Tenant has given to the Landlord the Security stated above. (a) In It shall be deposited or invested by the event Landlord and bear interest or yield other earnings as required by law. The balance of the interest or earnings, after deduction for the Landlord's administration expenses allowed by law, shall belong to the Tenant. The Tenant's portion of the interest or earnings shall be permitted to compound, or shall be paid to or credited for the benefit of the Tenant deposits with Landlord any as provided by law. The Security Deposit, Deposit summary above constitutes the same required notice of the Landlord’s custody of the Security Deposit funds. The Security shall be held in trust by the Landlord during the Term of this Lease, including any renewal or extension. It shall be used as security for the full and faithful payment and performance by Tenant of Tenant's compliance with the Tenant's obligations under this Lease. The Landlord may deduct any costs resulting from the Tenant's failure to comply with any agreement in this Lease. If the costs exceed the Security, the Tenant defaults in shall pay the full and prompt payment and performance of additional amount to be Landlord. If the Landlord uses any of the Security during the Term, the Tenant shall promptly restore the Security to its obligations original amount. The Security is not to be used by the Tenant for the payment of Rent without the Landlord's written consent. Within 30 days after the end of the Term, the Landlord shall return to the Tenant (a) the Security and the Tenant's portion of the interest or earnings, less any charges made under this Lease, including, without limitationand (b) a statement itemizing the interest or earnings and any deductions. An exit inspection must be performed before the Tenant’s Security Deposit is returned. If the Landlord's interest in the Building is transferred, the payment Landlord shall (a) turn over the Security plus the Tenant's portion of Rentthe interest or earnings to the new Landlord and (b) notify the Tenant of the name and address of the new Landlord. Notice must be given to the Tenant within five days after the transfer, by registered or certified mail. The Landlord may use, apply shall then no longer be liable to the Tenant for the Security plus the Tenant's portion of the interest or retain earnings. The new Landlord becomes liable to the whole or any part Tenant for the return of the Security Deposit to plus the extent required for the payment of any Rent or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default portion of the interest in respect accordance with the terms of any of Tenant's obligations under this Lease, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premises. In the event of any sale or leasing of the Land, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.

Appears in 1 contract

Samples: pol.princetonol.com

Security. 8.01. (a) In the event Tenant deposits with Landlord any Security Depositacknowledges receipt of $2,700.00, the same shall be held that Landlord is to retain as security for the full faithful performance of all the terms and faithful payment and performance by Tenant conditions of Tenant's obligations under this Lease. If Landlord shall not be obligated to apply the security deposit on rents or other charges in arrears, or in damages for failure to perform the terms and conditions of this Lease. Application of the security deposit to the arrears of rental payments or damages shall be at the sole option of the Landlord, and the right to possession of the Premises by the Landlord for non-payment of rent for any other reason shall not in any event be affected by the security deposit. The security deposit is to be returned to Tenant defaults in when this Lease is terminated, according t the full and prompt payment and performance terms of any of its obligations under this Lease, including, without limitation, If not otherwise applied by reason of any breach of the payment terms and conditions of Rentthis Lease by Tenant. Tenant expressly acknowledges that Tenant shall not have the right to apply the security deposit to rent. In no event is the security deposit to be returned until Tenant has vacated the Premises and delivered possession to the Landlord. In the event the Landlord repossesses the Premises because of the default of the Tenant or because of the failure by the Tenant to carry out the terms and conditions of this Lease, Landlord may use, apply or the security deposit on all damages suffered to the day of repossession and may retain the whole or any part balance of the Security Deposit security deposit to apply on damages that may accrue or be suffered thereafter by reason of a default or breach of the extent required Tenant. Landlord shall not be obligated to hold the security deposit in a separate fund, but may mix the security deposit wit other funds of the Landlord, and Landlord shall not be obligated to pay interest to Tenant on the security deposit. As security for the payment faithful performance of any Rent or any other sums as the terms and conditions of this Lease, Tenant hereby pledges and assigns to Landlord all of the furniture, fixtures, goods and chattels of Tenant, which Tenant is in default or for any sum which Landlord may expend shall or may be required brought or put on said Premises, and the Tenant agrees that said lien may be enforced by distress, foreclosure or other process of law at the election of Landlord, and Tenant agrees to expend pay reasonable attorney' fees, together with all costs and charges incurred or paid by the Landlord by reason of Tenant's default in respect of failure to perform any of Tenant's obligations under the terms and conditions of this Lease, including, without limitation, any damages or deficiency in which sums shall bear interest at the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry highest rate permitted by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premises. In the event of any sale or leasing of the Land, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrancelaw.

Appears in 1 contract

Samples: Cuidao Holding Corp

Security. 8.01. Tenant has deposited with Owner the sum of nineteen thousand (a$19,000) In the event Tenant deposits with Landlord any Security Deposit, the same shall be held dollars as security for the full faithful performance and faithful payment and performance observance by Tenant of Tenant's obligations under the terms, provisions and conditions of this Leaselease; said security shall be held in an interest bearing account (passbook savings rate) and the interest shall be paid to Tenant annually, less the 1% administrative fee permitted to be retained by Landlord. If It is agreed that in the event Tenant defaults in the full and prompt payment and performance respect of any of its obligations under the terms, provisions and conditions of this Leaselease, including, without limitationbut not limited to, the payment of Rentrent and additional rent, Landlord Owner may use, apply or retain the whole or any part of the Security Deposit security so deposited to the extent required for the payment of any Rent rent and additional rent or any other sums sum as to which Tenant is in default or for any sum which Landlord Owner may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under the terms, covenants and conditions of this Leaselease, including, without limitationincluding but not limited to, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue accrued before or after summary proceedings or other re-entry by LandlordOwner. If Landlord shall so use, apply or retain In the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If event that Tenant shall fully and faithfully pay and perform comply with all of Tenant's obligations under the terms, provisions, covenants and conditions of this Leaselease, the Security Deposit or any balance thereof to which Tenant is entitled security shall be returned or paid over to Tenant after the date on which this fixed as the end of the Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premisesdemised premises to Owner. In the event of any a sale of the land and building or leasing of the Landbuilding, Landlord of which the demised premises form a part, Owner shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord Owner shall thereupon be released by Tenant from all liability for the return or payment thereof; of such security, and Tenant shall look solely to the new landlord for the return or payment of the same; and agrees that the provisions hereof shall apply to every transfer or assignment made of the same security to a new landlordOwner. Tenant shall further covenants that it will not assign or encumber or attempt to assign or encumber the monies deposited herein as security, security and that neither Landlord Owner nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.

Appears in 1 contract

Samples: Agreement of Lease (Harvey Electronics Inc)

Security. 8.01. A. Upon the execution of this Sublease and receipt of the consent of the Overlandlord to this Sublease as provided in Section 32 of this Sublease, Subtenant shall deposit with Sublandlord the sum of $22,222.50 (a) In the event Tenant deposits with Landlord any Security DepositDeposit Amount”), the same shall be held as security for the full faithful performance and faithful payment observance by Subtenant of all of the covenants, agreements, terms, provisions and performance by Tenant conditions of Tenant's obligations under this LeaseSublease. If Tenant defaults in the full and prompt payment and performance of Subtenant agrees that, if Subtenant shall default with respect to any of its obligations the covenants, agreements, terms, provisions and conditions that shall be the obligation of Subtenant to observe, perform or keep under the terms of this LeaseSublease, including, without limitation, including the payment of Rentthe Fixed Rent and Additional Charges, Landlord Sublandlord may use, apply or retain the whole or any part of the Security Deposit security being held by Sublandlord (the “Security”) to the extent required for the payment of any Fixed Rent and Additional Charges, or any other sums payments as to which Tenant is Subtenant shall be in default or for any sum monies which Landlord Sublandlord may expend or may be required to expend by reason of Tenant's Subtenant’s default in respect of any of Tenant's obligations under the covenants, agreements, terms, provisions and conditions of this LeaseSublease, including, without limitation, including any damages or deficiency in the reletting of the Demised Sublease Premises, whether such damages or deficiency accrue accrued before or after summary proceedings or other re-entry by LandlordSublandlord. If Landlord Sublandlord shall not be required to so use, apply or retain the whole or any part of the securitySecurity so deposited, Tenant but if the whole or any part thereof shall upon demand be so used, applied or retained, then Subtenant shall immediately deposit with Landlord a sum Sublandlord an amount in cash equal to the amount so used, applied and or retained, as security as aforesaidso that Sublandlord shall have the entire Security on hand at all times during the Term. If Tenant In the event that Subtenant shall fully and faithfully pay and perform comply with all of Tenant's obligations under the terms, provisions, covenants, agreements and conditions of this LeaseSublease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant Subtenant within ten (10) days after the date on which this Lease shall expire or sooner end or terminate, Expiration Date and after delivery to Landlord of entire exclusive possession of the Demised PremisesSublease Premises to Sublandlord. In the event of any sale making or leasing assignment of the Land, Landlord any ground or underlying lease or upon an assignment of Sublandlord’s interest in this Sublease: (i) Sublandlord shall have the right to transfer the security to which Tenant is entitled Security to the vendee assignee or lessee or transferee, and Landlord (ii) upon acknowledgment by such assignee or lessee or transferee of receipt of the Security, (x) Sublandlord shall thereupon be released by Tenant Subtenant from all liability for the return or payment thereof; of such Security, and Tenant shall (y) Subtenant agrees to look solely to the new landlord Sublandlord’s successor for the return or payment of the samesaid Security; and it being agreed that the provisions hereof shall apply to every transfer or assignment made of the same Security to a new landlordSublandlord. Tenant shall Subtenant further covenants that Subtenant will not assign or encumber or attempt to assign or encumber the monies deposited herein as securitySecurity, and that neither Landlord Sublandlord nor its Sublandlord’s successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.

Appears in 1 contract

Samples: CRC Insurance Services (Ameritrans Capital Corp)

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Security. 8.01. (a) In the event Tenant deposits has deposited with Landlord any Security Deposit, the same shall be held ONE HUNDRED SEVENTY-ONE THOUSAND and NO/100 Dollars ($171,000.00) as security for the full and faithful payment and performance by Tenant of Tenant's ’s obligations under this the Lease. If Tenant defaults in the full and prompt payment and performance of any of its obligations under this Lease, including, without limitation, the payment of Rent, Landlord may use, apply or retain the whole or any part of the Security Deposit security to the extent required for the payment to cure any default of any Rent or any other sums as Tenant’s and to which Tenant is in default or reimburse Landlord for any sum which Landlord may expend damages or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under this Lease, expenses (including, without limitation, counsel fees) incurred by reason of such default, including, but not limited to, any damages damages, deficiency or deficiency expenses in the reletting of the Demised Premises, whether such damages or deficiency accrue accrued before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or applies any part of the securitysaid security deposit to remedy any default of Tenant, Tenant shall shall, upon demand immediately demand, deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaidso that Landlord shall have the full deposit on hand at all times during the term of this Lease. If Tenant shall fully and faithfully pay and perform complies with all of Tenant's its obligations under this Leasehereunder, the Security Deposit or any balance thereof to which Tenant is entitled security shall be returned or paid over to Tenant it after the date on which this Lease shall expire or sooner end or terminate, of the Term and after delivery to Landlord of entire possession of the Demised PremisesPremises to Landlord. In the event of any sale the Landlord shall sell or leasing of assign the Landpremises then, upon such transfer, Landlord shall have the right agrees to transfer the security deposit to which Tenant is entitled to the vendee or lessee such transferee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely with respect to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlordsuch security. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, security and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance. Landlord agrees that, as of December 31 of each calendar year, Landlord shall pay to Tenant an interest factor on the security deposit equal to the interest paid by United Jersey Bank on “Preferred Money Market Accounts” during that calendar year. The foregoing shall not require Landlord to escrow or otherwise deposit such sum or segregate same, and Tenant recognizes and understands that Landlord shall have the right to use these funds for Landlord’s general purposes. The interest shall be calculated at the rate in effect as of the opening of business of each day during that year. Landlord, with the sum of ONE THOUSAND and NO/100 Dollars ($l,000.00) on the Commencement Date of this Lease will open such an account, and the interest rate so reflected on such account during that calendar year shall be the interest rate applied to the amount of the security deposit held by the Landlord during that year.

Appears in 1 contract

Samples: Inter Parfums Inc

Security. 8.01. (a) In the event Tenant deposits shall deposit with Landlord any Security Depositon the signing of this Lease the sum of Seven Thousand Eight Hundred Twenty-Five Dollars ($7,825.00), the same shall be held as security for the full faithful performance and faithful payment and performance observance by Tenant of Tenant's obligations under this Lease. If Tenant defaults in the full terms, covenants, conditions and prompt payment and performance provisions of any of its obligations under this Lease, including, without limitation, the payment surrender of Rentpossession of the Premises to Landlord as herein provided. If an Event of Default shall occur and be continuing, Landlord may use, apply or retain the whole or any part of the Security Deposit to the extent required security so deposited, (i) for the payment of any Fixed Rent, Escalation Rent or any other sums item of Rental as to which Tenant is in default or default, (ii) for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under the terms, covenants and conditions of this Lease, including, without limitation, any damage, expense (including, without limitation, attorneys' fees and disbursements) or liability incurred or suffered by Landlord, and (iii) against any damages or deficiency which Landlord may suffer or incur in the reletting of the Demised Premises, whether such damages or deficiency accrue or accrues before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply applies or retain the whole or retains any part of the securitysecurity so deposited, Tenant Tenant, upon demand, shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaidor retained so that Landlord shall have the full deposit on hand at all times during the Term. If Tenant shall fully and faithfully pay and perform comply with all of Tenant's obligations under the terms, provisions, covenants and conditions of this Lease, the Security Deposit or any balance thereof to which Tenant is entitled security shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, Expiration Date and after delivery to Landlord of entire possession of the Demised PremisesPremises to Landlord. In the event of any a sale or leasing of the LandReal Property or the Building, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and of such security. Tenant shall look solely to the new landlord for the return or payment of the same; and the security. The provisions hereof shall apply to every transfer or assignment made of the same security made to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, security and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.

