Common use of Security/Damage Deposit Clause in Contracts

Security/Damage Deposit. SECURITY/DAMAGE DEPOSIT. Simultaneously with the execution of this Lease, Tenant shall (i) pay a sum equal to two (2) months' gross rent (not including sales tax) (to wit: $35,442.76); and (ii) provide Landlord with a $250,000.00 letter of credit issued by a financial institution and in a form acceptable to Landlord, both to be held by Landlord as security for the performance by Tenant of all of the terms, covenants and conditions hereof and the payment of Rent or any other sum due Landlord hereunder. It is expressly understood that such deposit shall not be considered an advance payment of Rent or a measure of Landlord's damages in the event of default by Tenant. Landlord shall have the right to apply all or any part of the security deposit against any costs or expenses incurred or to be incurred by Landlord as a result of any damage, injury, expense or liability caused by Tenant's default, including, but not limited to: (a) unreasonable wear and tear of the Premises; (b) loss or damage to the Premises or other property of the Landlord caused by Tenant, Tenant's officers, employees, agents, invitees, or licenses, reasonable wear and tear excepted; (c) the cost of restoring the Premises, except for reasonable wear and tear, to the same condition it was in at the time Tenant began occupancy thereof; (d) Rent or Additional Rent payments which remain due and owing beyond any applicable grace period. Landlord shall not be limited in pursuing Landlord's remedies against Tenant for costs, losses or damages to the Premises or to any other property of Landlord for any such costs, losses or damages which are in excess of the above described security deposit. Such money shall bear no interest and may be commingled with other security deposits or funds of Landlord. Tenant shall promptly replenish any security deposit used by Landlord for any of the items set forth in this Article IV. Tenant's failure to do so shall be deemed a default under this Lease. Provided that Tenant is not then in default under any provision of this Lease, Tenant has the option of replacing the letter of credit with a substitute letter of credit, issued by a financial institution reasonably acceptable to Landlord and in a form comparable to the original letter of credit provided hereunder, in the following amounts at the times indicated: (i) $150,000.00 at the end of the fourth (4th) lease year; (ii) $100,000.00 at the end of the fifth (5th) lease year; and (iii) $50,000.00 at the end of the sixth (6th) lease year.

Security/Damage Deposit. SECURITY/DAMAGE DEPOSIT(a) Tenant agrees to pay Landlord the sum of $ deposit as security against the breach by Tenant of any Tenant’s covenants and agreements contained herein. Simultaneously with the execution of this Lease, Tenant shall (i) pay a sum equal to two (2) months' gross rent (not including sales tax) (to wit: $35,442.76); and (ii) provide Landlord with a $250,000.00 letter of credit issued by a financial institution and in a form acceptable to Landlord, both to The Deposit will be held by Landlord as security for the performance against breach by Tenant of all of the terms, covenants and conditions hereof and the payment of Rent or any other sum due Landlord hereunder. It is expressly understood that such deposit shall not be considered an advance payment of Rent or a measure of Landlord's damages in the event of default by Tenant. Landlord shall have the right to apply all or any part of the security deposit against any costs or expenses incurred or to be incurred by Landlord as a result of any damage, injury, expense or liability caused by Tenant's default, including, but not limited to: (a) unreasonable wear and tear of the Premises; (b) loss or damage to the Premises or other property of the Landlord caused by Tenant, Tenant's officers, employees, agents, invitees, or licenses, reasonable wear and tear excepted; (c) the cost of restoring the Premises, except for reasonable wear and tear, to the same condition it was in at the time Tenant began occupancy thereof; (d) Rent or Additional Rent payments which remain due and owing beyond any applicable grace period. Landlord shall not be limited in pursuing Landlord's remedies against Tenant for costs, losses or damages