Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 4 contracts
Sources: Sublease (Litronic Inc), Sublease (Litronic Inc), Sublease (Litronic Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon Sublessee's execution of this Sublease hereof the sum of Twenty Sixteen Thousand Two Four Hundred Fifty and 40/100ths Sixty-Four 99/100 Dollars ($20,250.4016,464.99) ("Security Deposit"), plus applicable sales tax as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent Base Rental or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the said Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the said Security Depositdeposit, Sublessee shall, within ten (10) days after written demand by Sublessortherefor, deposit cash with Sublessor in and amount sufficient to restore the said Security Deposit deposit to the full amount originally deposited, stated above and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the said Security Deposit deposit separate from its general accounts, and shall have no obligation or liability for payment account. If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the said Security Deposit, or so much thereof as had has not theretofore been applied by Sublessor, shall be returned returned, without payment of interest to sublessee at the expiration of the term hereof, and after Sublessee or has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to the last assignee, if any, of Sublessee's interest hereundersaid Security deposit.
Appears in 3 contracts
Sources: Sublease (Goldenaccess Com Inc), Sublease (Goldenaccess Com Inc), Sublease (Goldenaccess Com Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars (hereof $20,250.40) 3,968.00 as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, hereinabove stated and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Depositsaid deposit, or so much thereof as had has not theretofore been applied by Sublessor, shall be returned returned, without payment of interest or other increment for its use to Sublessee (or at Sublessor's option, to the last assignee, if any, of Sublessee's interest hereunder) at the expiration of the term hereof, and after Sublessee has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to said Security Deposit.
Appears in 3 contracts
Sources: Sublease Agreement (Cumetrix Data Systems Corp), Sublease Agreement (Cumetrix Inc), Sublease Agreement (Cumetrix Data Systems Corp)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) hereof $ as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, Sublessor, may use, apply or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, hereinabove stated and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Depositsaid deposit, or so much thereof as had has not theretofore been applied by Sublessor, shall be returned returned, without payment of interest or other increment for its use to Sublessee (or at Sublessor s option, to the last assignee, . if any, of Sublessee's interest hereunder) at the expiration of the term hereof, and after Sublessee has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to said Security Deposit.
Appears in 3 contracts
Sources: Sublease Agreement, Sublease Agreement, Sublease Agreement
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Fifteen Thousand Two Nine Ninety Eight Hundred Fifty and 40/100ths 12/100 Dollars ($20,250.4015,998.12) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee Sublessor fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten Sublessor within (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, Deposit or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or applied to the last assigneetwo months of the term, if any, of Sublessee's interest hereunder.
Appears in 3 contracts
Sources: Sublease (Maxxis Group Inc), Sub Sublease (Maxxis Group Inc), Sublease (Maxxis Group Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon execution on the Effective Date an amount equal to two (2) months Rent at the rate of this Sublease the sum of Twenty Ninety Four Thousand Two Nine Hundred Fifty Forty Six and 40/100ths 00/100 Dollars ($20,250.4094,946.00) per month, for a sum total of One Hundred Eighty Nine Eight Hundred Ninety Two and 00/100 Dollars ($189,892.00), as security for Sublessee's faithful performance of Sublessee's its obligations hereunder (the "Security Deposit"). If Sublessee fails to pay rent Rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Deposit, Sublessee shall, within ten (10) days after its receipt of Sublessor's written demand by Sublessordemand, deposit cash with Sublessor in an amount sufficient to restore the Security Deposit to the full amount originally deposited, and set forth above. Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts. If Sublessee performs all of its obligations hereunder, following the Termination Date and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever Sublessor shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, return the Security Deposit, Deposit (or so much the portion thereof as had which has not theretofore been applied by Sublessor, shall be returned ) to Sublessee (or at Sublessor's option, to the last assignee, if any, of Sublessee's interest hereunderin the Sublease). No trust relationship is created herein between Sublessor and Sublessee with respect to the Security Deposit. No payment of interest or other incremental charge shall be payable to Sublessee for Sublessor's use of the Security Deposit.
Appears in 3 contracts
Sources: Assignment and Assumption of Sublease (Marimba Inc), Assignment and Assumption of Sublease (Marimba Inc), Assignment and Assumption of Sublease (Marimba Inc)
Security Deposit. Sublessee 7.1 On or before the date of final signature by both parties hereto, Subtenant shall deposit with Sublessor upon execution FibroGen a sum equal to one hundred percent (100%) of this the first month’s Rent; and on or before the Sublease Commencement Date, Subtenant shall deposit with FibroGen an additional sum equal to two hundred percent (200%) of the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) first month’s Rent both sums as security for Sublessee's the full and faithful performance of Sublessee's obligations hereunder each provision of this Sublease.
7.2 Subtenant shall provide a properly completed, signed and dated IRS Form W-9 or Form W-8BEN ("Security Deposit"). as applicable, the “IRS W8/9 Form”) to FibroGen.
7.3 If Sublessee fails Subtenant defaults with respect to pay rent or other charges when due under any provision of this Sublease, including, but not limited to, the provisions relating to the payment of Rent or fails to perform any of its other obligations hereundercharges, Sublessor FibroGen may use use, apply or apply retain all or any portion part of the Security Deposit said deposit for the payment of any rent Rent or other amount then due hereunder and unpaid, charges in default; or for the payment of any other sum for amount which Sublessor FibroGen may spend or become obligated to spend by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachSubtenant’s default. If Sublessor so uses any portion of the Security Depositsaid deposit is so used or applied, Sublessee Subtenant shall, within ten (10) days after written demand by Sublessortherefore, deposit cash with FibroGen in an amount sufficient to restore the Security Deposit said deposit to the full amount originally depositedhereinabove stated, and Sublessee's Subtenant’s failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be If Subtenant fully and faithfully performs every provision required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in by this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Depositsaid deposit, or so much thereof as had has not theretofore been applied or credited by Sublessor, FibroGen shall be returned to Sublessee or Subtenant (or, at FibroGen’s option, to the last assignee, if any, assignee of Sublessee's Subtenant’s interest hereunder) at the expiration of the term hereof. The making by Subtenant of such deposit, or the application thereof by FibroGen in the manner hereinabove provided, shall not constitute nor be construed as a limitation upon the exercise by FibroGen of any other rights or remedies provided to FibroGen under the terms of this Sublease in the event of Subtenant’s default. In the event FibroGen sells or assigns FibroGen’s interest in the 409 Building, FibroGen may assign said deposit to the purchaser of FibroGen’s interest in the demised premises without liability to Subtenant. FibroGen’s obligations with respect to the deposit are those of a debtor and not a trustee. FibroGen may maintain the deposit separate and apart from FibroGen’s general funds or can commingle the deposit with FibroGen’s general and other funds.
Appears in 3 contracts
Sources: Sublease (Merrimack Pharmaceuticals Inc), Sublease (Merrimack Pharmaceuticals Inc), Sublease (Merrimack Pharmaceuticals Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon execution and delivery of this Sublease by Sublessor the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) 61,820.39 as security for Sublessee's ’s full and faithful performance and observance of the terms, covenants and conditions of this Sublease as herein provided, including without limitation Sublessee's obligations hereunder ("Security Deposit")’s obligation to restore the Sublet Premises to its condition prior to any alteration by Sublessee. If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform defaults in the full and faithful performance and observance of any of its other obligations hereunderthe terms covenants and conditions of this Sublease beyond any applicable notice and cure period, Sublessor may use apply or apply all retain the whole or any portion part of the Security Deposit security so deposited to the extent required for the payment of any rent or other amount then due hereunder additional rent to which Sublessee is in default beyond any applicable notice and unpaid, cure period or for the payment of any other sum for which Sublessor may become obligated expend by reason of Sublessee's ’s default or breach, or for beyond any loss or damage sustained by Sublessor as a result of Sublessee's default or breachapplicable notice and cure period. If Sublessor so uses applies the whole or any portion part of the Security Depositsecurity as aforesaid, Sublessee shall, shall within ten (10) days after written demand by Sublessor, notice from Sublessor deposit with Sublessor an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Subleaseset forth herein. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation to hold the security deposit in an interest-bearing account, provided that if Sublessor is required by law to do so or liability for payment of if Sublessor elects to hold such security deposit in an interest-bearing account, Sublessee shall be entitled to interest earned on the Security Depositsecurity deposit in proportion to the amount of the security deposit not applied or retained by Sublessor pursuant to the terms hereof. In Within thirty (30) days after the event Sublessor assigns its interest in later of (i) Sublessee’s surrendering the Sublet Premises or (ii) the expiration or sooner termination of this Sublease, Sublessor shall deliver return to its assignee so much Sublessee the whole or part of the Security Deposit as is then held security deposit (and interest, if applicable) not applied or retained by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment Sublessor pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderterms hereof.
Appears in 2 contracts
Sources: Sublease Agreement, Sublease (Iomega Corp)
Security Deposit. Sublessee shall deposit Undertenant shall, concurrent with Sublessor upon execution of this Sublease Secondary Sublease, deliver to Underlandlord a security deposit ("Deposit") in the sum amount of Twenty Forty-Six Thousand Two Four Hundred Fifty Sixty-Three and 40/100ths No/00 Dollars ($20,250.4046,453.00) as security for Sublesseerepresenting one (1) month Base Rent. The Deposit shall be held by Underlandlord to insure Undertenant's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any all of its other obligations hereunder, Sublessor may use or apply all or any portion of under the Security Deposit for Secondary Sublease. Underlandlord shall have the payment of any rent or other amount then due hereunder and unpaid, for the payment of right from time to time without prejudice to any other sum for which Sublessor remedy Underlandlord may become obligated by reason of Sublessee's default or breachhave on account hereof, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of to apply the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant part thereof, to Subsection 6.2 hereof has been madeUnderlandlord's damages arising from any uncured default on the part of Undertenant. Provided Undertenant shall have fully and timely complied with all of the terms, whichever covenants and conditions of this sublease, Underlandlord shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, return the Security Deposit, or so much remainder thereof as had not theretofore been applied previously applied, to Undertenant on the expiration or earlier termination of the Term and surrender by Sublessor, shall be returned Undertenant of the Subleased Premises to Sublessee or Underlandlord. Underlandlord may hold the Deposit without any obligation to pay interest thereon and may commingle the last assignee, if any, of SublesseeDeposit with Underlandlord's other funds. If Underlandlord conveys Underlandlord's interest hereunderunder this Secondary Sublease, the Deposit, or any part thereof not previously applied, may be turned over by Underlandlord to Underlandlord's grantee, whereupon, Undertenant agrees to look solely to such grantee for application and return of the Deposit in accordance herewith.
Appears in 2 contracts
Sources: Sublease (Predix Pharmaceuticals Holdings Inc), Sublease (EPIX Pharmaceuticals, Inc.)
Security Deposit. Sublessee Subtenant shall deposit with Sublessor Sublandlord upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars twenty-five thousand twenty dollars ($20,250.4025,020.00) as security for SublesseeSubtenant's faithful performance of SublesseeSubtenant's obligations hereunder ("Security Deposit"). If Sublessee Subtenant fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor Sublandlord may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor Sublandlord may become obligated by reason of SublesseeSubtenant's default or breach, or for any loss or damage sustained by Sublessor Sublandlord as a result of SublesseeSubtenant's default or breach. If Sublessor Sublandlord so uses any portion of the Security Deposit, Sublessee Subtenant shall, within ten (10) days after written demand by SublessorSublandlord, restore the Security Deposit to the full amount originally deposited, and SublesseeSubtenant's failure to do so shall constitute a default under this Sublease. Sublessor Sublandlord shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor Sublandlord assigns its interest in this Sublease, Sublessor Sublandlord shall deliver to its assignee so much of the Security Deposit as is then held by SublessorSublandlord. Within ten (10) days after the Term has expired, or Sublessee Subtenant has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 7.3 hereof has been made, whichever shall last occur, and provided Sublessee Subtenant is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by SublessorSublandlord, shall be returned to Sublessee Subtenant or to the last assignee, if any, of SublesseeSubtenant's interest hereunder.
Appears in 2 contracts
Sources: Sublease (Covad Communications Group Inc), Sublease (Covad Communications Group Inc)
Security Deposit. Sublessee shall deposit Concurrently with Sublessor upon Subtenant’s execution of this Sublease Sublease, Subtenant shall provide to Sublandlord a cash Security Deposit (“Security Deposit”) in the sum amount of Twenty Fifty Two Thousand Two Five Hundred Fifty Forty and 40/100ths 4/100 U.S. Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("52,540.04), but in no event shall Subtenant enter the Subleased Premises until the Security Deposit")Deposit has been delivered. If Sublessee Subtenant fails to pay rent Rent or any other charges sums as and when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, in each case beyond the applicable notice and cure period, Sublandlord may (but shall not be obligated to) use, apply or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become Subtenant is obligated by reason of Sublessee's default or breach, or which will compensate Sublandlord for any costs, loss or damage sustained which Sublandlord may suffer thereby. Any draw or partial draw of the Security Deposit shall not constitute a waiver by Sublessor as a result Sublandlord of Sublessee's default its right to enforce its other remedies hereunder, at law or breachin equity. If Sublessor so uses any portion of the Security DepositDeposit is so used or applied, Sublessee Subtenant shall, within ten five (105) business days after written demand by Sublessortherefor, deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount originally deposited, and Sublessee's its original amount. Subtenant’s failure to do so shall constitute be a default under of this Sublease. Sublessor Sublandlord shall not be required to keep the Security Deposit separate from its general accountsfunds, and Subtenant shall have no obligation or liability for payment of not be entitled to interest on the Security Depositthereon. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the The Security Deposit as is then held by Sublessor. Within ten or any remaining balance thereof shall be returned to Subtenant, or, at Sublandlord’s discretion, Subtenant’s last assignee, if applicable, within forty-five (1045) days after the expiration of the Sublease Term has expiredand Subtenant’s vacation and surrender of the Subleased Premises in the condition required by the terms of this Sublease. Subtenant hereby waives the provisions of California Civil Code Section 1950.7, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occurother than Paragraph 1950.7(b), and provided Sublessee is not then in default of any of its obligations hereunder, 1951.7 and agrees that the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, Deposit shall be returned to Sublessee or to governed by the last assignee, if any, provisions of Sublessee's interest hereunderthis Sublease.
Appears in 2 contracts
Sources: Sublease (Genomic Health Inc), Sublease (Acelrx Pharmaceuticals Inc)
Security Deposit. Sublessee Upon execution hereof, Subtenant shall deposit with Sublessor upon execution of this Sublease Sublandlord, in cash, the sum of Twenty Thousand Two Hundred Fifty one hundred thirty-six thousand three hundred eighty-four dollars and 40/100ths Dollars no cents ($20,250.40136,384.00) as security and for Sublesseea Security Deposit to secure Subtenant's faithful full and timely performance of Sublessee's all of its obligations hereunder ("Security Deposit")hereunder. If Sublessee fails Subtenant defaults after notice and the expiration of any cure period, with respect to pay rent or other charges when due under any provision of this Sublease, Sublandlord may (but shall not be obligated to) use, apply, or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become Subtenant is obligated by reason of Sublessee's default or breach, or which will compensate Sublandlord for any loss or damage sustained which Sublandlord may suffer thereby. Any such use, application, or retention shall not constitute a waiver by Sublessor as a result Sublandlord of Sublessee's default its right to enforce its other remedies hereunder, at law, or breachin equity. If Sublessor so uses any portion of the Security Depositsaid deposit is so used, Sublessee applied, or retained, Subtenant shall, within ten (10) days after delivery of written demand by Sublessorfrom Sublandlord, restore the Security Deposit said deposit to the full amount originally deposited, and Sublesseeits original amount. Subtenant's failure to do so shall constitute a default under material breach of this Sublease, and in such event Sublandlord may elect, among or in addition to other remedies, to terminate this Sublease. Sublessor Sublandlord shall not be a trustee of such deposit, and shall not be required to keep the Security Deposit this deposit separate from its general accounts, . Sublandlord alone shall be entitled to any interest or earnings thereon and Sublandlord shall have no obligation or liability for payment the free use of interest on the Security Depositsame. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, If Subtenant fully and provided Sublessee is not then in default of any faithfully performs all of its obligations hereunder, the Security Deposit, or then so much thereof of the deposit as had not theretofore been applied by Sublessor, remains shall be returned to Sublessee Subtenant (without payment of interest or earnings thereon) within thirty (30) days after the later of (i) expiration or sooner termination of the tern of this Sublease; or (ii) Subtenant's surrender of possession of the Subleased Premises to the last assignee, if any, of Sublessee's interest hereunderSublandlord.
Appears in 2 contracts
Sources: Sublease Agreement (Ase Test LTD), Sublease Agreement (Advanced Semiconductor Engineering Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon ---------------- execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars hereof TWENTY THOUSAND FOUR HUNDRED AND NO/100 DOLLARS ($20,250.4020,400.00) as ------------------------------------------------------------ security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")under this Sublease. If Sublessee fails to pay rent any Rental due hereunder, or other charges when due under otherwise defaults with respect to any provisions of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent Rental in default or other amount then due hereunder and unpaid, for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore deposit sufficient cash with Sublessor in the amount needed to restore the Security Deposit said deposit to the full amount originally deposited, deposited prior to the application of said funds and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, accounts and no interest or earnings shall have be paid by Sublessor with respect to such security deposit. If no obligation default of Sublessee under this Sublease or liability for payment of interest the Prime Lease remains outstanding and uncured on the Security Deposit. In the event Sublessor assigns its interest in expiration date of this Sublease, Sublessor shall deliver to its assignee so much then any remaining balance of the Security Deposit as is then held security deposit shall be returned by Sublessor. Within ten Sublessor to Sublessee within thirty (1030) days after the Term has expired, later of the expiration date of this Sublease or the date Sublessee has vacated surrendered possession of the Premises, or any final adjustment pursuant entire Subleased Premises to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then Sublessor in default accordance with the terms of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderthis Sublease.
Appears in 2 contracts
Sources: Sublease Agreement (Atroad Inc), Sublease Agreement (Atroad Inc)
Security Deposit. On the Commencement Date, Sublessee shall pay to Sublessor a security deposit with Sublessor upon execution in the amount of this Sublease $ 15,833.33 (the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("“Security Deposit"”). If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaidcharge in default, or for the payment of any other sum for which Sublessor may become obligated incurs by reason of Sublessee's default or breach’s default, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Deposit, Sublessee shall, must within ten (10) days after written demand by Sublessor, therefor deposit cash with Sublessor in an amount sufficient to restore the Security Deposit to the its full amount originally deposited, and Sublessee's ’s failure to do so shall constitute will be a default under material breach of this Sublease. Sublessor shall not not, unless otherwise required by law, be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of nor pay interest on the Security DepositDeposit to Sublessee. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much If Sublessee performs all of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee’s obligations hereunder, the Security Deposit, Deposit or so much thereof as had has not theretofore been used or applied by Sublessor, shall will be returned to Sublessee (or at Sublessor’s option, to the last assignee, if any, of Sublessee's ’s interest hereunder) at the expiration or other termination of the Sublease Term, and after Sublessee has vacated the Subleased Premises. The obligation to return the Security Deposit upon termination of the Sublease shall survive termination of this Sublease.
Appears in 2 contracts
Sources: Lease Agreement (Argos Therapeutics Inc), Lease Agreement (Argos Therapeutics Inc)
Security Deposit. Sublessee Sub-Subtenant may, in its sole discretion, (i) provide a cash Security Deposit in lieu of the Letter of Credit prior to the issuance of a Letter of Credit, or (ii) at any time, substitute a cash Security Deposit for the Letter of Credit, and upon such substitution, Sub-Sublandlord shall return the Letter of Credit to Sub-Subtenant within (5) business days after Sub-Sublandlord’s receipt of the cash Security Deposit. In the event Sub-Sublandlord holds any cash security deposit with Sublessor upon execution of this (the “Security Deposit”) from time to time during the Sub-Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) Term, as security for Sublessee's the faithful performance by Sub-Subtenant of Sublessee's obligations hereunder ("Security Deposit")all the terms, covenants, and conditions of this Sub-Sublease to be kept and performed by Sub-Subtenant during the Sub-Sublease Term, this Section 4.6.5 shall apply. If Sublessee Sub-Subtenant fails to pay rent Rent or other charges when sums due under hereunder, or otherwise is in breach with respect to any provisions of this Sub-Sublease, Sub-Sublandlord may use, apply or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit for the payment of any rent past due sum or other amount then due hereunder and unpaid, for the payment of any other sum for to which Sublessor Sub-Sublandlord may become obligated by reason of Sublessee's default or Sub-Subtenant’s breach, or to compensate Sub-Sublandlord for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachwhich Sub-Sublandlord may suffer thereby. If Sublessor Sub-Sublandlord so uses or applies all or any portion of the Security Deposit, Sublessee shall, Sub-Subtenant shall within ten (10) days after written demand by Sublessor, therefor deposit cash with Sub-Sublandlord in an amount sufficient to restore the Security Deposit to the full amount originally deposited, thereof and Sublessee's Sub-Subtenant’s failure to do so shall constitute be a default under material breach of this Sub-Sublease. Sublessor If Sub-Subtenant performs all of Sub-Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sub-Sublandlord, shall be returned, without interest, to Sub-Subtenant (or, at Sub-Sublandlord’s option, to the last assignee, if any, of Sub-Subtenant’s interest hereunder) within sixty (60) days following the later to occur of (a) the expiration of the Term, and (b) Sub-Subtenant’s vacation from the Sub-Sublease Premises and completion of all removal, repair and restoration obligations. No trust relationship is created herein between Sub-Sublandlord and Sub-Subtenant with respect to the Security Deposit. Sub-Sublandlord shall not be required to keep the Security Deposit separate from its general other accounts. Sub-Subtenant hereby waives any and all rights under and the benefits of Section 1950.7 of the California Civil Code, and shall have no obligation all other provisions of law now in force or liability for payment that become in force after the date of interest on the Security Deposit. In the event Sublessor assigns its interest in execution of this Sub-Sublease, Sublessor shall deliver that provide that Sub-Sublandlord may claim from a security deposit only those sums reasonably necessary to its assignee so much of the Security Deposit as is then held remedy any failure to timely pay Rent, to repair damage caused by Sublessor. Within ten (10) days after the Term has expiredSub-Subtenant, or Sublessee has vacated to clean the Sub-Sublease Premises. Sub-Sublandlord and Sub-Subtenant agree that Sub-Sublandlord may, in addition, claim those sums reasonably necessary to compensate Sub-Sublandlord for any other foreseeable or unforeseeable loss or damage caused by the act or omission of Sub-Subtenant or Sub-Subtenant’s officers, agents, employees, independent contractors, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderinvitees.
