Tenant Security Deposits definition
Examples of Tenant Security Deposits in a sentence
If the Agent requires Tenant Security Deposits, they shall be placed in a trust account in Agent’s name in a North Carolina bank or savings and loan association.
Upon the commencement of this Agreement, Owner shall deliver to Agent a list of any current tenants who previously made Tenant Security Deposits under existing leases and the amounts thereof.
At the Close of Escrow, pursuant to the Assignment and Assumption of Tenant Leases, Buyer shall assume all of the obligations of Seller under the Tenant Leases as of the Proration Time, including, without limitation, tenant improvement obligations of landlord thereunder and obligations with respect to Tenant Security Deposits (to the extent received by Buyer or credited to Buyer hereunder).
Agent may, in Agent's discretion, require tenants to make security deposits in an amount permitted by law to secure tenants’ lease obligations (such security deposits shall hereinafter be referred to as "Tenant Security Deposits").
Simultaneously therewith, any such Tenant Security Deposits shall be placed in a trust account in Agent's name in a North Carolina bank or savings and loan association, and shall thereafter be administered in accordance with this Agreement.