to the Premises or to any other property of Landlord for any such costs, losses or damages which are in excess of the above described security deposit. Such money shall bear no interest and may be commingled with other security deposits or funds of Landlord. Tenant shall promptly replenish any security deposit used by Landlord for any of the items set forth in this Article IV. Tenant's failure to do so shall be deemed a default under this Lease. Provided that Tenant is not then in default under any provision of this Lease. Tenant understands that all or a portion of the Deposit may be retained by Landlord upon termination of this Lease or Tenant’s tenancy unless each of the following conditions is satisfied: (1) The full Term expired without default by Tenant, should Tenant sale contract a $50 fee will be incurred. (2) Tenant gave Landlord written notice of Tenant’s intention to vacate the Apartment at least 30 days before Tenant vacated the Apartment and Tenant did not retain possession of the Apartment after the expiration of the 30 day period following delivery of such notice to Landlord. (3) Any and all Monthly Rent, late charges, insufficient check charges, utilities charges, attorney’s fees and other charges due under this Lease are paid in full, (4) There shall be a nor-refundable charge of $ per semester to cover the cost of preparing the Apartment for future tenants. (5) There was no damage beyond ordinary wear and tear to the Apartment, common areas and buildings surrounding or adjacent to the Apartment, (▇▇▇▇▇, spots or stains on floors, carpets, countertops, window coverings, etc shall not be considered ordinary wear and tear) (6) The Apartment, including kitchen appliances and furniture, have been cleaned thoroughly in accordance with Landlord’s written instructions. (7) All debris, rubbish and discards were placed into proper disposal containers. (8) Tenant provided Landlord with s Self Addressed, Stamped Envelope. (9) All keys were returned to Landlord. If Tenant fails to check out per written instructions by Landlord, Tenant is agreeing to forfeit Tenant’s full Deposit to Landlord. (b) Move-Out Inspection. Tenant shall meet with Land or Landlord’s representative for a move-out inspection. Landlord’s representative has no authority to bind or limit Landlord regarding deductions for repairs, damages, or charges. Any statements or estimates by Landlord or Landlord’s representative are subject to correction, modification or disapproval before final refunding or accounting of Deposit. (c) If all of the option conditions described above are not satisfied, then any Monthly Rent or other charges due under this Lease, together with the cost of replacing labor and material for cleaning and repairs (as well the letter cost of credit eviction if such occurred) will be deducted from Deposit. (d) Tenant shall leave forwarding address with Landlord’s property manager. Within 60 days after Tenant’s vacancy (which will be the date on which Tenant gives Landlord the Apartment keys or the date on which Tenant surrenders and Landlord accepts the Apartment, whichever occurs last), Landlord will refund Deposit to Tenant, less any charges against the Deposit as described previously. If less than the full Deposit is so refunded, Landlord will send Tenant a substitute letter full written statement listing the charges or reasons for retention of creditall or part of the Deposit (e) Any such written statement and/or refund check or statement of balance due shall be mailed in the SASE described above. If Landlord’s damages resulting from Tenant’s failure to comply with the provisions of this Lease exceed the amount of the Deposit, issued by a financial institution reasonably acceptable to Landlord and in a form comparable will not be limited to the original letter of credit provided hereunder, in the following amounts at the times indicated: (i) $150,000.00 at the end amount of the fourth (4th) lease year; (ii) $100,000.00 at the end Deposit, but may use all legal remedies available for collection of the fifth (5th) lease year; actual amount of damages. Tenant understands and (iii) $50,000.00 at agrees that the end Deposit may not be used as part of the sixth (6th) lease yearpayment or to offset any month’s Monthly Rent due from Tenant. Refund cannot be picked up from Landlord.

