Prepaid Rent and Security Deposit. On execution of this Lease, Tenant shall deposit with Landlord the Prepaid Rent, as monthly rent for the first full month of the Term for which Rent is payable, and the Security Deposit, as a Security Deposit for the performance by Tenant of the provisions of this Lease. If Tenant is in default, Landlord may use the Security Deposit, or any portion of it, to cure the default, including, without limitation, paying for the cost of any work necessary to restore the Premises, the Tenant Improvements and any alterations to good condition or to compensate Landlord for all damage sustained by Landlord resulting from Tenant's default. Tenant shall within five (5) days of demand pay to Landlord a sum equal to the portion of the Security Deposit expended or applied by Landlord as provided in this Section so as to maintain the Security Deposit in the sum initially deposited with Landlord. If Tenant is not in default as of the expiration or termination of the Term, including, without limitation, in default in payment of the Rent for the last month of the Term, then Landlord shall return the Security Deposit, without interest, to Tenant within thirty (30) days after the expiration or termination of the Term. Landlord's obligations with respect to the Security Deposit are those of a debtor and not a trustee. Landlord may commingle the Security Deposit with Landlord's general and other funds.
Prepaid Rent and Security Deposit. Upon the signing of this lease, Tenant shall pay to Landlord One Hundred Thousand Dollars ($100,000.00), representing a security deposit as security for Tenant’s full performance of all terms and conditions under this Lease. Upon the Substantial Completion Date, the Tenant shall pay to Landlord an additional One Hundred Thousand Dollars ($100,000.00), representing additional security for Tenant’s full performance of all terms and conditions under this Lease (collectively, the “Security Deposit”). Upon the exercise of the outstanding warrants that will raise approximately $90,000,000 or achievement of $4,000,000 in sales revenue, whichever event comes first, the Security Deposit shall be reduced to One Hundred Thousand Dollars ($100,000). Upon default by Tenant hereunder, the Landlord shall have the right, without the giving of any notice, to apply all or any portion of the Security Deposit to cure such default which right shall be in addition to all other rights and remedies. Within thirty (30) days of the later to occur of the last day of the Lease Term or the date that Tenant yields up the Leased Premises pursuant to the terms of this Lease, Landlord shall return to Tenant the Security Deposit less any amounts which Landlord may have deducted pursuant to the terms of this Lease.
Prepaid Rent and Security Deposit. On the execution and delivery of this Lease by Tenant, Tenant shall pay to Landlord the sum stated in Section 1.1(l), to be applied to the first accruing monthly installments of Rent. On the date of this Lease, Tenant shall pay to Landlord the Security Deposit sum stated in Section 1.1(m) to be held by Landlord without interest as security for the performance by Tenant of Tenant's covenants and obligations under this Lease, it being expressly understood that such Security Deposit is not an advance payment of Rent or a measure of Landlord's damages in case of default by Tenant. Landlord may commingle any such Security Deposit with such other funds as Landlord in its sole discretion may determine. Upon the occurrence of any event of default by Tenant, Landlord may, from time to time, without prejudice to any other remedy provided herein or provided by law, use such fund to the extent necessary to make good any arrearages of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following any such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied in order to restore the Security Deposit to its original amount. Upon expiration of the Lease term, if Tenant is not then in default hereunder, and if it is not necessary to repair any damage or injury to the Demised Premises caused by Tenant or any subtenant, concessionaire or licenses of Tenant (excepting reasonable wear and tear), any remaining balance of such Security Deposit shall be returned by Landlord to Tenant.
Prepaid Rent and Security Deposit. Prior to execution of this Lease, Tenant has deposited with Landlord the prepaid Base Monthly Rent, the prepaid Additional Rent, and the security deposit included in the total deposit identified in Section 1.o. This money represents the following:
Prepaid Rent and Security Deposit. 6.1 Upon execution of this Lease, Tenant shall pay to landlord the First Months Rent. The Security Deposit set forth in Section 1 shall not be due until the first day of year five (5) of this Lease (the Prepaid Rent and the Security Deposit being collectively referred to as the "Deposit").
Prepaid Rent and Security Deposit. 6.1 Upon execution of this Lease, Tenant shall pay to Landlord the Prepaid Rent and Security Deposit set forth in Section 1 (the Prepaid Rent and the Security Deposit being collectively referred to as the "Deposit").
Prepaid Rent and Security Deposit. No Prepaid Rent is due under this Lease. The Security Deposit has been or will be deposited by Tenant in accordance with the terms of Section 1(m). It shall serve as security for the performance by Tenant of the provisions of this Lease. If Tenant is in default, Landlord may use the Security Deposit, or any portion of it, to cure the default, including without limitation, paying for the cost of any work necessary to restore the Premises, the Tenant improvements and any alterations to good condition or to compensate Landlord for all damage sustained by Landlord resulting from Tenant's default. Tenant shall within five (5) days of demand pay to Landlord a sum equal to the portion of the Security Deposit expended or applied by Landlord as provided in this Section so as to maintain the Security Deposit in the sum initially deposited with Landlord. If Tenant is not in default as of the expiration or termination of the Term, including without limitation, in default in payment of the Rent for the last month of the Term, then Landlord shall return the Security Deposit, without interest, to Tenant within a reasonable period of time after the expiration or termination of the Term. Landlord's obligations with respect to the Security Deposit are those of a debtor and not a trustee. Landlord may commingle the Security Deposit with Landlord's general and other funds.
Prepaid Rent and Security Deposit. Upon execution of this Lease, Tenant shall deposit with Landlord the sum of $29,000.00 (the "Deposit") as prepaid rent and a security deposit. The Deposit shall be allocated as follows:
Prepaid Rent and Security Deposit. Tenant shall deposit with Landlord on the date Tenant executes and delivers this Lease the cash sums set forth in the Schedule for both Prepaid Rent and Security Deposit (collectively, the “Lease Deposit”). The Prepaid Rent shall be applied by Landlord as set forth in Section 2.1(a) above. The Security Deposit shall be held by Landlord as security for the faithful performance by Tenant of all its obligations under this Lease.
Prepaid Rent and Security Deposit. Section 4 of the Lease is hereby deleted in its entirety and the following is substituted therefor: "Lessee has delivered to Lessor, and Lessor currently holds, $14,344.00 which amount shall be held by Lessor under such section shall no longer be applied in payment of the last month's rent under this Lease but shall be held by Lessor as a security deposit for Lessee's due and prompt performance of each of its obligations under the Lease (the "Security Deposit"). If Lessee fails to perform any of its obligations under this Lease, then Lessor shall be entitled, without terminating this Lease and without limiting any other right it may have under this Lease or under applicable law, to apply all or any part of the Security Deposit to cure such failure or to compensate Lessor for any loss caused by Lessee's failure to perform. Following Lessor's application of the Security Deposit in accordance with the preceding sentence, Lessee shall be obligated, upon receipt of Lessor's demand therefore, to restore the Security Deposit to $14,344.00 unless such application has occurred following expiration of the term of the Lease. Upon expiration of the term of the Lease, after applying the Security Deposit in the manner permitted by this Section 4, Lessor shall refund to Lessee the Security Deposit net of such amounts that have been applied. Lessor may, upon transfer of its interest in the Lease, transfer the Security Deposit to its assignee and upon any such transfer Lessor shall be released and discharged from any further obligation or liability to Lessee with respect to the Security Deposit."
