Security definition
Examples of Security in a sentence
If any Security Deposit is given by ▇▇▇▇▇▇ to secure performance of ▇▇▇▇▇▇’s covenants hereunder, Landlord shall transfer such Security Deposit to any transferee in trust for Tenant and thereupon Landlord shall be discharged from any further liability in reference thereto.
Upon the occurrence of any Event of Default, Landlord shall have the right to apply all or any portion of the Security Deposit toward amounts owing under this Lease and to compensate Landlord for all damages and costs sustained by Landlord resulting from or in connection with such Event of Default.
Any Operating Cost paid by ▇▇▇▇▇▇▇▇ and any expenses reasonably incurred by Landlord in connection with the payment of the delinquent Operating Cost, together with interest thereon at the Overdue Rate from the date paid by Landlord until the date repaid by ▇▇▇▇▇▇, may be billed immediately to Tenant, or at Landlord’s option and upon written notice to Tenant, may be deducted from the Security Deposit.
Provided that no Event of Default exists at the expiration of this Lease, Landlord shall return any remaining unapplied portion of the Security Deposit to Tenant within thirty (30) days after the date of such expiration.
As of the Effective Date, ▇▇▇▇▇▇▇▇ is already in possession of the Security Deposit in the amount stated in Section 1.