Appears in 1 contract

Samples: PSW Technologies Inc

Security. 8.01. (a) In the event Tenant deposits with Landlord any Security Deposit, the same shall be held as security for To secure the full and faithful punctual payment of the Purchase Price and performance by Tenant Assignee’s indemnification obligations hereunder, the Assignee hereby grants the Assignor a continuing security interest in all of Tenant's the Assignor’s right, title and interest in, to and under (i) the Liquidation Proceeds; (ii) any payment or repayment of the obligations outstanding under this Lease. If Tenant defaults in the full Loan Agreement; and (iii) the proceeds and products of subsections (i) and (ii) hereof to secure prompt payment and performance of the Purchase Price (collectively, the “Liquidation Collateral”). This Agreement constitutes a security agreement under the uniform Commercial Code in any applicable jurisdiction and Assignor is entitled to all of the rights and remedies of a secured party thereunder. Furthermore, the Assignee shall not, without obtaining the prior written consent of the Assignor, further pledge, assign or grant any security interest in any of its obligations under the Liquidation Collateral, or permit any encumbrance to attach thereto or to be made thereon. The Assignee shall maintain the security interest created by this LeaseSection 1.5 as a first priority perfected security interest and will defend the right, including, without limitation, the payment of Rent, Landlord may use, apply or retain the whole or any part title and interest of the Security Deposit Assignor in and to the extent required for Liquidation Collateral against the claims and demands of all other persons whomsoever. The security interest created hereby shall remain in full force and effect until payment in full of the Purchase Price and any Rent Accrued Interest. Upon payment in full of the Purchase Price and any Accrued Interest, if any, this security interest shall terminate and the Assignor agrees to execute and deliver to Assignee or any other sums its designee such instruments and documents as to which Tenant is in default or for any sum which Landlord may expend or may be required reasonably requested by the Assignee to expend by reason evidence such termination, and hereby authorizes the Assignee or its designee to take such actions as may be necessary to file or record such instruments or documents evidencing termination of Tenant's default in respect of any of Tenant's obligations under this Lease, including, without limitation, any damages or deficiency the security interest in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premisesappropriate public records. In the event Assignee obtains any third party secured financing, Assignor shall reasonably consider subordinating the security interest in the Liquidation Collateral created herby to the security interest of any sale or leasing of the Landsuch third party financing source, Landlord but is under no obligation to do so. Assignee acknowledges and agrees that it shall have the right be obligated to transfer the security to which Tenant is entitled to the vendee or lessee repay any such third party financing with its own funds, and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant any such indebtedness shall not assign or encumber or attempt be taken into account for purposes of calculating the Purchase Price payable to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbranceAssignor pursuant to Section 1.4.

Appears in 1 contract

Samples: Assignment Agreement (TILT Holdings Inc.)

Security. 8.01The sum of One Hundred Ninety Two Thousand Nine Hundred Thirty Seven and 50/100 Dollars ($192,937.50) representing security (referred to as “Security”) for the faithful performance and observance by Tenant of the terms, covenants and conditions of this Lease on Tenant’s part to be observed and performed is due and payable at the time of the execution and delivery of this Lease. (a) In the event Tenant deposits with Landlord of any Security Deposit, the same shall be held as security for the full and faithful payment and performance default by Tenant of Tenant's obligations under this Lease. If Tenant defaults in the full and prompt payment and observance or performance of any of its obligations under the terms, covenants or conditions of this Lease, Lease on the part of Tenant to be observed or performed including, without limitationbut not limited to, any default in the payment when due of Rentany monthly installment of the Fixed Rent or increase in the Fixed Rent payable pursuant to the provisions of Articles TWENTY-FIRST or TWENTY-SECOND or of any additional rent, Landlord may use, use or apply or retain the whole all or any part of the Security Deposit to the extent required for the payment to Landlord for Tenant’s account of any Rent sum or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations due under this Lease, including, without limitation, thereby waiving any damages other rights or deficiency in the reletting remedies of the Demised Premises, whether Landlord with respect to such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlorddefault. If Landlord shall so use, apply or retain the whole Tenant agrees to replenish all or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to Security so used or applied during the amount so used, applied and retained, as security as aforesaidTerm. If In the event that Tenant shall fully and faithfully pay and perform comply with all of Tenant's obligations under the terms, provisions, covenants and conditions of this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this fixed as the end of the Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised PremisesPremises to Owner. Tenant agrees that, unless required by law or by the general policies of lending institutions in New York City, Landlord shall not be required to deposit the Security in an interest-bearing savings account and shall deposit the same with a New York bank selected by Landlord.. Tenant agrees that Tenant shall not assign or encumber any part of the Security, and no assignment or encumbrance by Tenant of all or any part of the Security shall be binding upon Landlord, whether made prior to, during, or after the Term. Landlord shall not be required to exhaust its remedies against Tenant or against the Security before having recourse to any other form of security held by Landlord and recourse by Landlord to any form of security shall not affect any remedies of Landlord which are provided in this Lease or which are available to Landlord in law or equity. In the event of any sale sale, assignment or leasing transfer by Landlord named herein (or by any subsequent Landlord) of its interest in the LandBuilding as owner or lessee, Landlord (or such subsequent owner) shall have the right to assign or transfer the security Security to which its grantee, assignee or transferee and, in the event of such assignment or transfer, Landlord named herein, (or such subsequent Landlord) shall have no liability to Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; of the Security and Tenant shall look solely to the new landlord grantee, assignee or transferee for the return or payment such return. A lease of the same; entire Building shall be deemed a transfer within the meaning of the foregoing sentence. Notwithstanding anything to the contrary set forth in the foregoing provisions of this Article, Landlord shall be entitled to retain the one (1%) percent administrative fee permitted by law to be retained by landlords with respect to security deposits. Provided that Tenant is not then in default under this Lease after applicable notice and expiration of any applicable grace period, Landlord shall return (or credit) to Tenant on the fourth (4th) anniversary of the Commencement Date, a portion of the Security held under the provisions hereof of this Article 20th equal to Eighty Five Thousand Seven Hundred Fifty and 00/100 Dollars ($85,750.00), and as a result thereof the Security hereunder shall apply be then reduced to every transfer or assignment made One Hundred Seven Thousand One Hundred Eighty Seven and 50/100 Dollars ($107,187.50); further provided, however, that in the event of two (2) defaults by Tenant under this Lease (and failure to cure beyond applicable notice and cure periods in each instance) which defaults occur subsequent to such reduction in the amount of Security, Landlord shall entitled to demand restoration of the same amount of Security so reduced to a new landlord. the original amount of Security under this Lease as of the Commencement Date and Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbranceso restore said amount within ten (10) day after written demand thereof.

Appears in 1 contract

Samples: Lease (Passport Brands, Inc)

Security. 8.01To the extent requested by Indemnitee and approved by the Board of Directors of the Company, the Company may at any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral. (a) Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of the Indemnitee. In the event Tenant deposits with Landlord any Security Depositof a Potential Change in Control, as defined herein, or a Change in Control, the same Company shall, promptly upon written request by Indemnitee, create a Trust for the benefit of Indemnitee and from time to time, upon written request by or on behalf of Indemnitee to the Company, shall fund such Trust in an amount, as set forth in such request, sufficient to satisfy any and all Expenses reasonably anticipated at the time of each such request to be incurred in connection with an indemnifiable event. The terms of the Trust shall provide that upon a Change in Control: (i) the Trust shall not be revoked or the principal thereof invaded, without the written consent of Indemnitee; (ii) the Trustee shall advance, within ten (10) business days of a request by Indemnitee, any and all Expenses to Indemnitee, not advanced directly by the Company to Indemnitee (and Indemnitee hereby agrees to reimburse the Trust under the circumstances under which Indemnitee would be required to reimburse the Company under this Agreement); (iii) the Trust shall continue to be funded by the Company in accordance with the funding obligation set forth above; (iv) the Trustee shall promptly pay to Indemnitee all amounts for which Indemnitee shall be held as security for entitled to indemnification pursuant to this Agreement or otherwise; and (v) all unexpended funds in such Trust shall revert to the full and faithful payment and performance by Tenant Company upon a final determination that Indemnitee has been fully indemnified under the terms of Tenant's obligations under this LeaseAgreement. If Tenant defaults Nothing in this Section 11 shall relieve the full and prompt payment and performance Company of any of its obligations under this Lease, including, without limitationAgreement. A Potential Change in Control shall be deemed to have occurred if: (i) the Company enters into an agreement or arrangement, the payment consummation of Rent, Landlord may use, apply or retain which would result in the whole occurrence of a Change in Control; (ii) the Company or any part of person publicly announces an intention to take or to begin taking actions which if completed would constitute a Change in Control; or (iii) the Security Deposit Board adopts a resolution to the extent required effect that, for the payment purposes of any Rent or any other sums as to which Tenant is this Agreement, a Potential Change in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under this Lease, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premises. In the event of any sale or leasing of the Land, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbranceControl has occurred.

Appears in 1 contract

Samples: Indemnification Agreement (Ameriprise Financial Inc)

Security. 8.01. (a) In Simultaneously with Tenant’s execution and delivery of this Lease to Landlord, Tenant shall pay Landlord in immediately available funds the event Tenant deposits with Landlord any cash amount of the Security Deposit, the same shall be held as security Deposit for the full and faithful payment and performance by Tenant of Tenant's obligations under each and every term, provision, covenant, and condition of this Lease. If Tenant defaults in the full and prompt payment and performance of fails timely to perform any of its obligations under the terms, provisions, covenants and conditions of this LeaseLease or any other document executed by Tenant in connection with this Lease beyond any applicable notice and cure period, including, without limitation, the payment of Rent, then Landlord may use, apply apply, or retain the whole or any part of the Security Deposit to the extent required for the payment of any Rent or not paid when due, for the cost of repairing any damage, for the cost of cleaning the Premises, for the payment of any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under this Lease’s failure to perform, including, without limitationbut not limited to, any damages loss of future Rent and any damage or deficiency in the reletting of the Demised Premises, Premises (whether such loss, damages or deficiency accrue before or after summary proceedings or other re-entry reentry by Landlord) and the amount of the unpaid past Rent, future Rent loss, and all other losses, costs and damages, that Landlord would be entitled to recover if Landlord were to pursue recovery under Section 11.2(b) or (c) of this Lease or California Civil Code Section 1951.2 or 1951.4 (and any supplements, amendments, replacements and substitutions thereof and therefor from time to time). If Landlord shall so useuses, apply applies or retain the whole retains all or any part of the securitySecurity Deposit, Tenant shall upon within five (5) business days after demand pay or deliver to Landlord in immediately deposit with Landlord a available funds the sum equal necessary to replace the amount so used, applied and or retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit or (except any balance thereof to which Tenant is entitled amount retained for application by Landlord as provided herein) shall be returned or paid over to Tenant with thirty (30) days after the date on which latest of: (i) the Expiration Date; (ii) the removal of Tenant from the Premises; or (iii) the surrender of the Premises by Tenant to Landlord in accordance with this Lease Lease; provided, however, in no event shall expire or sooner end or terminateany such return be construed as an admission by Landlord that Tenant has performed all of its obligations hereunder, and after delivery further provided that Landlord may retain any amounts necessary to Landlord cure uncured defaults so long as reasonable and sufficient documentation of entire possession of the Demised Premises. In the event of any sale or leasing of the Land, Landlord shall have the right such expenses are provided to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbranceTenant.

Appears in 1 contract

Samples: Workletter Agreement (Gritstone Oncology, Inc.)

Security. 8.0137. (a) In the event Tenant deposits has deposited with Landlord any Security Deposit, the same shall be held sum of $7,287.00 as security for the full faithful performance and faithful payment and performance observance by Tenant of Tenant's obligations under the terms, provisions and conditions of this Lease. If ; it is agreed that in the event Tenant defaults in the full and prompt payment and performance respect of any of its obligations under the terms, provisions and conditions of this Leaselease, including, without limitationbut not limited to, the payment of Rentrent and additional rent, Landlord may use, apply or retain the whole or any part of the Security Deposit security so deposited to the extent required for the payment of any Rent rent or additional rent or any other sums sum as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under the terms, covenants and conditions of this Leaselease, including, without limitationincluding but not limited to, any damages or deficiency in the reletting re-letting of the Demised Premisespremises, whether such damages damages, or deficiency accrue accrued before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain In the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If event that Tenant shall fully and faithfully pay and perform comply with all of Tenant's obligations under the terms, covenants and conditions of this Lease, the Security Deposit or any balance thereof to which Tenant is entitled security shall be returned or paid over to Tenant after the date on which this fixed as the end of the Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised PremisesPremises to Landlord. In the event of any a sale of the land and building or leasing of the Landbuilding, of which the demised premises form a part, Landlord shall have the right to transfer the security to which Tenant is entitled the vendee of lessee and Landlord shall have the right to transfer the security to the vendee or lessee and Landlord shall thereupon be released release by Tenant from all liability for the return or payment thereofof such security; and Tenant shall agrees to look solely to the new landlord Landlord solely for the return or payment of the samesaid security; and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the same security to a new landlordLandlord. Tenant shall further covenants that it will not assign or encumber or attempt to assign or encumber the monies deposited herein as security, security and that neither Landlord nor not its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbranceencumbrances.