Security/Damage Deposit. SECURITY/DAMAGE DEPOSIT. Simultaneously with the Upon execution of this Leaselease, Tenant will deposit with Landlord the sum specified as “Security/Damage Deposit” in Article 1 hereof as security for the full and faithful performance of every provision of this lease to be performed by ▇▇▇▇▇▇. Said deposit shall (i) pay a sum equal to two (2) months' gross rent (not including sales tax) (to wit: $35,442.76); and (ii) provide Landlord with a $250,000.00 letter of credit issued by a financial institution and in a form acceptable to Landlord, both to be held by Landlord as security without obligation or liability for payment of income from or interest on said deposit. If Tenant defaults with respect to any provisions of this lease, including but not limited to the performance by Tenant of all of the terms, covenants and conditions hereof and provisions relating to the payment of Rent any rent or any other sum due charges, Landlord hereunder. It is expressly understood that such deposit shall not be considered an advance payment of Rent may use, apply or a measure of Landlord's damages in the event of default by Tenant. Landlord shall have the right to apply retain all or any part of said deposit for the security deposit against any costs or expenses incurred or to be incurred by Landlord as a result payment of any damagerent or other charge in default, injury, expense or liability caused for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default, including, but not limited to: (a) unreasonable wear and tear of the Premises; (b) or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefore, deposit cash with Landlord in an amount sufficient to restore said deposit to the Premises or other property of the Landlord caused by Tenantfull amount hereinabove stated, Tenant's officers, employees, agents, invitees, or licenses, reasonable wear and tear excepted; (c) the cost of restoring the Premises, except for reasonable wear and tear, to the same condition it was in at the time Tenant began occupancy thereof; (d) Rent or Additional Rent payments which remain due and owing beyond any applicable grace period. Landlord shall not be limited in pursuing Landlord's remedies against Tenant for costs, losses or damages to the Premises or to any other property of Landlord for any such costs, losses or damages which are in excess of the above described security deposit. Such money shall bear no interest and may be commingled with other security deposits or funds of Landlord. Tenant shall promptly replenish any security deposit used by Landlord for any of the items set forth in this Article IV. Tenant's failure to do so shall be deemed a default under material C2000092 breach of this Leaselease. Provided that If Tenant is not then in default under any shall fully and faithfully perform every provision of this Leaselease to be performed by it, said deposit or so much thereof as has not theretofore been applied by Landlord, shall be returned to Tenant has (or, at Landlord's option, to the option last assignee of replacing Tenant's interest hereunder) at the letter expiration of credit with the term hereof. The making by Tenant of such deposit, or the application thereof by Landlord in the manner hereinabove provided, shall not constitute nor be construed as a substitute letter limitation upon the exercise by Landlord of credit, issued by a financial institution reasonably acceptable any other rights or remedies provided to Landlord and under the terms of this lease in a form comparable the event of Tenant's default. In the event Landlord sells the Retail Office Center, then Landlord may assign said deposit to the original letter purchaser of credit provided hereunder, Landlord's interest in the following amounts at the times indicated: (i) $150,000.00 at the end of the fourth (4th) lease year; (ii) $100,000.00 at the end of the fifth (5th) lease year; demised premises without liability to Tenant, and (iii) $50,000.00 at the end of the sixth (6th) lease yearupon such assignment Landlord shall be discharged from further liability with respect to such deposit.

Security/Damage Deposit. SECURITY/DAMAGE DEPOSIT. Simultaneously with Upon the due execution of this LeaseAgreement, Tenant shall deposit with Landlord the sum of ____________________________ DOLLARS (i) pay a sum equal to two (2) months' gross rent (not including sales tax) (to wit: $35,442.76__,____.00); and (ii) provide Landlord with a $250,000.00 letter , receipt of credit issued which is hereby acknowledged by a financial institution and in a form acceptable to Landlord, both as security for any damage caused to the Premises during the term hereof. Such deposit shall be returned to Tenant, without interest, and less any set off for damages to the Premises upon the termination of this Agreement. This deposit which is non-interest bearing, is to be held by Landlord as security for the full and faithful performance by Tenant of all of the terms, covenants terms and conditions hereof of this