Appears in 2 contracts
Sources: Sub Sublease (Carmot Therapeutics Inc.), Sub Sublease (Carmot Therapeutics Inc.)
Security Deposit. Sublessee shall deposit with Sublessor upon Upon execution of this Sublease Sublease, Subtenant shall deliver to Sublandlord the sum of Twenty One Hundred Sixty-One Thousand Two Four Hundred Fifty and 40/100ths No/100 Dollars ($20,250.40161,400.00) as security for Sublessee's faithful the performance of SublesseeSubtenant's obligations hereunder under this Sublease ("Security Deposit"). If Sublessee Subtenant fails to pay rent Rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor Sublandlord may use or apply all or any the portion of the Security Deposit required for the payment of any rent Rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor Sublandlord may become obligated by reason of SublesseeSubtenant's default or breach, or for any loss or damage sustained by Sublessor Sublandlord as a result of SublesseeSubtenant's default or breach. If Sublessor Sublandlord so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, Subtenant shall restore the Security Deposit to the full amount originally deposited, and Sublesseedeposited within ten (10) days after receipt of Sublandlord's failure to do so shall constitute a default under this Subleasewritten demand therefor. Sublessor Sublandlord shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the The Security Deposit, or so much thereof as had not theretofore been applied by SublessorSublandlord, shall be returned to Sublessee Subtenant within thirty (30) days of the expiration or to earlier termination of this Sublease, provided Subtenant has vacated the last assignee, if any, Sublease Premises in accordance with the terms of Sublessee's interest hereunderthis Sublease.
Appears in 2 contracts
Sources: Sublease (Virologic Inc), Consent to Sublease (Diadexus Inc)
Security Deposit. Sublessee Upon execution of this Sublease, Subtenant shall deposit with Sublessor upon execution of this Sublease Sublandlord the sum of Twenty Eighteen Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.4018,000) as a security for Sublessee's faithful performance of Sublessee's obligations hereunder deposit ("Security Deposit"). If Sublessee Subtenant fails to pay rent Rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor Sublandlord may use or apply all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor Sublandlord may become obligated by reason of SublesseeSubtenant's default or breach, or for any loss or damage sustained by Sublessor Sublandlord as a result of SublesseeSubtenant's default or breach. If Sublessor Sublandlord so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, Subtenant shall restore the Security Deposit to the full amount originally deposited, and Sublesseedeposited within ten days after Sublandlord's failure to do so shall constitute a default under this Subleasewritten demand. Sublessor Sublandlord shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the The Security Deposit, or so much thereof as had not theretofore been applied by SublessorSublandlord, shall be returned to Sublessee Subtenant within ten days of the expiration or to earlier termination of this Sublease, provided Subtenant has surrendered possession of the last assignee, if any, Subleased Premises in accordance with the terms of Sublessee's interest hereunderthis Sublease.
Appears in 2 contracts
Sources: Annual Report, Sublease (Vivus Inc)
Security Deposit. 4.1 Sublessee shall deposit with Sublessor upon the execution of this Sublease hereof the sum of Twenty One Hundred One Thousand Two Eight Hundred Fifty and 40/100ths Seventy-five Dollars ($20,250.40101,875) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten fifteen (1015) days after written demand by Sublessor, therefor deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, herein above stated and Sublessee's failure to do so shall constitute be a default under breach of this Sublease, and Sublessor may at his option terminate this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, Said deposit or so much thereof as had not theretofore been applied by Sublessor, Sublessor shall be returned without payment of interest for its use, to Sublessee within ten (10) days after the expiration of the term hereof (or earlier termination of the Sublease if Sublessee does not have any remaining contractual obligations to Sublessor), or after Sublessee has vacated the last assigneePremises, if any, of Sublessee's interest hereunderwhichever is later.
Appears in 2 contracts
Sources: Lease (Accelgraphics Inc), Sublease Agreement (C Cube Microsystems Inc)
Security Deposit. Sublessee shall deposit To secure the faithful performance by Subtenant of all the covenants, conditions and agreements in this Sublease set forth and contained on the part of Subtenant to be fulfilled, kept, observed and performed, simultaneously with Sublessor upon Subtenant’s execution of this Sublease Sublease, Subtenant shall deliver to Sublandlord a security deposit in the sum amount of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars $11,164.50 ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("the “Security Deposit"”). If Sublessee fails Subtenant defaults with respect to pay rent or other charges when due under any provision of this Sublease, including without limitation the payment of any Rent, then Sublandlord may use, apply, draw upon or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any part of the Security Deposit to the extent necessary for the payment of any rent, or to compensate Sublandlord for any other loss, cost or damage that Sublandlord may suffer by reason of Subtenant’s default. If any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaidis so used, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breachapplied, or for any loss or damage sustained by Sublessor drawn upon as a result of Sublessee's default or breach. If Sublessor so uses any portion of permitted in accordance with the Security Depositterms hereof, Sublessee then Subtenant shall, within ten (10) 10 days after written demand by Sublessornotice thereof, deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount originally deposited, and Sublessee's its original amount. Subtenant’s failure to do so shall constitute a default be an automatic Event of Default under this SubleaseSublease without any additional notice. Sublessor Sublandlord shall not not, unless otherwise required by law, be required to keep the Security Deposit separate from its general accountsfunds, nor pay interest to Subtenant. If Subtenant shall fully and shall have no obligation or liability for payment faithfully perform every provision of interest on the Security Deposit. In the event Sublessor assigns its interest in this SubleaseSublease to be performed by it, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much balance thereof as had not theretofore been applied by Sublessor, (if any) shall be returned to Sublessee Subtenant (or to the last assignee, if any, transferee of Sublessee's Subtenant’s interest hereunder) after the Expiration Date (or sooner termination of this Sublease), provided that Subtenant vacates the Sublease Space in accordance with this Sublease and Subtenant surrenders possession thereof to Sublandlord in the condition required under this Sublease.
Appears in 2 contracts
Sources: Sublease Agreement, Sublease Agreement (Verrica Pharmaceuticals Inc.)
Security Deposit. Sublessee Upon execution of this Sublease, Subtenant shall deposit with Sublessor upon execution of this Sublease Sublandlord the sum of Twenty Ninety Five Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.4095,000,00) as a security for Sublessee's faithful performance of Sublessee's obligations hereunder deposit ("“Security Deposit"”), in cash or, at Subtenant’s option, in the form of a letter of credit as more specifically described in Section 5.1 below. Subtenant hereby grants to Sublandlord a security interest in the Security Deposit, including but not limited to replenishments thereof. If Sublessee Subtenant fails to pay rent Rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor Sublandlord may use or apply all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor Sublandlord may become obligated by reason of Sublessee's Subtenant’s default or breach, or for any loss or damage sustained by Sublessor Sublandlord as a result of Sublessee's Subtenant’s default or breach. If Sublessor Sublandlord so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, Subtenant shall restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Subleasedeposited within ten (10) days after Sublandlord’s written demand. Sublessor Sublandlord shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the The Security Deposit, or so much thereof as had not theretofore been applied by SublessorSublandlord, shall be returned to Sublessee Subtenant within thirty (30) days of the expiration or to earlier termination of this Sublease, provided Subtenant has vacated the last assignee, if any, of Sublessee's interest hereunderSublease Premises.
Appears in 2 contracts
Sources: Sub Sublease (Cytokinetics Inc), Sublease (Cytokinetics Inc)
Security Deposit. Sublessee shall agrees to deposit with Sublessor upon execution of this Sublease an amount equal to $126,084 (the sum “Security Deposit”). The Security Deposit will be made, in Sublessee’s sole discretion, in the form of Twenty Thousand Two Hundred Fifty either (i) a cash payment to be held by Sublessor or (ii) an Irrevocable Standby Letter of Credit in favor of Sublessor issued by a bank and 40/100ths Dollars ($20,250.40) under terms and conditions reasonably acceptable to Sublessor. The Security Deposit will be held by or for the benefit of Sublessor as security for Sublessee's the faithful performance by Sublessee of all the terms, covenants, and conditions of this Sublease to be kept and performed by Sublessee and not as an advance rental deposit or as a measure of Sublessor’s damage in case of Sublessee's obligations hereunder ("Security Deposit")’s default. If Upon the occurrence of any event of default by Sublessee fails to pay rent or other charges when due a breach by Sublessee of Sublessee’s covenants under this Sublease, or fails Sublessor may, from time to perform time, without prejudice to any of its other obligations hereunderremedy, Sublessor may use or apply all or any portion part of the Security Deposit for the payment of any rent or any other amount then due hereunder and unpaidsum in default, or for the payment of any other sum for amount which Sublessor may spend or become obligated to spend by reason of Sublessee's default or breach’s default, or to compensate Sublessor for any other loss or damage sustained which Sublessor may suffer by Sublessor as a result reason of Sublessee's default or breach’s default. If Sublessor so uses any portion of the Security Depositis so used, Sublessee shall, will within ten five (105) days after written demand by Sublessortherefor, deposit with Sublessor an amount sufficient to restore the Security Deposit to its original amount and the full amount originally deposited, and Sublessee's ’s failure to do so shall constitute will be a default under material breach of this Sublease. The Sublessor shall not be required to keep will return the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver any balance thereof to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten Sublessee within thirty (1030) days after the Term has expiredend of the Term, or so long as Sublessee has vacated performed all obligations under the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderSublease.
Appears in 2 contracts
Sources: Sublease Agreement (Blue Apron Holdings, Inc.), Sublease Agreement (Blue Apron Holdings, Inc.)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Sixteen Thousand, Five Hundred Fifty Seventy-Four and 40/100ths 15/100 Dollars ($20,250.40) 16,574.15 as security for Sublessee's ’s faithful performance of Sublessee's ’s obligations hereunder ("“Security Deposit"”). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's ’s default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's ’s default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's ’s failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest Interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's ’s interest hereunder.
Appears in 2 contracts
Sources: Sublease Agreement (GenuTec Business Solutions, Inc.), Sublease (GenuTec Business Solutions, Inc.)
Security Deposit. Concurrently with Sublessee’s execution of this Sublease, Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars $424,644.28 as a security deposit ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("the “Security Deposit")”) for the performance by Sublessee of its obligations under this Sublease. If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunderis in default, Sublessor may use the Security Deposit, or apply any portion of it, to cure the default or to compensate Sublessor for all damage sustained by Sublessor resulting from Sublessee’s default. Sublessee shall immediately on demand pay to Sublessor a sum equal to the portion of the Security Deposit expended or applied by Sublessor as provided in this Section so as to maintain the Security Deposit in the sum initially deposited with Sublessor. If Sublessee is not in default at the expiration or termination of this Sublease, Sublessor shall return the Security Deposit to Sublessee. Sublessor’s obligations with respect to the Security Deposit are those of a debtor and not a trustee. Sublessor may maintain the Security Deposit separate and apart from Sublessor’s general and other funds or may commingle the Security Deposit with Sublessor’s general and other funds. Sublessor shall not be required to pay Sublessee any interest on the Security Deposit. Sublessee hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in force, which provide that Sublessor may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Sublessee or to clean the Premises. Notwithstanding the foregoing, at any time after the end of the third (3rd) year of the Term of this Sublease, Sublessee may elect to replace the cash Security Deposit with a letter of credit satisfying the terms of this Section, in which case Sublessor will return the cash Security Deposit to Sublessee within ten (10) business days after its receipt of a letter of credit meeting the terms of this Sublease. If Sublessee elects to pursue this option, Sublessee shall provide to Sublessor an unconditional, irrevocable and renewable letter of credit in favor of Sublessor meeting the requirements of this Section below, in the amount of $424,644.28 (“Letter of Credit”). The Letter of Credit will be in the form attached hereto as Exhibit ‘D’, issued by a financial institution satisfactory to Sublessor to be held by Sublessor in accordance with the terms, provisions and conditions of this Sublease. Sublessee shall pay all expenses, points and/or fees incurred by Sublessee in obtaining and maintaining the Letter of Credit. If the Letter of Credit delivered by Sublessee is inconsistent with the form attached hereto as Exhibit ‘D’ (including, without limitation, the wrong name or address for the Beneficiary), Sublessor may so notify Sublessee in writing, in which case Sublessee shall cause the Letter of Credit to be corrected within five (5) business days after such notice. If the issuer of the Letter of Credit is declared to be insolvent by the Federal Deposit Insurance Corporation (or any comparable institution) or becomes a debtor in any case or proceeding under the Bankruptcy Code or any similar law or statute, or ceases to conduct business for any reason, Sublessor may so notify Sublessee, in which case Sublessee shall, within five (5) business days after such notice from Sublessor, provide Sublessor with a new Letter of Credit which otherwise meets the requirements of this Section. The Letter of Credit shall state that an authorized officer or other representative of Sublessor may make demand on Sublessor’s behalf for the principal amount of the Letter of Credit, or any portion thereof, and that the issuing bank must immediately honor such demand, without qualification or satisfaction of any conditions, except the proper identification of the party making such demand. In addition, the Letter of Credit shall indicate that it is transferable in its entirety by Sublessor as beneficiary and that upon receiving written notice of transfer, and upon presentation to the issuing bank of the original Letter of Credit, the issuer or confirming bank will reissue the Letter of Credit naming such transferee as the beneficiary. Sublessee shall be responsible for the payment to the issuing bank of any transfer costs imposed by the issuing bank in connection with any such transfer. If (A) the term of the Letter of Credit held by Sublessor will expire prior to sixty (60) days following the last day of the Term and the Letter of Credit is not extended, or a new Letter of Credit for an extended period of time is not substituted, in either case at least sixty (60) days prior to the expiration of the Letter of Credit, or (B) Sublessee commits a default with respect to any provision of the Master Lease or this Sublease, including the filing of a voluntary petition under Title 11 of the United States Code (i.e., the Bankruptcy Code), or otherwise becomes a debtor in any case or proceeding under the Bankruptcy Code, as now existing or hereinafter amended, or any similar law or statute, Sublessor may (but shall not be required to) draw upon all or any portion of the Security Deposit Letter of Credit, and the proceeds received from such draw shall constitute Sublessor’s property (and not Sublessee’s property or the property of the bankruptcy estate of Sublessee) and Sublessor may then use, apply or retain all or any part of the proceeds (1) for the payment of any rent or other amount then due hereunder and unpaidsum which is in default, (2) to reimburse Sublessor for costs incurred by Sublessor in connection with this Sublease, (3) for the payment of any other sum for amount which Sublessor may spend or become obligated to spend by reason of Sublessee's default or breachsuch default, or (4) to compensate Sublessor for any loss or damage sustained which Sublessor may suffer by Sublessor as a result reason of Sublessee's such default or breach(5) as prepaid rent to be applied against the Base Rent and Additional Rent obligations for the last month of the Term and the immediately preceding month(s) of the Term until the remaining proceeds are exhausted. If Sublessor so uses any portion of the Security DepositLetter of Credit proceeds are so used or applied, Sublessee shall, within ten (10) days after written demand by Sublessortherefor, restore post an additional Letter of Credit in an amount to cause the Security Deposit aggregate amount of the unused proceeds and such new Letter of Credit to equal the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under Stated Amount required in this SubleaseSection above. Sublessor shall not be required to keep any proceeds from the Security Deposit Letter of Credit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Depositfunds. In the event Should Sublessor assigns assign its interest in this Subleasethe Master Lease during the Term and if Sublessor deposits with the assignee thereof the Letter of Credit or any proceeds of the Letter of Credit, thereupon Sublessor shall deliver be discharged from any further liability with respect to its assignee so much the Letter of Credit and said proceeds and Sublessee shall look solely to such transferee for the return of the Security Deposit as is then Letter of Credit or any proceeds therefrom. The Letter of Credit or any remaining proceeds of the Letter of Credit held by Sublessor. Within ten (10) days Sublessor after expiration of the Term has expiredTerm, or Sublessee has vacated the Premises, or after any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then deductions described in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessorthis Section above, shall be returned to Sublessee or or, at Sublessor’s option, to the last assignee, if any, assignee of Sublessee's ’s interest hereunder, within sixty (60) days following the expiration of the Term. The use, application or retention of the Letter of Credit, the proceeds or any portion thereof, shall not prevent Sublessor from exercising any other rights or remedies provided under this Sublease, it being intended that Sublessor shall not be required to proceed against the Letter of Credit, and such use, application or retention of the Letter of Credit shall not operate as a limitation on any recovery to which Sublessor may otherwise be entitled. No trust relationship is created herein between Sublessor and Sublessee with respect to the Letter of Credit. Sublessor and Sublessee acknowledge and agree that in no event or circumstance shall the Letter of Credit, any renewal thereof or substitute therefor or the proceeds thereof be (i) deemed to be or treated as a “security deposit” within the meaning of California Civil Code Section 1950.7, (ii) subject to the terms of such Section 1950.7, or (iii) intended to serve as a “security deposit” within the meaning of such Section 1950.7. The parties hereto (A) recite that the Letter of Credit is not intended to serve as a security deposit and such Section 1950.7 and any and all other laws, rules and regulations applicable to security deposits in the commercial context (“Security Deposit Laws”) shall have no applicability or relevancy thereto and (B) waive any and all rights, duties and obligations either party may now or, in the future, will have relating to or arising from the Security Deposit Laws. Notwithstanding the foregoing, to the extent California Civil Code Section 1950.7 in any way: (a) is applicable to this Lease or the Letter of Credit (or any proceeds thereof); or (b) controls Sublessor’s rights to draw on the Letter of Credit or apply the proceeds of the Letter of Credit to any amounts due under the Lease or any damages Sublessor may suffer following termination of this Lease, then Sublessee fully and irrevocably waives the benefits and protections of Section 1950.7 of the California Civil Code, it being agreed that Sublessor may recover from the Letter of Credit (or its proceeds) all of Sublessor’s damages under this Sublease and California law including, but not limited to, any damages accruing upon the termination of this Sublease in accordance with this Lease and Section 1951.2 of the California Civil Code.
Appears in 2 contracts
Sources: Sublease (Gossamer Bio, Inc.), Sublease (Gossamer Bio, Inc.)
Security Deposit. (a) Simultaneously with the execution and delivery of this Sublease, Sublessee has deposited (the "SECURITY DEPOSIT") with Sublessor the sum of Two Hundred Sixty-Seven Thousand Three Hundred Thirty-Eight Dollars ($267,338) to be held during the Term as security for the payment of the Base Rent, additional rent and all other sums of money payable by Sublessee under this Sublease, and for the faithful performance of all other covenants and agreements of Sublessee under this Sublease. The Security Deposit shall be returned to Sublessee (subject to the application thereof to any unpaid "SECURED OBLIGATION" as hereinafter defined) within thirty (30) days after the expiration date of this Sublease. Said Security Deposit be held in a non-segregated, non-interest bearing account.
(b) Notwithstanding anything to the contrary set forth herein and subject to the terms and conditions of this Article 25, if Sublessee fails to commence construction and/or thereafter diligently continue and complete construction of the Unfinished Space in accordance with the plans approved therefor by Sublessor within nine (9) months after the Commencement Date, the Security Deposit shall be increased on the nine month anniversary of the Commencement Date (the "SECURITY INCREASE DATE") to Eight Hundred and Two Thousand Thirteen Dollars ($802,013) and such amount shall be deemed to be the Security Deposit hereunder. The failure by Sublessee to provide such increase in the Security Deposit shall be deemed to be a material breach of the terms of this Sublease and an Event of Default.
(c) If an Event of Default shall occur hereunder, in addition to all of Sublessor's right and remedies set forth in this Sublease, within ten (10) days after notice by Sublessor, Sublessee shall immediately restore the Security Deposit to the full amount of the Security Deposit.
(d) Sublessee's Federal Identification Number is (omitted).
(e) If an Event of Default shall occur and be continuing, Sublessor may, subject to the terms and conditions hereinafter set forth, apply the whole or any part of the Security Deposit (i) toward the payment of any Base Rent or any item of additional rent due under this Sublease as to which Sublessee is then in default beyond any applicable notice, cure and/or grace period and (ii) toward any sum which Sublessor may expend or may be required to expend by reason of Sublessee's default, beyond any applicable notice, cure and/or grace period, in respect of any of the terms, covenants and conditions of this Sublease (the obligations of Sublessee set forth in the foregoing clauses (i) and (ii) being referred to collectively herein as the "SECURED OBLIGATIONS"). If Sublessor applies or retains any part of the proceeds of the Security Deposit, Sublessee, upon demand by Sublessor, shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) amount so applied or retained so that Sublessor shall have the full Security Deposit on deposit as security for Sublesseethe Secured Obligations, at all times during the Term.
(f) In lieu of the cash security deposit, Sublessee may at any time during the Term deliver to Sublessor and shall thereafter maintain in effect a clean, irrevocable, non-documentary and unconditional letter of credit, in the form attached hereto as EXHIBIT E (the "LETTER OF CREDIT") issued by and drawable upon any commercial bank, trust company, national banking association or savings and loan association with offices for banking and drawing purposes in the State of New Jersey (the "ISSUING BANK"), which has outstanding unsecured, uninsured and unguaranteed indebtedness, or shall have issued a letter of credit or other credit facility that constitutes the primary security for any outstanding indebtedness (which is otherwise uninsured and unguaranteed), that is then rated, without regard to qualification of such rating by symbols such as "+" or "-" or numerical notation, "Aa" or better by ▇▇▇▇▇'▇ Investors Service and "AA" or better by Standard & Poor's faithful performance Ratings Service (and is not on credit-watch with negative implications), and has combined capital, surplus and undivided profits of not less than $500,000,000. The Letter of Credit shall (i) name Sublessor as beneficiary, (ii) be in the amount of the Security Deposit, (iii) have a term of not less than one (1) year, (iv) permit multiple drawings, (v) be fully transferable by Sublessor multiple times without the consent of Sublessee and without the payment of any fees or charges, (vi) be payable to Sublessor or an authorized representative of Sublessor upon presentation of only the Letter of Credit and a sight draft and shall not contain as a condition to a draw the requirement of Sublessor's certification or other statement as to the existence of Sublessee's obligations hereunder default, and ("Security Deposit")vii) otherwise be in form and content satisfactory to Sublessor. If upon any transfer of the Letter of Credit, any fees or charges shall be so imposed, then such fees or charges shall be payable solely by Sublessee fails and the Letter of Credit shall so specify. The Letter of Credit shall provide that it shall be deemed automatically renewed, without amendment, for consecutive periods of one (1) year each thereafter during the Term through the date that is at least sixty (60) days after the Expiration Date, unless the Issuing Bank sends a notice (the "NON-RENEWAL NOTICE") to pay rent Sublessor by certified mail, return receipt requested, not less than sixty (60) days prior to the then-current expiration date of the Letter of Credit, stating that the Issuing Bank has elected not to renew the Letter of Credit. Sublessor shall have the right to draw upon the Letter of Credit (in whole or other charges when due in part, at Sublessor's discretion) at any time or times that Sublessor shall, under this Sublease, or fails be entitled to perform any of its other obligations hereunder, Sublessor may use retain or apply all or any portion of the Security Deposit for Deposit. Sublessor also shall have the payment right, upon receipt of a Non-Renewal Notice, to draw the full amount of the Letter of Credit, by sight draft on the Issuing Bank, and shall thereafter hold or apply the cash proceeds of the Letter of Credit pursuant to the terms of this Section 25. The Letter of Credit shall state that drafts drawn under and in compliance with the terms of the Letter of Credit will be duly honored upon presentation to the Issuing Bank at an office location in the State of New Jersey or the State of Connecticut. The Letter of Credit shall be subject in all respects to the International Standby Practices 1998, International Chamber of Commerce Publication No. 590. Sublessee shall cooperate, at Sublessee's expense, with Sublessor to promptly execute and deliver to Sublessor any rent or other amount then due hereunder and unpaidall modifications, for amendments, and replacements of the payment Letter of any other sum for which Credit, as Sublessor may become obligated by reason reasonably request to carry out the intent, terms and conditions of Sublessee's default or breachthis Section 25. If Sublessee is required to increase the Security Deposit as required in this Section 25, or Sublessee may tender to Sublessor a replacement Letter of Credit for any loss or damage sustained by such increased amount and thereupon, Sublessor as a result shall exchange the Letter of Sublessee's default or breachCredit it is then holding for such replacement Letter of Credit. If Sublessor so uses applies or returns any portion part of the proceeds to the Security Deposit, Sublessee shallSublessee, within ten (10) days after written upon demand by Sublessor, restore shall deposit with Sublessor the amount so applied or retained in the form of an additional letter of credit meeting the requirements hereof, or an increase in the amount of the ▇▇▇▇▇▇ of credit meeting the requirements hereof so that Sublessor shall have the full Security Deposit to on deposit as security for the full amount originally depositedSecured Obligations, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep at all times during the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderTerm.
