No Additional Locks Clause Samples
The "No Additional Locks" clause prohibits a party from placing any further security interests, liens, or encumbrances on specified assets beyond those already agreed upon in the contract. In practice, this means that the borrower or asset owner cannot pledge the same collateral to other lenders or parties, ensuring that the original lender's security interest remains unchallenged and exclusive. This clause is essential for protecting the lender's priority claim to the collateral and prevents dilution of their security, thereby reducing the risk of competing claims in the event of default.
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No Additional Locks. Tenant shall not alter any lock or install a new or additional lock or bolt on any doors or windows. On termination or expiration of this Lease, all keys must be surrendered to Landlord, and in the event of the loss of any keys furnished at Landlord’s expense, Tenant shall pay to Landlord the cost thereof. If the Building has a central security system, Tenant shall provide Landlord with all access codes to the Premises. If Tenant fails to provide Landlord with a means of access to the Premises, Landlord shall be relieved of all obligation, if any, to provide cleaning services to the Premises and shall not be responsible for the cost of repairing any damage resulting from any forced entry into the Premises in the case of an emergency.
No Additional Locks. If the Company adopts a smart lock technology, the Customer agrees not to insta l or secure any additional locking device. If any additional locking device is used, the Company wil remove it at the Customer’s expense.