Common use of LANDLORD'S REQUIREMENT FOR DEPOSITS Clause in Contracts

LANDLORD'S REQUIREMENT FOR DEPOSITS. Upon and at any time after an Event of Default, and regardless of whether or not Tenant subsequently cures such Event of Default, Landlord, in its sole discretion, shall be entitled to require Tenant to pay monthly a pro rata portion of the amounts required to comply with the Insurance Requirements, any Imposition and any Legal Requirements, and when such obligations become due, Landlord shall pay them (to the extent of the deposit) upon Notice from Tenant requesting such payment. If sufficient funds have not been deposited to cover the amount of the obligations due at least thirty (30) days in advance of the due date, Tenant shall forthwith deposit the same with Landlord upon written request from Landlord. Landlord shall not commingle such deposited funds with its other funds, and Tenant shall be entitled to any interest paid on any deposit so held by Landlord unless and except to the extent that Landlord, having the right to do so by the terms of this Lease, applies such interest to Tenant's obligations hereunder. Upon an Event of Default under this Lease, any of the funds remaining on deposit may be applied under this Lease, in any manner and on such priority as is determined by Landlord and after five (5) days Notice to Tenant.

LANDLORD'S REQUIREMENT FOR DEPOSITS. Upon and at any time after an Event of Default, and regardless of whether or not Tenant subsequently cures such Event of Default, Landlord, in its sole discretion, shall be entitled to require Tenant to pay monthly a pro rata portion of the amounts required to comply with the Insurance Requirements, any Imposition and any Legal Requirements, and when such obligations become due, Landlord shall pay them (to the extent of the deposit) upon Notice from Tenant requesting such payment). If sufficient funds have not been deposited to cover the amount of the obligations due at least thirty (30) days in advance of the due date, Tenant shall forthwith deposit the same with Landlord upon written request from Landlord. Landlord shall deposit such funds in a separate interest-bearing account and shall not commingle such deposited funds with its other funds, and Tenant shall be entitled to any all interest paid on any deposit so held by Landlord unless and except to the extent that Landlord, having the right to do so by the terms of this Lease, applies such interest to Tenant's obligations hereunder. Upon an Event of Default under this Lease, any of the funds remaining on deposit may be applied under this Lease, in any manner and on such priority as is determined by Landlord and after five (5) days Notice to Tenant.