lease and the payment any renewals of Rent or any other sum due Landlord hereunderthis lease. It The security deposit is expressly understood that such deposit shall not be considered an advance payment rental and Tenant may not deduct any portion of Rent or a measure of the deposit from the rent due to Landlord's damages in . In the event of default by forfeiture of the security deposit due to Tenant’s failure to fully and faithfully perform all of the terms and conditions of the lease, Landlord retains all of his other rights and remedies. Landlord shall Tenant does not have the right to apply all or cancel this lease and avoid his obligations hereunder by forfeiting the said security deposit. In the event any part of the security deposit against any costs or expenses incurred or to be incurred by Landlord as a result of any damage, injury, expense or liability caused by Tenant's default, including, but not limited to: (a) unreasonable wear and tear of the Premises; (b) loss or damage to the Premises leased premises or other property of the Landlord caused by Tenant, Tenant's officers, employees, agents, invitees, or licensesequipment therein, reasonable wear and tear excepted; (caccepted, caused by Tenant, his family, guest(s) or agents, Tenant agrees to pay Landlord, when billed, the full amount necessary to repair or replace the damaged premises or equipment. Deductions may be made from the security deposit to reimburse Landlord for the cost of restoring the Premises, except for reasonable wear and tear, to the same condition it was in at the time Tenant began occupancy thereof; (d) Rent or Additional Rent payments which remain due and owing beyond repairing any applicable grace period. Landlord shall not be limited in pursuing Landlord's remedies against Tenant for costs, losses or damages to the Premises premises or equipment, or the cost of replacing any of the articles or equipment that may be damaged beyond repair, lost or missing at the termination of the lease. Deductions may also be made to cover any other property of unpaid amounts owed to Landlord for any such costs, losses damages or damages which are in excess loss occurring prior to termination of the above described lease and for which Tenant has been billed. In the event that such damages or cleaning charges exceed the amount of the security deposit, Tenant agrees to pay all excess costs of Landlord. In the event there has been a forfeiture of the security deposit, charges for damages and cleaning shall be paid in addition to the amount of the said security deposit. Such money shall bear no interest Deductions will also be made to cover any unpaid rental amounts and may be commingled with late fees. Notwithstanding any other security deposits provisions expressed or funds of Landlord. Tenant shall promptly replenish any implied herein, it is especially understood and agreed that the entire security deposit used by Landlord for any aforesaid shall be automatically forfeited should Tenant vacate or abandon the premises before the expiration of this lease, except where such abandonment occurs during the last month of the items set forth in this Article IV. Tenant's failure to do so shall be deemed a default under this Lease. Provided that Tenant is not then in default under any provision term of this Leasethe lease, Tenant has paid all rent covering the option of replacing entire term, and either party has given the letter of credit with a substitute letter of credit, issued by a financial institution reasonably acceptable to Landlord and in a form comparable to the original letter of credit provided hereunder, in the following amounts at the times indicated: (i) $150,000.00 at the end of the fourth (4th) other timely written notice that this lease year; (ii) $100,000.00 at the end of the fifth (5th) lease year; and (iii) $50,000.00 at the end of the sixth (6th) lease year.will not be renewed under its automatic renewal

Security/Damage Deposit. SECURITY/DAMAGE DEPOSIT. Simultaneously Tenant has deposited the sum of Forth Thousand and No/100 U.S. Dollars ($40,000) with the execution Landlord, the receipt of which is hereby acknowledged (except that if such payment is made by check this receipt is subject to collection) as security for the complete and faithful performance by Tenant of each and every item, covenant, and condition of this Lease including, but not limited to, payment of rent and care of leased premises as set forth in Paragraph 8 hereof. In the event that Tenant defaults in any terms, agreements, covenants, and conditions of this Lease, Landlord, at its sole discretion, may use, apply or retain the whole or any part of the security/damage deposit for payment of any damage to the leased premises or the building on the leased premises or other losses, cost, or rent in default or for any other sum which Landlord expends or incurs by reason of Tenant's breach or default of this Lease. Notice shall be given to Tenant of the possible use of the security deposit for repairs. Tenant