Appears in 1 contract

Samples: Agreement of Lease (Nastech Pharmaceutical Co Inc)

Security. 8.01. Tenant shall, upon execution of this lease, deposit with Landlord the sum of FIVE HUNDRED THOUSAND AND 00/100 (a$500,000.00) In DOLLARS security for the faithful performance and observance by Tenant of the terms, provisions and conditions of this lease; it is agreed that in the event Tenant deposits with Landlord any Security Deposit, the same shall be held as security for the full and faithful payment and performance by Tenant of Tenant's obligations under this Lease. If Tenant defaults in the full and prompt payment and performance respect of any of its obligations under the terms, provisions and conditions of this Leaselease, including, without limitationbut not limited to, the payment of Rentrent and additional rent, and fails to cure the same within any applicable grace and/or notice periods, then, Landlord may use, apply or retain the whole or any part of the Security Deposit security so deposited to the extent required for the payment of any Rent rent and additional rent or any other sums sum as to which Tenant tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under the terms, covenants and conditions of this Leaselease, including, without limitationincluding but not limited to, any damages or deficiency in the reletting re-letting of the Demised Premises, whether such damages or deficiency accrue accrued before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain In the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If event that Tenant shall fully and faithfully pay and perform comply with all of Tenant's obligations under the terms, provisions, covenants and conditions of this Leaselease, the Security Deposit or any balance thereof to which Tenant is entitled security shall be promptly returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised PremisesTenant. In the event of any a sale of the land and Building or leasing of the LandBuilding, of which the Demised Premises form a part, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee vandee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereofof such security; and Tenant shall agrees to look solely to the new landlord Landlord solely for the return or payment of the same; said security, and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the same security to a new landlordLandlord. Tenant shall further covenants that it will not assign or encumber or attempt to assign or encumber the monies deposited herein as security, security and that neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance. In lieu of the cash security provided for in Article 34 hereof, Tenant may deliver to Landlord, as security pursuant to said Article 34, an irrevocable, clean, "Evergreen" commercial letter of credit in the amount of $500,000.00 (the "Letter"), issued by a bank which is authorized by the State of New York or has a branch office or corresponding bank which enables Landlord to draw upon the Letter in the State of New York and which shall permit Landlord (a) to draw thereon up to the full amount of the credit evidenced thereby in the event of any default by Tenant in the terms, provisions, covenants or conditions of this Lease beyond any applicable notice and cure periods or (b) to draw the full amount thereof to be held as cash security pursuant to Article 34 hereof if for any reason the Letter is not renewed within forty-five (45) days prior to its expiration date. The Letter (and each renewal thereof) shall (i) be for a term of not less than one (1) year (except that the last Letter shall be for a term expiring forty-five (45) days after the Expiration Date), (ii) expressly provide for the issuing bank to notify Landlord in writing not less than forty-five (45) days prior to its expiration as to its renewal or non-renewal, as the case may be, and (iii) if not so renewed each year (or later period of expiration) shall be immediately available for Landlord to draw up to the full amount of such credit (to be held as cash security pursuant to said Article 34). Not less than forty-five (45) days prior to the expiration date of each Letter (and every renewal thereof), Tenant shall deliver to Landlord a renewal or new Letter subject to all of the conditions aforesaid, all to the intent and purposes, that a Letter in the sum of $500,000.00 shall be in effect for the remainder of the term of this Lease. After the third (3/rd/) year of the term of the Lease, Landlord and Tenant will seek to mutually agree to a reduction in the Security if Tenant effectuates a public offering of its stock and materially increases its net worth and meets other reasonable qualifications as Landlord may reasonably request.

Appears in 1 contract

Samples: Office Lease (Intira Corp)

Security. 8.01. (a) In Prior to the event Tenant deposits Commencement Date, Sub-Subtenant shall deposit with Landlord any Security Deposit, the same Sub-Sublandlord $148,727.25 which sum shall be held by Sub-Sublandlord as security ("Security Deposit") for the full and faithful payment and performance by Tenant of Tenant's obligations under all of the terms, covenants, and conditions of this LeaseSub-Sublease to be kept and performed by Sub-Subtenant. If Tenant Sub-Subtenant defaults in the full and prompt payment and performance with respect to any provisions of any of its obligations under this LeaseSub-Sublease, including, without limitationbut not limited to, the provisions relating to the payment of Rentrent, Landlord Sub-Sublandlord may (but shall not be required to) use, apply or retain the whole all or any part of the this Security Deposit to the extent required for the payment of any Rent rent or any other sums as sum in default, or for the payment of any other amount which Sub- Sublandlord may spend or become obligated to which Tenant is in spend by reason of Sub-Subtenant's default or to compensate Sub-Sublandlord for any sum loss or damage which Landlord Sub-Sublandlord may expend suffer by reason of Sub-Subtenant's default. If any portion of the Security Deposit is to used or may applied, Sub-Subtenant shall, within ten (10) days after demand therefore, deposit cash with Sub-Sublandlord in an amount sufficient to restore the Security Deposit to its original amount and Sub-Subtenant's failure to do so shall be a material breach of this Lease. Sub-Sublandlord shall not be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under keep this LeaseSecurity Deposit separate from its general funds, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether and Sub-Subtenant shall not be entitled to interest on such damages or deficiency accrue before or after summary proceedings or other re-entry by LandlordSecurity Deposit. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant Sub-Subtenant shall fully and faithfully pay and perform all every provision of Tenant's obligations under this LeaseSub-Sublease to be performed by it, the Security Deposit or any balance thereof to which Tenant is entitled (less any claims by Sub-Sublandlord) shall be returned or paid over to Tenant Sub-Subtenant (or, at Sub-Sublandlord's option, to the last assignee of Sub-Subtenant's interest hereunder) within two (2) weeks after the date on which expiration of this Lease shall expire or sooner end or terminate, Sub-Sublease and after delivery Sub-Subtenant or its last assignee has vacated the Sub-Subleased Premises; provided, however, if any portion of the Security Deposit is applied to Landlord repair damages to the Sub-Subleased Premises caused by Sub-Subtenant or Sub-Subtenant's agents or to clean the Sub-Subleased Premises, then the balance of entire the Security Deposit shall be returned to Sub-Subtenant (or, at Sub-Sublandlord's option to the last assignee of Sub-Subtenant's interest hereunder) no later than thirty (30) days from the date Sub-Sublandlord receives possession of the Demised Sub-Subleased Premises. In the event of any sale or leasing of the Land, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant Sub-Subtenant shall not assign or encumber or attempt to assign transfer or encumber the monies deposited herein as security, and neither Landlord Security Deposit nor its successors or assigns shall Sub-Sublandlord be bound by Sub-Subtenant's attempt to do so. Should Sub-Sublandlord sell its interest in the Sub-Subleased Premises during the Term hereof and if Sub-Sublandlord deposits with the purchaser there the then unappropriated funds deposited by Sub-Subtenant as aforesaid, thereupon Sub-Sublandlord shall be discharged from any further liability with respect to such assignment, encumbrance, attempted assignment or attempted encumbranceSecurity Deposit.

Appears in 1 contract

Samples: Preview Systems Inc

Security. 8.01Contemporaneously with the execution of this Sublease, Subtenant shall deliver to Sublandlord a security deposit equal to ($43,290.00) which is calculated based on three (3) months rent on the Phase I Sublease Premises (the “Security Deposit”). If Subtenant defaults in the performance of its obligations, covenants and conditions under this Sublease, beyond any applicable notice and grace periods, including without limitation (a) In Subtenant’s obligation to remove any subtenant improvements if required by this Sublease, or (b) Subtenant’s obligation to reimburse Sublandlord for any costs incurred under Section 10.2 of this Sublease, Sublandlord may use the event Tenant deposits with Landlord any Security Deposit, or any portion of it, to cure the same shall be held as security default or to compensate Sublandlord for the full and faithful payment and performance all damage sustained by Tenant of Tenant's obligations under this LeaseSublandlord resulting from Subtenant’s default. If Tenant defaults in the full and prompt payment and performance of any of its obligations under this Leasethe Security Deposit is so used, including, without limitation, the payment of Rent, Landlord may use, apply or retain the whole or any part of Subtenant shall deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the extent required for full amount stated above within ten (10) business days after Sublandlord has demanded such replenishment. Sublandlord shall return the payment Security Deposit (or such portion thereof as remains), less any amounts necessary to cure outstanding defaults, to Subtenant within thirty (30) days after expiration or termination of this Sublease subject to the conditions that Subtenant has surrendered possession of the Sublease Premises to Sublandlord free of any Rent subtenants or any other sums as persons claiming possession or right to which Tenant is in default or for any sum which Landlord occupy the Sublease Premises. Sublandlord may expend or may commingle the Security Deposit with Sublandlord’s general and other funds and shall not be required to expend by reason pay interest on the Security Deposit. The use of Tenant's default in respect of any of Tenant's obligations under this Lease, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after by Sublandlord in the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premises. In the event of any sale or leasing of the Land, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant manner stated above shall not assign limit or encumber restrict Sublandlord from exercising any other rights or attempt remedies provided to assign Sublandlord under this Sublease or encumber the monies deposited herein as security, and neither Landlord nor its successors under law or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbranceequity if Subtenant defaults.

Appears in 1 contract

Samples: Sublease Agreement (Tier Technologies Inc)

Security. 8.01Section 39.01. Tenant has delivered to Landlord a letter of credit in the amount of TWO HUNDRED SEVENTEEN THOUSAND AND 00/100 (a$217,000.00) In the event Tenant deposits with Landlord any Security Deposit, the same shall be held DOLLARS as security for the full faithful performance and faithful payment and performance observance by Tenant of Tenant's obligations the terms, provisions, covenants and conditions of this Lease, including without limitation the completion of the Tenant Allowance Work and the Tenant Improvements pursuant to the provisions of Article 5 of this Lease. Landlord and Tenant acknowledge and agree that upon completion of the Tenant Improvements and delivery to Landlord of the documentation required pursuant to Subparagraph (C) of Section 5.05 of this Lease, said $217,000.00 Letter of Credit shall be reduced to the amount of $46,110.00, which amount shall thereafter serve as the security deposit under this Lease. If Tenant defaults in At any time during which Landlord shall be holding a letter of credit as the full and prompt payment and performance of any of its obligations security deposit under this Lease, Tenant shall have the right to substitute a cash deposit for said letter of credit by delivering to Landlord a check in the amount of the letter of credit then being held by the Landlord. Upon receipt and clearance of the funds, Landlord shall return the letter of credit to Tenant for cancellation. Thereafter, all references herein to the security deposit herein shall be deemed to refer to such cash security deposit. Upon delivery of this Lease to Landlord as executed by Tenant, Tenant shall deliver to Landlord an irrevocable, unconditional Letter of Credit from Fleet Bank (or another money center bank reasonably acceptable to Landlord), in the form annexed hereto as Exhibit C in the amount of $217,000.00, which letter of credit shall serve as security for the faithful performance and observance by Tenant of the terms, provisions, covenants and conditions of this Lease. Said letter of credit shall name National Realty & Development Corp. as sole beneficiary and shall expire on the Expiration Date hereof; provided, however, said letter of credit may provide that it will expire prior to the Expiration Date (but in no event prior to the one (1) year anniversary of the Commencement Date) if said letter of credit is renewed by Tenant, without amendment, and evidence of such renewal is delivered to Landlord prior to that date which is thirty (30) days prior to the expiration date thereof. The letter of credit shall provide that partial drawings shall be permitted. If, for any reason, such letter of credit shall expire without National Realty & Development Corp. (as agent of Landlord) having drawn thereon for any reason, including, without limitation, the inadvertent failure to do so by National Realty & Development Corp., then Tenant shall deliver to National Realty & Development Corp. a replacement of such letter of credit or a cash deposit to bring the security deposit required hereunder to the appropriate balance. Said letter of credit shall specifically provide that Landlord and National Realty & Development Corp. will receive not less than forty-five (45) days written notice of the election of the issuing bank to not renew the same. Whether or not Landlord or National Realty & Development Corp. shall receive notice of cancellation or non-renewal of the letter of credit, Tenant shall deliver to National Realty & Development Corp. a replacement of such letter of credit prior to that date which is thirty (30) days prior to the cancellation date, expiration date or non-renewal date of the letter of credit. Tenant's failure to deliver evidence of the renewal of the letter of credit or a replacement letter of credit as aforesaid shall, in either case, be deemed a default under this Lease, and without further notice, National Realty & Development Corp. shall be entitled to draw upon the expiring letter of credit in the entire amount thereof. In the event Tenant defaults in respect of any of the provisions, covenants or conditions of this Lease, including, but not limited to, defaults in the payment of Rentannual minimum rent or additional rent, Landlord may beyond the applicable notice and cure periods provided for herein, or in the event that that Tenant has vacated, abandoned or deserted the performance of the Tenant Improvements or is not diligently pursuing the same to completion or Tenant has failed to pay for the furnishings, installation or construction of Tenant Improvements (including the Tenant Allowance Work) or any portion thereof, or in the event that Tenant has failed to complete the Tenant Improvements by the Tenant Improvements Completion Date, then National Realty & Development Corp. may, on Landlord's behalf, from time to time draw upon the security deposit and use, apply apply, or retain the whole or any part of the Security Deposit thereof to the extent required for the payment of any Rent annual minimum rent (including payment of annual minimum rental previously abated as set forth in Section 5.05 of this Lease) and additional rent or any other sums sum as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default default, beyond the applicable notice and cure periods provided herein, in respect of any of Tenant's obligations under the provisions, covenants and conditions of this Lease, including, without limitationbut not limited to, reasonable counsel fees and other collection charges, or with respect to any damages or deficiency in the reletting re-letting, repairing or altering of the Demised Premises, whether such damages or deficiency accrue accrued before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain in connection with the whole or any part removal of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to Installations (hereinafter defined) (the amount so used, applied which National Realty & Development Corp. may draw determined as set forth in this sentence is hereinafter referred to as the "default amount"). In the event National Realty & Development Corp. (as agent of Landlord) shall draw upon a letter of credit deposited as a security deposit hereunder and retained, as security as aforesaid. If Tenant the amount drawn by National Realty & Development Corp. shall fully and faithfully pay and perform all be in excess of Tenant's obligations under this Leasethe default amount, the Security Deposit or any balance thereof to which Tenant is entitled excess shall be returned held by in a non-interest-bearing account at a commercial bank or paid over financial institution as a security deposit hereunder to Tenant after be used for the date on which this Lease shall expire or sooner end or terminatepurposes set forth herein. After the expiration of the Lease, and after delivery to Landlord of entire possession of the Demised Premises. In the event of Premises to Landlord, and after applying or retaining any sale or leasing portion of the Landsecurity required to cure any and all defaults by Tenant under this Lease, the letter of credit and the cash security deposit, if any, then held by Landlord shall be returned to Tenant without interest. If, due to Tenant's default hereunder, Landlord shall have the right to transfer the security to which Tenant is be entitled to the vendee apply or lessee and Landlord shall thereupon be released by retain any portion of said security, Tenant from all liability shall, within five (5) days following demand, secure for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment sole benefit of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to Landlord, a new landlordor additional letter of credit naming Tenant as beneficiary and complying with the requirements set forth herein or deliver to Landlord a cash security deposit sufficient to comply with this Section, including the required amount. Tenant shall not assign or encumber or attempt to assign or encumber the monies security deposited herein as security, hereunder and neither Landlord nor or its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance. In the absence of evidence satisfactory to Landlord of any assignment of the right to receive the security, or the remaining portion thereof, Landlord may return the security to the original tenant regardless of any number of assignments of the Lease itself. In the event of a sale of the Demised Premises or larger premises of which the Demised Premises form a part, Landlord shall have the right to transfer the cash security and the beneficiary rights under any letter of credit to the purchaser who shall hold the same for the benefit of Tenant in accordance with the terms of this Lease, and Landlord and National Realty & Development Corp., after giving notice to Tenant, shall be deemed released by Tenant from all liability for the return of such security and Tenant shall look solely to the new owner for the release or the return thereof. Tenant shall, upon request, deliver confirmation of said transfer of beneficiary rights and a replacement letter of credit naming the transferee as beneficiary if necessary or if requested. Landlord agrees to return any letter of credit it is then holding with respect to this Lease to the issuing bank if required by the issuing bank to receive a replacement letter of credit. No holder of any mortgage upon the Demised Premises or the larger property of which the Demised Premises forms a part shall be responsible in connection with the security deposited hereunder unless such mortgagee shall have in fact received such security or be named beneficiary thereof and acknowledged such receipt or beneficiary status in writing to Tenant. In the event of a foreclosure of the Demised Premises, or the larger property of which the Demised Premises forms a part, Tenant shall, on demand of mortgagee, reissue the letter of credit in compliance with this Section, naming the mortgagee, or such other party as may be designated by mortgagee, as the sole beneficiary. Tenant acknowledges that Tenant is to perform certain obligations under this Lease prior to the Commencement Date of the term of this Lease and that the security deposit may be applied by Landlord (or by National Realty & Development Corp. on behalf of Landlord) in the event Tenant shall default under any such obligations beyond any applicable notice and cure periods notwithstanding that the Commencement Date may not yet have occurred.