Appears in 2 contracts
Sources: Sublease Agreement (Amicus Therapeutics Inc), Sublease Agreement (Amicus Therapeutics Inc)
Security Deposit. Upon execution hereof by Sublessee, Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty Twenty-Two Thousand Seven Hundred Seven and 40/100ths 68/100 Dollars ($20,250.40222,707.68) (the “Security Deposit”), in cash, as security for Sublessee's faithful the performance by Sublessee of Sublessee's obligations hereunder ("Security Deposit")the terms and conditions of this Sublease. If Sublessee fails to pay rent Rent or other charges when due under hereunder or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, then Sublessor may use draw upon, use, apply or apply retain all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaidcharge in default, for the payment of any other sum for which Sublessor may has become obligated to pay by reason of Sublessee's default or breach’s default, or to compensate Sublessor for any loss or damage sustained which Sublessor has suffered thereby, including future rent damages under California Civil Code Section 1951.2, without prejudice to any other remedy provided herein or by law. Sublessee hereby waives the provisions of any law, now or hereafter in force, including, without limitation, California Civil Code Section 1950.7, that provides that Sublessor as may claim from a result security deposit only those sums reasonably necessary to remedy defaults in the payment of Rent, to repair damage caused by Sublessee, or to clean the Subleased Premises, it being agreed that Sublessor, in addition, may claim those sums reasonably necessary to compensate Sublessor for any other loss or damage, foreseeable or unforeseeable, caused by the act or omission of Sublessee's default or breach, including future rent damages following the termination of this Sublease. If Sublessor so uses or applies all or any portion of the Security Deposit, Sublessee shallthen Sublessee, within ten (10) days after written demand by Sublessortherefor, shall deposit cash with Sublessor in the amount required to restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Subleasestated above. Sublessor shall not be required to keep Upon the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment expiration of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver return to its assignee Sublessee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by SublessorSublessor pursuant to this paragraph, shall be returned or which is not otherwise required to Sublessee or to the last assignee, if any, of cure Sublessee's interest hereunder’s defaults.
Appears in 2 contracts
Sources: Sublease (CARGO Therapeutics, Inc.), Sublease (CARGO Therapeutics, Inc.)
Security Deposit. Sublessee shall deposit with Sublessor (a) Subject to Section 6(b) below, upon execution of this Sublease Sublease, Subtenant shall deposit with Wind River the sum of Twenty One Million Five Hundred Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.401,500,000.00) as a security for Sublessee's faithful performance of Sublessee's obligations hereunder deposit ("Security Deposit"). If Sublessee Subtenant fails to pay rent Rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor Wind River may use or apply all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor Wind River may become obligated by reason of SublesseeSubtenant's default or breach, or for any loss or damage sustained by Sublessor Wind River as a result of SublesseeSubtenant's default or breach. If Sublessor Wind River so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, Subtenant shall restore the Security Deposit to the full amount originally deposited, and Sublesseedeposited within ten (10) days after Wind River's failure to do so shall constitute a default under this Subleasewritten demand. Sublessor Wind River shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the The Security Deposit, or so much thereof as had not theretofore been applied by SublessorWind River, shall be returned to Sublessee Subtenant within thirty (30) days of the expiration or earlier termination of this Sublease, provided Subtenant has vacated the Sublease Premises.
(b) Notwithstanding the foregoing, Subtenant may, at its option at any time during the Term, substitute for the cash described in subparagraph (a) above, an irrevocable standby letter of credit (the "Letter of Credit") in the face amount of One Million Five Hundred Thousand and 00/100 Dollars ($1,500,000.00), with payment thereon conditioned only upon presentation of a site draft and a certificate asserting a default by Subtenant hereunder, issued by a bank in form and substance reasonably satisfactory to Wind River. Subtenant shall maintain the Letter of Credit in effect during the full term of this Sublease and for a period extending for thirty (30) days following the expiration or earlier termination hereof. If the term of the Letter of Credit has an expiration prior to the last assigneeexpiration of this Sublease and such letter or certificate is not renewed or replaced at least sixty (60) days prior to its expiration, if anyWind River shall be entitled to draw upon the entire Letter of Credit and hold the proceeds thereof as a cash security deposit.
(c) Notwithstanding anything to the contrary contained herein, of Sublessee's interest hereunderin the event Tenant becomes a publicly traded company and provided that Tenant is not then in default (and has never been in default beyond any applicable notice and cure periods) under this Sublease, the Security Deposit shall be reduced to $1,000,000.
Appears in 2 contracts
Sources: Net Office Tech Lease (Silicon Energy Corp), Net Office Tech Lease (Silicon Energy Corp)
Security Deposit. Sublessee shall will deposit with the Sublessor upon the execution of this Sublease a security deposit (the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit") in the amount of Two Hundred Forty-Three Thousand, Two Hundred Fifty-Two and 00/100 Dollars ($243,252.00) to be held by Sublessor for the duration of this Sublease as security for the full performance by Sublessee of all the obligations on the part of Sublessee hereunder. The Security Deposit shall, at the option of Sublessee, be in the form of either cash or an irrevocable demand letter of credit (the "Letter of Credit"). If Sublessee fails , in form and substance reasonably acceptable to pay rent Sublessor, issued by Fleet Bank, N.A. or other charges when due under this Sublease, or fails FDIC-insured banking institution reasonably acceptable to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of (the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. "Issuing Bank").
a. If Sublessor so uses any portion of the Security Deposit, or any portion thereof, is in the form of cash, Sublessor shall hold the same without liability for interest or to segregate such cash from Sublessor's other funds. Sublessee shallshall not mortgage, within ten pledge, grant a security interest in, or otherwise encumber the Security Deposit. Sublessor shall have the right from time to time, without prejudice to any other remedy Sublessor may have on account thereof, to apply such Security Deposit, or any part thereof, to Sublessor's damages arising from any default (10beyond applicable notice and cure periods) days after written demand by Sublessoron the part of Sublessee. Upon such application, Sublessee shall promptly restore the Security Deposit to its original amount. Upon the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held performance by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessorsuch amount that shall be remaining after application of the same hereunder, shall be returned by Sublessor to Sublessee upon the expiration or earlier termination of this Sublease and surrender of possession of the Premises by Sublessee to Sublessor at such time. If the Security Deposit is in the form of a Letter of Credit, such Letter of Credit shall, throughout the Term, be in full force and in compliance with the terms of this Sublease. Sublessee shall not mortgage, pledge, grant a security interest in, or otherwise encumber the Letter of Credit or the proceeds of the same. Sublessor shall have the right from time to time, without prejudice to any other remedy Sublessor may have on account thereof, to draw on the Letter of Credit and apply the proceeds, or any part thereof, to Sublessor's damages arising from any default (beyond applicable notice and cure periods) on the part of Sublessee. Upon such application, Sublessee shall promptly restore the Security Deposit to its original amount by either delivering cash or a new Letter of Credit complying with the provisions hereof to Sublessor. In addition, in the event that (i) Sublessor shall transfer its interest under the Main Lease to a third party and the Issuing Bank does not consent to the last assigneetransfer of Sublessor's beneficial interest to such third party or issue a replacement Letter of Credit in identical form to such third party, if anyor (ii) such Letter of Credit will expire by its terms prior to the end of the Term, and Sublessee fails to provide a substitute Letter of Sublessee's interest Credit at least thirty (30) days prior to such expiration, then Sublessor may draw on the Letter of Credit. Any portion of the proceeds of the Letter of Credit not applied to cure a default by Sublessee hereunder., shall be held by Sublessor as a cash Security Deposit pursuant to the provisions of subparagraph A above, unless Sublessee shall deliver to Sublessor a new Letter of Credit complying with the provisions hereof, in which event the unapplied cash proceeds shall be promptly returned to
Appears in 2 contracts
Sources: Sublease Agreement (Color Kinetics Inc), Sublease Agreement (Smartbargains, Inc.)
Security Deposit. Sublessee shall will deposit with Sublessor upon on execution of this Sublease sublease the sum of Twenty Thirteen Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.4013,000) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")under this Sublease. If Sublessee fails to pay rent or other charges when due under this Subleasedue, or fails to perform any of its other obligations hereunderunder this Sublease, Sublessor may use or apply all or any portion of the Security Deposit security deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason because of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Depositsecurity deposit, Sublessee shallwill, within ten (10) days after written demand by Sublessor, restore the Security Deposit security deposit to the full amount originally deposited, and . Sublessee's failure to do so shall will constitute a default under this Sublease. Sublessor shall will not be required to keep the Security Deposit separate from its general accounts, and shall will have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, expired or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occuroccurs last, and provided that Sublessee is not then in default of any of its obligations hereunderunder this Sublease, the Security Depositsecurity deposit, or so as much thereof as had remains that has not theretofore been applied by Sublessor, shall will be returned to Sublessee. Sublessee or shall have the right to apply any portion of the security deposit in payment of the last assignee, if any, of Sublesseemonth's interest hereunderrent.
Appears in 2 contracts
Sources: Sublease Agreement (Zapworld Com), Sublease Agreement (Zapworld Com)
Security Deposit. Sublessee Within ten (10) business days of a fully executed copy of the Consent being delivered to Subtenant, Subtenant shall deposit with Sublessor upon execution Sublandlord the sum of $214,123.75 (the “Security Deposit”). The Security Deposit shall be held by Sublandlord as security for the faithful performance by Subtenant of all the provisions of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")to be performed or observed by Subtenant. If Sublessee Subtenant fails to pay rent Rent, or other charges when due under otherwise is in breach with respect to any provisions of this Sublease. Sublandlord may use, apply or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit for the payment of any rent past due sum or other amount then due hereunder and unpaid, for the payment of any other sum for to which Sublessor Sublandlord may become obligated by reason of Sublessee's default or Subtenant’s breach, or to compensate Sublandlord for any loss or damage sustained by Sublessor as which Sublandlord actually and directly suffers thereby following written notice specifying the breach and allowing Subtenant 10 business days to cure such breach (unless the breach in question is one which, under applicable law, delivery of a result notice of Sublessee's breach or default is not permitted, for instance a bankruptcy filing or breachsimilar proceeding, in which event no such notice or cure period shall be necessary). If Sublessor Sublandlord so uses or applies all or any portion of the Security Deposit, Sublessee shall, Subtenant shall within ten (10) business days after written demand by Sublessor, therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount originally deposited, thereof and Sublessee's Subtenant’s failure to do so shall constitute be a default under material breach of this Sublease. Sublessor If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) within forty five (45) days following the later to occur of (a) the expiration of the Term, and (b) Subtenant’s vacation from the Subleased Premises and completion of surrender of the Subleased Premises as described in Section 14(a) of this Sublease; provided, however, Subtenant acknowledges that in addition to any other deductions Sublandlord is entitled to make pursuant to the terms hereof. Sublandlord shall have the right to make a good faith estimate of any unreconciled Operating Costs as of the Expiration Date and to deduct any anticipated shortfall from the Security Deposit prior to returning the Security Deposit, if any, to Subtenant in accordance herewith. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit. Sublandlord shall not be required to keep the Security Deposit separate from its general other accounts. Subtenant hereby waives any and all rights under and the benefits of Section 1950.7 of the California Civil Code, and shall have no obligation all other provisions of law now in force or liability for payment that become in force after the date of interest on the Security Deposit. In the event Sublessor assigns its interest in execution of this Sublease, Sublessor shall deliver that provide that Sublandlord may claim from a security deposit only those sums reasonably necessary to its assignee so much of the Security Deposit as is then held remedy any failure to timely pay Rent, to repair damage caused by Sublessor. Within ten (10) days after the Term has expiredSubtenant, or Sublessee has vacated to clean the Subleased Premises. Subject to the provisions of Section 12(a), Sublandlord and Subtenant agree that Sublandlord may, in addition, claim those sums reasonably necessary to compensate Sublandlord for any other actual, direct, reasonable and foreseeable loss or damage to the extent caused by the act or omission of Subtenant or Subtenant’s officers, agents, employees, independent contractors, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderinvitees.
Appears in 2 contracts
Security Deposit. Sublessee To secure the faithful performance by Tenant of all of the covenants and conditions in this Lease set forth and contained on the part of Tenant to be fulfilled, kept, observed and performed including, but without limiting the generality of the foregoing, such covenants and conditions in this Lease which become applicable upon the termination of the same by re-entry or otherwise, Tenant shall deposit simultaneous with Sublessor upon the execution of this Sublease Lease the sum of Twenty not less than Sixty-Two Thousand Two One Hundred Fifty Ninety-Seven and 40/100ths 13/100 Dollars ($20,250.4062,197.13) and which such sum shall be finally determined after review of Tenant’s financial statements by Landlord as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent Deposit upon the following terms and conditions:
A. Such deposit or other charges when due under this Subleaseany part thereof not previously applied, or fails from time to perform time, such one or more parts or portions thereof, may be applied to the curing of any of default that may then exist, without prejudice to any other remedy or remedies which the Landlord may have on account thereof, and upon such application Tenant shall pay Landlord on demand the amount so applied which shall be added to the Security Deposit so the same may be restored to its other obligations hereunder, Sublessor may use or apply all original amount;
B. Should the Building be conveyed by Landlord the deposit or any portion of thereof not previously applied may be turned over to Landlord’s grantee or a new agent, as the Security Deposit for case may be and, if the payment of same be turned over as aforesaid, Tenant hereby releases Landlord from any rent and all liability with respect to the deposit and/or its application or other amount then due hereunder return and unpaidTenant agrees to look to such grantee or agent, as the case may be, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default such applications or breach, returns;
C. Landlord or for any loss its agent or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, its successors and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor assigns shall not be required obligated to keep the Security Deposit hold said deposit as a separate from its general accountsfund, and shall have no obligation or liability for payment of interest but on the Security Deposit. In contrary may commingle the event Sublessor assigns same with its interest other funds;
D. If Tenant shall faithfully fulfill, keep, perform and observe all of the covenants and conditions in this SubleaseLease set forth and contained on the part of Tenant to be fulfilled, Sublessor kept, performed and observed, such deposit shall deliver be returned to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten Tenant without interest no later than thirty (1030) days after the expiration of the Term has expiredof this Lease or any renewal or extension thereof, or Sublessee provided Tenant has vacated the PremisesPremises and surrendered possession thereof to the Landlord at the expiration of the Term or any extension or renewal thereof as provided herein; and
E. Landlord or its agent on behalf of itself and its successors, reserves the right, at its sole option, to return to Tenant said deposit, or what may then remain thereof, at any final adjustment pursuant time prior to Subsection 6.2 hereof has been madethe date when Landlord or its agent or its successors and assigns are obligated hereunder to return the same, whichever but said return shall last occur, and provided Sublessee is not then in any manner be deemed to be a waiver of any default of Tenant hereunder then existing not to limit or extinguish any liability of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest Tenant hereunder.
Appears in 2 contracts
Sources: Office Lease (Paylocity Holding Corp), Office Lease (Paylocity Holding Corp)
Security Deposit. Sublessee Subtenant, concurrently with signing this Sublease, shall deposit with Sublessor upon execution pay to Sublandlord a Security Deposit in the amount of this Sublease $28,882.00 to be held to guarantee the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance by Subtenant of Sublesseeall of Subtenant's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease. The Security Deposit may be commingled with Sublandlord's other funds and any interest or other income earned thereon shall be the property of Sublandlord. If Subtenant defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor Sublandlord may use or apply all expend the whole or any portion part of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor Sublandlord may become obligated expend by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachsuch default. If Sublessor so uses any portion or all of the Security DepositDeposit is so used, Sublessee Subtenant shall, within ten (10) days after written demand by Sublessortherefor, deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full its original amount originally deposited, and Sublessee's failure to do so shall constitute be a default under breach of this Sublease. Sublessor Provided no event of default has occurred and is continuing under this Sublease on the later of (a) the first anniversary of the Commencement Date, or (b) the expiration of all contingencies and termination rights under this Sublease (as set forth in Sections 36 and 37), Sublandlord shall not be required to keep return the Security Deposit separate to Subtenant within fifteen (15) days after Sublandlord's receipt of notice from its general accountsSubtenant that each of the foregoing conditions have been met, together with any evidence reasonably required by Sublandlord that all contingencies have been satisfied and all termination rights have expired. In the event of a transfer of Sublandlord's interest in the Building, Sublandlord may pay over the Security Deposit to Sublandlord's transferee to be held under the terms of this Sublease and Sublandlord shall have no obligation or be released from all liability for payment the return of interest on the Security Deposit. In Under no circumstances shall Subtenant have the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver right to its assignee so much of direct that the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been be applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, payment of Sublessee's interest hereunderRent.
Appears in 2 contracts
Sources: Sublease Agreement (Privatebancorp Inc), Sublease Agreement (Privatebancorp Inc)
Security Deposit. Sublessee Upon execution hereof, Subtenant shall deposit with Sublessor upon execution of this Sublease Sublandlord, in cash, the sum of Twenty Thousand Two Hundred Fifty seventy thousand three hundred thirty-four dollars and 40/100ths Dollars no cents ($20,250.4070,334.00) as security and for Sublesseea Security Deposit to secure Subtenant's faithful full and timely performance of Sublessee's all of its obligations hereunder ("Security Deposit")hereunder. If Sublessee fails Subtenant defaults after notice and the expiration of any cure period, with respect to pay rent or other charges when due under any provision of this Sublease, Sublandlord may (but shall not be obligated to) use, apply, or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become Subtenant is obligated by reason of Sublessee's default or breach, or which will compensate Sublandlord for any loss or damage sustained which Sublandlord may suffer thereby. Any such use, application, or retention shall not constitute a waiver by Sublessor as a result Sublandlord of Sublessee's default its right to enforce its other remedies hereunder, at law, or breachin equity. If Sublessor so uses any portion of the Security Depositsaid deposit is so used, Sublessee applied, or retained, Subtenant shall, within ten (10) days after delivery of written demand by Sublessorfrom Sublandlord, restore the Security Deposit said deposit to the full amount originally deposited, and Sublesseeits original amount. Subtenant's failure to do so shall constitute a default under material breach of this Sublease, and in such event Sublandlord may elect, among or in addition to other remedies, to terminate this Sublease. Sublessor Sublandlord shall not be a trustee of such deposit, and shall not be required to keep the Security Deposit this deposit separate from its general accounts, . Sublandlord alone shall be entitled to any interest or earnings thereon and Sublandlord shall have no obligation or liability for payment the free use of interest on the Security Depositsame. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, If Subtenant fully and provided Sublessee is not then in default of any faithfully performs all of its obligations hereunder, the Security Deposit, or then so much thereof of the deposit as had not theretofore been applied by Sublessor, remains shall be returned to Sublessee Subtenant (without payment of interest or earnings thereon) within thirty (30) days after the later of (i) expiration or sooner termination of the term of this Sublease; or (ii) Subtenant's surrender of possession of the Subleased Premises to the last assignee, if any, of Sublessee's interest hereunderSublandlord.
Appears in 2 contracts
Sources: Sublease Agreement (Advanced Semiconductor Engineering Inc), Sublease Agreement (Ase Test LTD)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars (hereof $20,250.40) 25,000.00 as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent Rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent Rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore forward to Sublessor an amount sufficient to restore the Security said Deposit to the full amount originally deposited, provided for herein and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security said Deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security said Deposit, or so much thereof as had has not theretofore therefore been applied by Sublessor, shall be returned returned, without payment of Interest to Sublessee (or at Sublessor's option, to the last assignee, if any, of Sublessee's interest hereunder) at the expiration of the term hereof, and after Sublessee has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to said Security Deposit.
Appears in 2 contracts
Sources: Sublease Agreement (Vixel Corp), Sublease Agreement (Emulex Corp /De/)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) hereof $ 27 ,750 as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent Rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent Rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore forward to Sublessor an amount sufficient to restore the Security said Deposit to the full amount originally deposited, provided for herein and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security said Deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security said Deposit, or so much thereof as had has not theretofore therefore been applied by Sublessor, shall be returned returned, without payment of interest to Sublessee (or at Sublessor's option, to the last assignee, if any, of Sublessee's interest hereunder) at the expiration of the term hereof, and after Sublessee has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to said Security Deposit.
