Common use of TENANT’S SECURITY Clause in Contracts

TENANT’S SECURITY. Owner shall unless prohibited by law or by the general policies of lending institutions in New York City deposit the security in an interest-bearing account with a bank selected by Owner. All interest which shall accrue on the security shall be held as additional security in accordance with this Lease. Owner shall be entitled to an administrative fee of 1% per year upon the security deposited by the Tenant. In the event that Tenant either (a) is more than 10 days late in the payment of rent, rent escalation or additional rent more that two times in any 12- month period, (b) makes any such payment which is dishonored more than two times during any 12-month period, or (c) is more than one month behind in payment of any rent, rent escalation or additional rent then regardless of whether or not the default has been cured and in addition to any other remedies herein or at law or in equity, Owner may give notice to Tenant requiring that the Tenant deposit an additional two month’s rent and rent escalations as additional security under the Lease and my failure to deposit the aforesaid security shall be deemed a substantial default under this Lease.

TENANT’S SECURITY. Owner shall unless prohibited by law or by the general policies of lending institutions in New York City deposit the security in an interest-bearing account with a bank selected by Owner. All interest which shall accrue on the security shall be held as additional security in accordance with this Lease. Owner shall be entitled to an administrative fee of 1% per year upon the security deposited by the Tenant. In the event that Tenant either (a) is more than 10 days late in the payment of rent, rent escalation or additional rent more that than two times in any 12- 12-month period, (b) makes any such payment which is dishonored more than two times during any 12-month period, or (c) is more than one month behind in payment of any rent, rent escalation or additional rent then regardless of whether or not the default has been cured and in addition to any other remedies herein or at law or in equity, Owner may give notice to Tenant requiring that the Tenant deposit an additional two month’s 's rent and rent escalations as additional security under the Lease and my any failure to deposit the aforesaid security shall be deemed a substantial default under this Lease.