Common use of Use of Security Deposit Clause in Contracts

Use of Security Deposit. Landlord may (but shall not be required to) use the Security Deposit or any portion thereof to cure any defaults on the part of Tenant or to compensate Landlord for any damage or costs Landlord incurs by reason of an Event of Default. In such event, and upon written notice from Landlord to Tenant specifying the amount of the Security Deposit so utilized by Landlord and the purpose for which such amount was applied, Tenant shall immediately deposit with Landlord an amount sufficient to return the Security Deposit to the original amount. Tenant acknowledges that any use of the Security Deposit shall not constitute a bar or defense to any of Landlord’s remedies under this Lease, at law or in equity. Within forty-five (45) days after expiration of the Term or earlier termination of this Lease, provided no Event of Default is then outstanding, the Security Deposit shall be returned to Tenant, reduced by those amounts that may be required by Landlord to remedy defaults on the part of Tenant in the payment of Rent or otherwise, to repair damages to the Premises caused by Tenant and to restore the Premises to the condition required by this Lease. Landlord shall have no obligation to segregate the Security Deposit from its general funds or to pay interest thereon. If Landlord conveys or transfers its interest in the Premises, and as a part of such conveyance or transfer, assigns its interest in this Lease, then Landlord shall be released and discharged from any further liability to Tenant with respect to the Security Deposit.

Use of Security Deposit. Upon the occurrence of a Tenant Default, Landlord may use all or any portion of the Security Deposit for the payment of any Rent due hereunder, to pay any other sum to which Landlord may become obligated by reason of such Tenant Default, or to compensate Landlord for any loss or damages which Landlord may suffer as a result of such Tenant Default (including without limitation, amounts which Landlord may be entitled to recover pursuant to Section 1951.2 of the California Civil Code). Landlord may in its sole discretion (but shall not be required to) use the Security Deposit or any portion thereof to cure any defaults on the part failure by Tenant to perform any of Tenant its obligations hereunder or to compensate Landlord for any damage or costs damages Landlord incurs by reason as a result of an Event any Tenant Default, it being understood that any use of Defaultthe Security Deposit shall not constitute a bar or defense to any of Landlord’s remedies under this Lease or at law. In such eventIf Landlord so uses all or any portion of the Security Deposit, and upon then within five (5) Business Days after written notice from Landlord to Tenant specifying the amount of the Security Deposit so utilized by Landlord and the particular purpose for which such amount was applied, Tenant shall immediately deposit with Landlord an amount sufficient to return the Security Deposit to the original amount. Tenant acknowledges that any use an amount equal to one hundred percent (100%) of the Security Deposit shall not constitute a bar or defense LC Amount (calculated at the Base Rent rate then in effect). Tenant’s failure to any make such payment to Landlord within five (5) Business Days of Landlord’s remedies notice shall constitute a Tenant Default under this LeaseLease without the necessity of further notice, at law or in equity. Within forty-five (45) days after expiration of and Tenant hereby acknowledges that attachment will be a proper remedy by which Landlord may seek to recover the Term or earlier termination of this Lease, provided no Event of Default is amount which Tenant has then outstanding, the Security Deposit shall be returned failed to Tenant, reduced by those amounts that may be required by Landlord to remedy defaults on the part of Tenant in the payment of Rent or otherwise, to repair damages to the Premises caused by Tenant and to restore the Premises to the condition required by this Leasepay. Landlord shall have no obligation to segregate the Security Deposit from its general funds or to pay interest thereon. If Landlord conveys or transfers its interest in the Premises, and as a part of such conveyance or transfer, assigns its interest in this Lease, then Landlord shall be released and discharged from any further liability to Tenant with respect to the Security Deposit.

Use of Security Deposit. Landlord may (but shall not be required to) use the Security Deposit or any portion thereof to cure any defaults on the part of Tenant or to compensate Landlord for any damage or costs Landlord incurs by reason of an Event of DefaultDefault by Tenant. In such event, Upon the occurrence of an Event of Default by Tenant and upon written notice from Landlord to Tenant specifying the amount of the Security Deposit so to be utilized by Landlord and the purpose reason for which such amount was applieduse, Tenant shall immediately deposit with Landlord an amount sufficient to return the Security Deposit to the original amount. Tenant acknowledges that any use of the Security Deposit shall not constitute a bar or defense to any of Landlord’s remedies under this Lease, at law or in equity. Within forty-five thirty (4530) days after expiration of the Term or earlier termination of this Lease, provided no Event of Default by Tenant is then outstanding, the Security Deposit shall be returned to Tenant, reduced by those amounts that may be required by Landlord to remedy defaults on the part of Tenant in the payment of Rent or otherwise, to repair damages to the Premises caused by Tenant and to restore the Premises Leased Real Property to the condition required by this Lease. Landlord shall have no obligation to segregate the Security Deposit from its general funds or to pay interest thereon. If Landlord conveys or transfers its interest in the PremisesLeased Real Property, and as a part of such conveyance or transfer, assigns its interest in this Lease, then Landlord shall be released and discharged from any further liability to Tenant with respect to the Security Deposit.