Appears in 2 contracts
Sources: Sublease Agreement (Spectrum Laboratories Inc /Ca), Sublease Agreement (Spectrum Laboratories Inc /Ca)
Security Deposit. Sublessee Within one (1) business day after the Effective Date, Subtenant shall deposit with Sublessor upon execution Sublandlord an irrevocable, unconditional standby letter of credit issued by a financial institution reasonably acceptable to Sublandlord, in substantially the form attached to this Sublease (the sum "Letter of Twenty Thousand Credit") in an amount equal to Two Hundred Fifty and 40/100ths Million Dollars ($20,250.402,000,000) as security for SublesseeSubtenant's faithful performance of SublesseeSubtenant's obligations hereunder ("Security Deposit"). If Sublessee Subtenant fails to pay rent or other charges when due under this SubleaseSublease beyond any applicable notice and cure period, or fails to perform any of its other obligations hereunderhereunder beyond any applicable notice and cure period, Sublessor Sublandlord may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor Sublandlord may become obligated pursuant to this Sublease by reason of SublesseeSubtenant's default or breach, or for any loss or damage sustained by Sublessor Sublandlord as a result of SublesseeSubtenant's default or breachbreach pursuant to this Sublease. If Sublessor so uses any portion Upon demand following application of the Security DepositDeposit pursuant to this Section 7, Sublessee shall, within ten (10) days after written demand by Sublessor, Subtenant shall immediately restore the Security Deposit to its full amount. Concurrently with Subtenant's delivery of the full Letter of Credit, Sublandlord shall return to Subtenant the security deposit that it holds under Prior Sublease in the amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Subleaseof $131,729.58. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much Any portion of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment not applied pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, this Section 7 and provided Sublessee is not then in default remaining at the expiration of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, this Sublease shall be returned to Sublessee or to Subtenant within twenty (20) days of the last assignee, if any, expiration of Sublessee's interest hereunderthe Term.
Appears in 2 contracts
Sources: Landlord's Consent to Subleasing (F5 Networks Inc), Sublease Agreement (Cell Therapeutics Inc)
Security Deposit. Sublessee shall deposit with pay to Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars $38,185.00 ($20,250.40“Security Deposit”) as security for Sublessee's faithful the full and timely payment and performance of Sublessee's ’s obligations hereunder under this Sublease. Sublessee shall deliver the Security Deposit to Sublessor upon the execution hereof. Sublessor shall have no obligation to segregate the Security Deposit from Sublessor’s other funds. The Security Deposit shall be refunded to Sublessee, without interest, within thirty ("Security Deposit")30) days after the termination of this Sublease subject to Sublessee’s satisfactory compliance with the conditions of this Sublease and subject to deduction for payment of Sublessee’s obligations not then fulfilled by Sublessee. If Sublessee fails to pay rent or other charges when due perform in a full and timely manner any of its obligations under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of toward curing any rent or other amount then due hereunder such default under this Sublease (beyond any applicable notice and unpaid, for the payment of any other sum for which cure periods) and compensating Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss loss, damage or damage sustained by Sublessor as a result of Sublessee's default or breachexpenses arising from such default. If Sublessor so uses applies any portion of the Security Deposit, Sublessee shall, shall pay to Sublessor the amount necessary to restore the Security Deposit to its original amount within ten five (105) days after written demand by Sublessor, restore and failure to do so within five (5) days after written demand shall be deemed an automatic Event of Default hereunder. Sublessee may not use the Security Deposit to the full amount originally depositedpay any of Sublessee’s payment obligations, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor Sublessee shall not be required have the right to keep the Security Deposit separate from its general accountsmortgage, and shall have no obligation transfer, assign or liability for payment of interest on encumber the Security Deposit. In the event Sublessor assigns its Sublessee acknowledges that Sublessee has no interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then paid by Sublessor to Landlord under the Lease (“Original Security Deposit”), which Original Security Deposit shall continue to be held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or Landlord subject to the last assignee, if any, terms of Sublessee's interest hereunderthe Lease.
Appears in 2 contracts
Security Deposit. Sublessee Subtenant shall deposit with Sublessor Sublandlord upon execution of this Sublease the sum of Twenty hereof Fourteen Thousand Two Hundred Fifty and 40/100ths no/100 Dollars ($20,250.4014,000.00) as security ------------------------------------------------ for SublesseeSubtenant's faithful performance of SublesseeSubtenant's obligations hereunder ("Security Deposit")hereunder. If Sublessee Subtenant fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, Sublandlord may use, apply or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor Sublandlord may become obligated by reason of SublesseeSubtenant's default or breachdefault, or to compensate Sublandlord for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachwhich Sublandlord may suffer thereby. If Sublessor Sublandlord so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, Subtenant shall within ten (10) days after written demand by Sublessor, therefore deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, herein above stated and SublesseeSubtenant's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor Sublandlord shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Subtenant performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Subtenant's obligations hereunder, the Security Depositsaid deposit, or so much thereof as had has not theretofore been applied by SublessorSublandlord, shall be returned returned, without payment of interest or other increment for its use to Sublessee Subtenant (or at Sublandlord's option, to the last assignee, if any, of SublesseeSubtenant's interest hereunder) at the expiration of the term hereof, and after Subtenant has vacated the Premises. No trust relationship is created herein between Sublandlord and Subtenant with respect to said Security Deposit.
Appears in 1 contract
Sources: Sublease (Concentric Network Corp)
Security Deposit. Sublessor shall issue Sublessee shall a credit of $6,886.83 toward its current security deposit with Sublessor of $11,354.00 leaving a balance of $4,467.17 upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) hereof as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, Sublessor shall within ten (10) days after written demand by Sublessor, therefore deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, hereinabove stated and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Depositsaid deposit, or so much thereof as had has not theretofore been applied by Sublessor, shall be returned returned, without payment of interest or other increment for its use to Sublessee (or at Sublessor's option, to the last assignee, if any, of Sublessee's interest hereunder) at the expiration of the term hereof, and after Sublessee has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to said Security Deposit.
Appears in 1 contract
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as As security for Sublessee's the faithful performance by ---------------- Sub-Subtenant of Sublessee's all of its obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit Sub-Sublease and for the payment of any rent damages to which Sub-Sublandlord may be entitled in the event of a default by Sub-Subtenant hereunder, Sub-Subtenant will deposit with Sub-Sublandlord the Security Deposit. The Security Deposit shall be returned to Sub-Subtenant by Sub-Sublandlord without interest, 30 days after the expiration of the Sub-Sublease Term, or renewal thereof, if applicable, provided that Sub-Subtenant has fully and faithfully carried out all of the terms, covenants and conditions under this Sub-Sublease, the Master Lease and the Sublease. If Sub-Subtenant defaults with respect to any provision of this Sub-Sublease, including, but not limited to, the provisions relating to the payment of the Rent, Sub-Sublandlord shall have the right, but shall not be required to, at any time during the Sub-Sublease Term to use, apply or retain all or any part of the Security Deposit: a) for the payment of any of the Rent or any other amount then due hereunder and unpaid, sum in default; and/or b) for the payment of any other sum for amount which Sublessor Sub-Sublandlord may spend or become obligated to spend by reason of SublesseeSub-Subtenant's default, and/or c) to cure any default or breachof Sub-Subtenant, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Depositand if Sub-Sublandlord does so, Sublessee Sub-Subtenant shall, within ten (10) days after written demand by Sublessorupon demand, restore immediately deposit with Sub-Sublandlord an additional sum to make the sum equal to the original Security Deposit to amount, so that Sub-Sublandlord shall have the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on available throughout the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderSub-Sublease Term.
Appears in 1 contract
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty __Eighteen thousand four hundred two dollars and 40/100ths 50/100 (1 month’s rent) Dollars ($20,250.40$ 18,402.50 ) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("“Security Deposit"Deposi”). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Sources: Sublease Agreement (Careguide Inc)
Security Deposit. Sublessee Subtenant shall deposit with Sublessor Sublandlord upon execution of this Sublease hereof the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars SEVEN THOUSAND AND NO/100s DOLLARS ($20,250.407,000.00) as security for SublesseeSubtenant's faithful performance of SublesseeSubtenant's obligations hereunder ("Security Deposit")hereunder. If Sublessee Subtenant fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, Sublandlord may use, apply or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor Sublandlord may become obligated by reason of SublesseeSubtenant's default or breachdefault, or to compensate Sublandlord for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachwhich Sublandlord may suffer thereby. If Sublessor Sublandlord so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, within Subtenant shall with ten (10) days after written demand by Sublessor, therefore deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, hereinabove stated and SublesseeSubtenant's failure to do so shall constitute be a default under breach of this Sublease, and Sublandlord may at its option terminate this Sublease. Sublessor Sublandlord shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Subtenant performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Subtenant's obligations hereunder, the Security Deposit, said deposit or so much thereof hereof as had not theretofore been applied by Sublessor, Sublandlord shall be returned without payment of interest for its use, to Sublessee or Subtenant (or, at Sublandlord's option, to the last assignee, if any, of SublesseeSubtenant's interest hereunder) within ten (10) days after the expiration of the term hereof, or after Subtenant has vacated the Sublease Premises, whichever is later.
Appears in 1 contract
Sources: Sublease (Harvey Entertainment Co)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths thirteen thousand, eight hundred twenty-four Dollars ($20,250.40$ 13,824.00) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and SublesseeSublessees's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten thirty (1030) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Sources: Sublease (Hybrid Networks Inc)
Security Deposit. Sublessee Sublessor shall deposit with Sublessor upon execution of this Sublease hereof the sum of Twenty Thousand Two Hundred Fifty Three thousand five hundred fifty one and 40/100ths 17/100 Dollars ($20,250.403,551.17) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, hereinabove stated and Sublessee's failure to do so shall constitute be a default under breach of this Sublease, and Sublessor may at his option terminate this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Deposit, said deposit or so much thereof as had not theretofore been applied by Sublessor, Sublessor shall be returned without payment of interest for its use to Sublessee or (or, at Sublessor's option, to the last assignee, if any, of Sublessee's interest hereunder) within ten (10) days after the expiration of the term hereof, or after Sublessee has vacated the Premises, which is later.
Appears in 1 contract
Sources: Consent to Sublease (Expresspoint Technology Systems Inc)
Security Deposit. Sublessee Concurrently with the execution of this Sublease, Subtenant shall deposit with Sublessor upon execution of this Sublease Sublandlord the sum of Twenty Forty-Two Thousand Two Nine Hundred Fifty Eighty-Seven and 40/100ths 10/100 Dollars ($20,250.4042,987.10) ("Deposit"), which shall be held by Sublandlord as security for Sublessee's the full and faithful performance by Subtenant of Sublessee's its covenants and obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease. Notwithstanding the foregoing, Sublandlord shall retain, and Subtenant shall receive a credit against the Deposit in the amount of, Twenty-Seven Thousand Eight Hundred Seventy-One and 00/100 Dollars ($27,871.00) which represents the security deposit held by Sublandlord under the Original Sublease Agreement. The Deposit is not an advance Rent deposit, an advance payment of any other kind, or fails a measure of Sublandlord's damages in case of Subtenant's default. If Subtenant defaults in the full and timely performance of any or all of Subtenant's covenants and obligations set forth in this Sublease, then Sublandlord may, from time to perform time, without waiving any of its other obligations hereunderremedy available to Sublandlord, Sublessor may use or apply all the Deposit, or any portion of it, to the Security Deposit for extent necessary to cure or remedy the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, to compensate Sublandlord for all or for any loss or damage a part of the damages sustained by Sublessor as a result of SublesseeSublandlord resulting from Subtenant's default or breachdefault. If Sublessor Subtenant shall pay to Sublandlord within five (5) business days following written demand, the amount so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, applied in order to restore the Security Deposit to the full amount originally depositedits original amount, and SublesseeSubtenant's failure to do so pay such amount within such five (5) business day period shall constitute a default under this Sublease. Sublessor Sublandlord shall endeavor to provide notice of any application of the Deposit substantially contemporaneously with such application. If Subtenant is not be required in default with respect to keep the Security Deposit separate from its general accounts, covenants and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest obligations set forth in this Sublease at the expiration or earlier termination of the Sublease, Sublessor Sublandlord shall deliver return the Deposit to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days Subtenant after the Term has expired, expiration or Sublessee has vacated earlier termination of this Sublease in accordance with the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default provisions of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderCalifornia Civil Code Section 1950.
Appears in 1 contract
Security Deposit. Sublessee shall deposit Subtenant has deposited with Sublessor upon Sublandlord simultaneously with the execution of this Sublease Sublease, the sum of Twenty Thousand Two Hundred Fifty _____________________________ and 40/100ths ____/100 Dollars ($20,250.40_________) as security for Sublessee's faithful performance of Sublessee's obligations hereunder a deposit (the "Security Deposit"). If Sublessee fails ) to pay rent or other charges when due under this Sublease, or fails to perform any secure the prompt performance of its other Subtenant's obligations hereunder. The Security Deposit may be commingled with Sublandlord's general funds, Sublessor may use or if permitted by law. Sublandlord shall have the right, but shall not be obligated, to apply all or any portion of the Security Deposit for to cure any default, in which event Subtenant shall be obligated to deposit with Sublandlord the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, necessary to restore the Security Deposit to its original amount within five (5) days after written notice from Sublandlord. To the full amount originally depositedextent not forfeited or otherwise used as provided herein, and Sublessee's failure provided the Subleased Premises are vacated in good condition, ordinary wear and tear and damage by fire or other casualty excepted, as described in Section 26, the Security Deposit shall be returned, without interest, to do so shall constitute a default under Subtenant within thirty (30) days after the expiration or other termination of 135 this Sublease. Sublessor shall not be required to keep Sublandlord may deliver the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment to any assignee of interest on the Security Deposit. In the event Sublessor assigns its Sublandlord's interest in this Sublease, Sublessor whereupon Sublandlord shall deliver be discharged from any further liability with respect to its assignee so much the Security Deposit. This provision shall apply also to any and all subsequent transferrers of the Sublandlord's interest in this Sublease. If the Subtenant fails to take possession of the Subleased Premises as required by this Sublease, the Security Deposit shall not be deemed liquidated damages and Sublandlord's use of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever this paragraph shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied preclude Sublandlord from recovering from Subtenant all additional damages incurred by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderSublandlord.
Appears in 1 contract
Sources: Office Lease (Otg Software Inc)
Security Deposit. Sublessee Tenant shall deposit with Sublessor Landlord upon execution of this Sublease ---------------- hereof the sum of Twenty Thousand Two Hundred Fifty and 40/100ths EIGHTEEN THOUSAND SEVEN HUNDRED SIXTY-SIX AND NO/100 Dollars ---------------------------------------------------- ($20,250.4018,766.00) as security for SublesseeTenant's faithful performance of SublesseeTenant's --------- obligations hereunder ("Security Deposit")hereunder. If Sublessee Tenant fails to pay rent or other charges when due under this Subleasehereunder, or fails otherwise defaults with respect to perform any provision of its other obligations hereunderthis Lease, Sublessor Landlord may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor Landlord may become obligated by reason of SublesseeTenant's default or breachdefault, or to compensate Landlord for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachwhich Landlord may suffer thereby. If Sublessor Landlord so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, Tenant shall within ten (10) days after written demand by Sublessor, therefore deposit cash with Landlord in an amount sufficient to restore the Security Deposit said deposit to the full amount originally depositedhereinabove stated, and SublesseeTenant's failure to do so shall constitute be a default under breach of this SubleaseLease and Landlord may at its option terminate this Lease. Sublessor Landlord shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Tenant performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Tenant's obligations hereunder, the Security Deposit, said deposit or so much thereof as had has not theretofore been applied by Sublessorto Landlord, shall be returned returned, without payment of interest or other increment for its use, to Sublessee or Tenant (or, at Landlord's option, to the last assignee, if any, of SublesseeTenant's interest hereunder) within fifteen (15) days after the expiration of the term hereof, or after Tenant has vacated the Premises, whichever is later.
Appears in 1 contract
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars an amount equal to three (3) months rent $20,250.40) 81,000 as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee so chooses, it shall have the right to issue and deliver a Letter of Credit to Sublessor pursuant to the terms of Paragraph 36 of the Master Lease, except that "$81,000" shall be substituted for "$1,000,000, "Sublessee" shall be substituted for "Tenant", "Sublessor" shall be substituted for "Landlord", and Paragraphs 36. (b) and 36. (c) shall be deleted. Said Letter would replace the aforementioned Security Deposit, and would be subject to all the terms and conditions referenced in this paragraph." If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Sources: Sublease Agreement (Perclose Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon Upon execution of this Sublease the Lease, Tenant shall deliver ---------------- to Landlord in cash a sum of Twenty Thousand Two Hundred Fifty and 40/100ths equal to THIRTY NINE THOUSAND NINE HUNDRED SEVENTY ----------------------------------------- SEVEN AND 20/100 Dollars ($20,250.40) 39,977.20), as security for SublesseeTenant's faithful ---------------- ------------ performance of SublesseeTenant's obligations hereunder under the Lease (the "Security Deposit"). If Sublessee Tenant fails to pay rent or other charges when due under this Subleasethe Lease, or fails otherwise defaults with respect to perform any provision of its other obligations hereunderthe Lease, Sublessor Landlord may use use, apply or apply retain all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor Landlord may become obligated by reason of SublesseeTenant's default or breachdefault, or to compensate Landlord for any expenditures, loss or damage sustained which Landlord may suffer thereby, including but not limited to costs incurred by Sublessor as a result Landlord to repair damage to the Premises, or to clean the same upon expiration or sooner termination of Sublessee's default or breachthe Lease. If Sublessor Landlord so uses or applies all or any portion of the Security Deposit, Sublessee shall, Tenant shall within ten five (105) days after written demand by Sublessor, therefor deposit cash with Landlord in an amount sufficient to restore the Security Deposit to the full amount originally deposited, hereinabove stated and SublesseeTenant's failure to do so shall constitute be a default under this Subleasebreach of the Lease. Sublessor Landlord shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment . If Tenant performs all of interest on Tenant's obligations under the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunderLease, the Security Deposit, Deposit or so much thereof as had so has not theretofore theretofor been applied by SublessorLandlord, shall be returned returned, without payment of interest or other increments for its use, to Sublessee or Tenant (or, at Landlord's option, to the last assignee, if any, of SublesseeTenant's interest hereunderunder the Lease) within thirty (30) days after the later of the expiration of the term of the Lease, or the date on which Tenant shall vacate the Premises.
Appears in 1 contract
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars (hereof $20,250.40) 12,100.00 as security for Sublessee's faithful performance of ----------- Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained of any other sum to which Sublessor may become obligated by Sublessor as a result reason of Sublessee's default default, or breachto compensate Sublessor for any loss or damage which Sublessor may suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore deposit cash will Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, hereinabove stated and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Depositsaid deposit, or so much thereof as had has not theretofore been applied by Sublessor, shall be returned returned, without payment of interest or other increment for its use to Sublessee (or at Sublessor's option, to the last assignee, if any, of Sublessee's interest hereunder) at the expiration of the term hereof, and after Sublessee has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to said Security Deposit.
Appears in 1 contract
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Twelve Thousand Two Nine Hundred Fifty Ninety-One and 40/100ths 65/100 Dollars ($20,250.4012,991.65) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premisespremises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Sources: Sublease (C2i Solutions Inc)
Security Deposit. Concurrently with Sublessee’s execution of this Sublease, Sublessee shall deposit with Sublessor upon execution Sublessor, in cash, the sum of Fifty Four Thousand Dollars ($54,000.00), as security for the performance by Sublessee of the terms and conditions of this Sublease (the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("“Security Deposit"). ”) If Sublessee fails to pay rent Rent or other charges when due under hereunder or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, then Sublessor may use draw upon, use, apply or apply retain all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaidcharge in default, for the payment of any other sum for which Sublessor may has become obligated to pay by reason of Sublessee's default or breach’s default, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of has suffered thereby, including attorneys fees (whether or not any legal proceedings are filed against Sublessee's default or breach). If Sublessor so uses or applies all or any portion of the Security Deposit, then Sublessee shall, within ten five (105) days after written demand by Sublessortherefor, deposit cash with Sublessor in the amount required to restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under stated above. Within fourteen (14) days after the expiration or earlier termination of this Sublease, if Sublessee is not then in default, Sublessor shall return to Sublessee (without interest) so much of the Security Deposit as has not been applied by Sublessor pursuant to this Section 5 or which is not otherwise required to cure Sublessee’s defaults. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment own funds. Sublessee hereby waives the provisions of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderCalifornia Civil Code Section 1950.7.
Appears in 1 contract
Security Deposit. A. Upon execution hereof, Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Ninety-Four Thousand Dollars ($20,250.40294,000) as security for Sublessee's faithful performance of Sublessee's obligations hereunder (the "Security Deposit"), in cash, as security for the performance by Sublessee of the terms and conditions of this Sublease. If Sublessee fails to pay rent Rent or other charges when due under hereunder or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, then Sublessor may use draw upon, use, apply or apply retain all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaidcharge in default, for the payment of any other sum for which Sublessor may has become obligated to pay by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachhas suffered thereby. If Sublessor so uses or applies all or any portion of the Security Deposit, Sublessee shallthen Sublessee, within ten (10) days after written upon demand by Sublessortherefor, shall deposit cash with Sublessor in the amount required to restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Subleasestated above. Sublessor shall not be required to keep Upon the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment expiration of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, if Sublessee is not in default, Sublessor shall deliver return to its assignee Sublessee so much of the Security Deposit as has not been applied by Sublessor pursuant to this paragraph, or which is then not otherwise required to cure Sublessee's defaults.
B. Sublessee shall have the right to provide a portion of the Security Deposit in the amount of One Hundred Ninety-Six Thousand Dollars ($196,000) in the form of a letter of credit (the "Letter of Credit"). The Letter of Credit shall be in a form and issued by a financial institution that is reasonably acceptable to Sublessor. Sublessee shall cause the Letter of Credit to remain in effect during the entire Sublease Term and for an additional sixty (60) days following the expiration or earlier termination of this Sublease, and shall extend or renew the Letter of Credit from time to time at least thirty (30) days before its stated expiration date. If Sublessee fails to maintain, renew or replace the Letter of Credit at least thirty (30) days before its stated expiration date, Sublessor may, without prejudice to any other right or remedy, draw upon the entire amount of the Letter of Credit. Any amount drawn by Sublessor on the Letter of Credit but not applied by Sublessor to satisfy Sublessee's obligations hereunder shall be held by SublessorSublessor in accordance with the other provisions of this section. Within ten If Sublessor draws on any portion of the Letter of Credit, Sublessee shall, within three (103) days after of demand by Sublessor, deposit immediately available funds with Sublessor in the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default full amount of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Sources: Sublease (Placeware Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars (hereof $20,250.40) 8,270 as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, . Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Deposit, said deposit. Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, hereinabove stated and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Depositsaid deposit, or so much thereof as had has not theretofore been applied by Sublessor, shall be returned returned, without payment of interest or other increment for its use to Sublessee (or at Sublessor's option, to the last assignee, if any, of Sublessee's interest hereunder) at the expiration of the term hereof, and after Sublessee has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to said Security Deposit.