shall (i) pay have a sum equal reasonable amount of time to two (2) months' gross rent (not including sales tax) (respond as to wit: $35,442.76); and (ii) provide Landlord with a $250,000.00 letter such use of credit issued by a financial institution and in a form acceptable to the funds. Landlord, both to be held by Landlord as security for at Landlord's sole discretion, may commingle all or any portion of the performance by Tenant of security/damage deposit with Landlord's other funds and may use and/or deposit any portion or all of the termssecurity/damage deposit in an interest bearing or non- interest bearing account. The security/damage deposit is not, covenants and conditions hereof and the shall not be deemed or construed to be, an advance payment or partial payment of Rent rent or any other sum cost due Landlord hereunderfrom Tenant pursuant to this Lease. It is expressly understood that such deposit shall not be considered an advance payment After each application or retention of Rent or a measure of Landlord's damages in the event of default by Tenant. Landlord shall have the right to apply all or any part of the security security/damage deposit against any costs or expenses incurred or to be incurred by Landlord as a result and upon Landlord's oral or written demand to Tenant, Tenant shall pay to Landlord the amount of the security/damage deposit so applied or retained so that the total amount of the security/damage deposit during the term of this Lease or any damagerenewal thereof shall be equal to its original amount, injuryand in the event that Tenant fails to pay the amount requested by Landlord within five (5) days after Landlord's request, expense Tenant shall be in default of this Lease. Landlord will identify and specify any problems and communicate, in writing, to Tenant within 30 days after lease termination. The security/damage deposit, less any amounts used, applied or liability caused by Tenant's default, including, but not limited to: retained under the terms of this Lease will be mailed to Tenant within sixty (60) days after the later of the following to occur: (a) unreasonable wear and tear the termination of the Premisesthis Lease; or (b) loss or damage after delivery to the Premises or other property Landlord of the entire possession of the leased premises defined in Paragraph 5 hereof. In the event that Tenant occupies the leased premises for less than the initial term as set forth in Paragraph 2(A) hereof, the security/damage deposit shall be retained by Landlord caused by Tenant, Tenant's officers, employees, agents, invitees, or licenses, reasonable wear and tear excepted; (c) the cost of restoring the Premises, except for reasonable wear and tear, to the same condition it was in at the time Tenant began occupancy thereof; (d) Rent or Additional Rent payments which remain due and owing beyond any applicable grace period. Landlord shall not be limited in pursuing Landlord's remedies against Tenant for costs, losses or damages returned to the Premises or to any other property of Landlord for any such costs, losses or damages which are in excess of the above described security deposit. Such money shall bear no interest and may be commingled with other security deposits or funds of Landlord. Tenant shall promptly replenish any security deposit used by Landlord for any of the items set forth in this Article IV. Tenant's failure to do so shall be deemed a default under this Lease. Provided that Tenant is not then in default under any provision of this Lease, Tenant has the option of replacing the letter of credit with a substitute letter of credit, issued by a financial institution reasonably acceptable to Landlord and in a form comparable to the original letter of credit provided hereunder, in the following amounts at the times indicated: (i) $150,000.00 at the end of the fourth (4th) lease year; (ii) $100,000.00 at the end of the fifth (5th) lease year; and (iii) $50,000.00 at the end of the sixth (6th) lease year.

Security/Damage Deposit. SECURITY/DAMAGE DEPOSIT(a) ▇▇▇▇▇▇ agrees to pay Landlord the sum of $ deposit as security against the breach by Tenant of any Tenant’s covenants and agreements contained herein. Simultaneously with the execution of this Lease, Tenant shall (i) pay a sum equal to two (2) months' gross rent (not including sales tax) (to wit: $35,442.76); and (ii) provide Landlord with a $250,000.00 letter of credit issued by a financial institution and in a form acceptable to Landlord, both to The Deposit will be held by Landlord as security for the performance against breach by Tenant of all of the terms, covenants and conditions hereof and the payment of Rent or any other sum due Landlord hereunder. It is expressly understood that such deposit shall not be considered an advance payment of Rent or a measure of Landlord's damages in the event of default by Tenant. Landlord shall have the right to apply all or any part of the security deposit against any costs or expenses incurred or to be incurred by Landlord