Appears in 1 contract

Samples: And Attornment Agreement (PTC Therapeutics, Inc.)

Security. 8.01. (a) In As a pledge to secure the event Tenant deposits with Landlord any Security Deposit, the same shall be held as security for the full and faithful payment and performance by Tenant of Tenant's obligations under this Lease. If Tenant defaults in the full and prompt due payment and performance of the Break Fee Obligation, the Guarantor hereby pledges and hypothecates to the Secured Party and grants and creates a security interest in favour of the Secured Party in the shares described in Exhibit A to this agreement which shares represent 100% of the issued and outstanding shares in the capital of Falls Mountain and any other additional securities, rights and property issued or received in exchange therefor or with respect thereto, including but not limited to, any shares that may be issued to the Guarantor as a stock dividend and any securities, rights or other property that the Guarantor may receive or be entitled to receive in exchange therefor, whether upon a merger, reorganization, consolidation, stock split or reclassification or otherwise, and any additions or substitutions thereto or therefor (collectively, the "Pledged Securities"), and any proceeds thereof, and agrees that the Pledged Securities will be held by the Secured Party. The Guarantor will, in its capacity as the sole shareholder of Falls Mountain, use its best efforts to prohibit any dilution of its obligations under this Leaseinterest in Falls Mountain and will immediately deliver or cause to be delivered to the Secured Party any securities issued from time to time hereafter by Falls Mountain, includingwhich securities will be included in the Pledged Securities. The Guarantor will not exchange, sell, transfer, lend, encumber or dispose of the Pledged Securities, nor will it grant any option with respect thereto. The Pledged Securities and the security interest therein granted in favour of the Secured Party will be held by the Secured Party as collateral security to secure the due payment and performance of the Break Fee Obligation. The Pledged Securities will be subject to the terms hereof and the security interest hereby constituted upon and by virtue of delivery of the share certificates representing the Pledged Securities without limitation, any further formality or action on the payment of Rent, Landlord may use, apply or retain the whole or any part of the Security Deposit to Guarantor or the extent required for Secured Party. Upon the payment execution and delivery of any Rent or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend this agreement by reason of Tenant's default in respect of any of Tenant's obligations under this Lease, including, without limitation, any damages or deficiency in the reletting of Guarantor and the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire Secured Party taking possession of the Demised PremisesPledged Securities, the Secured Party will have perfected a security interest in and to the Pledged Securities having a first priority. In The Guarantor may, at any time during the event currency of any sale this agreement and in its sole discretion, replace the security interest in the Pledged Securities granted to the Secured Party hereunder with a security interest in a cash deposit in the amount of $500,000 or leasing a letter of credit (the Land"Security Deposit") held by an escrow holder based in Vancouver, Landlord shall have British Columbia and otherwise acceptable to the Secured Party acting reasonably. If the Guarantor exercises its right to transfer effect such a substitution of security interests, then, with such changes as are required for this agreement to make sense in the security to which Tenant is entitled context, references in this agreement to the vendee or lessee and Landlord shall thereupon Pledged Securities will be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely read as being references to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbranceSecurity Deposit.

Appears in 1 contract

Samples: Share Pledge Agreement (Pine Valley Mining Corp)

Security. 8.01. (a) In Subtenant shall deposit with Sublessor on the event Tenant deposits with Landlord any Security Deposit, signing of this Sublease the same shall be held sum of [***] as security for the full faithful performance and faithful payment observance by Subtenant of the terms, conditions and performance by Tenant provisions of Tenant's obligations under this LeaseSublease (the "Security Deposit"). If Tenant It is agreed that in the event Subtenant defaults in the full and prompt payment and performance respect of any of its obligations under the terms, provisions and conditions of this LeaseSublease, including, without limitationbut not limited to, the payment of Fixed Rent and Supplemental Rent, Landlord Sublessor may use, apply or retain the whole or any part of the Security Deposit so deposited and any interest accrued thereto to the extent required for the payment of any Fixed Rent and Supplemental Rent or any other sums sum as to which Tenant Subtenant is in default or for any sum which Landlord Sublessor may expend or may be required to expend by reason of TenantSubtenant's default in respect of any of Tenant's obligations under the terms, covenants and conditions of this LeaseSublease, including, without limitationincluding but not limited to, any damages or deficiency in the reletting of the Demised Subleased Premises, whether such damages or deficiency accrue or accrues before or after summary proceedings or other re-entry reentry by LandlordSublessor. If Landlord shall so use, apply Sublessor applies or retain the whole or retains any part of the securitySecurity Deposit so deposited, Tenant Subtenant, within ten (10) business days of demand, shall upon demand immediately deposit with Landlord a sum equal to Sublessor the amount so usedapplied or retained so that Sublessor shall have the full Security Deposit on hand at all times during the Term, applied and retained, as security as aforesaidif any. If Tenant Subtenant shall fully and faithfully pay and perform comply with all of Tenant's obligations under the terms, provisions, covenants and conditions of this LeaseSublease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant Subtenant within thirty (30) days after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession expiration of the Demised PremisesTerm. In the event of any sale or leasing of the Land, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall Subtenant further covenants that it will not assign or encumber or attempt to assign or encumber the monies Security Deposit and/or other sums deposited herein as security, and that neither Landlord Sublessor nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.. ***Text Omitted and Filed Separately with the Securities and Exchange Commission. Confidential Treatment Requested Under

Appears in 1 contract

Samples: Nektar Therapeutics

Security. 8.0140.01. (a) In the event Tenant deposits has deposited with Landlord any Security Deposit, the same shall be held sum of $16,940.08 as security for the full and faithful payment performance and performance observance by Tenant of Tenant's covenants and obligations under this Lease. If Tenant defaults in the full and prompt payment and performance of any of its Tenant's covenants and obligations under this Lease, including, without limitationbut not limited to, the payment of Fixed Rent and Additional Rent, Landlord may use, apply or retain the whole or any part of the Security Deposit security so deposited and the interest accrued thereon, if any, to the extent required for the payment of any Fixed Rent and Additional Rent or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under the terms, covenants and conditions of this Lease, including, without limitationbut not limited to, any damages or deficiency in the reletting of the Demised Premises, whether such damages or 36 39 deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the securitysecurity or the interest accrued thereon, if any, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, or retained as security as aforesaid. If Tenant shall fully and faithfully pay and perform comply with all of Tenant's covenants and obligations under this Lease, the Security Deposit security or any balance thereof thereof, with the interest thereon, if any, to which Tenant is entitled entitled, shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premises. In the event of any sale of Landlord's interest in the Building or leasing of the LandBuilding, Landlord shall have the right to transfer the security and interest thereon, if any, to which Tenant is entitled entitled, to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as securitysecurity or any interest thereon to which Tenant is entitled, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.

Appears in 1 contract

Samples: Long Distance Direct Holdings Inc

Security. 8.01. (a) In Tenant has deposited with Owner the event Tenant deposits with Landlord any Security Deposit, the same shall be held sum of $83,300.00 as security for the full faithful performance and faithful payment and performance observance by Tenant of Tenant's obligations under the terms, provisions and conditions of this Lease. If lease; it is agreed that in the event Tenant defaults in the full and prompt payment and performance respect of any of its obligations under the terms, provisions and conditions of this Leaselease, including, without limitationbut not limited to, the payment of Rentrent and additional rent, Landlord Owner may use, apply or retain the whole or any part of the Security Deposit security so deposited to the extent required for the payment of any Rent rent and additional rent or any other sums sum as to which Tenant is in default or for any sum which Landlord Owner may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under the terms, covenants and conditions of this Leaselease, including, without limitationincluding but not limited to, any damages or deficiency in the reletting re-letting of the Demised Premisespremises, whether such damages or deficiency accrue accrued before or after summary proceedings or other re-entry by LandlordOwner. If Landlord shall so use, apply or retain In the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If event that Tenant shall fully and faithfully pay and perform comply with all of Tenant's obligations under the terms, provisions, covenants, and conditions of this Leaselease, the Security Deposit or any balance thereof to which Tenant is entitled security shall be returned or paid over promptly to Tenant after the date on which this fixed at the end of the Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premisesdemised premises to Owner. In the event of any a sale of the land and building or leasing of the Landbuilding, Landlord of which the demised premises form a part, Owner shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord Owner shall thereupon be released by Tenant from all liability for the return or payment thereof; of such security, and Tenant shall agrees to look solely to the new landlord Owner solely for the return or payment of the same; said security, and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the same security to a new landlordOwner. Tenant shall further covenants that it will not assign or encumber or attempt to assign or encumber the monies deposited herein as security, security and that neither Landlord Owner nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance. On or after the date five years after the Commencement Date, provided that Tenant is not then in default or if tenant is in default provided hat Tenant shall have cured such default, owner shall return to tenant $41,650 of the security then held Owner provided that Owner shall continue to hold at least $41,650 of security.

Appears in 1 contract

Samples: College Television Network Inc

Security. 8.01. (a) In The Tenant has this day deposited with the event Tenant deposits with Landlord any the sum of $44,874.53 as Security Deposit, the same shall be held as security for the full and faithful payment and performance by Tenant of Tenant's obligations under this Lease. If Tenant defaults in the full and prompt payment and performance of any of its obligations under this Lease, including, without limitation, the payment of Rent, Landlord may use, apply or retain the whole or any part of the Security Deposit to the extent required for the payment of any the rent a Tenant has fully and faithfully performed all such covenants and conditions and is not in arrears in Base Rent or any other sums as Additional Rent. The balance of the Security shall be returned to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of the Tenant's default in respect of any of Tenant's obligations under this Lease, including, without limitationinterest, at the expiration of the thirty-sixth (36th) month of the Term, provided that the Tenant has fully and faithfully performed all such covenants and conditions and is not in arrears in Base Rent or Additional Rent. During the Term hereof, the Landlord may, if the Landlord so elects, have recourse to the Security, to make good any damages or deficiency default by the Tenant, in which event the reletting of Tenant shall, on demand, promptly restore the Security to its original amount. Liability to repay the Security to the Tenant shall run with the reversion and title to the Demised Premises, whether such damages any change in ownership thereof be by voluntary alienation or deficiency accrue before or after summary proceedings as the result of judicial sale, foreclosure or other re-proceedings, or the exercise of a right of taking or entry by Landlordany mortgagee. If The Landlord shall so useassign or transfer the Security, apply or retain for the whole or any part benefit of the securityTenant, Tenant shall upon demand immediately deposit with Landlord a sum equal to any subsequent owner or holder of the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit reversion or any balance thereof title to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premises. In , in which case the event of any sale or leasing of assignee shall become liable for the Landrepayment thereof as herein provided, Landlord and the assignor shall have the right be deemed to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by the Tenant from all liability for to return the return ' Security. This provision shall be applicable to every alienation or payment thereof; change in title and Tenant shall look solely in no wise be deemed to permit the new landlord for Landlord to retain the return or payment Security after termination of the same; and the provisions hereof shall apply to every transfer or assignment made Landlord's ownership of the same to a new landlordreversion or title. The Tenant shall not assign or mortgage, encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbranceSecurity without the written consent of the Landlord.

