Common use of The Deposit Clause in Contracts

The Deposit. 1. The Accommodated Person agrees to pay a deposit of € 100 before accommodation by an electronic transfer of funds to the bank account of the Landlord and under the variable symbol, which are listed in Article I of this Contract. Within the meaning hereof, the date of payment shall mean the day on which the money is credited to the bank account of the Landlord. 2. The deposit shall serve as financial guarantee for the settlement of contractual obligations under Articles V and VI hereof, as well as compensation for damage (both intentional and negligent damage) caused to the accommodation facility during accommodation (hereinafter referred to as the “commitments”). 3. For the purposes hereof, damage shall mean any damage to property incurred by the Landlord by damage to, depreciation, misuse or theft of accommodation furnishings in the accommodation unit by the Accommodated Person. 4. In the event that the Accommodated Person fails to pay the deposit under Paragraph 1 of this Article, such a breach hereof shall be considered a substantial breach hereof with the entitlement to withdraw from the Contract by the Landlord with immediate effect. . 5. Legal effects of withdrawal from the Contract shall arise as of the moment of delivery of the written withdrawal notice to the Accommodated Person (ex nunc). 6. The Landlord is entitled to use the money from the deposit during accommodation for the settlement of outstanding commitments. 7. At the Landlord’s written request, the Accommodated Person is obliged to pay the sum of the deposit to its full amount, to the bank account and in the manner pursuant to Paragraph 1 of this Article, within 5 days from delivery of the request to the Accommodated Person. 8. On termination of accommodation, after the accommodation unit is properly handed over and all contractual commitments within the meaning of Articles V and VI hereof as well as any damage caused to the accommodation furnishing are paid, the deposit or the balance thereof shall be remitted bank transfer to the bank account from which the deposit was paid within 30 business days from the official handover of the accommodation unit at the latest. The deposit or the balance thereof shall be reduced of any fees relating to its remitting to the Accommodated Person’s bank account in terms hereof. 9. Service of documents stated in this Article shall be subject to the terms and conditions defined in Article 3 of the Accommodation Regulations, as amended.

The Deposit. 1. The Accommodated Person agrees to pay a deposit of € 100 before accommodation by an electronic transfer of funds to the bank account of the Landlord and under the variable symbol, which are listed in Article I of this Contract. Within the meaning hereof, the date of payment shall mean the day on which the money is credited to the bank account of the Landlord. 2. The deposit shall serve as financial guarantee for the settlement of contractual obligations under Articles V and VI hereof, as well as compensation for damage (both intentional and negligent damage) caused to the accommodation facility during accommodation (hereinafter referred to as the “commitments”). 3. For the purposes hereof, damage shall mean any damage to property incurred by the Landlord by damage to, depreciation, misuse or theft of accommodation furnishings in the accommodation unit by the Accommodated Person. 4. In the event that the Accommodated Person fails to pay the deposit under Paragraph 1 of this Article, such a breach hereof shall be considered a substantial breach hereof with the entitlement to withdraw from the Contract by the Landlord with immediate effect. . 5. Legal effects of withdrawal from the Contract shall arise as of the moment of delivery of the written withdrawal notice to the Accommodated Person (ex nunc). 6. The Landlord is entitled to use the money from the deposit during accommodation for the settlement of outstanding commitments. 7. At the Landlord’s written request, the Accommodated Person is obliged to pay the sum of the deposit to its full amount, to the bank account and in the manner pursuant to Paragraph 1 of this Article, within 5 days from delivery of the request to the Accommodated Person. 8. On termination of student or tourist accommodation, after the accommodation unit is properly handed over and all contractual commitments within the meaning of Articles V and VI hereof as well as any damage caused to the accommodation furnishing are paid, the deposit or the balance thereof shall be remitted bank transfer to the bank account from which the deposit was paid within 30 business days from the official handover of the accommodation unit at the latest. The deposit or the balance thereof shall be reduced of any fees relating to its remitting to the Accommodated Person’s bank account in terms hereof. 9. Service of documents stated in this Article shall be subject to the terms and conditions defined in Article 3 4 of the Accommodation Regulations, as amended.