Appears in 1 contract
Sources: Sublease Agreement (Rockshox Inc)
Security Deposit. (a) Sublessee shall deposit with deliver to Sublessor upon at the time of execution of this Sublease by Sublessee a security deposit equal to $1,100,687.84 (i.e., two (2) months’ Base Rent at the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) average rate per square foot), as security for Sublessee's ’s faithful performance of Sublessee's ’s obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under defaults (which term, including the singular, shall, wherever used in this Sublease, or fails mean any default that continues after notice to perform Sublessee thereof and application of the applicable cure period) with respect to any provision of its other obligations hereunderthis Sublease, Sublessor may (but shall have no obligation to) use or apply all or any portion of the Security Deposit said deposit for the payment of any rent Base Rent or other amount then charge due hereunder and unpaid, for the payment of to pay any other sum for to which Sublessor may become obligated by reason of Sublessee's ’s default or breach, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefor deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the its full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Subleaseamount. Sublessor shall not be required to keep the Security Deposit said security deposit separate from its general accounts. So long as no default then exists, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Depositsaid deposit, or so much thereof as had shall not theretofore then have been applied by Sublessor, shall be returned returned, without payment of interest or other amount for its use, to Sublessee within a reasonable time after the expiration of the term hereof, and after Sublessee has vacated and delivered the Sublease Premises as required hereunder. Sublessor may retain an amount reasonably calculated to be sufficient to pay any final amount of additional rent for the year in which the Term ends, with a reconciling refund or payment to be made promptly after the actual amount thereof has been determined. No trust relationship is created herein between Sublessor and Sublessee with respect to said security deposit. Sublessee acknowledges that the security deposit is not an advance payment of any kind or a measure of or limit on Sublessor’s damages in the event of Sublessee’s default. Any application of the security deposit by Sublessor shall be without prejudice to any other right or remedy Sublessor may have. If Sublessor conveys Sublessor’s interest under this Sublease, the security deposit, or any part thereof not previously applied, shall be turned over by Sublessor to Sublessor’s grantee, and, when so turned over, Sublessee agrees to look solely to such grantee for proper application of the security deposit in accordance with the terms of this Section 8, and the return thereof in accordance herewith. Sublessee hereby waives the provisions of any law which is inconsistent with this Section 8. Sublessor and Sublessee agree that, instead of a cash security deposit, Sublessee will satisfy the security deposit requirement under this Sublease by delivering to Sublessor, at the time of execution of this Sublease by Sublessee, a clean irrevocable standby letter of credit in favor of Sublessor in the amount of the security deposit referred to above. Any such letter of credit shall be drawn on Silicon Valley Bank, Bank of America, N.A., or another bank reasonably approved by Sublessor from time to time, and shall be in form and substance reasonably acceptable to Sublessor. In the event of a material adverse change in the financial position of any bank which has issued a letter of credit hereunder, Sublessor reserves the right, on any scheduled expiration or renewal date of any such letter (or, in the event that Sublessor reasonably determines that the condition of the issuing bank is in imminent danger of insolvency, upon ten (10) business days’ notice), to request that Sublessee change the issuing bank to another bank reasonably approved by Sublessor. Regardless of whether Sublessor shall have previously requested that Sublessee change issuing banks, if the bank on which the original letter of credit or any replacement letter is drawn is declared insolvent or placed into conservatorship or receivership, Sublessee shall, within twenty (20) days thereafter, replace the then-outstanding letter of credit with a like letter of credit from another bank reasonably acceptable to Sublessor. The letter of credit shall be assignable by Sublessor at any time and from time to time to any successor or successors, without cost or charge to Sublessor.
(b) The letter of credit shall contain a so-called “Evergreen” clause, whereby the issuing bank agrees to automatically extend the term of the letter of credit from year to year throughout the Term, with a final expiry date no sooner than thirty (30) days beyond the Term hereof unless, not less than sixty (60) days prior to the last assigneedate on which the letter would expire absent such extension, the issuing bank gives notice to Sublessor, by commercial overnight delivery or by certified or registered mail, of non-extension. In the event of notice from the issuing bank of non-extension, Sublessee shall, not later than twenty (20) days prior to the date on which the outstanding letter shall expire without extension, obtain a replacement letter of credit from a bank reasonably acceptable to Sublessor, under all of the terms and conditions set forth above. Upon the occurrence of any default on the part of Sublessee hereunder, Sublessor may at its election draw all or a portion of the letter of credit, and within ten (10) days Sublessee shall cause the issuing bank to replenish the letter of credit to the original full amount. Upon the failure of Sublessee to replace any such letter at least twenty (20) days prior to its expiration, and written certification thereof by Sublessor to the issuing bank, Sublessor may at its election draw the full amount or any part thereof, and either (x) hold, use and apply the proceeds thereof as if such proceeds were originally deposited with Sublessor in cash under this Section 8, or (y) use such proceeds (or any excess proceeds after application) to obtain from another bank a replacement letter of credit, and the cost of such replacement shall be deducted from the available balance and reimbursed by Sublessee. Sublessee hereby agrees, if anyso requested by Sublessor, to enter into a letter of credit agreement with the bank so designated by Sublessor, failing which Sublessor may do so in Sublessee's ’s name and behalf. The order in which Sublessor applies the proceeds of the cash security deposit and the proceeds of the letter of credit shall be determined by Sublessor from time to time in its sole and unfettered discretion.
(c) From and after the time at which Sublessor shall have drawn all or any portion of the proceeds of such a letter of credit, Sublessor shall have the right from time to time without prejudice to any other remedy Sublessor may have on account thereof, to apply such proceeds, or any part thereof, to Sublessor’s damages arising from any then-existing or subsequently occurring default by Sublessee hereunder. While Sublessor holds any unapplied proceeds, Sublessor may commingle the same as hereinabove provided, and shall not be required to pay interest thereon. There then existing no default of Sublessee hereunder (nor any event or circumstance which, with the giving of notice or the passage of time, or both, would constitute a default by Sublessee),, at the expiration of the term of this Sublease and delivery of the Sublease Premises to Sublessor in accordance herewith and payment of all amounts then due and coming due, Sublessor shall return to Sublessee the proceeds thereof (or, if not drawn upon, any letter of credit), or so much thereof as shall not have theretofore been applied or returned in accordance with the terms of this Section, within thirty (30) days after the expiration of the term hereof, and after Sublessee has vacated and delivered the Premises as required hereunder. Sublessor may retain an amount reasonably calculated by Sublessor (taking into account information then available for prior years) to be sufficient to pay any final amount of additional rent for the year in which the Term ends, with a reconciling refund or payment to be made promptly after the actual amount thereof has been determined. If Sublessor conveys Sublessor’s interest under this Sublease, the proceeds (or, if not drawn upon, any letter of credit), or any part thereof not previously applied, may be turned over or endorsed by Sublessor to Sublessor’s grantee, whereupon Sublessee agrees to look solely to such grantee for proper application of the proceeds in accordance with the terms of this Section, and the return thereof in accordance herewith.
Appears in 1 contract
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease hereof the sum of Twenty Eighteen Thousand Two One Hundred Fifty Seventy-seven and 40/100ths 00/100 Dollars ($20,250.4018,177.00) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply, or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent rent, or other amount then due hereunder and unpaidcharge in default, or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, within ten (10) 10 days after written demand by Sublessortherefor, deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally depositedhereinabove stated, and Sublessee's failure to do so shall constitute be a default under breach of this Sublease and Sublessor may at its option terminate this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or If Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any performs all of its obligations hereunder, the Security Depositsaid deposit, or so much thereof as had any amount not theretofore been applied by Sublessor, shall be returned without payment of interest for its use to Sublessee (or at Sublessor's option to the last assignee, if any, of Sublessee's interest hereunder) within 10 days after the expiration of the term hereof, or after Sublessee has vacated the Premises, whichever is later.
Appears in 1 contract
Sources: Sublease (Jni Corp)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease Sublease, the sum of Twenty Thousand Two Hundred Fifty $294,923.46, which consists of $147,461.73 prepayment of rent and 40/100ths Dollars ($20,250.40) 147,461.73 as security for Sublessee's ’s faithful performance of Sublessee's ’s obligations hereunder ("“Security Deposit"”). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then when due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's ’s default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's ’s default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's ’s failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within Provided Sublessee is not then in default of any of its obligations hereunder, Sublessor shall apply a portion of the Security Deposit in an amount equal to Sublessee’s obligation for the last month’s Base Rent and any additional rent occurring during the Initial Term or any Renewal Term; and within ten (10) days after the Initial Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 7b hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, so much of the Security Deposit, or so much thereof Deposit as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's ’s interest hereunder.
Appears in 1 contract
Sources: Sublease (Marchex Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty Seven thousand fifty-nine dollars and 40/100ths Dollars sixty-seven cents ($20,250.407,059.67) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become becomes obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Subleasesublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver delivery to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Sources: Sublease (Confederate Motors, Inc.)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars (hereof $20,250.40) 1,500.00 as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, hereinabove stated and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Depositsaid deposit, or so much thereof as had has not theretofore been applied by Sublessor, shall be returned returned, without payment of interest or other increment for its use to Sublessee (or at Sublessor's option, to the last assignee, if any, of Sublessee's interest hereunder) at the expiration of the term hereof, and after Sublessee has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to said Security Deposit.
Appears in 1 contract
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars (hereof $20,250.40) 7,551.60 as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under this Subleasehereunder, or fails otherwise defaults with respect to perform any provision of its other obligations hereunderthis Sublessee, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, hereinabove stated and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Depositsaid deposit, or so much thereof as had has not theretofore been applied by Sublessor, shall be returned returned, without payment of interest or other increment for its use to Sublessee (or at Sublessor's option, to the last assignee, if any, of Sublessee's interest hereunder) at the expiration of the term hereof, and after Sublessee has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to said Security Deposit.
Appears in 1 contract
Security Deposit. Sublessee Subtenant shall deposit with Sublessor Sublandlord upon Subtenant's execution of this Sublease hereof, in cash, the sum of Twenty Forty-Nine Thousand Four Hundred Eighty-Two Hundred Fifty and 40/100ths 54/100 Dollars ($20,250.4049,482.54) (the "Security Deposit") as security for SublesseeSubtenant's faithful performance of SublesseeSubtenant's obligations hereunder ("Security Deposit")hereunder. If Sublessee Subtenant fails to pay rent any Rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, Sublandlord may use, apply or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaidcharge in default, or for the payment of any other sum for which Sublessor may become obligated Sublandlord incurs by reason of SublesseeSubtenant's default or breachdefault, or to compensate Sublandlord for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachwhich Sublandlord may suffer thereby. If Sublessor so Sublandlord uses or applies all or any portion of the Security Deposit, Sublessee shall, Subtenant must within ten (10) days after written demand by Sublessor, therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the its full amount originally deposited, and SublesseeSubtenant's failure to do so shall constitute will be a default under material breach of this Sublease. Sublessor Sublandlord shall not not, unless otherwise required by law, be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of nor pay interest on the Security DepositDeposit to Subtenant. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much If Subtenant performs all of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Subtenant's obligations hereunder, the Security Deposit, or so much thereof as had has not theretofore been used or applied by SublessorSublandlord, shall will be returned to Sublessee Subtenant (or at Sublandlord's option, to the last assignee, if any, of SublesseeSubtenant's interest hereunder) at the expiration or earlier termination of the Sublease Term, and within thirty (30) days after Subtenant has vacated the Subleased Premises. Subtenant hereby waives (i) California Civil Code Section 1950.7 (or any successor law) and any and all other laws, rules and regulations applicable to security deposits in the commercial context ("Security Deposit Laws"), and (ii) any and all rights, duties and obligations either party may now or, in the future, will have relating to or arising from the Security Deposit Laws. Notwithstanding anything to the contrary contained herein, the Security Deposit may be retained and applied by Sublandlord (a) to offset Rent which is owed and unpaid by Subtenant either before or after termination of this Sublease, and (b) against other damages suffered by Sublandlord due to the acts or omissions of Subtenant or Subtenant's agents, employees, contractors, invitees or licensees before or after termination of this Sublease. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit. Sublessor has a security interest in the Security Deposit pursuant to the Uniform Commercial Code of the state in which the Subleased Premises is located. Any deposit paid by Sublandlord under the Lease which may be returned by the Landlord will be the property of Sublandlord.
Appears in 1 contract
Sources: Sublease (Finjan Holdings, Inc.)
Security Deposit. Sublessee shall deposit with Sublessor Sublessor, upon execution of this Sublease hereof, the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Zero Dollars ($20,250.400) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay when due rent or additional rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may, in addition to all of its rights and remedies under this Sublease and at law, require Sublessee to immediately deposit with Sublessor a Security Deposit equal to (1) month's fixed rent and Sublessee's Proportionate Share of Ownership taxes and Operating Expenses. Thereafter, Sublessor may use use, apply or apply retain all of or any portion of the Security Deposit said deposit for the payment of any rent rent, additional rent, or other amount then due hereunder and unpaid, for the payment of any other sum charges for which Sublessor Sublessee may become obligated by reason of Sublessee's default or breach, or and to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses uses, retains, or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, within ten (10) days after written demand by Sublessortherefor, deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, hereinabove stated and Sublessee's failure to do so shall constitute be a default under breach of this Sublease, and Sublessor may, at his option, terminate this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much If Sublessee performs all of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Deposit, said deposit or so much thereof as had not theretofore been used, retained or applied by Sublessor, Sublessor shall be returned to Sublessee or (or, at Sublessor's option, to the last assignee, if any, of Sublessee's interest hereunder) and without interest for the use thereof within ten (10) days after the expiration of the term hereof, or after Sublessee has vacated the Subleased Premises, whichever is later.
Appears in 1 contract
Security Deposit. Sublessee shall deposit with Sublessor upon (a) Upon the execution of this Sublease Lease, Tenant has deposited with Landlord the sum “Deposit” in the amount of Twenty Sixty-Nine Thousand Seven Hundred Twenty-Two Hundred Fifty and 40/100ths 00/100 Dollars ($20,250.40) 69,722.00). The Deposit shall be held by Landlord as security for Sublessee's the faithful performance of Sublessee's obligations hereunder ("Security Deposit")by Tenant. If Sublessee Tenant fails to pay rent or other charges when due under this Subleasehereunder, or fails otherwise defaults with respect to perform any provision of its other obligations hereunderthis Lease, Sublessor may use Landlord may, but shall have no obligation to, use, apply or apply retain all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor Landlord may become obligated by reason of Sublessee's default or breachTenant’s default, or to compensate Landlord for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachwhich Landlord may suffer thereby. If Sublessor Landlord so uses or applies all or any portion of the Security Deposit, Sublessee shall, Tenant shall within ten (10) days after written demand by Sublessor, therefor deposit cash with Landlord in an amount sufficient to restore the Security Deposit deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Subleasethereof. Sublessor Landlord shall not be required to keep the Security Deposit deposit separate from its general accounts, and shall have no obligation or liability for payment . If Tenant performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Tenant’s obligations hereunder, the Security Deposit, Deposit or so much thereof as had has not theretofore been applied by SublessorLandlord, shall be returned returned, without payment of interest or other increment for its use, to Sublessee or Tenant (or, at Landlord’s option, to the last assignee, if any, of Sublessee's Tenant’s interest hereunder) at the expiration of the Term, and after Tenant has vacated the Demised Premises. No trust relationship is created herein between Landlord and Tenant with respect to the Deposit.
(b) If the credit rating of Tenant’s Guarantor, Metaldyne Company LLC (hereinafter referred to as “Metaldyne”), as reported by ▇▇▇▇▇’▇ falls below “Ba 3” or as reported by Standard & Poors falls below “BB-” or Metaldyne is placed on a “watch list’’ other than as a result of an acquisition by either ▇▇▇▇▇’▇ and/or Standard & Poors or remains on a watch list after an acquisition for a period of six (6) months or more (hereinafter referred to as a “Trigger Event”), Tenant shall promptly notify Landlord and the Security Deposit shall be increased by Sixty-Nine Thousand Seven Hundred Twenty-Two and 00/100 Dollars ($69,722.00) (hereinafter referred to as the “Additional Deposit”), whether or not Tenant shall so notify Landlord. The Additional Deposit shall be deemed part of the Deposit and held and distributed in accordance with Section 39(a) hereof. If Landlord shall apply any portion of the Deposit to cure Tenant’s default, such amount shall reduce the Additional Deposit. Notwithstanding the foregoing, if Metaldyne’s credit rating shall be raised by ▇▇▇▇▇’▇ to “Ba 3” or better and by Standard & Poors to “BB-’’ or better and Metaldyne shall be removed from such watch list, if any (or has been on such watch list as a result of an acquisition for less than six (6) months), such credit rating shall remain at such levels and Metaldyne shall not appear on such watch list(s) for six (6) consecutive months other than as a result of an acquisition and no Event of Default then exists (hereinafter referred to as the “Return Event”), Landlord shall return to Tenant the then remaining portion of the Additional Deposit. Each time the Additional Deposit has been returned to Tenant as aforesaid and a Triggering Event shall subsequently occur, Tenant shall so notify Landlord and again make such Additional Deposit, whether or not Tenant shall so notify Landlord, and if such Additional Deposit has been again made and a Return Event occurs, the balance of the Additional Deposit shall again be returned to Tenant.
(c) Alternatively, in satisfaction of the requirement set forth in the first sentence of Section 39(a), Tenant may deliver to Landlord a letter of credit in the amount of Sixty-Nine Thousand Seven Hundred Twenty-Two and 00/100 Dollars ($69,722.00) in the form set forth on Exhibit E attached hereto (hereinafter referred to as the “Initial Letter of Credit’’). Tenant shall no later than fifteen (15) days prior to the expiration of the Initial Letter of Credit or any subsequent replacement letter of credit, deliver to Landlord, pursuant to this Section 39(c), a replacement letter of credit (hereinafter referred to as the “Replacement L/C), substantially in the same form or such other form as shall be reasonably acceptable to Landlord. The Initial Letter or Credit and each Replacement L/C (hereinafter collectively referred to as the “Letter of Credit”) shall be issued by an Approved Bank, as hereinafter defined. The Letter of Credit shall be in effect from the date of this Lease through the Expiration Date. In the event any Letter of Credit requires a transfer fee or charge, Tenant shall immediately upon request reimburse Landlord for such amount. Upon satisfaction of the foregoing requirements, Tenant shall receive back its $69,722.00 cash deposit.
(d) Landlord may (but shall not be required to do so) draw down the Letter of Credit, up to the Applicable Amount, as hereinafter defined, only in accordance with this Section 39(d) and the provisions of the Letter of Credit and only if any of the following occur:
(i) Tenant shall fail to deliver to Landlord a Replacement L/C pursuant to Section 39(c) hereof, in which event Landlord shall hold the proceeds in trust as cash collateral in an interest bearing account in an Approved Bank. Tenant shall thereafter have the right to furnish a Replacement L/C, and upon the furnishing of such Replacement L/C. Landlord shall immediately turn over such cash collateral (including the interest earned thereon) to Tenant. While Landlord holds such cash collateral, it shall have the right to utilize the same to the extent necessary to cure Tenant’s default, under this Lease, provided if Landlord terminates this Lease as a result of Tenant’s default hereunder, Landlord shall be entitled to retain the entire amount of the cash collateral free of any such trust.
(ii) an Event of Default.
(e) For purposes of this Section 39, (i) “Applicable Amount” means (A) upon a drawing pursuant to Section 39(d)(i) hereof, the entire amount of the Letter of Credit and (B) upon a drawing pursuant to Section 39(d)(ii) hereof, the amount necessary to cure Tenant’s default, provided that if Landlord terminates this Lease, as a result of Tenant’s default hereunder, Landlord shall be entitled to draw the entire Letter of Credit, and (ii) “Approved Bank” shall mean a bank organized under the laws of the United States or any state of the United States, with capital and surplus in excess of One Hundred Million Dollars ($100,000,000).
Appears in 1 contract
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Eighty-Seven Thousand Two Seven Hundred Fifty Fifty-Eight and 40/100ths No/100 Dollars ($20,250.4087,758.00) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's for Sublessee default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and SublesseeSublease's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Sources: Sublease (800 Com Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease hereof the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars twenty-eight thousand, two hundred seventy six dollars ($20,250.4028,276.00) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessortherefore, deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, herein above stated and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Deposit. said deposit, or so much thereof as had has not theretofore been applied by Sublessor, shall be returned returned, without payment of interest or other increment for its use to Sublessee (or at Sublessor's option, to the last assignee, if any, of Sublessee's interest hereunder) at the expiration of the term hereof, and after Sublessee has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to said Security Deposit.
Appears in 1 contract
Sources: Sublease Agreement (Chippac LTD)
Security Deposit. Sublessee shall deposit with Sublessor upon On the date of execution of this Sublease by Sublessee, there shall be due and payable by Sublessee a security deposit in the sum amount of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security 7,929.00, such deposit to be held for Sublessee's faithful the performance by Sublessee of Sublessee's covenants and obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of it being expressly understood that the Security Deposit for the deposit shall not be considered an advance payment of any rent rental or other amount then due hereunder and unpaid, for a measure of Sublessor's damages in case of default by Sublessee. Upon the payment occurrence of any other sum for which Sublessor may become obligated event of default by reason Sublessee or breach by Sublessee of Sublessee's default covenants or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default obligations under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver may, from time to its assignee so much time, without prejudice to any other remedy, use the security deposit to the extent necessary to make good any arrears of rental or other payments hereunder and/or any damage, injury, expense or liability caused to Sublessor by such event or breach of covenant. Following any such application of the Security Deposit as is then held security deposit, sublessee shall pay to Sublessor on demand the amount so applied in order to restore the security deposit to the amount thereof existing prior to such application. Any remaining balance of the security deposit shall be returned by Sublessor. Within ten Sublessor to Sublessee within thirty (1030) days after the Term has expiredtermination of this Sublease; provided, however, Sublessor shall have the right to retain and expend such remaining balance (a) to reimburse Sublessor for any and all rentals or other sums due hereunder that have not been paid in full by Sublessee has vacated and/or (b) for cleaning and repairing the PremisesSubleased Premises if Sublessee shall fail to deliver same at the termination of this Sublease in a neat and clean condition and in as good a condition as existed at the date of possession of same by Sublessee, or ordinary wear and tear only excepted. Sublessee shall not be entitled to any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, interest on the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereundersecurity deposit.
