Lease Security. This guaranty shall remain in full force and effect, and the Guarantor fully responsible, without regard to any security deposit or other collateral for the performance of the terms and conditions of the Lease, or the receipt, disposition, application, or release of any security deposit or other collateral, now or hereafter held by or for the Landlord.
Lease Security. Tenant shall extend the Letter of Credit in the amount of $58,000 in favor of Landlord through the end of the Lease Term as extended herein.
Lease Security. LESSEE shall take the degree of care and all proper safeguards a reasonably prudent operator would take to protect the leased premises and to prevent theft of all materials and/or minerals produced from the leased premises. This includes, but is not limited to, the installation of all necessary equipment, seals, locks, or other appropriate protective devices on or at all access points at the lease's production, gathering and storage systems where theft of said materials and/or minerals can occur. LESSEE shall be liable for the loss of any of said materials and/or minerals resulting from theft and shall pay the State royalties thereon as provided in this lease on all leased minerals lost by reason of theft.
Lease Security. As security for the performance by Tenant of -------------- Tenant's obligations hereunder, Tenant shall cause to be delivered to Landlord concurrently with the execution of this Lease by Tenant, an original irrevocable standby letter of credit (the "Letter of Credit") in the amount of Five Hundred Thousand Dollars ($500,000.00), which Landlord may draw upon to cure any default under this Lease or to compensate Landlord for any damage Landlord incurs as a result of Tenant's failure to perform any of its obligations hereunder. Any such draw on the Letter of Credit shall not constitute a waiver of any other rights of Landlord with respect to such default. The Letter of Credit shall be issued by a major commercial bank reasonably acceptable to Landlord with a San Francisco service and claim point for the Letter of Credit, have an expiration date not earlier than the Expiration Date (or, in the alternative, have a term of not less than one (1) year and be automatically renewable for an additional one (1) year period unless notice of non-renewal is given by the issuer to Landlord not later than sixty (60) days prior to the expiration thereof). The Letter of Credit shall provide for payment to Landlord upon the issuer's receipt of a sight draft from Landlord together with Landlord's certificate certifying that the requested sum is due and payable from Tenant and Tenant has failed to pay, and with no other conditions, and otherwise be in form and content satisfactory to Landlord. If the Letter of Credit has an expiration date earlier than the Expiration Date, then throughout the term hereof (including any renewal or extension of the term) Tenant shall provide evidence of renewal of the Letter of Credit to Landlord at least sixty (60) days prior to the date the Letter of Credit expires. If Landlord draws on the Letter of Credit pursuant to the terms hereof, Tenant shall immediately replenish the Letter of Credit or provide Landlord with an additional letter of credit conforming to the requirements of this paragraph so that the amount available to Landlord from the Letter of Credit(s) provided hereunder is $500,000.00 Tenant's failure to deliver any replacement, additional or extension of the Letter of Credit, or evidence of renewal of the Letter of Credit, within the time specified under this Lease shall entitle Landlord to draw upon the full amount of the Letter of Credit then in effect and (a) Landlord shall hold the drawn amount as security for Tenant's obligat...
Lease Security. Lessee will take ordinary care and all safeguards a reasonably prudent operator would take to protect the Leased Premises and to prevent theft of all Materials produced from the Leased Premises. This includes, but is not limited to, the installation of all necessary equipment, seals, locks, or other appropriate protective devices on or at all access points at the lease’s production and storage systems where theft of said Materials can occur.
Lease Security. The Lessee is required, pursuant to the terms of this Lease, to post security hereunder in the amount of TWO THOUSAND ONE HUNDRED AND THIRTY ONE Dollars 9$2131.00) as guarantee and the performance by the Lessee as security of all the conditions required to be performed by the lessee under the Lease. Such surr shall be returned to the Lessee after the expiration of the term of this Lease and any extensions thereof provided the Lessee has performed all such conditions. The Lessor shall be entitled to co-mingle such deposit with its own funds and use such sum of such purposes as the Lessor may determine. The Lessee shall not be entitled to any interest on the security deposit and, hereby waives same
Lease Security. This Guaranty shall remain in full force and effect, and the Guarantor shall be fully responsible, without regard to any security deposit or other collateral for the performance of the terms and conditions of the Lease, or otherwise affecting the obligation of the Guarantor.
Lease Security. See Section 3 below.
Lease Security. COMPANY will exercise the highest care and all proper safeguards to protect the LEASED PREMISES and to prevent theft of oil and/or gas produced from the LEASED PREMISES. This includes, but is not limited to, the installation of all necessary equipment, seals, locks, or other appropriate protective devices on or at all access points at production, gathering and storage systems where theft of oil and/or gas can occur. COMPANY is liable for losing any oil and/or gas resulting from theft and will pay TAMUS royalties as provided in Section 7 above on all oil and/or gas lost by theft.
Lease Security. Thirty days prior to the commencement of LESSEE shall provide LESSOR with a Letter construction (approximately) January 1, 1998 of Credit in the amount of $600,000. At the second anniversary of the The Letter of Credit may reduce to Commencement Date $480,000 so long as there has been no default from the Commencement Date through this reduction date. At the third anniversary of the The Letter of Credit may reduce to Commencement Date $360,000 so long as there has been no default from the Commencement Date through his reduction date. At the fourth anniversary of the The Letter of Credit may reduce to Commencement Date $240,000 so long as there has been no default from the Commencement Date through this reduction date.