Appears in 1 contract

Samples: Lease (Diplomat Corp)

Security. 8.0134. (a) In Tenant has deposited with Owner the event Tenant deposits with Landlord any Security Deposit, the same shall be held sum of [HAND GRAPHIC] $ _____ as security for the full faithful performance and faithful payment and performance observance by Tenant of Tenant's obligations under the terms, provisions and conditions of this Lease. If lease; it is agreed that in the event Tenant defaults in the full and prompt payment and performance respect of any of its obligations under the terms, provisions and conditions of this Leaselease, including, without limitationbut not limited to, the payment of Rentrent and additional rent, Landlord Owner may use, apply or retain the whole or any part of the Security Deposit security so deposited to the extent required for the payment of any Rent rent and additional rent or any other sums sum as to which Tenant is in default or for any sum which Landlord Owner may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under the terms, covenants and conditions of this Leaselease, including, without limitationincluding but not limited to, any damages or deficiency in the reletting re-letting of the Demised Premisespremises, whether such damages or deficiency accrue accrued before or after summary proceedings or other re-entry by LandlordOwner. If Landlord shall so use, apply or retain In the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If event that Tenant shall fully and faithfully pay and perform comply with all of Tenant's obligations under the terms, provisions, covenants and conditions of this Leaselease, the Security Deposit or any balance thereof to which Tenant is entitled security shall be returned or paid over to Tenant after the date on which this fixed as the end of the Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premisesdemised premises to Owner. In the event of any a sale of the land and building or leasing of the Landbuilding, Landlord of which the demised premises form a part, Owner shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord Owner shall thereupon be released release by Tenant from all liability for the return or payment thereof; of said security, and Tenant shall look solely to the new landlord for the return or payment of the same; and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the same security to a new landlordOwner. Tenant shall further convenants that it will not assign or encumber or attempt to assign or encumber the monies deposited herein as security, security and that neither Landlord Owner nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance. Estoppel Certificate: 35. Tenant, at any time, and from time to time, upon at least 10 days' prior notice by Owner, shall execute, acknowledge and deliver to Owner, and/or to any other person, firm or corporation specified by Owner, a statement certifying that this Lease is unmodified and in full force and effect (or, if there have been modifications, that the same is in full force and effect as modified and starting the modifications), stating the dates to which the rent and additional rent have been paid, and stating whether or not there exists any default by Owner under this Lease, and, if so, specifying each such default.

Appears in 1 contract

Samples: Jupiter Communications Inc

Security. 8.01. (a) In Simultaneously with the event execution of this lease, Tenant deposits shall deposit with Landlord any Security the sum of $71,659.01 ("Deposit"), of which sum $71,659.01 will be a refundable cash security deposit held by the same Landlord. This amount shall be held by Landlord as security for the full and faithful payment and performance by Tenant of Tenant's obligations under all the terms, covenants and conditions of this lease. Beginning on the second anniversary of this Lease, the amount of the refundable cash security deposit shall be reduced by 33.33% and reduced an additional 33.33% on the fourth anniversary. Provided that at the end of the Lease Term Tenant shall have delivered up the Premises to Landlord, broom clean, and in the same condition as at the commencement date, reasonable wear excepted, said refundable security deposit held as security shall be returned to Tenant. No interest shall be payable thereon and Landlord shall not be required to keep said sum in a separate account. If Tenant fails to pay any Rent or other charges due hereunder, or otherwise defaults in the full and prompt payment and performance with respect to any provision of any of its obligations under this Lease, including, without limitation, the payment of Rent, Landlord may use, at its option apply or retain the whole all or any part portion of the Security Deposit to the extent required for the payment of any Rent or any other sums as to which Tenant is charge in default or for the payment of any other sum to which Landlord may expend become obligated by Tenant's default, or to compensate Landlord for any loss damage which Landlord may suffer thereby. If Landlord so uses or applies all or any portion of the Deposit, then within 10 days after demand therefor Tenant shall deposit cash with Landlord in an amount sufficient to restore the Deposit to the full amount thereof, and Tenant's failure to do so shall be required to expend by reason a material breach of this Lease. Landlord's application or retention of the Deposit shall not constitute a waiver of Tenant's default to the extent that the deposit does not fully compensate Landlord for all losses or damages incurred by Landlord in respect connection with such default and shall not prejudice any other rights or remedies available to Landlord under this Lease or by law. No security or guaranty which may now or hereafter be furnished Landlord for the payment of the rent herein reserved or for performance by Tenant of the other covenants or conditions of this Lease shall in any way be a bar or defense to any action in unlawful detainer, or for the recovery of the premises, or to any action which Landlord may at any time commence for a breach of any of Tenant's obligations under the covenants or conditions of this Lease, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premises. In the event of any sale or leasing of the Land, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.

Appears in 1 contract

Samples: Lease Agreement (Looksmart LTD)

Security. 8.01. (a) In Tenant hereby deposits the event Tenant deposits sum of $20,000.00 with Landlord any Security Depositthe Landlord, the same shall be held receipt of which is hereby acknowledged, as security for the full and faithful payment and performance by Tenant the tenant of Tenant's obligations under each and every term, covenant and condition of this Lease. If In the event that the Tenant defaults in the full and prompt payment and performance of respect to any of its obligations under the terms, provisions, covenants and conditions of this Lease, including, without limitationincluding but not limited to payment of rent and additional rent, the payment of Rent, Landlord may use, apply or retain the whole or any part of the Security Deposit to the extent required security so deposited for the payment of any Rent or any other sums as to which Tenant is rent and additional rent in default or for any other sum which the Landlord may expend or may be required to expend by reason of the Tenant's default in respect of any of Tenant's obligations under this Lease’s default, including, without limitation, including any damages or deficiency in the reletting of the Demised Premisespremises, whether such damages damage or deficiency accrue before or after summary proceedings or other re-entry by the Landlord. If Landlord shall so use, apply or retain In the whole or any part of event that the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay comply with the terms, provisions, covenants and perform all conditions of Tenant's obligations under this Lease, the Security Deposit security or any balance thereof to which Tenant is entitled shall be returned or paid over to the Tenant after the date Expiration Date. The Tenant shall not be entitled to any interest on which this Lease shall expire or sooner end or terminate, and after delivery the aforesaid security. In the absence of evidence satisfactory to the Landlord of entire possession any assignment of the Demised Premisesright to receive the security, or the remaining balance thereof, the Landlord may return the security to the original Tenant, regardless of one or more assignments of the Lease itself. In the event of any sale or leasing a bona fide transfer of the LandLandlord’s interest under the Master Lease, the Landlord shall have the right to transfer the security to which the transferee thereof for the benefit of the Tenant is entitled to the vendee or lessee and Landlord shall thereupon be considered released by the Tenant from all liability for the return or payment thereofof such security; and the Tenant shall agrees to look solely to the new landlord solely for the return or payment of the same; said security, and the provisions hereof it is agreed that this shall apply to every transfer or assignment made of the same security to a new landlord. Tenant The security deposited under this lease shall not assign be mortgaged, assigned or encumber or attempt encumbered by the Tenant without the written consent of the Landlord. The issuance of a warrant and the re-entering of said premises by the Landlord for any default on the part of the Tenant prior to assign or encumber the monies deposited herein Expiration Date shall not be deemed such a termination of this Lease as to entitle the Tenant to the recovery of the said security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.

Appears in 1 contract

Samples: Form of Loft Lease (Integrated Biopharma Inc)

Security. 8.01. (a) In the event Tenant deposits has deposited with Landlord any the Security Deposit, the same shall be held Deposit as security for the full and faithful payment and performance by Tenant of Tenant's obligations under this Lease. If Tenant defaults in the full and prompt payment and performance of any of its obligations under this LeaseLease beyond any applicable cure period, including, without limitation, the payment of Rent, Landlord may use, apply or retain the whole or any part of the Security Deposit to the extent required for the payment of any Rent or any other sums as to which Tenant is in default beyond any applicable cure period or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default beyond any applicable cure period in respect of any of Tenant's obligations under this Lease, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premises. In the event of any sale or leasing of the LandLand and the Building, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereofthereof upon the acknowledgement to Tenant by the vendee or lessee of its receipt of the Security Deposit from Landlord and its agreement to be bound by Landlord's obligations and liabilities with regard to the Security Deposit; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.

Appears in 1 contract

Samples: Icon CMT Corp

Security. 8.01The Tenant has given to the Landlord the Security stated above. (a) In It shall be deposited or invested by the event Landlord and bear interest or yield other earnings as required by law. The balance of the interest or earnings, after deduction for the Landlord's administration expenses allowed by law, shall belong to the Tenant. The Tenant's portion of the interest or earnings shall be permitted to compound, or shall be paid to or credited for the benefit of the Tenant deposits with Landlord any as provided by law. The Security Deposit, Deposit summary above constitutes the same required notice of the Landlord’s custody of the Security Deposit funds. The Security shall be held in trust by the Landlord during the Term of this Lease, including any renewal or extension. It shall be used as security for the full and faithful payment and performance by Tenant of Tenant's compliance with the Tenant's obligations under this Lease. The Landlord may deduct any costs resulting from the Tenant's failure to comply with any agreement in this Lease. If the costs exceed the Security, the Tenant defaults in shall pay the full and prompt payment and performance of additional amount to the Landlord. If the Landlord uses any of the Security during the Term, the Tenant shall promptly restore the Security to its obligations original amount. The Security is not to be used by the Tenant for the payment of Rent without the Landlord's written consent. Within 30 days after the end of the Term, the Landlord shall return to the Tenant (a) the Security and the Tenant's portion of the interest or earnings, less any charges made under this Lease, including, without limitationand (b) a statement itemizing the interest or earnings and any deductions. An exit inspection must be performed before the Tenant’s Security Deposit is returned. If the Landlord's interest in the Building is transferred, the payment Landlord shall (a) turn over the Security plus the Tenant's portion of Rentthe interest or earnings to the new Landlord and (b) notify the Tenant of the name and address of the new Landlord. Notice must be given to the Tenant within five days after the transfer, by registered or certified mail. The Landlord may use, apply shall then no longer be liable to the Tenant for the Security plus the Tenant's portion of the interest or retain earnings. The new Landlord becomes liable to the whole or any part Tenant for the return of the Security Deposit to plus the extent required for the payment of any Rent or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default portion of the interest in respect accordance with the terms of any of Tenant's obligations under this Lease, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premises. In the event of any sale or leasing of the Land, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.

Appears in 1 contract

Samples: www.nspapartment.com

Security. 8.01. (a) In Subtenant shall deposit with Sublessor the event Tenant deposits with Landlord any Security Depositsum of $18,333.33 upon its execution of this Sublease, the same shall be held as security for the full and faithful payment and performance by Tenant Subtenant of Tenant's obligations all of the terms, covenants and conditions of this Sublease on Subtenant’s part to be performed. Sublessor shall have the right, upon notice to Subtenant and the expiration of any applicable notice and/or grace period hereunder or under the terms of the Main Lease, without further notice to Subtenant, and regardless of the exercise of any other remedy Sublessor may have by reason of a default, to apply any part of said deposit to cure any default of Subtenant, and, if Sublessor does so, Subtenant shall, upon five (5) days written notice, deposit with Sublessor the amount so applied so that Sublessor shall have the full amount of the security at all times during the term of this LeaseSublease. If Tenant defaults Subtenant shall fail to make such deposit, Sublessor shall have the same remedies for such failure as Sublessor has for a default in the full and prompt payment and performance of any of its obligations under this Lease, including, without limitation, the payment of Minimum Rent, Landlord may use, apply or retain the whole or any part of the Security Deposit to the extent required for the payment of any Rent or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under this Lease, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premises. In the event of any sale an assignment or leasing transfer of the Landleasehold estate under the Sublease or Main Lease, Landlord (a) Sublessor shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord assignee, (b) Sublessor shall thereupon be automatically released by Tenant Subtenant from all liability for the return or payment thereof; of such security, provided that the assignee has assumed the obligations of Sublessor under the Sublease and/or Main Lease, as the case may be, and Tenant (c) Subtenant shall look solely to the new landlord assignee for the return or payment of the same; said security, and the foregoing provisions hereof of this sentence shall apply to every transfer or assignment made of the same security to a new landlordassignee of Sublessor’s interest in the Sublease or Main Lease. Tenant The security deposited under this Sublease shall not assign be assigned or encumber or attempt to assign or encumber encumbered by Subtenant without the monies deposited herein as securityprior consent of Sublessor, and neither Landlord nor its successors any such assignment or assigns encumbrance shall be bound void. Sublessor and Subtenant acknowledge and agree that Subtenant hereby waives any right, whether statutory or otherwise, to any interest earned on any security deposited by Subtenant hereunder, and Subtenant shall in no event be entitled to interest on said security. Provided Subtenant has fully complied with all of the terms and conditions contained in this Sublease and is not in default thereof, then any such assignment, encumbrance, attempted assignment or attempted encumbranceunapplied security deposited hereunder shall be returned to Subtenant within thirty (30) days after the Expiration Date.

Appears in 1 contract

Samples: Sublease (MVC Capital, Inc.)