Appears in 1 contract
Sources: Sublease Agreement (Boots & Coots International Well Control Inc)
Security Deposit. Sublessee shall In the event Sublandlord holds any cash security deposit with Sublessor upon execution (the “Security Deposit”) from time to time during the Sublease Term, as security for the faithful performance by Subtenant of all the terms, covenants, and conditions of this Sublease to be kept and performed by Subtenant during the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")Sublease Term. If Sublessee Subtenant fails to pay rent Rent or other charges when sums due under hereunder, or otherwise is in breach with respect to any provisions of this Sublease, Sublandlord may use, apply or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit for the payment of any rent past due sum or other amount then due hereunder and unpaid, for the payment of any other sum for to which Sublessor Sublandlord may become obligated by reason of Sublessee's default or Subtenant’s breach, or to compensate Sublandlord for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachwhich Sublandlord may suffer thereby. If Sublessor Sublandlord so uses or applies all or any portion of the Security Deposit, Sublessee shall, Subtenant shall within ten (10) days after written demand by Sublessor, therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to the full amount originally deposited, thereof and Sublessee's Subtenant’s failure to do so shall constitute be a default under material breach of this Sublease. Sublessor If Subtenant performs all of Subtenant’s obligations hereunder, the Security Deposit, or so much thereof as has not theretofore been applied by Sublandlord, shall be returned, without interest, to Subtenant (or, at Sublandlord’s option, to the last assignee, if any, of Subtenant’s interest hereunder) within sixty (60) days following the later to occur of (a) the expiration of the Term, and (b) Subtenant’s vacation from the Sublease Premises and completion of all removal, repair and restoration obligations. No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit. Sublandlord shall not be required to keep the Security Deposit separate from its general other accounts. Subtenant hereby waives any and all rights under and the benefits of Section 1950.7 of the California Civil Code, and shall have no obligation all other provisions of law now in force or liability for payment that become in force after the date of interest on the Security Deposit. In the event Sublessor assigns its interest in execution of this Sublease, Sublessor shall deliver that provide that Sublandlord may claim from a security deposit only those sums reasonably necessary to its assignee so much of the Security Deposit as is then held remedy any failure to timely pay Rent, to repair damage caused by Sublessor. Within ten (10) days after the Term has expiredSubtenant, or Sublessee has vacated to clean the Sublease Premises. Sublandlord and Subtenant agree that Sublandlord may, in addition, claim those sums reasonably necessary to compensate Sublandlord for any other foreseeable or unforeseeable loss or damage caused by the act or omission of Subtenant or Subtenant’s officers, agents, employees, independent contractors, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderinvitees.
Appears in 1 contract
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Eighty Thousand Two Hundred Fifty and 40/100ths No/100 Dollars ($20,250.4080,000.00) as security for Sublessee's faithful performance of Sublessee▇▇▇▇▇▇▇▇▇'s obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.**SEE RIDER NO. 7
Appears in 1 contract
Sources: Lease Agreement (Pemstar Inc)
Security Deposit. Sublessee shall Subtenant will deposit with Sublessor upon Sublandlord on execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) 5,000.00 as security for SublesseeSubtenant's faithful performance of SublesseeSubtenant's obligations hereunder under this Sublease ("Security Deposit"). If Sublessee Subtenant fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunderunder this Sublease, Sublessor Sublandlord may use or apply all or any portion of the Security Deposit for the payment of any rent (including, without limitation, additional rent) or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor Sublandlord may become obligated by reason because of SublesseeSubtenant's default or breach, or for any loss or damage sustained by Sublessor Sublandlord as a result of SublesseeSubtenant's default or breach. If Sublessor so Sublandlord uses any portion of the Security Deposit, Sublessee shallSubtenant will, within ten (10) days after written demand by SublessorSublandlord, restore the Security Deposit to the full amount originally deposited, and Sublessee. Subtenant's failure to do so shall will constitute a default under this Sublease. Sublessor shall Sublandlord will not be required to keep the Security Deposit separate from its general accounts, and shall will have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor If Sublandlord assigns its interest in this Sublease, Sublessor shall Sublandlord will deliver to its assignee so as much of the Security Deposit as is Sublandlord then held by Sublessorholds. Within ten thirty (1030) days after the Term Lease has expiredexpired or terminated, or Sublessee Subtenant has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occuroccurs last, and provided Sublessee that Subtenant is not then in default of any of its obligations hereunderunder this Sublease, the Security Deposit, or so as much thereof as had remains that has not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.by
Appears in 1 contract
Sources: Sublease (Valley National Corp /De/)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease (a) Subtenant herewith deposits the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars $125,123.25 ($20,250.40the "DEPOSIT") with Sublandlord as a security for Sublessee's deposit to assure the faithful performance by Subtenant of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security obligations assumed by it hereunder. Should part or all of the Deposit be applied by Sublandlord for the payment of any rent overdue Rent or other amount obligations of Subtenant hereunder, then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee Subtenant shall, within ten (10) 15 days after the written demand by Sublessorof Sublandlord, remit to Sublandlord a sufficient amount in cash to restore the Security Deposit to the full amount originally depositedthen current sum taking into consideration any application of the Deposit to installments of Base Rent pursuant to subsection (b) below, and SublesseeSubtenant's failure to do so shall constitute a default under this Subleasehereunder. Sublessor shall not be required to keep Upon the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment termination of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor Sublandlord shall deliver to its assignee so much promptly inspect the Premises and return any unapplied balance of the Security Deposit as is then held by Sublessor. Within ten to Subtenant.
(10b) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever Provided that Subtenant shall last occur, and provided Sublessee is not then be in default of any of its obligations hereunder, the Security DepositDeposit shall be reduced effective October 1, or so much thereof as had not theretofore been 2000, to $83,415.50 and the amount of said reduction shall be applied by SublessorSublandlord as part of the Base Rent installment which is due October 1, 2000. Provided that Subtenant shall not then be in default hereunder, the Deposit shall be returned further reduced effective October 1, 2001, to Sublessee or $41,707.75 and the amount of said reduction shall be applied by Sublandlord as part of the Base Rent installment which is due October 1, 2001.
(c) Subtenant acknowledges that the security deposit paid by Sublandlord to Landlord pursuant to the last assignee, if any, terms of Sublessee's interest hereunderthe Prime Lease is the property of Sublandlord and that Subtenant has no claim or right to any portion of such security deposit.
Appears in 1 contract
Sources: Sublease Agreement (Netrix Corp)
Security Deposit. Upon execution hereof, Sublessee shall deposit with ---------------- Sublessor upon execution a certificate of this Sublease deposit ("CD") issued by a by a money-center bank (a bank which accepts deposits, maintains accounts, has a local Silicon Valley office, and whose deposits are insured by the sum of Twenty FDIC) in an amount equal to three (3) months' Base Rent, or One Hundred Fourteen Thousand Two Eight Hundred Fifty Twenty- Nine and 40/100ths 80/Dollars ($20,250.40) 114,829.80), as security for Sublesseethe performance by Sublessee of the terms and conditions of this Sublease. The CD shall be for a period not less than one hundred eighty (180) days, issued in Sublessor's faithful performance of Sublessee's obligations hereunder name and renewable by Sublessor ("Security Deposit")but not beyond the Term hereof) on the applicable renewal date. If Sublessee fails to pay rent Rent or other charges when due under hereunder or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, then Sublessor may use draw upon, use, apply or apply retain all or any portion of the Security Deposit CD for the payment of any rent Rent or other amount then due hereunder and unpaidcharge in default, for the payment of any other sum for which Sublessor may has become obligated to pay by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachhas suffered thereby. If Sublessor so uses or applies all or any portion of the Security DepositCD, then Sublessee shall, within ten (10) days after written demand by therefor, deposit cash with Sublessor in the amount required to restore Sublessor, restore the Security Deposit 's security to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Subleasestated above. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability liable for payment of any penalties or lost interest on due to Sublessor's draw upon the Security DepositCD pursuant to the provisions hereof; provided, however, that all interest thereon shall accrue to the benefit of Sublessee if Sublessor does not draw upon the CD pursuant to the provisions hereof. In Within five (5) days after demand by Sublessor, Sublessee shall increase the event Sublessor assigns its interest in amount of the CD to an amount not less than three (3) months' Rent then payable under the terms of the Sublease. Upon the expiration of this Sublease, Sublessor shall deliver return the CD to its assignee Sublessee, or so much of the Security Deposit CD as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by SublessorSublessor pursuant to this Paragraph, shall be returned or which is not otherwise required to Sublessee or cure Sublessee's defaults. Notwithstanding anything to the last assigneecontrary contained in this Lease, if anyat any time during the Term that Sublessee completes a financing raising not less than Ten Million Dollars ($ 10,000,000.00), provided that Sublessee has not been in default prior to such date, beyond applicable cure periods, of any obligation to pay money hereunder, Sublessee shall so notify Sublessor in writing of the completion of such financing and provide such reasonable verification as Sublessor shall require. Upon the next CD renewal date, Sublessor shall draw down the sum of Thirty-Eight Thousand Two Hundred Seventy-Six and 60/100 Dollars ($38,276.60) and promptly return such sum to Sublessee. Sublessor shall "roll over" the remaining CD sum (and all interest thereon) for the remainder of the Term as Sublessor's interest hereundersecurity pursuant to the provisions of this Paragraph.
Appears in 1 contract
Sources: Sublease (Clarent Corp/Ca)
Security Deposit. Sublessee shall deposit with Sublessor upon On the date of execution of this Sublease by Sublessee, Sublessee at its sole cost and expense shall deliver to Sublessor, in a form and from a financial institution acceptable to Sublessor, an irrevocable, unconditional standby letter of credit in the sum amount of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars $36,667.00 ($20,250.40) the "Letter of Credit"), as security for Sublessee's the full and faithful performance and observance by Sublessee of Sublessee's covenants and obligations hereunder under this Sublease (the "Security Deposit"). If Sublessee fails shall be solely responsible for all costs and expenses of obtaining, amending, renewing, replacing and/or transferring such Letter of Credit. The Letter of Credit shall have an expiration date not earlier than thirty (30) days following the expiration of the Term of this Sublease. Upon the occurrence of an Event of Default, including, but not limited to, the non-payment of Rent specified in Paragraph 4 hereof, Sublessor may, without giving notice to pay rent Sublessee, draw upon the Letter of Credit to the extent required for the payment of any Rent or any other charges when due under sums as to which Sublessee is in default or for any sum which Sublessor may expend or may be required to expend by reason of Sublessee's default in respect of any of the terms, covenants and conditions of this Sublease, including, but not limited to, any damages or fails to perform any deficiency in the reletting of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent Premises, whether such damages or deficiency accrue before or after summary proceedings or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated re-entry by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachSublessor. If Sublessor so uses draws upon the Letter of Credit to cure any portion of the Security Depositdefault, Sublessee shall, shall cause the Letter of Credit to be restored to its original amount and failure to do so within ten (10) days after receiving written demand notice from Sublessor shall be deemed an Event of Default hereunder. Sublessee understands that its potential liability under this Sublease is not limited to the amount of the Security Deposit. Use of said Security Deposit by Sublessor shall not constitute a waiver, but is in addition to other remedies to Sublessor under this Sublease and under law. In the event of any transfer of Sublessor's interest in the Premises, restore Sublessor shall either return the Security Deposit to Sublessee or assign its interest in the Security Deposit to the full amount originally deposited, transferee or assignee and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall thereupon be released by Sublessee from all liability for the return or payment thereof; and Sublessee shall look solely to the new sublessor for the return or payment of the same; and the provisions hereof shall apply to every transfer or assignment made of the same to a new sublessor. Sublessee shall not be required assign or encumber or attempt to keep assign or encumber the Security Deposit separate from and neither Sublessor nor its general accounts, and shall have no obligation successors or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee bound by any such assignment, encumbrance, attempted assignment or to the last assignee, if any, of Sublessee's interest hereunderattempted encumbrance.
Appears in 1 contract
Sources: Sublease (BG Medicine, Inc.)
Security Deposit. Sublessee a) On or prior to the date that Sub-Subtenant is no longer controlled by or under common control with Sub-Sublandlord, Sub-Subtenant shall deposit with Sublessor upon execution of this Sublease Sub Sublandlord the sum of Twenty Thousand Two Hundred Fifty SIX HUNDRED SEVENTEEN THOUSAND NINE HUNDRED TWENTY-FIVE and 40/100ths Dollars 00/100 ($20,250.40617,925.00) Dollars as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("the “Security Deposit")”) for the performance and observance by Sub-Subtenant of the terms, covenants and conditions of this Sub-Sublease. Sub-Subtenant’s failure to timely deliver the Security Deposit shall be a material default under this Sub-Sublease. If Sublessee fails Sub-Subtenant defaults in respect of any of the terms, covenants or conditions of this Sub-Sublease, including, but not limited to, the payment of Fixed Rent and Additional Rent, Sub-Sublandlord may use, apply or retain the whole or any part of the Security Deposit so deposited to pay rent the extent required for the payment of any Fixed Rent and Additional Rent or any other sum as to which Sub-Subtenant is in default, or for reimbursement of any sum that Sub-Sublandlord may expend or may be required to expend by reason of Sub Subtenant’s default in respect of any of the terms, covenants and conditions of this Sub-Sublease, including, but not limited to, any damages or deficiency in resubletting of the Sub-Subleased Premises, whether such damages or deficiency accrued before or after summary proceedings or other charges when due under re-entry by Sub-Sublandlord. If Sub-Subtenant shall fully and faithfully comply with all of the terms, covenants and conditions of this Sub-Sublease, the Security Deposit (without interest) shall be returned to Sub-Subtenant after both the date fixed as the end of this Sub-Sublease and delivery of possession of the entire Sub-Subleased Premises to Sub-Sublandlord in the condition required hereunder. Sub-Subtenant further covenants that it will not assign or fails encumber or attempt to perform assign or encumber the Security Deposit, and that neither Sub-Sublandlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted encumbrance. In the event of its other obligations hereunderany use, Sublessor may use application or apply all retention of the Security Deposit by Sub-Sublandlord, Sub-Subtenant shall, within five (5) days of demand, pay to Sub-Sublandlord the sum so used, applied or any portion retained.
b) In lieu of the cash Security Deposit, Sub-Subtenant shall deliver to Sub-Sublandlord a clean, irrevocable and unconditional letter of credit (“Letter of Credit”) issued by and drawn upon a member of the Clearing House Association or another commercial bank reasonably satisfactory to Sub-Sublandlord (hereinafter referred to as the “Issuing Bank”) with offices for banking purposes in New York City, and having a Commercial Paper credit rating of A-1/P-1 or better from Standard & Poor’s (the “Minimum Rating Requirement”), which Letter of Credit shall be payable in New York City, have a term of not less than one (1) year, be in a form that complies with requirements sets forth in Section 20(c) below and that is otherwise reasonably acceptable to Sub-Sublandlord, name Sub-Sublandlord as beneficiary, and be maintained in the amount of the Security Deposit for the payment entire Term plus a period of any rent sixty (60) days thereafter. Notwithstanding the foregoing, the Letter of Credit may provide that it can be drawn upon the office of Issuing Bank located outside of New York City if the drawing thereon may be consummated by facsimile and/or reputable overnight courier.
c) The Letter of Credit shall provide that (i) the Issuing Bank shall pay to Sub-Sublandlord or other its duly authorized representative an amount then due hereunder and unpaid, for up to the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion face amount of the Security Deposit, Sublessee shall, within ten Letter of Credit upon presentation of the Letter of Credit and a sight draft in the amount to be drawn; and (10ii) the Letter of Credit either shall be for a term ending sixty (60) days after the end of the Term or shall be deemed to be automatically renewed, without amendment, for consecutive periods of one (1) year each during the Term of this Sub-Sublease, unless the Issuing Bank sends written demand notice to Sub-Sublandlord by Sublessorcertified or registered mail, restore return receipt requested, not less than sixty (60) days next preceding the Security Deposit then expiration date of the Letter of Credit, that it elects not to have such Letter of Credit renewed.
d) Notwithstanding anything to the full amount originally depositedcontrary contained herein, Sub- Subtenant acknowledges that Sub-Subtenant is obligated to provide Sub-Sublandlord with Replacement Security (as hereinafter defined) within fifteen (15) days of notice from Sub Sublandlord if any of the following events (each, a “Triggering Event”) occurs: (1) the Issuing Bank of the Letter of Credit is placed into receivership or conservatorship by the Federal Deposit Insurance Corporation or any successor or similar entity; or (2) the Issuing Bank of the Letter of Credit fails to meet the Minimum Rating Requirement. Within fifteen (15) days of Sub Sublandlord’s notice to Sub-Subtenant of a Triggering Event, Sub-Subtenant shall replace the Letter of Credit with either a letter of credit issued by a commercial bank that satisfies the requirements set forth in Section 20(b) hereof or other security (the “Replacement Security”) acceptable to Sub-Sublandlord in its sole and Sublessee's absolute discretion. If Sub-Subtenant fails to provide the Replacement Security as aforesaid, then, notwithstanding anything in this Sub Sublease to the contrary, (1) such failure to do so shall constitute a default under this Sub-Sublease for which there shall be no notice or grace or cure periods being applicable thereto other than the aforesaid fifteen (15) day period and Sub-Sublandlord shall be entitled to exercise any and all rights and remedies provided under this Sub-Sublease, and (2) Sub-Sublandlord may immediately draw upon the Letter of Credit in whole or in part, and the proceeds thereof shall be held or applied, as applicable, pursuant to the terms of this Sub-Sublease.
e) In the event Sub-Sublandlord assigns or otherwise transfers its interest in the Sublease, Sub-Sublandlord shall have the right to transfer (at no expense to it) the cash Security Deposit or Letter of Credit, as the case may be, deposited hereunder to the transferee, and Sub-Sublandlord shall, after notice to Sub-Subtenant of such transfer, including the name and address of the transferee, be released by Sub-Subtenant from all liability for the return of such cash Security Deposit or Letter of Credit. Sublessor In such event, Sub-Subtenant agrees to look solely to the transferee for the return of said cash Security Deposit or Letter of Credit. Upon Sub-Sublandlord’s assignment or other transfer of its interest in the Sublease, Sub-Subtenant shall not be required have its bank issue a new Letter of Credit on all the same terms and conditions and in the appropriate amount to keep such transferee in exchange for the return of the then existing Letter of Credit and without charge to Sub-Sublandlord or such transferee. It is agreed that the provisions hereof shall apply to every transfer or assignment made of said cash Security Deposit or Letter of Credit to a transferee.
f) Sub-Sublandlord may draw upon the Letter of Credit at the following times: (i) at any time that Sub-Sublandlord is permitted to use or apply the Security Deposit separate from its general accountspursuant to the terms hereof; (ii) upon any failure by Sub-Subtenant to renew, and shall have no obligation or liability for payment at least thirty (30) days in advance of interest on expiration, a Letter of Credit that would otherwise expire prior to the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as date which is then held by Sublessor. Within ten sixty (1060) days after the Term has expired, end of the Term; or Sublessee has vacated the Premises, or any final adjustment (iii) as set forth in Section 20(d) above. Amounts drawn by Sub-Sublandlord under this subparagraph shall be held by Sub Sublandlord as cash security pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default the terms of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderthis Section 20.
Appears in 1 contract
Sources: Sub Sublease (Sema4 Holdings Corp.)
Security Deposit. Sublessee Subtenant shall deposit with Sublessor Sublandlord upon execution of this Sublease the sum of Twenty Twenty-One Thousand Two Five Hundred Fifty Twenty-Eight and 40/100ths No/100 Dollars ($20,250.4021,528.00) (the "Security Deposit") as security for SublesseeSubtenant's faithful performance of SublesseeSubtenant's obligations hereunder ("Security Deposit")hereunder. If Sublessee Subtenant fails to pay rent or other charges Rent when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor Sublandlord may use or apply all or any portion of the Security Deposit for the performance of all of Subtenant's obligations under this Sublease, including the payment of any rent or other amount then due hereunder unpaid Rent, and unpaid, for the payment of any other sum amount for which Sublessor Sublandlord may become obligated by reason of SublesseeSubtenant's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachbreach hereunder. If Sublessor Sublandlord so uses any portion of the Security Deposit, Sublessee Subtenant shall, within ten (10) days after written demand by SublessorSublandlord, restore the Security Deposit to the full amount originally deposited, and SublesseeSubtenant's failure to do so shall constitute a default under this Sublease. Sublessor Sublandlord shall not be required to keep the Security Deposit separate from its general accounts, accounts and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor Sublandlord assigns its interest in this the Sublease, Sublessor Sublandlord shall deliver to its assignee so much of the Security Deposit as is then held by SublessorSublandlord. Within ten thirty (1030) days after the Sublease Term has expired, or Sublessee Subtenant has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee Subtenant is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by SublessorSublandlord, or is to be applied to repair any damage to the Premises, shall be returned to Sublessee Subtenant or to the last assignee, if any, of SublesseeSubtenant's interest hereunder.
Appears in 1 contract
Security Deposit. On the Effective Date, Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Eight Hundred Sixty Thousand Two Three Hundred Fifty Sixty and 40/100ths 25/100 Dollars ($20,250.40860,360.25) (the “Security Deposit”), in cash, as security for Sublessee's faithful the performance by Sublessee of Sublessee's obligations hereunder ("Security Deposit")the terms and conditions of this Sublease. If Sublessee fails to pay rent Rent or other charges when due under hereunder or otherwise defaults with respect to any provision of this SubleaseSublease after expiration of the applicable cure period, or fails to perform any of its other obligations hereunder, then Sublessor may use draw upon, use, apply or apply retain all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaidcharge in default, for the payment of any other sum for which Sublessor may has become obligated to pay by reason of Sublessee's default or breach’s default, or to compensate Sublessor for any loss or damage sustained which Sublessor has suffered thereby, including future rent damages under California Civil Code Section 1951.2, without prejudice to any other remedy provided herein or by law. Sublessee hereby waives the provisions of any law, now or hereafter in force, including, without limitation, California Civil Code Section 1950.7, that provides that Sublessor as may claim from a result security deposit only those sums reasonably necessary to remedy defaults in the payment of Rent, to repair damage caused by Sublessee, or to clean the Subleased Premises, it being agreed that Sublessor, in addition, may claim those sums reasonably necessary to compensate Sublessor for any other loss or damage, foreseeable or unforeseeable, caused by the act or omission of Sublessee's default or breach, including future rent damages following the termination of this Sublease. If Sublessor so uses or applies all or any portion of the Security Deposit, Sublessee shallthen Sublessee, within ten (10) days after written demand by Sublessortherefor, shall deposit cash with Sublessor in the amount required to restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Subleasestated above. Sublessor shall not be required to keep Within thirty (30) days of the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment expiration of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, if Sublessee is not in default after the expiration of any applicable cure period, Sublessor shall deliver return to its assignee Sublessee so much of the Security Deposit as has not been applied by Sublessor pursuant to this paragraph, or which is not otherwise required to cure Sublessee’s defaults. Sublessee shall have the right to instead provide the Security Deposit upon execution hereof in the form of a letter of credit in a form and from a bank that are reasonably acceptable to Sublessor, which shall be held in accordance with the terms of Article 21 of the Master ▇▇▇▇▇, as incorporated herein. Sublessor expressly acknowledges and agrees that the Security Deposit shall be and shall remain the property of Sublessee and shall not constitute property of Sublessor’s estate subject to the claims of Sublessor’s creditors in any Sublessor bankruptcy. Notwithstanding anything to the contrary herein, provided that Sublessee meets the Required Conditions (as defined below), then held on the later of (a) thirtieth (30th) month of the Term and (b) one (1) month following Sublessor’s receipt of evidence for item (iv) below and confirmation that Sublessee meets the Required Conditions, Sublessee shall have the right to reduce the amount of the Security Deposit to Two Hundred Eighty-Six Thousand Seven Hundred Eight-Six and 75/100 Dollars ($286,786.75) by requesting such reduction in writing and providing evidence required by Sublessor that Sublessee has met the net worth and credit requirements of item (iv) below. In the event that Sublessee elected to provide the Security Deposit in the form of a letter of credit, upon any reduction of the Security Deposit Sublessee shall either deliver an amendment to the existing letter of credit or a replacement letter of credit in the new amount that otherwise complies with all other applicable requirements specified in this Section 5 and is in a form reasonably acceptable to Sublessor. Within ten The term “Required Conditions” as set forth above shall mean satisfaction of all of the following: (10i) days after the Term has expired, or Sublessee has vacated not committed a monetary or material default within the Premisessix (6) month period prior to Sublessee’s request, or any final adjustment pursuant to Subsection 6.2 hereof (ii) Sublessee has not been madein default of this Sublease after expiration of the applicable cure period, whichever shall last occur, and provided (iii) Sublessee is not then currently in default, and an event or circumstance does not then exist that would constitute a default by Sublessee under this Sublease without regard to any notice and cure period, and (iv) Sublessee’s tangible net worth (i.e., net worth without taking into account intangible assets such as goodwill, copyrights and other intellectual property) and credit worthiness is not less than that of any Sublessee as of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, Effective Date of Sublessee's interest hereunderthis Sublease.