as a result of any damage, injury, expense or liability caused by Tenant's default, including, but not limited to: (a) unreasonable wear and tear of the Premises; (b) loss or damage to the Premises or other property of the Landlord caused by Tenant, Tenant's officers, employees, agents, invitees, or licenses, reasonable wear and tear excepted; (c) the cost of restoring the Premises, except for reasonable wear and tear, to the same condition it was in at the time Tenant began occupancy thereof; (d) Rent or Additional Rent payments which remain due and owing beyond any applicable grace period. Landlord shall not be limited in pursuing Landlord's remedies against Tenant for costs, losses or damages to the Premises or to any other property of Landlord for any such costs, losses or damages which are in excess of the above described security deposit. Such money shall bear no interest and may be commingled with other security deposits or funds of Landlord. Tenant shall promptly replenish any security deposit used by Landlord for any of the items set forth in this Article IV. Tenant's failure to do so shall be deemed a default under this Lease. Provided that Tenant is not then in default under any provision of this Lease. Tenant understands that all or a portion of the Deposit may be retained by Landlord upon termination of this Lease or ▇▇▇▇▇▇’s tenancy unless each of the following conditions is satisfied: (1) The full Term expired without default by ▇▇▇▇▇▇, should Tenant has sale contract a $50 fee will be incurred. (2) Tenant gave Landlord written notice of ▇▇▇▇▇▇’s intention to vacate the option Apartment at least 30 days before Tenant vacated the Apartment and ▇▇▇▇▇▇ did not retain possession of replacing the letter Apartment after the expiration of credit with the 30 day period following delivery of such notice to Landlord. (3) Any and all Monthly Rent, late charges, insufficient check charges, utilities charges, attorney’s fees and other charges due under this Lease are paid in full, (4) There shall be a substitute letter nor-refundable charge of credit, issued by a financial institution reasonably acceptable $ per semester to Landlord cover the cost of preparing the Apartment for future tenants. (5) There was no damage beyond ordinary wear and in a form comparable tear to the original letter Apartment, common areas and buildings surrounding or adjacent to the Apartment, (▇▇▇▇▇, spots or stains on floors, carpets, countertops, window coverings, etc shall not be considered ordinary wear and tear) (6) The Apartment, including kitchen appliances and furniture, have been cleaned thoroughly in accordance with ▇▇▇▇▇▇▇▇’s written instructions. (7) All debris, rubbish and discards were placed into proper disposal containers. (8) Tenant provided Landlord with s Self Addressed, Stamped Envelope. (9) All keys were returned to Landlord. If Tenant fails to check out per written instructions by Landlord, ▇▇▇▇▇▇ is agreeing to forfeit ▇▇▇▇▇▇’s full Deposit to Landlord. (b) Move-Out Inspection. Tenant shall meet with Land or ▇▇▇▇▇▇▇▇’s representative for a move-out inspection. ▇▇▇▇▇▇▇▇’s representative has no authority to bind or limit Landlord regarding deductions for repairs, damages, or charges. Any statements or estimates by Landlord or Landlord’s representative are subject to correction, modification or disapproval before final refunding or accounting of credit provided hereunderDeposit. (c) If all of the conditions described above are not satisfied, then any Monthly Rent or other charges due under this Lease, together with the cost of labor and material for cleaning and repairs (as well the cost of eviction if such occurred) will be deducted from Deposit. (d) Tenant shall leave forwarding address with ▇▇▇▇▇▇▇▇’s property manager. Within 60 days after ▇▇▇▇▇▇’s vacancy (which will be the date on which Tenant gives Landlord the Apartment keys or the date on which Tenant surrenders and Landlord accepts the Apartment, whichever occurs last), Landlord will refund Deposit to Tenant, less any charges against the Deposit as described previously. If less than the full Deposit is so refunded, Landlord will send Tenant a full written statement listing the charges or reasons for retention of all or part of the Deposit (e) Any such written statement and/or refund check or statement of balance due shall be mailed in the following amounts at SASE described above. If ▇▇▇▇▇▇▇▇’s damages resulting from ▇▇▇▇▇▇’s failure to comply with the times indicated: (i) $150,000.00 at provisions of this Lease exceed the end amount of the fourth (4th) lease year; (ii) $100,000.00 at Deposit, Landlord will not be limited to the end amount of the fifth (5th) lease year; and (iii) $50,000.00 at the end Deposit, but may use all legal remedies available for collection of the sixth (6th) lease yearactual amount of damages. ▇▇▇▇▇▇ understands and agrees that the Deposit may not be used as part of payment or to offset any month’s Monthly Rent due from Tenant. Refund cannot be picked up from Landlord.