Use of Security Deposit. Landlord may (but shall not be required to) use the Security Deposit or any portion thereof to cure any defaults on the part of Tenant or to compensate Landlord for any damage or costs Landlord incurs by reason as a result of an Event Tenant's failure to perform any of Defaultits covenants or obligations hereunder. In such event, and upon written notice from Landlord to Tenant specifying the amount of the Security Deposit so utilized by Landlord and the purpose for which such amount was applied, Tenant shall immediately deposit with Landlord an amount sufficient to return the Security Deposit to the original amountfull Security Deposit Amount. Tenant acknowledges that any use of the Security Deposit shall not constitute a bar or defense to any of Landlord’s 's remedies under this Lease, at law or in equity. Within forty-five sixty (4560) days after expiration of the Term or earlier termination of this Lease, provided no Lease for any reason other than an Event of Default is then outstandingby Tenant, the Security Deposit shall be returned to Tenant, reduced by those amounts that may be required by Landlord to remedy defaults on the part of Tenant in the payment of Rent or otherwise, to repair damages to the Premises caused by Tenant and to restore the Premises to the condition required by this Lease. Landlord shall have no obligation to segregate the Security Deposit from its general funds or to pay interest thereon. If Landlord conveys or transfers its interest in the Premises, and as a part of such conveyance or transfer, assigns its interest in this Lease, then Landlord shall be released and discharged from any further liability to Tenant with respect to the Security DepositDeposit provided Landlord has delivered the Security Deposit to the transferee or assignee or the transferee or assignee has assumed Landlord's obligations under this Lease. Any assignment of the Lease by Xxxxxxxx, whether voluntary or through involuntary assignment or transfer such as bankruptcy or foreclosure, will automatically and without further action by either party cause an assignment of the Security Deposit (whether cash or a letter of credit) to the assignee and the parties will execute such documents as necessary to reflect such assignment and in such circumstances Tenant agrees to look solely to such transferee or assignee for the return of the Security Deposit provided Xxxxxxxx has delivered the Security Deposit to the transferee or assignee or the transferee or assignee has assumed Landlord's obligations under this Lease. Landlord and its successors and assigns will not be bound by any actual or attempted assignment or encumbrance of the Security Deposit by Xxxxxx and if Xxxxxx's interest in the Lease has been assigned, Landlord may return the Security Deposit to such assignee in accordance with the terms and conditions hereof. If Xxxxxxxx returns the Security Deposit to Xxxxxx's assignee as aforesaid, Landlord will have no further obligation to any party with respect thereto.

Use of Security Deposit. Landlord may (but shall not be required to) use the Security Deposit or any portion thereof to cure any defaults on the part of Tenant or to compensate Landlord for any damage or costs Landlord incurs by reason of an Event of DefaultDefault hereunder. In such event, and upon written notice from Landlord to Tenant specifying the amount of the Security Deposit so utilized by Landlord and the purpose for which such amount was applied, Tenant shall immediately deposit with Landlord an amount sufficient to return the Security Deposit to the original amount. Tenant acknowledges that any use of the Security Deposit shall not constitute a bar or defense to any of Landlord’s 's remedies under this Lease, at law or in equity. Within forty-five (45) days after expiration of the Term or earlier termination of this Lease, provided no Event of Default is then outstanding, the Security Deposit shall be returned to Tenant, reduced by those amounts that may be required by Landlord to remedy defaults on the part of Tenant in the payment of Rent or otherwise, to repair damages to the Premises caused by Tenant and to restore the Premises to the condition required by this Lease. Landlord shall have no obligation to segregate the Security Deposit from its general funds or to pay interest thereon. If Landlord conveys or transfers its interest in the Premises, and as a part of such conveyance or transfer, assigns its interest in this Lease, then Landlord shall be released and discharged from any further liability to Tenant with respect to the Security Deposit.