Appears in 1 contract
Security Deposit. Within three (3) days of Walnut Creek Design Review Commission's approval of Sublessee's planned improvements of the Premises, Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Sixteen Thousand Two Hundred Fifty and 40/100ths 00/100 Dollars ($20,250.4016,000.00) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term Sublease term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has adjustments have been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore heretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Sources: Sublease (Pyramid Breweries Inc)
Security Deposit. Upon the execution of this Sublease, Sublessee shall deposit with Sublessor upon execution a security deposit in the amount of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) 27,145.00 as security for Sublessee's faithful the performance of Sublessee's obligations hereunder the terms and provisions hereof by Sublessee (the "Security DepositSECURITY DEPOSIT"). If The Security Deposit or any portion thereof may be applied to the curing of any default by Sublessee fails to pay rent or other charges when due under this Sublease, without prejudice to any other remedy or fails remedies which Sublessor may have on account thereof, and upon such application Sublessee shall pay Sublessor on demand the amount so applied which shall be added to perform the Security Deposit. Provided Sublessee is not then in default under this Sublease, any remaining balance of its other obligations hereunderthe Security Deposit will be returned to Sublessee within thirty (30) days after the expiration of the term of this Sublease; provided, however, Sublessor may use or apply shall have the right to retain and expend all or any portion of the Security Deposit for cleaning and repairing the payment Subleased Premises to the extent Sublessee fails to deliver the Subleased Premises at the termination of any rent or other amount then due hereunder this Sublease in a neat and unpaidclean condition and in as good a condition as existed at the date of possession of same by Sublessee, except for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachordinary wear and tear. If Sublessor so uses any portion assigns its interest in the Subleased Premises during the term hereof, Sublessor may assign the Security Deposit to the assignee, and thereafter Sublessor shall have no further liability for the return of the Security Deposit, or any interest thereon, and Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit agrees to look solely to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep new sublessor for the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment return of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.-------------------------------------------------------------------------------- OFFICE BUILDING SUBLEASE -2-
Appears in 1 contract
Security Deposit. Concurrently with Sublessee's execution of this ---------------- Sublease, Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two One Hundred Fifty and 40/100ths Thousand Dollars ($20,250.40) 150,000.00). Such deposit which shall be held by Sublessor as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")all of the terms of this Sublease. If Sublessee fails to pay rent Rent or other charges when due under otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, then Sublessor may use draw upon, use, apply or apply retain all or any portion of the Security Deposit security deposit after applicable notice and cure periods for the payment of any rent Rent or other amount then due hereunder and unpaidcharge in default, for the payment of any other sum for which Sublessor may has become obligated to pay by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachhas suffered thereby. If Sublessor so uses or applies all or any portion of the Security Deposit, Sublessee shallsecurity deposit then Sublessee, within ten fifteen (1015) days after written demand by Sublessortherefor, shall deposit cash with Sublessor in the amount required to restore the Security Deposit security deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Subleasestated above. Sublessor shall not be required to keep Within twenty-one (21) days following the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment expiration of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided if Sublessee is not then in default of any of its obligations hereunderdefault, the Security Deposit, or Sublessor shall return to Sublessee so much thereof of the security deposit as had has not theretofore been applied by SublessorSublessor pursuant to this Section 4, shall be returned or which is not otherwise required to Sublessee or to the last assignee, if any, of cure Sublessee's interest hereunderdefaults with any deductions itemized in writing.
Appears in 1 contract
Sources: Sublease (Extreme Networks Inc)
Security Deposit. As security for the faithful and prompt performance of its obligations hereunder, Sublessee shall deposit hereby deposits with Sublessor upon execution cash or an unconditional irrevocable letter of this Sublease credit in favor of Sublessor (the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"), which may be drawn upon in full or in part, from an institution and in form acceptable to Landlord in the amount of $25,000.00, subject to reduction on the (i) first anniversary of the Commencement Date to $17,500.00, (ii) second anniversary of the Commencement Date to $10,000.00, and (iii) third anniversary of the Commencement Date to $7,500.00, provided that Sublessee is not in default under the terms of this Sublease and provided that no event has occurred that upon the passage of time or the giving of notice, would result in Sublessee being in default hereunder. The Security Deposit shall serve as security for the prompt, full and faithful performance by Sublessee of each and every provision of this Sublease and of all obligations of Sublessee hereunder. In the event that the letter of credit is not for a period extending through February 29, 2004 (or, if Sublessee exercises the Renewal Option, the letter of credit shall be extended through December 31, ▇▇▇▇), ▇▇▇▇▇▇▇▇▇ shall renew such letter of credit or provide Sublessor with a replacement letter of credit, from an institution and in form acceptable to Sublessor, at least thirty (30) days prior to the expiration of the current letter of credit. In the event that Sublessee does not renew the letter of credit or provide a replacement letter of credit within such time period, Sublessor may draw upon the letter of credit and hold such funds in accordance with the terms of this Paragraph 24.
(a) If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunderhereunder (beyond any applicable notice and cure periods), Sublessor may use draw on the letter of credit or apply all the cash deposit (as the case may be), in fall or in part as damages for Sublessee's default under Paragraph 12, or for the payment of (i) any Base Rent, Additional Rent or other sums of money which Sublessee may not have paid when due, (ii) any sum expended by Sublessor on Sublessee's behalf in accordance with the provisions of this Sublease, or (iii) any sum which Sublessor may expend or be required to expend by reason of Sublessee's default, including, without limitation, any damage or deficiency in or from the reletting of the Subleased Premises as provided in Paragraph 12. The use, application or retention of the Security Deposit, or any portion thereof, by Sublessor shall not prevent Sublessor from exercising any other right or remedy provided by this Sublease or by law (it being intended that Sublessor shall not first be required to proceed against the Security Deposit) and shall not operate as a limitation on any recovery to which Sublessor may otherwise be entitled. If any portion of the Security Deposit is used, applied or retained by Sublessor for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Depositpurposes set forth above, Sublessee shallagrees, within ten (10) days after the written demand therefor is made by Sublessor, to deposit cash with Sublessor in an amount sufficient to restore the Security Deposit to its original amount.
(b) If Sublessee has not defaulted hereunder and Sublessor has not applied the full amount originally depositedSecurity Deposit to cure a default, and Sublessee's failure or if Sublessor has applied said Security Deposit to do so shall constitute cure a default under this Subleaseand Sublessee has replenished the same, then said Security Deposit, or such remaining portion thereof, shall be returned to Sublessee, without interest, after the last to occur of thirty (30) days following (i) the expiration or termination of the Term, or (ii) any later date after which Sublessee has vacated the Subleased Premises. Sublessor Said deposit shall not be required deemed an advance payment of rent or measure of Sublessor's damages for any default hereunder by Sublessee. In the absence of evidence satisfactory to keep Sublessor of any permitted assignment of the right to receive the Security Deposit separate from its general accountsDeposit, and shall have no obligation or liability for payment of the remaining balance thereof, Sublessor may return the same to the original sublessee, regardless of one or more assignments of Sublessee's interest on in this Sublease or the Security Deposit. In such event, upon the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much return of the Security Deposit as is then held by Sublessor. Within ten (10) days after or the Term has expiredremaining balance thereof to the original sublessee, Sublessor shall be completely relieved of liability under this Paragraph 24 or Sublessee has vacated the Premises, or any final adjustment pursuant otherwise with respect to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Sources: Sublease (Medcare Technologies Inc)
Security Deposit. Upon execution hereof by Sublessee, Sublessee shall deposit with pay to Sublessor upon execution of this Sublease as the "Security Deposit," the sum of Twenty One Hundred Four Thousand Two Hundred Sixty-Two Dollars and Fifty and 40/100ths Dollars Cents ($20,250.40104,262.50). Sublessor shall deposit this amount in a separate interest bearing account with the Prepaid Rent as set forth in paragraph 4(c), and Sublessor shall pay to Sublessee any accrued interest or earnings on the Security Deposit on an annual basis within thirty (30) as security for days after each anniversary of the Commencement Date of this Sublease. The Security Deposit shall secure Sublessee's faithful full and timely performance of Sublessee's all of its obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent Rent or any other charges sums as and when due under hereunder or otherwise fails to perform with respect to any provision of this Sublease, or fails to perform and such failure continues beyond any of its other obligations hereundernotice and applicable cure period, then, Sublessor may use (but shall not be obligated to) use, apply, or apply retain all or any portion of the Security Deposit for the payment of which will be reasonably necessary to pay any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessee is obligated or to compensate Sublessor for any foreseeable or unforeseeable loss or damage which Sublessor may become obligated by reason suffer thereby including, without limitation, any damage that will result in the future through the term of Sublessee's default or breachthe Sublease, to repair damage to the Subleased Premises, to clean the Subleased Premises at the end of the term or for any loss or damage sustained caused by the act or omission of Sublessee or Sublessee's officers, agents, employees, contractors or invitees. Sublessee waives the provisions of California Civil Code Section 1950.7 and all other provisions of law now in force or that become in force after the date of execution of this Sublease that provide that Sublessee may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of Rent, to repair damage caused by Tenant or to clean the Subleased Premises. Any such use, application, or retention shall not constitute a waiver by Sublessor as a result of Sublessee's default its right to enforce its other remedies hereunder, at law, or breachin equity. If Sublessor so uses any portion of the Security DepositDeposit is so used, applied, or retained, Sublessee shall, within ten fifteen (1015) days after delivery of written demand by from Sublessor, restore the Security Deposit said deposit to the full amount originally deposited, and its original amount. Sublessee's failure to do so shall constitute a default under material breach of this Sublease, and in such event Sublessor may elect, among or in addition to other remedies, to terminate this Sublease. Sublessor shall not be a trustee of the Security Deposit, but shall be required to keep this deposit (along with the Security Deposit Prepaid Rent) separate from its general other accounts. If Sublessee fully and faithfully performs all of its obligations hereunder, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee then so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, remains shall be returned to Sublessee (with payment of interest or to earnings thereon) within 30 days after the last assigneelater of (i) expiration or sooner termination of the term hereof, if any, of or (ii) Sublessee's interest hereundersurrender of possession of the Subleased Premises to Sublessor.
Appears in 1 contract
Security Deposit. Upon the execution of this Sublease by Sublessee, Sublessee shall deposit with Sublessor upon execution of this Sublease Sublessor, in cash, the sum of Twenty Thousand Two Hundred Fifty Thirty-Seven Thousand Five Hundred and 40/100ths No/100 Dollars ($20,250.40237,500.00) as security for Sublessee's faithful the performance by Sublessee of Sublessee's obligations hereunder the terms and conditions of this Sublease ("Security Deposit"). If Sublessee fails to pay rent Rent or other charges when due under hereunder or otherwise defaults with respect to any provision of this Sublease, and such default continues after the passage of applicable notice and cure periods, then Sublessor may, but shall not be required to, draw upon, use, apply or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaidcharge in default, for the payment of any other sum for which Sublessor may has become obligated to pay by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained which Sublessor has suffered thereby. The use, application or retention of the Security Deposit, or any portion thereof, by Sublessor shall not prevent Sublessor from exercising any other right or remedy provided by this Sublease or by law, it being intended that Sublessor shall not first be required to proceed against the Security Deposit, and the Security Deposit shall not operate as a result of Sublessee's default or breachlimitation on any recovery to which Sublessor otherwise may be entitled. If Sublessor so uses or applies all or any portion of the Security Deposit, then Sublessee shall, within ten five (105) days after written demand by Sublessortherefor, deposit cash with Sublessor in the amount required to restore the Security Deposit to the full amount originally deposited, stated above. Within thirty (30) days after the later of the expiration or earlier termination of this Sublease and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be the date that Sublessee surrenders the Subleased Premises in the condition required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in by this Sublease, if Sublessee is then in default hereunder beyond applicable notice and cure periods, Sublessor shall deliver to its assignee may retain so much of the Security Deposit as is then held permitted to be applied by Sublessor. Within ten (10) days after the Term has expiredSublessor pursuant to this Paragraph, or which otherwise is required to cure Sublessee's defaults. Sublessor shall return the balance, if any, to Sublessee. If Sublessee has vacated not been in default beyond applicable notice and cure periods under this Sublease, and, at the Premisesbeginning of the second-to-last and last months of the Term, or any final adjustment pursuant to Subsection 6.2 hereof has been maderespectively, whichever shall last occur, and provided Sublessee is not then in default beyond applicable notice and cure periods, then Sublessor shall credit one-half of any of its obligations hereunder, the Security DepositDeposit to Monthly Base Rent for the second-to-last month of the Term, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or and the remaining balance to the last assigneemonth of the Term, if any, and Sublessor thereafter shall be relieved of any obligation to return the Security Deposit to Sublessee's interest hereunder.
Appears in 1 contract
Sources: Sublease (Organic Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of One Hundred Twenty Five Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40125,000.00) as security for Sublessee's ’s faithful performance of Sublessee's ’s obligations hereunder ("Security Deposit"). If Sublessee fails falls to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's ’s interest hereunder.
Appears in 1 contract
Sources: Sublease (Hana Biosciences Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Nine Thousand Two Four Hundred Fifty Nine and 40/100ths No/100 Dollars ($20,250.409,459.00) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Security Deposit. Upon execution of this Sublease by Sublessee, ---------------- Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Sixty-Nine Thousand Two Six Hundred Fifty and 40/100ths No/100 Dollars ($20,250.40) 69,600.00), referred to herein as the "Security Deposit." The Security Deposit shall be held by Sublessor as security for Sublessee's faithful the performance of Sublessee's obligations hereunder under this Sublease. Sublessor may ("but shall have no obligation to) use the Security Deposit"). If Deposit or any portion thereof to cure any breach or default by Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform fulfill any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breachobligations under the Sublease, or to compensate Sublessor for any loss or damage sustained by Sublessor it incurs as a result of Sublessee's default or breachfailure to perform any of Sublessee's obligations hereunder. If Sublessor so uses any portion of the Security DepositIn such event, Sublessee shall, within ten (10) days after written shall pay to Sublessor on demand by Sublessor, restore an amount sufficient to replenish the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default required under this Sublease. If at the expiration or termination of this Sublease, Sublessee is not in default, has otherwise fully performed all of Sublessee's obligations under this Sublease, and after Sublessee has vacated the Subleased Premises, then within thirty (30) days following the expiration or termination of this Sublease Sublessor shall return to Sublessee the Security Deposit or the balance thereof then held by Sublessor and not applied as provided above. Sublessor may commingle the Security Deposit with Sublessor's general and other funds. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of pay interest on the Security DepositDeposit to Sublessee. In Provided that Sublessee has not been in default hereunder at any time prior to the event Sublessor assigns its interest in this Subleasefirst day of the thirteenth (13th) calendar month of the Sublease Term, Sublessor shall deliver to its assignee so much credit the sum of Thirty-Four Thousand Eight Hundred and No/100 Dollars ($34,800.00) from the Security Deposit as is then held by Sublessor. Within ten to Monthly Base Rent owing for said thirteenth (1013th) days after calendar month of the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderSublease Term.
Appears in 1 contract
Security Deposit. Sublessee Upon execution hereof by Subtenant, Subtenant ----------------- shall deposit with Sublessor upon execution of this Sublease Sublandlord the sum of Twenty Thousand Two Hundred Fifty five thousand Dollars and 40/100ths Dollars no/100ths ------------- --------- ($20,250.405,000.00) as security for Sublessee's faithful performance of Sublessee's obligations hereunder (the "Security Deposit"), in cash, as security for the performance by Subtenant of the terms and conditions of this Sublease. If Sublessee Subtenant fails to pay rent Rent or other charges when due under this Sublease or otherwise defaults with respect to any provision of this Sublease, then Sublandlord may draw upon, use, apply or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaidcharge in default, for the payment of any other sum for which Sublessor may Sublandlord has become obligated to pay by reason of SublesseeSubtenant's default or breachdefault, or to compensate Sublandlord for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachwhich Sublandlord has suffered thereby. If Sublessor Sublandlord so uses or applies all or any portion of the Security Deposit, Sublessee shallthen Subtenant, within ten (10) days after written demand by SublessorSublandlord therefor, shall deposit cash with Sublandlord in the amount required to restore the Security Deposit to the full amount originally deposited, stated above. Sublandlord may commingle the Security Deposit with its own funds and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor Subtenant shall not be required entitled to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In Upon the event Sublessor assigns its interest expiration of this Sublease and Subtenant's vacation of the Subleased Premises, provided Subtenant is not in default under the terms of this Sublease, Sublessor Sublandlord shall deliver return to its assignee Subtenant so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expirednot been applied to Sublandlord pursuant to this Paragraph, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee which is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned otherswise required to Sublessee or to the last assignee, if any, of Sublesseecure Subtenant's interest hereunderdefaults.
Appears in 1 contract
Sources: Sublease (Photoloft Com)
Security Deposit. Sublessee shall deposit with Sublessor upon execution On the first business day after Subtenant receives notice that Tenant has obtained Landlord's approval of this Sublease the sum of Twenty pursuant to Section 24 hereof, Seven Thousand Two Hundred Fifty and 40/100ths No/100 Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"#37,000.00). If Sublessee fails Upon the occurrence of a default hereunder by Subtenant, then Tenant, without prejudice to pay rent any other remedy which may be available to Tenant hereunder or other charges when due under this Subleaseapplicable law, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the such Security Deposit for the payment of to any rent damages, injuries, expenses or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated liabilities incurred by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor Tenant as a result of Sublessee's such default or breach(but such Security Deposit shall not be considered as liquidated damages int he event of such default by Subtenant). If Sublessor In the event that Tenant so uses any portion of applies the Security DepositDeposit during the term of this Sublease but does not terminate this Sublease as a result of such default by Subtenant, Sublessee shall, then within ten (10) days after a written demand by SublessorTenant to Subtenant, Subtenant shall restore the Security Deposit to the full its original amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Subleaseof $37,000.00. Sublessor Tenant shall not be required to keep hold the Security Deposit in a separate from its general accountsaccount and the Security Deposit may be commingled with other funds of Tenant, and Tenant shall have no obligation not be required to accrue or liability for payment of pay interest on the Security Deposit. In the event Sublessor assigns its interest So long as Subtenant is not in default under this Sublease, Sublessor shall deliver to its assignee so much two-thirds (2/3) of the Security Deposit as is then being held by SublessorTenant shall be applied on a pro rata basis of the Base Rent payable of reach of the months of June through November, inclusive, of 1998. Within ten If Subtenant fully performs all of its covenants, obligations and agreements under the terms of this Sublease, the remaining portion of 3 the Security Deposit shall be returned to Subtenant within thirty (1030) days after the expiration of the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderhereof.
Appears in 1 contract
Security Deposit. Upon executing this Amendment, Sublessee shall deposit with Sublessor upon execution a Security Deposit in the amount of this Sublease the sum of Twenty Fifty-Eight Thousand Two Five Hundred Fifty Forty-One Dollars and 40/100ths Dollars Eighty-Four Cents ($20,250.40) as security for Sublessee's faithful performance of 58,541.84). The Security Deposit shall secure Sublessee's obligations hereunder ("under the Sublease to pay rent and other monetary amounts, to maintain the Premises and repair damages thereto, to surrender the Premises to Sublessor in clean and sanitary condition and to discharge Sublessee's other obligations hereunder. Sublessor may use and commingle the Security Deposit")Deposit with other funds of Sublessor. If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other Sublessee's obligations hereunder, Sublessor may use or may, but without any obligation to do so, apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason towards fulfillment of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachunperformed obligations. If Sublessor does so uses apply any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, shall immediately pay Sublessor a sufficient amount in cash to restore the Security Deposit to the full amount originally depositedoriginal amount. In the event that Sublessor shall expend the same in order to cure Sublessee's default hereunder, and Sublessee's failure to do forthwith remit to Sublessor a sufficient amount in cash to restore the Security Deposit to the original sum deposited within five (5) days after Sublessee's receipt of notice from Sublessor that such amounts have been so expended shall constitute a material default under this of the Sublease. The Security Deposit shall be held by Sublessor without liability for interest on the same. Upon termination of this Lease, if Sublessee has then performed all of Sublessee's obligations hereunder, Sublessor shall not be required to keep return the Security Deposit separate to Sublessee. If Sublessor sells or otherwise transfers Sublessor's rights or interest under this Lease, Sublessor may deliver the Security Deposit to the transferee, whereupon Sublessor shall be released from its general accounts, and shall have no obligation or any further liability for payment of interest on to Sublessee with respect to the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Sources: Sublease (Molecular Biosystems Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Twenty-one Thousand, Five Hundred Fifty One and 40/100ths No/100 Dollars ($20,250.4021,501.00) as security for Sublessee's faithful performance of Sublessee's obligations obligation hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges (including any payments for Improvements) when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any an rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Sources: Sublease (DSP Group Inc /De/)
Security Deposit. Concurrently with Sublessee's execution of this Sublease, Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thirty Thousand Two Six Hundred Fifty Seventy Nine and 40/100ths 68/100 Dollars ($20,250.4030,679.68) as security for Sublessee's faithful performance of Sublessee's obligations hereunder (the "Security Deposit"). The Security Deposit shall be held by Sublessor as security for the faithful performance by Sublessee of all of the terms, covenants and conditions of this Sublease to be performed by Sublessee during the term hereof. If Sublessee fails defaults with respect to pay rent or other charges when due under any provision of this Sublease, or fails including the provisions relating to perform the payment of any of its other obligations hereunderRent, Sublessor may use (but shall not be required to) use, apply or apply retain all or any portion part of the Security Deposit to cure such default or to compensate Sublessor for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for loss or damage which Sublessor may become obligated suffer by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachdefault. If Sublessor so uses any portion of the Security Depositsaid deposit is so used or applied, Sublessee shall, within ten (10) days after written demand by Sublessortherefor, deposit cash with Sublessor in an amount sufficient to restore the Security Deposit to the full amount originally deposited, and its original amount; Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accountsfunds, and Sublessee shall have no obligation or liability for payment of not be entitled to interest on such deposit. If Sublessee shall fully and faithfully perform every provision of this Sublease to be performed by it, the Security DepositDeposit or any balance thereof shall be returned to Sublease (or, at Sublessor's option, to the last assignee of Sublessee's interest hereunder) upon the expiration of the Sublease term and Sublessee's vacating the Subleased Premises. In the event Sublessor assigns its of termination of Sublessor's interest in this Sublease, Sublessor shall deliver transfer the Security Deposit to its assignee so much Sublessor's successor in interest whereupon Sublessor shall be released from liability for the return of the Security Deposit as is then held by Sublessor. Within ten (10) days after or the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderaccounting therefor.