Security. 8.01. Within ten (a10) In Business Days after the event Rent Commencement Date, Tenant deposits with Landlord any Security Depositshall deliver to Landlord, the same shall be held as security for Tenant’s compliance with this Lease, the full Security in the form of a clean, irrevocable, and faithful unconditional standby letter of credit on the terms, and substantially in the form, attached to this Lease as Exhibit J with a bank reasonably acceptable to Landlord (the “Letter of Credit”); provided that Landlord may elect upon written notice by Landlord to Tenant, to terminate the Letter of Credit requirement, and effective as of the date of such election by Landlord, the Tenant shall not be required to maintain any Letter of Credit as security for this Lease, the Tenant’s obligation to maintain the Letter of Credit shall automatically terminate, and the requirements of this Article 5 shall be of no further force and effect. Upon the occurrence and continuance of an Event of Default, Landlord may use all or any portion of the Security to cure the default or for the payment of any other amount due and performance payable from Tenant to Landlord in accordance with this Lease, or to compensate Landlord for any other loss or damage which Landlord may suffer by Tenant reason of Tenant's obligations under this Lease. If Tenant defaults in the full and prompt payment and performance of any of its obligations under this Lease’s default, including, without limitation, the payment of Rent, Landlord may use, apply or retain the whole or any part of the Security Deposit prospective damages and damages recoverable pursuant to the extent required for the payment of any Rent or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under this Lease, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether California Civil Code Section 1951.2. In such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the securityevent, Tenant shall upon demand immediately shall, within fifteen (15) days following Landlord’s notice, deposit with Landlord a sum equal Letter of Credit in an amount sufficient to restore the full amount so usedof the Security (without giving consideration to any interest accrued on the Security). Landlord shall not, applied unless required by any Law, pay interest to Tenant on the Security, and retainedif Landlord is required to maintain the Security in an interest bearing account or pay any interest to Tenant, as Landlord shall retain the maximum amount of interest permitted under any Law (which Landlord may withdraw and retain annually or at any other times). Landlord shall not be required to exhaust its remedies against Tenant or the Security before having recourse to Tenant, the Security, or any other security as aforesaidheld by Landlord, or before exercising any right or remedy. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Leasethere is then no uncured default, the Security Deposit and any accrued and unpaid interest thereon, or any balance thereof to which Tenant is entitled balance, shall be returned paid or paid over delivered to Tenant promptly after the date on which this Lease shall expire or sooner end or terminate, Expiration Date and after delivery to Landlord of entire possession Tenant’s vacating of the Demised PremisesPremises in accordance with this Lease. In If Xxxxxxxx’s interest in the event of any sale Premises is sold or leasing of the Landleased, Landlord shall have the right to transfer the security to which Tenant is entitled Security and any accrued and unpaid interest thereon, or any balance, to the vendee or lessee and Landlord new landlord and, upon such transfer, the assignor shall thereupon be automatically released by Tenant Xxxxxx from all liability for the return of the Security or payment thereof; any interest (and Tenant shall Xxxxxx agrees to look solely to the new landlord assignee for the return or payment of the same; Security or any interest). Landlord and Tenant acknowledge and agree that in no event or circumstance shall the Letter of Credit, any renewal thereof or substitute therefor, or the proceeds thereof be deemed to be or treated as a security deposit within the meaning of California Civil Code Section 1950.7, subject to the terms of such Section 1950.7, or intended to serve as a security deposit within the meaning of such Section 1950.7. Tenant waives the provisions hereof shall apply to every transfer of California Civil Code Section 1950.7, or assignment made any similar or successor laws now or hereinafter in effect that may restrict Landlord’s use or application of the same to a new landlord. Tenant shall not assign Letter of Credit or encumber or attempt to assign or encumber provide specific time periods for return of the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbranceLetter of Credit.

Appears in 1 contract

Samples: Ground Lease Agreement

Security. 8.01. Sublessee shall deposit with Sublessor on the execution of this Agreement the sum of One Hundred Thousand (a$100,000.00) In the event Tenant deposits with Landlord any Security Deposit, the same shall be held as security for the full and Sublessee’s faithful payment and performance by Tenant of Tenant's Sublessee’s obligations under this Leasehereunder (“Security”). If Tenant Sublessee fails to pay rent, additional rent or other charges due hereunder, or otherwise defaults in the full and prompt payment and performance with respect to any provision of any of its obligations under this LeaseAgreement, including, without limitation, the payment of Rent, Landlord Sublessor may use, apply or retain the whole all or any part portion of the Security Deposit to the extent required said deposit for the payment of any Rent rent or any other sums as to which Tenant is charge in default or for the payment of any other sum to which Landlord Sublessor may expend become obligated by reason of Sublessee’s default or to compensate Sublessor for any loss or damage which Sublessor may suffer thereby. If Sublessor so uses or applies all or any portion of said deposit, Sublessee shall within ten (10) days after written demand therefore deposit cash or certified check with Sublessor in an amount sufficient to restore said deposit to the full amount hereinabove stated and Sublessee’s failure to do so shall be a breach of this Sublease, and Sublessor may at his option terminate this Agreement. Sublessor shall not be required to expend keep said deposit separate from its general accounts. If Sublessee performs all of Sublessee’s covenants, terms and obligations hereunder, and is not in default under Prime Lease and this Agreement or such deposit has not been applied by reason Sublessor pursuant to this provision, said deposit shall be returned without payment of Tenant's interest for its use to Sublessee (or, at Sublessor’s option, to the last assignee, if any, of Sublessee’s interest hereunder) within sixty (60) days after the expiration of the term hereof, or after Sublessee has vacated the Premises, whichever is later. Sublessee shall not be responsible for the security deposit under the Prime Lease or the Sublease. Nothwithstanding anything to the contrary stated herein, provided Sublessee is not in default in respect of any of Tenant's obligations under this LeaseAgreement, includingSeventy Two Thousand, without limitation, any damages or deficiency in the reletting Six Hundred and Fifty-Four ($72,654.00) Dollars of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premises. In the event of any sale or leasing of the Land, Landlord shall have the right to transfer the security to which Tenant is entitled applied as Base Rent to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely three (3) months prior to the new landlord for the return or payment Expiration Date of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrancethis Agreement.

Appears in 1 contract

Samples: Sublease Agreement (Taleo Corp)

Security. 8.01. (aA) In the event (i) Tenant deposits has deposited with Landlord any Security Depositthe sum of $585,620.00 upon the execution of this Lease, the same shall be held as security for the full and faithful payment and performance by Tenant of all of the terms, covenants and conditions of this Lease on Tenant's obligations under part to be performed. The security deposit shall be deposited in Landlord's regular banking institution which it uses for deposits for the Building. Landlord shall have the right, without notice to Tenant, and regardless of the exercise of any other remedy Landlord may have by reason of a default, to apply any part of said deposit to cure any default of Tenant, and, if Landlord does so, Tenant shall upon demand deposit with Landlord the amount so applied so that Landlord shall have the full amount of the security ($585,620.00) at all times during the term of this Lease. If Tenant defaults shall fail to make such deposit, Landlord shall have the same remedies for such failure as Landlord has for a default in the full and prompt payment and performance of any of its obligations under this Lease, including, without limitation, the payment of Minimum Rent, Landlord may use, apply or retain the whole or any part of the Security Deposit to the extent required for the payment of any Rent or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under this Lease, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premises. In the event of any sale an assignment or leasing transfer of the Landleasehold estate under the Lease, (a) Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and assignee, (b) Landlord shall thereupon be automatically released by Tenant from all liability for the return or payment thereof; of such security, and (c) Tenant shall look solely to the new landlord assignee for the return or payment of the same; said security, and the foregoing provisions hereof of this sentence shall apply to every transfer or assignment made of the same security to a new landlordassignee of Landlord's interest in the Lease. Tenant The security deposited under this Lease shall not assign be assigned or encumber or attempt to assign or encumber encumbered by Tenant without the monies deposited herein as securityprior consent of Landlord, and neither Landlord nor its successors any such assignment or assigns encumbrance shall be bound by void. Landlord and Tenant acknowledge and agree that any such assignmentcash security in the actual physical possession of the Landlord shall be deposited in an interest-bearing account of a type which is standard and customary for security deposits in the industry, encumbrance, attempted assignment or attempted encumbranceand any interest earned thereon shall accrue and be added to the security deposited hereunder. The parties agree that Landlord shall be entitled to deduct from the interest on the security a 1% fee for the administrative costs incurred in holding said security in an interest-bearing account.

Appears in 1 contract

Samples: Agreement (Gbi Capital Management Corp)

Security. 8.01. (a) In 8.01 Upon an event of default hereunder, Landlord shall have the event right to demand and Tenant deposits shall immediately deposit with Landlord any a Security Deposit, Deposit equal to one month of the same shall be held then current Fixed Rent as security for the full and faithful payment and performance by Tenant of Tenant's ’s obligations under this Lease. If Tenant subsequently defaults in the full and prompt payment and performance of any of its obligations under this Lease, including, without limitation, the payment of Rent, Landlord may use, apply or retain the whole or any part of the Security Deposit security so deposited to the extent required for the payment of any Rent or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's ’s default in respect of any of Tenant's ’s obligations under this Lease, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's ’s obligations under this Lease, the Security Deposit security or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premises. In the event of any sale or leasing of the Land, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.

Appears in 1 contract

Samples: Lease Agreement (Sungard Data Systems Inc)

Security. 8.01. (a) In Tenant has deposited the event Tenant deposits Security with Landlord any Security Deposit, the same shall be held as security for the full faithful performance and faithful payment and performance observance by Tenant of Tenant's obligations under the terms, provisions and conditions of this Lease. If It is agreed that in the event Tenant defaults in the full and prompt payment and performance respect of any of its obligations under the terms, provisions and conditions of this Lease, including, without limitationbut not limited to, the payment of Rentrent, Landlord may use, apply or retain the whole or any part of the Security Deposit to the extent required for the payment of any Rent or any other sums rents as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under the terms, covenants and conditions of this Lease, including, without limitationbut not limited to, any damages or deficiency in the reletting re-letting of the Demised Premisespremises, whether such damages or deficiency accrue accrued before or after summary proceedings or other re-entry by Landlord. If Landlord shall To the extent that Landlord, during the term hereof, so useuses, apply applies or retain the whole retains all or any part of the securitySecurity, Tenant shall upon demand immediately deposit with Landlord a sum equal shall, on demand, promptly restore the Security to the amount so its original amount. The Security (less any portions thereof used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all retained by Landlord in accordance with the provisions of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled Article 5) shall be returned or paid over to Tenant after the termination date on which (or after such other date when the term may expire or be terminated, without the fault of Tenant, pursuant to the provisions of this Lease shall expire or sooner end or terminate, pursuant to law) and after delivery to Landlord of entire possession of the Demised Premisespremises to Landlord in accordance with the provisions of this Lease. In the event of any a sale or leasing of the LandLand and Building, Landlord shall have the right to transfer the security to which Tenant is entitled Security to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; of such Security, and Tenant shall agrees to look solely to the new landlord Landlord solely for the return or payment of the same; and said Security. It is agreed that the provisions hereof shall apply to every such transfer or assignment made of the same to a new landlordSecurity. Tenant shall further covenants that it will not assign or encumber or attempt to assign or encumber the monies deposited herein as security, Security and that neither Landlord nor its successors or and assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.

Appears in 1 contract

Samples: Lease (Medjet Inc)

Security. 8.01. (a) In the event Section 27.1 Tenant deposits has deposited with Landlord any Security Deposit, a sum of equal to [***] months Base Rent as of the same shall be held date of this Lease Agreement as security for the full faithful performance and faithful payment and performance observance by Tenant of Tenant's obligations under this the terms, provisions and conditions of the Lease. If Landlord shall place the security in a non-interest-bearing account. It is agreed that in the event Tenant defaults in the full and prompt payment and performance of respect to any of its obligations under this the terms, provisions and conditions of the Lease, including, without limitationbut not limited to, the payment of Rent, Landlord may use, apply or retain the whole or any part of the Security Deposit security so deposited to the extent required for the payment of any Rent or any other sums sum as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under this Lease’s default, including, without limitationincluding but not limited to, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue accrued before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part portion of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount security is so used, applied and applied, or retained, as Tenant shall, within five (5) days after written demand therefor by Landlord, deposit cash with Landlord in an amount sufficient to restore the security as aforesaidto its original amount. If In the event that Tenant shall fully and faithfully pay and perform comply with all of Tenant's obligations under this the terms, provisions, covenants and conditions of the Lease, the Security Deposit or any balance thereof to which Tenant is entitled security shall be returned or paid over to Tenant after within thirty days following termination of the date on which this Lease shall expire or sooner end or terminate, as provided in Article XXIII and after delivery to Landlord of entire possession of the Demised PremisesPremises to Landlord. In the event of any sale or leasing an assignment by Landlord of the Landits estate in this Lease, Landlord shall have the right obligation to transfer the security to which Tenant is entitled to the vendee or lessee assignee and Landlord shall thereupon be released by Tenant from all liability liabilities for the return or payment thereof; and of such security. In the event of such assignment, Tenant shall agrees to look solely to the new landlord Landlord for the return or payment of the same; and such security. It is further agreed that the provisions hereof shall apply to every transfer or assignment made of the same security to a new landlordLandlord. Tenant shall further covenants that it will not assign or encumber or attempt to assign or encumber the monies deposited herein as security, security and that neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.