Security/Damage Deposit. SECURITYWe require a security/DAMAGE DEPOSITdamage deposit on the day of rental. Simultaneously Deposits can be made by Visa, MasterCard, American Express, Discover, cash or check. Deposits made in cash will be refunded with a check and sent by mail. Charter Party authorizes New Melones Lake Marina to charge Charter Party’s credit card for the full amount of the security deposit along with any other costs incurred by the Charter Party in accordance with the execution of this Lease, Tenant terms hereof. The security deposit shall (i) pay a sum equal to two (2) months' gross rent (not including sales tax) (to wit: $35,442.76); and (ii) provide Landlord with a $250,000.00 letter of credit issued by a financial institution and in a form acceptable to Landlord, both to be held by Landlord the Company as security for Charter Party failing to return the performance Houseboat on time, in as good of condition, ordinary wear and tear excluded, as when received, for reimbursement of property or articles damaged, missing or broken, and for reimbursement for such consumable items as may have been used and not paid for by Tenant of all of the termsCharter Party. Company may, covenants and conditions hereof and the payment of Rent or without prejudice to any other sum due Landlord hereunder. It is expressly understood that such deposit shall not be considered an advance payment of Rent or a measure of Landlord's damages in the event of default by Tenant. Landlord shall have the right to remedy, apply all or any part of the security deposit against any costs expenses, damages, claims and liabilities arising from or expenses incurred related to Charter Party and guests of Charter Party’s use, operation, or to be incurred by Landlord as a result of any damage, injury, expense or liability caused by Tenant's default, including, but not limited to: (a) unreasonable wear and tear possession of the Premises; (b) loss or damage Houseboat. Any unused portion of the security deposit will be returned after completion of rental period and review of Houseboat by the Company. In the case of losses where the cost is not immediately ascertainable, the security deposit shall be retained, and any portion of the security deposit not used by the Company shall be returned to the Premises or other property Charter Party within sixty days after termination of the Landlord caused by Tenant, Tenant's officers, employees, agents, invitees, or licenses, reasonable wear and tear excepted; (c) the cost of restoring the Premises, except for reasonable wear and tear, to the same condition it was in at the time Tenant began occupancy thereof; (d) Rent or Additional Rent payments which remain due and owing beyond any applicable grace periodthis Agreement. Landlord The foregoing shall not be limited in pursuing Landlord's remedies against Tenant for costs, losses or limit the Company’s ability to seek damages to the Premises or to any other property of Landlord for any such costs, losses or damages which are in excess of the above described security deposit, it being agreed that the Charter Party shall be responsible for any and all losses whether or not covered by the security deposit. Such money shall bear no interest and If there is damage to the Vessel, cost of repair will be deducted from the deposit. If repairs exceed deposit amount, Charter Party is responsible for all costs. Repair costs exceeding deposit amount may be commingled with other security deposits or funds of Landlordcharged to credit card used to secure Vessel rental. Tenant shall promptly replenish any security deposit used by Landlord X THE CHARTER PARTY IS FULLY RESPONSIBLE FOR THE PROPELLER. Charter Party is responsible for any of verifying that the items set forth propeller is in this Article IV. Tenant's failure to do so shall be deemed a default under this Lease. Provided that Tenant is not then in default under any provision of this Lease, Tenant has the option of replacing the letter of credit with a substitute letter of credit, issued by a financial institution reasonably acceptable to Landlord and in a form comparable good condition prior to the original letter of credit provided hereunder, in Vessel leaving the following amounts at dock and verifying that the times indicated: (i) $150,000.00 at propeller did not experience any damage when the end of the fourth (4th) lease year; (ii) $100,000.00 at the end of the fifth (5th) lease year; and (iii) $50,000.00 at the end of the sixth (6th) lease yearVessel is returned.