Appears in 1 contract
Sources: Sublease (Ondisplay Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Eight Thousand Two Seven Hundred Fifty Fifty-Three and 40/100ths 55/100 Dollars ($20,250.408,753.55) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder [ILLEGIBLE] hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Sources: Sublease (Imageware Systems Inc)
Security Deposit. Sublessee On or before the Commencement Date, Sublessee, at its sole cost and expense, shall deposit with Sublessor upon execution a clean, irrevocable and unconditional standby letter of this Sublease credit in a form acceptable to Sublessor in its reasonable discretion (“Letter of Credit”) issued by a bank approved by Sublessor in its reasonable judgment (hereinafter referred to as the sum “Bank”) in favor of Sublessor, in the amount of One Hundred Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40120,000) (“Security Deposit”) as security for Sublessee's the faithful performance and observance by Sublessee of the terms, conditions and provisions of this Sublease, including without limitation the surrender of possession of the Premises to Sublessor as herein provided. The Letter of Credit shall have a term which expires no sooner than the Expiration Date, or Sublessee may deliver a Letter of Credit with a one (1) year term which by its terms automatically, for the remainder of the Sublease Term, renews for successive one (1) year periods unless the Bank provides no less than thirty (30) days written notice to Sublessor that such Letter of Credit shall not be renewed, in which event Sublessor shall have the right to draw down the entire amount of the Letter of Credit unless Sublessee substitutes, not less than ten days prior to the expiration of such Letter of Credit, a new Letter of Credit which meets the requirements of this Paragraph 5. On the first day of the twenty-fourth (24th) month of the Sublease Term, provided Sublessee is not then in default under the terms of this Lease, such Letter of Credit shall be reduced in half (1/2) to Sixty Thousand Dollars ($60,000) (Sublessee shall provide Sublessor with a new Letter of Credit in such amount, and upon receipt, Sublessor shall return the $120,000 Letter of Credit to Sublessee or Bank, as directed by Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent Rent or other charges when due otherwise defaults under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply draw upon all or any portion of the Security Deposit Letter of Credit for the payment of any rent or other amount then due hereunder and unpaidSublessor or to reimburse or compensate Sublessor for any liability, for the payment of any other sum for cost, expense, loss or damage (including attorney’s fees) which Sublessor may become obligated suffer or incur by reason thereof (including without limitation any requirement that Sublessor repay any amounts previously paid by Sublessee to Sublessor because such amounts are determined to be preferential transfers under applicable bankruptcy law). The use or application of Sublessee's default the Letter of Credit or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of thereof shall not prevent Sublessor from exercising any other right or remedy provided under this Sublease and shall not be construed as liquidated damages. Sublessee shall on demand pay Sublessor the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, amount so used or applied or restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under required by this SubleaseParagraph 5. Sublessor shall not be required to keep all or any part of the Security Deposit separate from its general accounts. Sublessor shall, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten within fifteen (1015) days after the Term has expired, expiration or earlier termination of this Sublease and after Sublessee has vacated the Premises, return to Sublessee that portion of the Security Deposit not used or applied by Sublessor. No part of the Security Deposit shall be considered to be held in trust, to bear interest, or to be prepayment for any final adjustment pursuant monies to Subsection 6.2 hereof has been madebe paid by Sublessee under this Sublease, whichever shall last occurexcept as provided herein. Notwithstanding anything to the contrary contained in this Sublease, and provided Sublessee is not then in default the event Sublessor files for bankruptcy (voluntarily or involuntarily) or makes a general assignment for the benefit of any of its obligations hereundercreditors, the Security Deposit, or so much thereof as had Deposit shall not theretofore been applied by Sublessor, be considered part of the assets of Sublessor and shall be immediately returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Sources: Sublease (Digirad Corp)
Security Deposit. Sub-Sublessee shall deposit with Sub-Sublessor upon execution of this Sublease on the effective Date the sum of Twenty Thirty Five Thousand Two One Hundred Fifty and 40/100ths Seventy Eight Dollars ($20,250.40) 35,178.00), as security for Sub-Sublessee's faithful performance of Sublessee's its obligations hereunder (the "Security Deposit"). If Sub-Sublessee fails to pay rent Rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sub-Sublease, or fails to perform any of its other obligations hereunder, Sub-Sublessor may use use, apply or apply retain all or any portion of the Security Deposit for the payment of any rent Rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sub-Sublessor may become obligated by reason of Sub-Sublessee's default or breachdefault, or to compensate Sub-Sublessor for any loss or damage sustained by which Sub-Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sub-Sublessor so uses or applies all or any portion of the Security Deposit, Sub-Sublessee shall, within ten (10) days after its receipt of Sub-Sublessor's written demand by Sublessordemand, deposit cash with Sub-Sublessor in an amount sufficient to restore the Security Deposit to the full amount originally deposited, and set forth above. Sub-Sublessee's failure to do so shall constitute be a default under material breach of this Sub-Sublease. Sub-Sublessor shall not be required to keep the Security Deposit separate from its general accounts. If Sub-Sublessee performs all of its obligations hereunder, following the Termination Date and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sub-Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever Sub-Sublessor shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, return the Security Deposit, Deposit (or so much the portion thereof as had which has not theretofore been applied by Sub-Sublessor) to Sub-Sublessee (or at Sub-Sublessor's option, shall be returned to Sublessee or to the last assignee, if any, of Sub-Sublessee's interest hereunderin the Sub-Sublease). No trust relationship is created herein between Sub-Sublessor and Sub-Sublessee with respect to the Security Deposit. No payment of interest or other incremental charge shall be payable to Sub-Sublessee for Sub-Sublessor's use of the Security Deposit.
Appears in 1 contract
Security Deposit. Upon execution hereof, Sublessee shall deposit the Security Deposit with Sublessor. The Security Deposit shall secure Sublessee's obligations under this Sublease to pay Base Rent and other monetary amounts, to maintain the Premises and repair damages thereto, to surrender the Premises to Sublessor in clean condition and repair upon execution termination of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for to discharge Sublessee's faithful performance other obligations hereunder. Sublessor may use and commingle the Security Deposit with other funds of Sublessee's obligations hereunder ("Security Deposit")Sublessor. If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other Sublessee's obligations hereunder, Sublessor may use or may, but without any obligation to do so, apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason towards fulfillment of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachunperformed obligations. If Sublessor does so uses apply any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, ▇▇▇▇▇▇▇▇▇'s failure to remit to Sublessor a sufficient amount in cash to restore the Security Deposit to the full original amount originally deposited, and Sublesseewithin five (5) days after receipt of ▇▇▇▇▇▇▇▇▇'s failure written demand to do so shall constitute (together with a default under this Sublease. Sublessor shall not be required to keep written statement in reasonable detail of the Security Deposit separate from its general accounts, and shall have no obligation reason for the application of all or liability for payment a portion of interest on the Security Deposit) shall constitute an event of default. In the event Sublessor assigns its interest in Upon termination of this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or if Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default performed all of any of its Sublessee's obligations hereunder, Sublessor shall return the Security Deposit, or so much thereof as had not theretofore been whatever amount remains of the Security Deposit after Sublessor applied by Sublessorall or a portion of the Security Deposit to perform Sublessee's obligations hereunder, shall be returned to Sublessee without payment of interest within thirty (30) days after the expiration or to the last assignee, if any, earlier termination of Sublessee's interest hereunderthis Sublease.
Appears in 1 contract
Sources: Sublease Agreement (Actionpoint Inc)
Security Deposit. Sublessee Upon execution hereof, Sub-sublessee shall deposit ---------------- with Sublessor upon execution of this Sublease Sub-sublessor the sum of Twenty Thirty Thousand Two Three Hundred Fifty and 40/100ths Ninety Eight Dollars ($20,250.4030,398.00) as security and for Sublesseea Security Deposit to secure Sub-sublessee's faithful full and timely performance of Sublessee's all of its obligations hereunder ("Security Deposit")hereunder. If Sublessee Sub-sublessee fails to pay rent Rent or any other charges sums as and when due under this Subleasehereunder, or fails otherwise defaults with respect to perform any provision of its other obligations hereunderthis Sub-sublease, Sublessor Subsublessor may use (but shall not be obligated to) use, apply, or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become Sub-sublessee is obligated by reason of Sublessee's default or breach, or which will compensate Sub-sublessor for any loss or damage sustained which Sub-sublessor may suffer thereby. Any such use, application, or retention shall not constitute a waiver by Sublessor as a result Sub-sublessor-of Sublessee's default its right to enforce its other remedies hereunder, at law, or breachin equity. If Sublessor so uses any portion of the Security Depositsaid deposit is so used, Sublessee applied, or retained, Sub-sublessee shall, within ten (10) 10 days after delivery of written demand by from Sublessor, restore the Security Deposit said deposit to the full amount originally deposited, and Sublesseeits original amount. Sub-sublessee's failure to do so shall constitute a default under material breach of this SubleaseSub-sublease, and in such event Subsublessor may elect, among or in addition to other remedies, to terminate this Sub-sublease. Sublessor Sub-sublessor shall not be a trustee of such deposit, and shall not be required to keep the Security Deposit this deposit separate from its general accounts, . Sub-sublessor alone shall be entitled to any interest or earnings thereon and Sub-sublessor shall have no obligation or liability for payment the free use of interest on the Security Depositsame. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, If Sub-sublessee fully and provided Sublessee is not then in default of any faithfully performs all of its obligations hereunder, the Security Deposit, or then so much thereof of the deposit as had not theretofore been applied by Sublessor, remains shall be returned to Sublessee Sub-sublessee (without payment of interest or earnings thereon) within 30 days after the later of (i) expiration or sooner termination of the term hereof, or (ii) Sub-sublessee's surrender of possession of the Premises to the last assignee, if any, of Sublessee's interest hereunderSub-sublessor.
Appears in 1 contract
Security Deposit. Upon execution hereof, Sublessee shall deposit the Security Deposit with Sublessor. The Security Deposit shall secure Sublessee's obligations under this Sublease to pay Base Rent and other monetary amounts, to maintain the Sublet Space and repair damages thereto, to surrender the Sublet Space to Sublessor in clean condition and repair upon execution termination of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for to discharge Sublessee's faithful performance other obligations hereunder. Sublessor may use and commingle the Security Deposit with other funds of Sublessee's obligations hereunder ("Security Deposit")Sublessor. If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other Sublessee's obligations hereunder, Sublessor may use or may, but without any obligation to do so, apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason towards fulfillment of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachunperformed obligations. If Sublessor does so uses apply any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, Sublessee's failure to remit to Sublessor a sufficient amount in cash to restore the Security Deposit to the full original amount originally deposited, and Sublesseewithin five (5) days after receipt of Sublessor's failure written demand to do so shall constitute a default under this Subleasean event of default. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment Upon termination of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or if Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default performed all of any of its Sublessee's obligations hereunder, Sublessor shall return the Security Deposit, or so much thereof as had not theretofore been whatever amount remains of the Security Deposit after Sublessor applied by Sublessorall or a portion of the Security Deposit to perform Sublessee's obligations hereunder, shall be returned to Sublessee or to the last assignee, if any, without payment of Sublessee's interest hereunderinterest.
Appears in 1 contract
Sources: Sublease Agreement (Yahoo Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Twelve Thousand Two Hundred Fifty Seventeen and 40/100ths 20/100 Dollars ($20,250.4012,217.20) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunder.
Appears in 1 contract
Security Deposit. Concurrently herewith, Sublessee shall deposit One Hundred Four Thousand One Hundred Eighty-eight Dollars and Fifty Cents ($104,188.50) with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's its obligations hereunder ("under the terms of this Sublease. Sublessor shall not be required to keep any cash portion of the Security Deposit")Deposit separate from its general funds, or to pay any interest thereon. The Security Deposit shall be held by Sublessor and may be applied by Sublessor in accordance with the provisions of Article 18 of the Master Lease. If Sublessee fails defaults with respect to pay rent or other charges when due under any provision of this Sublease, or fails including, without limitation, the provisions relating to perform any the payment of its rental and other obligations sums due hereunder, Sublessor may use shall have the right, but shall not be required, to use, apply or apply retain all or any portion part of the Security Deposit for the payment of rental or any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may spend or become obligated to spend by reason of Sublessee's default or breach, or to compensate Sublessor for any other loss or damage sustained which Sublessor may suffer by Sublessor as a result reason of Sublessee's default or breachdefault. If Sublessor so uses any portion of the Security DepositDeposit is so used or applied, Sublessee shall, within ten (10) days after written demand by Sublessortherefor, deposit cash with Sublessor in an amount sufficient to restore the Security Deposit to the full amount originally deposited, required hereunder and Sublessee's failure to do so shall constitute be a default under material breach of this Sublease. Sublessor shall not If Sublessee fully and faithfully performs every provision of this Sublease to be required to keep the Security Deposit separate from its general accountsperformed by it, and shall have no obligation or liability for payment of interest on the Security Deposit, or any balance thereof, shall be returned to Sublessee or, at Sublessor's option, to the last assignee of Sublessee's interest hereunder, at the expiration of the term of this Sublease and after Sublessee has vacated the Premises. In the event Sublessor assigns its of termination of Sublessor's interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is transfer all deposits then held by Sublessor under this Section to Sublessor. Within ten (10) days after 's successor in interest, whereupon Sublessee agrees to release Sublessor from all liability for the Term has expired, return of such deposit or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderaccounting thereof.
Appears in 1 contract
Security Deposit. Sublessee shall deposit Concurrent with Sublessor upon the execution of this Sublease, Sublessee shall pay a security deposit equal to the amount of the rent payment for the last month of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.404,000.00) and the amount of the first rent payment due hereunder ($4,000.00). The security deposit shall be held by Sublessor without liability for interest and as security for Sublessee's faithful the performance by Sublessee of Sublessee's covenants and obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease, it being expressly understood that the security deposit shall not be considered an advance payment of rental or fails to perform any a measure of its other obligations hereunder, Sublessor's damages in case of a default by Sublessee. Sublessor may commingle the security deposit with Sublessor's other funds and may hold same in an interest bearing account, with such interest to accrue to Sublessor's benefit. Sublessor may, from time to time, without prejudice to any other remedy, use the security deposit to the extent necessary to make good any arrearages of rent or apply all to satisfy any other covenant or obligation of Sublessee hereunder. following any portion such application of the Security Deposit for security deposit, sublessee shall pay to sublessor on demand the payment amount so applied in order to restore the security deposit to its original amount. If Sublessee is not in default at the termination of this Sublease, the balance of the security deposit remaining after any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained such application shall be returned by Sublessor as a result of to Sublessee's default or breach. If Sublessor so uses any portion of the Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns transfers its interest in the Premises during the term of this Sublease, Sublessor shall deliver to its assignee so much of may assign the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, shall be returned to Sublessee or security deposit to the last assignee, if any, transferee and thereafter Sublessor shall have no further liability for the return of Sublessee's interest hereundersuch security deposit.
Appears in 1 contract
Security Deposit. Upon execution hereof, Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Two Hundred Six Thousand Two Hundred Fifty and 40/100ths no/100 Dollars ($20,250.40206,250.00) as security and for a Security Deposit to secure Sublessee's faithful ’s full and timely performance of Sublessee's all of its obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent Rent or any other charges sums as and when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use (but shall not be obligated to) use, apply, or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessee is obligated or which will compensate Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained which Sublessor may suffer thereby including, without limitation, any damage that will result in the future through the term of the Sublease, to repair damage to the Subleased Premises or to clean the Subleased Premises at the end of the term. Any such use, application, or retention shall not constitute a waiver by Sublessor as a result of Sublessee's default its right to enforce its other remedies hereunder, at law, or breachin equity. If Sublessor so uses any portion of the Security Depositsaid deposit is so used, applied, or retained, Sublessee shall, within ten (10) days after delivery of written demand by from Sublessor, restore the Security Deposit said deposit to the full amount originally deposited, and its original amount. Sublessee's ’s failure to do so shall constitute a default under material breach of this Sublease, and in such event Sublessor may elect, among or in addition to other remedies, to terminate this Sublease. Sublessor shall not be a trustee of such deposit, and shall not be required to keep the Security Deposit this deposit separate from its general accounts, . Sublessor alone shall be entitled to any interest or earnings thereon and Sublessor shall have no obligation or liability for payment the free use of interest on the Security Depositsame. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or If Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, fully and provided Sublessee is not then in default of any faithfully performs all of its obligations hereunder, the Security Deposit, or then so much thereof of the deposit as had not theretofore been applied by Sublessor, remains shall be returned to Sublessee (without payment of interest or earnings thereon) within 30 days after the later of (i) expiration or sooner termination of the term hereof, or (ii) Sublessee’s surrender of possession of the Subleased Premises to the last assignee, if any, of Sublessee's interest hereunderSublessor.
Appears in 1 contract
Sources: Sublease Agreement (Roxio Inc)
Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease hereof the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars NINE THOUSAND NINE HUNDRED EIGHTY-FOUR AND NO/100 DOLLARS ($20,250.40) 9,984.00), as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails to pay rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use use, apply or apply retain all or any portion of the Security Deposit said deposit for the payment of any rent or other amount then due hereunder and unpaid, charge in default or for the payment of any other sum for to which Sublessor may become obligated by reason of Sublessee's default or breachdefault, or to compensate Sublessor for any loss or damage sustained by which Sublessor as a result of Sublessee's default or breachmay suffer thereby. If Sublessor so uses or applies all or any portion of the Security Depositsaid deposit, Sublessee shall, shall within ten (10) days after written demand by Sublessor, therefore deposit cash with Sublessor in an amount sufficient to restore the Security Deposit said deposit to the full amount originally depositedhereinabove stated, and Sublessee's failure to do so shall constitute be a default under breach of this Sublease, and Sublessor may at its option terminate this Sublease. Sublessor shall not be required to keep the Security Deposit said deposit separate from its general accounts, and shall have no obligation or liability for payment . If Sublessee performs all of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten (10) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default of any of its Sublessee's obligations hereunder, the Security Deposit, said deposit or so much thereof as had has not theretofore been applied by Sublessor, shall be returned returned, without payment of interest or other increment for its use, to Sublessee or (or, at Sublessor's option, to the last assignee, if any, of or Sublessee's interest hereunder) within fifteen (15) days after the expiration of the term hereof, or after Sublessee has vacated the Premises, whichever is later.
Appears in 1 contract
Security Deposit. Sublessee At the same time that Subtenant pays Sublandlord the first installment of Rent (as described in Section 3.1 above), Subtenant shall deposit with Sublessor upon execution of this Sublease Sublandlord the following: (a) the sum of Twenty Four Thousand Two Seven Hundred Fifty Ninety One Dollars and 40/100ths Dollars Sixty Seven Cents ($20,250.4024,791.67) (“Initial Security Deposit”), which sum shall be held by Sublandlord as security for Sublessee's the full and faithful performance of Sublessee's obligations hereunder all terms, conditions and agreements contained in this Sublease by Subtenant during the first full year of the Term; and ("b) the sum of Thirty Seven Thousand Nine Hundred Forty Nine Dollars and Sixty Seven Cents ($37,949.67) (“Security Deposit"”), which sum shall be held by Sublandlord as security for the full and faithful performance of all terms, conditions and agreements contained in this Sublease by Subtenant throughout the Term. If Sublessee fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of The Initial Security Deposit and the Security Deposit for are collectively referenced herein as the payment “Deposits”. The Deposits shall be paid to Sublandlord by cashiers check or wire transfer. In the event of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublessor may become obligated default by reason of Sublessee's default or breachSubtenant hereunder, or for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of in the Security Depositevent Sublandlord advances sums on Subtenant’s behalf, Sublessee Sublandlord shall have the right to use the Deposits to recover its expenditures, and Subtenant shall, within ten (10) days after written demand by Sublessorrequest of Sublandlord, restore the Security Deposit so used to its original amount. Sublandlord may commingle the full amount originally deposited, Deposits with Sublandlord’s other funds and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of pay interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessordeposits. Within ten thirty (1030) days after the Term has expiredend of the first full year of the Term, or Sublessee has vacated Sublandlord shall return the PremisesInitial Security Deposit to Subtenant, or less any final adjustment pursuant costs incurred by Sublandlord due to Subsection 6.2 hereof has Subtenant’s failure to comply with the terms of this Sublease which have not been madereimbursed as described in the preceding paragraph. Within thirty (30) days after the Expiration Date, whichever Sublandlord shall last occur, and provided Sublessee is not then in default of any of its obligations hereunder, return the Security DepositDeposit to Subtenant, or so much thereof less any costs incurred by Sublandlord due to Subtenant’s failure to comply with the terms of this Sublease which have not been reimbursed as had not theretofore been applied by Sublessor, shall be returned to Sublessee or to described in the last assignee, if any, of Sublessee's interest hereunderpreceding paragraph.
Appears in 1 contract
Sources: Sublease (Marchex Inc)