Appears in 1 contract

Samples: Lease Agreement (NTN Buzztime Inc)

Security. 8.01. (a) In Concurrently with the event Tenant deposits execution of this Lease, Lessee shall deposit with Landlord any Security DepositLessor the Security, the same which shall be held by Lessor as security for the full and faithful payment and performance by Tenant Lessee of Tenant's obligations under the terms and conditions by it to be observed and performed hereunder. If any Basic Rent, Additional Rent or other sum payable by Lessee to Lessor becomes overdue and remains unpaid, or if Lessor makes any payments on behalf of Lessee, or if Lessee fails to perform any of the terms and conditions of this Lease, then Lessor, at its option, and without prejudice to any other remedy which Lessor may have on account thereof, may appropriate and apply said Security, or so much thereof as may be required to compensate or reimburse Lessor, as the case may be, toward the payment of Basic Rent, Additional Rent or other such sum payable hereunder, or loss or damage sustained by Lessor due to the breach or failure to perform on the part of Lessee. If Tenant defaults in In no event shall Lessor be obligated to apply the full Security; and prompt payment the Lessor’s right to bring an action or special proceeding to recover damages or otherwise to obtain possession of the Premises before or after Lessor’s declaration of the termination of this Lease for nonpayment of rent, or for any other reason, shall not be affected by reason of the fact that Lessor holds the Security. The Security will not be a limitation on the Lessor’s damages or other rights and performance of any of its obligations remedies available under this Lease, including, without limitation, or at law or equity; nor shall the Security be a payment of liquidated damages. The Security will not be an advance of the Basic Rent or Additional Rent. If Lessor uses, Landlord may useapplies, apply or retain the whole retains all or any part portion of the Security, Lessee will restore the Security Deposit to the extent required for the payment of any Rent or any other sums as to which Tenant is its original amount immediately upon demand from Lessor. Lessee shall be in default or for any sum which Landlord may expend or may if Lessee fails to strictly comply with this requirement to restore the used portion of the Security. Lessor shall not be required to expend by reason of Tenant's default in respect of any of Tenant's keep the Security separate from its own funds, and may commingle the Security with its own funds. Lessor shall have no fiduciary responsibilities or trust obligations under this Lease, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit whatsoever with Landlord a sum equal regard to the amount so used, applied Security and retained, as security as aforesaidshall not assume the duties of a trustee for the Security. If Tenant Lessor shall fully and faithfully have no obligation to pay and perform all of Tenant's obligations under this Lease, interest on the Security Deposit or any balance thereof to which Tenant is entitled Lessee nor shall Lessor be returned or paid over required to Tenant after keep the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised PremisesSecurity in an interest bearing account. In the event of any sale or leasing of the Land, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant The Security shall not assign be mortgaged, assigned, or encumber or attempt to assign or encumber the monies deposited herein as securityencumbered by Lessee, and neither Landlord Lessor nor its successors or assigns shall be bound by any such assignmentmortgagee, encumbrance, attempted assignment or attempted encumbrance. The acceptance by Lessor of the Security submitted by Lessee shall not render this Lease effective unless and until Lessor shall have executed and delivered to Lessee a fully executed copy of this Lease.

Appears in 1 contract

Samples: Lease Agreement (Digital Domain Media Group, Inc.)

Security. 8.01. (a) In the event THIRTY-EIGHTH: -- Tenant deposits has deposited with Landlord any Security Depositthe sum of $ NONE, the same shall be held as security for the full faithful performance and faithful payment and performance observance by Tenant of Tenant's obligations under the terms, provisions and conditions of this Lease. If lease: it is agreed that in the event Tenant defaults in the full and prompt payment and performance respect of any of its obligations under the terms, provisions and conditions of this Leaselease, including, without limitationbut not limited to, the payment of Rentrent and additional rent, Landlord may use, apply or retain the whole or any part of the Security Deposit security so deposited to the extent required for the payment of any Rent rent and additional rent or any other sums sum as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under the terms, covenants and conditions of this Leaselease, including, without limitationincluding but not limited to, any damages or deficiency in the reletting re-letting of the Demised Premisespremises, whether such damages damage or deficiency accrue accrued before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall shall, upon demand immediately demand, deposit with Landlord a sum equal to the full amount so used, applied and retained, as in order that Landlord shall have the full security as aforesaiddeposit on hand at all times. If In the event that Tenant shall fully and faithfully pay and perform comply with all of Tenant's obligations under the terms, provisions, covenants and conditions of this Leaselease, the Security Deposit or any balance thereof to which Tenant is entitled security shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner fixed as the end or terminate, of the lease and after delivery to Landlord of entire possession of the Demised Premisesdemised premises to Landlord. In the event of any sale transfer or leasing conveyance by Landlord of its lease to the Landbuilding of which the demised premises form a part, hereinafter referred to, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee transferee or lessee grantee, and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; of such security: and Tenant shall agrees to look solely to the new landlord Landlord solely for the return or payment of the same; said security: and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the same security to a new landlordLandlord. Tenant shall further covenants that it will not assign or encumber or attempt to assign or encumber the monies deposited herein as security, security and that neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.

Appears in 1 contract

Samples: Assignment and Assumption Agreement (G Iii Apparel Group LTD /De/)

Security. 8.01. (a) In Concurrently with the event execution of this Lease, Tenant deposits shall deposit with Landlord any an unconditional “evergreen” letter of credit in an amount equal to the Security Deposit, from a recognized commercial banking institution located in the same shall State of New Jersey or the City of New York and having a net worth of at least $500,000,000.00 (the “Letter of Credit”). The Letter of Credit will be held by Landlord as security for the full and faithful payment and performance by Tenant of Tenant's ’s obligations under this Lease. The Letter of Credit must be payable upon sight draft, together with a certification from Landlord that Tenant is in default under this Lease. If (i) any Basic Rent, Additional Rent or other sum payable by Tenant defaults in the full and prompt payment and performance to Landlord is not paid when due, or (ii) Landlord makes any payments on behalf of Tenant, or (iii) Tenant fails to perform any of its obligations under this Lease, includingthen, in each case, Landlord will have the right, without limitationprejudice to any other remedy Landlord may have, to draw down such Letter of Credit to compensate or reimburse Landlord, as the case may be, toward the payment of Basic Rent, Additional Rent or other such sum payable hereunder, or other loss or damage sustained by Landlord may useon account of Tenant’s default. The Security will not be deemed to be (x) a limitation on Landlord’s damages, apply (y) a payment of liquidated damages, or (z) an advance of the Basic Rent or Additional Rent. If Landlord uses, applies, or retains all or any portion of the Security, Tenant shall immediately restore the Security to its original amount. If the Letter of Credit requires renewal, Tenant shall furnish to Landlord evidence of such renewal at least thirty (30) days prior to the expiation date of the Letter of Credit. If Tenant fails to timely provide Landlord with such evidence of renewal, Landlord will have the right to cash the Letter of Credit and to retain the whole proceeds as security hereunder. Landlord will not be required to keep any cash security separate from its own funds. Landlord will have no fiduciary responsibilities or trust obligations with regard to any part cash security and will not be obligated to pay Tenant any interest on any cash security. Tenant shall not assign, pledge, hypothecate, mortgage or otherwise encumber the Security. Notwithstanding anything to the contrary contained herein, the amount of the Security Deposit will be reduced (i)to $75,000.00 on the second (2nd) anniversary of the Commencement Date, and (ii) to $50,000.00 on the extent required for fourth (4th) anniversary of the Commencement Date, provided, that, prior to and as of each such date, Tenant (i) has not defaulted in the payment of any Basic Rent or any other sums as to which Tenant is Additional Rent during the Term, and (ii) has not otherwise defaulted in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect the performance of any of Tenant's its obligations under this Lease, including, without limitation, hereunder beyond any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlordapplicable notice and grace periods. If Landlord shall so useTenant qualifies for the reductions in Security pursuant to the immediately preceding sentence, apply or retain the whole or any part of the security, Tenant shall upon demand immediately Tenant’s deposit with Landlord of a sum equal new letter of credit in each such reduced amount and otherwise conforming to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under criteria set forth in this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premises. In the event of any sale or leasing of the LandArticle 28, Landlord shall have promptly return the right letter of credit then held by Landlord to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbranceTenant.

Appears in 1 contract

Samples: Lease Agreement (Roka BioScience, Inc.)

Security. 8.01This Note is the promissory note referred to in the Deed of Trust and is secured by the Deed of Trust. (a) Reference is made to the Deed of Trust for a description of the nature and extent of the security afforded thereby, the rights of Lender in respect of such security, and the terms and conditions upon which this Note is secured. Xxxxxx is entitled to the benefits of the Deed of Trust and Lender may enforce the agreements of Borrower contained therein and exercise the remedies provided therein or otherwise in respect thereof, all in accordance with the Deed of Trust. In the event Tenant deposits that the Property or any part thereof or any interest therein is sold, agreed to be sold, conveyed, encumbered, alienated or otherwise transferred by Borrower (except for the Permitted Liens, as defined in the Deed of Trust), whether by operation of law or otherwise, this Note, irrespective of the due date expressed herein, at the option of Lender and without demand or notice, shall immediately become due and payable. This provision shall apply to each and every sale, transfer, encumbrance or conveyance, regardless whether or not Lender has consented to, or waived, Xxxxxx's rights hereunder, whether by action or non-action in connection with Landlord any Security Depositprevious sale, the same transfer or conveyance. Payment of this Note shall be held as security secured by the Deed of Trust. Borrower, however, shall remain personally liable for payment of this Note, and assets of Xxxxxxxx, in addition to the full and faithful payment and performance by Tenant collateral under the Deed of TenantTrust, may be applied to the satisfaction of Xxxxxxxx's obligations under hereunder. Nothing contained in this Lease. If Tenant defaults in Note shall limit the full and prompt payment and performance rights of Lender to proceed against Borrower for any of its obligations under this Leaselosses, claims, suits, judgments, liabilities, penalties, damages, costs or expenses (including, without limitation, the payment reasonable fees and disbursements of Rent, Landlord may use, apply or retain the whole or any part of the Security Deposit Xxxxxx's legal counsel) due to the extent required for the payment of any Rent fraud, intentional misrepresentation or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend intentional waste committed by reason of Tenant's default in respect of any of Tenant's obligations Borrower under this Lease, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this LeaseNote, the Security Deposit Deed of Trust or any balance thereof to which Tenant is entitled shall be returned the transactions contemplated hereby or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premises. In the event of any sale or leasing of the Land, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrancethereby.

Appears in 1 contract

Samples: Incyte Genomics Inc

Security. 8.01. (a) In Subtenant shall deposit with Sublandlord on the event Tenant deposits with Landlord any Security Depositsigning of this Sublease, the same shall be held as security for the full and faithful payment and performance by Tenant Subtenant of Tenant's its obligations under this LeaseSublease and for the Termination Payment as described above, an irrevocable, negotiable standby letter of credit, issued by and drawn on a bank (and at a location) acceptable to Sublandlord, for the benefit of Sublandlord, in the amount of Thirty-five Thousand Dollars ($35,000.00) (the "Letter of Credit") in form and content satisfactory to Sublandlord. The Letter of Credit shall have a term extending at least thirty (30) days beyond the ending date of the term of this Sublease or, in the alternative, the Letter of Credit shall have a one (1) year term and be renewed by Subtenant each year (with the last Letter of Credit to have a term extending at least thirty (30) days beyond the ending date of the Sublease) with the renewal Letter of Credit to be delivered to Sublandlord at least twenty (20) days before the expiration of the then current Letter of Credit. If Tenant Subtenant fails to maintain the Letter of Credit as required herein, Subtenant shall be in default and, without limiting Sublandlord's other remedies, Sublandlord may draw upon the entire amount of the Letter of Credit. In addition, if Subtenant defaults in the full and prompt payment and performance of any of its obligations under this Lease, includingother obligations, without limitationlimiting its remedies Sublandlord may draw upon the Letter of Credit, the payment of Rent, Landlord may use, and apply or retain retain, the whole or any part of the Security Deposit proceeds to the extent required for the payment of any Rent or any other sums the obligation as to which Tenant Subtenant is in default or for any sum which Landlord Sublandlord may expend or may be required to expend by reason of TenantSubtenant's default in respect of any of Tenant's obligations under this Lease, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlorddefault. If Landlord shall so use, apply Sublandlord applies or retain the whole or retains any part of the securitysecurity deposit, Tenant shall Subtenant upon demand immediately will deposit with Landlord a sum equal to Sublandlord an additional Letter of Credit in the amount so usedapplied or retained. Sublandlord and Subtenant acknowledge and agree that they shall annually, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully pay and perform all of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant beginning after the date on which first 36 months of this Lease shall expire or sooner end or terminateSublease term have expired, and after delivery to Landlord in good faith review Sublandlord's requirement that Subtenant provide a Letter of entire possession Credit in the amount of the Demised Premises. In the event of any sale or leasing of the Land, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability $35,000.00 for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment benefit of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbranceSublandlord.

Appears in 1 contract

Samples: Michigan Heritage Bancorp Inc

Security. 8.01of this Lease (the "Security Deposit"). (a) In The amount of the Security Deposit shall be increased by Tenant coincident with every increase in Base Annual Rent. It is agreed that in the event Tenant deposits with Landlord defaults beyond the expiration of any Security Deposit, applicable notice and grace periods (provided that Tenant shall have commenced such cure within the same applicable grace period and shall thereafter be held as security for diligently prosecuting such cure to completion within the full and faithful payment and performance by Tenant of Tenant's obligations under this Lease. If Tenant defaults applicable grace period) in the full and prompt payment and performance respect of any of its obligations under the terms, provisions, covenants and conditions of this Lease, Lease including, without limitationbut not limited to, the payment of Rent, Landlord may use, apply or retain the whole or any part of the Security Deposit to the extent required for the payment of any Rent or any other sums sum as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under the terms, provisions, covenants, and conditions of this Lease, including, without limitationincluding but not limited to, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue accrued before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain In the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If event that Tenant shall fully and faithfully pay and perform comply with all of Tenant's obligations under the terms, provisions, covenants, and conditions of this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which fixed as the end of this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised PremisesPremises to Landlord in the condition required by, and in accordance with, the terms of this Lease. In the event of any a sale of the Building or leasing of the LandBuilding, Landlord shall have the right to transfer the security to which Tenant is entitled Security Deposit to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereofof such Security Deposit; and Tenant shall agrees to look solely to the new landlord for the return or payment of the samesaid Security Deposit; and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the same Security Deposit to a new landlord. Tenant shall further covenants that it will not assign or encumber or attempt to assign or encumber the monies deposited herein as security, Security Deposit and that neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance. In the event Landlord applies or retains any portion or all of the Security Deposit, Tenant shall forthwith restore the amount so applied or retained so that at all time the amount deposited shall be as set forth above. Provided Tenant shall not then be in default in the payment of rent or otherwise be in default under this Lease beyond any applicable notice and grace period (provided that Tenant shall have commenced such cure within the applicable grace period and shall thereafter be diligently prosecuting such cure to completion within the applicable grace period), and provided that Landlord shall not have applied all or any portion of the security as provided for under this paragraph, then on the first (1st) anniversary of the Effective Date, the security shall be reduced by an amount equal to $98,276.16 (the "Reduction Amount") and Landlord shall return to Tenant the Reduction Amount, together with interest earned thereon, if any. From and after the first (1st) anniversary of the Effective Date and continuing throughout the balance of the Term, Landlord shall retain an amount equal to four (4) full months of Base Annual Rent then in effect under this Lease with respect to the Additional Premises as the security deposit in accordance with the terms of this Lease. Amendment shall be, at the sole option of Landlord, null and void and of no further force and effect. Notwithstanding the foregoing, provided Tenant shall not then be in default in the payment of rent or otherwise be in default under this Lease beyond any applicable notice and grace period (provided that Tenant shall have commenced such cure within the applicable grace period and shall thereafter be diligently prosecuting such cure to completion within the applicable grace period), and provided that Landlord shall not have drawn down any amount under the letter of credit as provided for under this paragraph, then Tenant shall have the right, on the first (1st) anniversary of the Effective Date, to reduce the face amount of the letter of credit by the Reduction Amount. From and after the first (1st) anniversary of the Effective Date and continuing throughout the balance of the Term, the letter of credit shall be for the full face amount equivalent to four (4) full months of Base Annual Rent then in effect under this Lease for the Additional Premises.

