Common use of Lease Security Clause in Contracts

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 (a) In the event of default by the Lessee in respect of any of the conditions of this Lease, including but not limited to the payment of rent, the Lessor may use, apply or retain all or any part of such security deposit of the payment of any unpaid rent, or for any other amount which the Lessor may be required to spend by reason of the default of the Lessee, including any damages or deficiency in the reletting of the leased premises, regardless of whether the accrual of such damages or deficiency occurs before or after an eviction or a summary re-entry or other reentry by the Lessor. (b) The security deposit shall not be assigned or encumbered by the Lessee. (c) Lessee, upon signing of this Lease and Payment of First months rent may take possession and enter said premises. Covenant to pay rent commences DECEMBER 1, 2003; all other covenants commence on the date of possession (maintenance, utilities, etc.).