Appears in 1 contract

Samples: Modification of Lease Agreement (Fay Leslie Co Inc)

Security. 8.01. (a) In Simultaneously with Subtenant’s execution and delivery of this Sublease, Subtenant shall pay to Sublandlord the event Tenant deposits with Landlord any Security Depositsum of $15,125.00, the same shall to be held as collateral security for the full payment by Subtenant of the Rent and for the faithful payment and performance by Tenant Subtenant of Tenant's obligations all other covenants and agreements of Subtenant under this LeaseSublease. If Tenant Subtenant defaults in the full and prompt payment and performance of any of its obligations under this LeaseSublease at any time, including, without limitation, the payment of Rent, Landlord Sublandlord may use, apply or retain the whole or any part of the Security Deposit security deposited to the extent required for the payment necessary to cure said default and to reimburse to Sublandlord expenses incurred by Sublandlord on account of any Rent or any other sums as to which Tenant is in such default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under this Lease, (including, without limitation, Sublandlord’s reasonable attorneys’ fees). It is understood that the security deposit is not to be considered as the last rental due under this Sublease. If, at any damages time or deficiency in from time to time during the reletting Term of this Sublease, Sublandlord applies all or a portion of this deposit to cure Subtenant’s default, Subtenant shall pay to Sublandlord, within five (5) days after demand by Sublandlord, the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If Landlord shall so use, apply or retain amount necessary to restore the whole or any part of the security, Tenant shall upon demand immediately security deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If Tenant shall fully and faithfully full sum set forth above (Subtenant’s failure to timely make such payment in full being deemed a failure to timely pay and perform all of Tenant's obligations Rent owing under this LeaseSublease). The amount of such security deposit, the Security Deposit or without interest, less any balance portion thereof to which Tenant is entitled properly applied by Sublandlord hereunder and not yet reimbursed by Subtenant as herein required, shall be returned or paid over by Sublandlord to Tenant Subtenant within sixty (60) days after the date on which this Lease shall expire or sooner end or terminate, expiration of the Term and after delivery Subtenant’s tender to Landlord Sublandlord of entire possession of the Demised Premises. In Sublet Premises in the event of any sale or leasing of the Land, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return or payment thereof; and Tenant shall look solely to the new landlord for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new landlord. Tenant shall not assign or encumber or attempt to assign or encumber the monies deposited condition herein as security, and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrancerequired.

Appears in 1 contract

Samples: Agreement of Sublease (U.S. Auto Parts Network, Inc.)

Security. 8.01. (a) In The Tenant has this day deposited with the event Tenant deposits with Landlord any Security Depositthe first and last month's rent in the sum of $9,817.98, the same shall be held as security for the full full, and faithful payment and performance by Tenant of all of the terms, covenants and conditions of this lease upon Tenant's obligations under this Leasepart to be performed, which said sum shall be returned to Tenant 10 days after the time fixed as the expiration of the term hereof, provided that Tenant has fully and faithfully carried out all of said terms, covenants and conditions on Tenant's part to be performed. If Tenant defaults in Landlord shall have the full and prompt payment and performance of any of its obligations under this Leaseright, including, without limitation, the payment of Rent, Landlord may use, but not obligation to apply or retain the whole or any part of the Security Deposit said deposit to the extent required for the payment of cure any Rent or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under this Lease; 8 and, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If if Landlord shall so use, apply or retain the whole or any part of the securitydoes so, Tenant shall shall, upon demand immediately demand, deposit with Landlord a sum equal to the amount so usedapplied, applied and retained, as security as aforesaid. If Tenant so that Landlord shall fully and faithfully pay and perform have the full deposit on hand at all times during the term of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premiseslease. In the event of any a sale or leasing of the Landbuilding or lease of the land on which it stands, subject to this lease, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and lessee, and, Landlord shall thereupon be considered released by Tenant from all liability for the return or payment thereof; of such security and Tenant shall look solely to the new landlord Landlord solely for the return or payment of the same; said security, and the provisions hereof it is agreed that this shall apply to every transfer or assignment made of the same security to a new landlordLandlord. The security deposited under this lease shall not be mortgaged, assigned or encumbered by Tenant without the written consent of Landlord, an any attempt to do so shall be void. One half of the security deposit will be considered last months rent. This will be used as the last months rent only if tenant is in good standing, and not in default of the lease agreement. The tenant will be responsible for the deficit of the rental amount due to cost of living adjustments. If Tenant shall not assign or encumber or attempt lease from Landlord additional space in the building, Tenant shall pay additional security deposit to assign or encumber landlord in the monies deposited herein as security, amount of first and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrancelast month's rent for the additional space.

Appears in 1 contract

Samples: Business Lease (Jet Aviation Trading Inc)

Security. 8.01. Lessee has deposited with Lessor the sum of Three Thousand Three Hundred Sixty Eight Dollars and 65/100 Cents (a$3,368.65) In the event Tenant deposits with Landlord any Security Deposit, the same shall be held as security for the full faithful performance and faithful payment observance by Lessee of the terms, provisions and performance by Tenant conditions of Tenant's obligations under this Lease. If Tenant ; it is agreed that in the event Lessee defaults in the full and prompt payment and performance respect of any of its obligations under the terms, provisions and conditions of this Lease, including, without limitationbut not limited to, the payment of Basic Rent and Additional Rent, Landlord Lessor may use, apply or retain the whole or any part of the Security Deposit security so deposited to the extent required for the payment of any Basic Rent and Additional Rent or any other sums sum as to which Tenant Lessee is in default beyond the expiration of the applicable cure period or for any sum which Landlord Lessor may expend or may be required to expend by reason of TenantLessee's default beyond the expiration of the applicable cure period in respect of any of Tenant's obligations under the terms, covenants and conditions of this Lease, including, without limitationincluding but not limited to, any damages or deficiency in the reletting re-letting of the Demised Premisespremises, whether such damages or deficiency accrue deficiencies accrued before or after summary proceedings or other re-entry by LandlordLessor. If Landlord shall so use, apply In no event may security be used by the Lessee as a credit or retain the whole or right of offset to its obligation to pay rent. Within fifteen (15) days after written notice to Lessee that any part portion of the securitysecurity deposit has been used or applied as provided herein, Tenant Lessee shall upon demand immediately replace the same with Lessor. Lessor shall have the same remedies for failure to replace the security deposit with Landlord a sum equal as Lessor has for failure to pay Basic rent. In the amount so used, applied and retained, as security as aforesaid. If Tenant event that Lessee shall fully and faithfully pay and perform comply with all of Tenant's obligations under the terms, provisions, covenants and conditions of this Leaselease, the Security Deposit or any balance thereof to which Tenant is entitled security shall be returned or paid over to Tenant Lessee, within thirty (30) days, after the date on which this fixed as the end of the Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised PremisesPremises to Lessor. In the event of any a sale of the land and building or leasing of the Landbuilding, Landlord of which the Demised Premises form a part, Lessor shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord the Lessor shall thereupon upon acknowledgment of receipt of the security deposit by such transferee be deemed released by Tenant Lessee from all liability for the return or payment thereof; of such security, and Tenant shall Lessee agrees to look solely to the new landlord Lessor for the return or payment of the samesaid security; and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the same security to a new landlordLessor. Tenant shall Lessee further covenants that it will not assign or encumber or attempt to assign or encumber the monies deposited herein as security, security and that neither Landlord Lessor nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance. Lessor's security shall be held in a short-term interest bearing account, the interest earned thereon shall be accrued and shall be held by the Lessor as additional security hereunder. At the end of the Term, interest on the security deposit shall be earned for the benefit of the Lessee. Lessor shall, however, be entitled to deduct on an annual basis that portion of the interest permitted by law to be retained by Lessor provided that the amount so deducted does not exceed one (1%) percent of the security.

Appears in 1 contract

Samples: Agreement of Lease (Broadview Networks Holdings Inc)

Security. 8.01. (a) In Tenant has deposited with Owner the event Tenant deposits with Landlord any sum of $24,200.00 (the “Security Deposit, the same shall be held ”) as security for the full faithful performance and faithful payment and performance observance by Tenant of Tenant's obligations under the terms, provisions and conditions of this Lease. If Tenant defaults in the full and prompt payment and performance respect of any of its obligations under the terms, provisions and conditions of this Lease, including, without limitationbut not limited to, the payment of or Base Rent and Additional Rent, Landlord Owner may use, apply or retain the whole or any part of the Security Deposit security so deposited to the extent required for the payment of any Base Rent and Additional Rent or any other sums sum as to which Tenant is in default or for any sum such which Landlord Owner may expend or may be required to expend by reason of Tenant's ’s default in respect of any of Tenant's obligations under the terms, covenants and conditions of this Lease, including, without limitationbut not limited to, any damages or deficiency in the reletting re-letting of the Demised Premisespremises, whether such damages or deficiency accrue accrued before or after summary proceedings or other re-entry by LandlordOwner. If Landlord shall so use, apply or retain In the whole or any part of the security, Tenant shall upon demand immediately deposit with Landlord a sum equal to the amount so used, applied and retained, as security as aforesaid. If event that Tenant shall fully and faithfully pay and perform comply with all of Tenant's obligations under the terms, provisions, covenants and conditions of this Lease, the Security Deposit or any balance thereof to which Tenant is entitled security shall be returned or paid over to Tenant after the date on which fixed as the end of this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised PremisesPremises to Owner. In the event of any a sale of the land and building or leasing of the Landbuilding, Landlord of which the Demised Premises form a part, Owner shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and Landlord Owner shall thereupon be released by Tenant from all liability for the return or payment thereofof such security; and Tenant shall agrees to look solely to the new landlord Owner solely for the return or payment of the same; said security, and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the same security to a new landlordOwner. Tenant shall further covenants that it will not assign or encumber or attempt to assign or encumber the monies deposited herein as security, security and that neither Landlord Owner nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance.

Appears in 1 contract

Samples: Agreement of Lease (Edgar Online Inc)

Security. 8.01. (a) In The Tenant has this day deposited with the event Tenant deposits with Landlord any Security Depositthe first and last month's rent in the sum of $9,817.98, the same shall be held as security for the full full, and faithful payment and performance by Tenant of all of the terms, covenants and conditions of this lease upon Tenant's obligations under this Leasepart to be performed, which said sum shall be returned to Tenant 10 days after the time fixed as the expiration of the term hereof, provided that Tenant has fully and faithfully carried out all of said terms, covenants and conditions on Tenant's part to be performed. If Tenant defaults in Landlord shall have the full and prompt payment and performance of any of its obligations under this Leaseright, including, without limitation, the payment of Rent, Landlord may use, but not obligation to apply or retain the whole or any part of the Security Deposit said deposit to the extent required for the payment of cure any Rent or any other sums as to which Tenant is in default or for any sum which Landlord may expend or may be required to expend by reason of Tenant's default in respect of any of Tenant's obligations under this Lease; and, including, without limitation, any damages or deficiency in the reletting of the Demised Premises, whether such damages or deficiency accrue before or after summary proceedings or other re-entry by Landlord. If if Landlord shall so use, apply or retain the whole or any part of the securitydoes so, Tenant shall shall, upon demand immediately demand, deposit with Landlord a sum equal to the amount so usedapplied, applied and retained, as security as aforesaid. If Tenant so that Landlord shall fully and faithfully pay and perform have the full deposit on hand at all times during the term of Tenant's obligations under this Lease, the Security Deposit or any balance thereof to which Tenant is entitled shall be returned or paid over to Tenant after the date on which this Lease shall expire or sooner end or terminate, and after delivery to Landlord of entire possession of the Demised Premiseslease. In the event of any a sale or leasing of the Landbuilding or lease of the land on which it stands, subject to this lease, Landlord shall have the right to transfer the security to which Tenant is entitled to the vendee or lessee and lessee, and, Landlord shall thereupon be considered released by Tenant from all liability for the return or payment thereof; of such security and Tenant shall look solely to the new landlord Landlord solely for the return or payment of the same; said security, and the provisions hereof it is agreed that this shall apply to every transfer or assignment made of the same security to a new landlordLandlord. The security deposited under this lease shall not be mortgaged, assigned or encumbered by Tenant without the written consent of Landlord, an any attempt to do so shall be void. One half of the security deposit will be considered last months rent. This will be used as the last months rent only if tenant is in good standing, and not in default of the lease agreement. The tenant will be responsible for the deficit of the rental amount due to cost of living adjustments. If Tenant shall not assign or encumber or attempt lease from Landlord additional space in the building, Tenant shall pay additional security deposit to assign or encumber landlord in the monies deposited herein as security, amount of first and neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrancelast month's rent for the additional space.

Appears in 1 contract

Samples: Business Lease (Aviation Holdings Group Inc/Fl)

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