Common use of Security Deposit Clause in Contracts

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 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 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 Within two (2) days after Subtenant’s execution and delivery of this Sublease, Subtenant shall deliver to Sublandlord an initial security deposit in the amount of One Million Dollars ($1,000,000) (the “Initial Security Deposit”, and together with Sublessor any Extension Security Deposit held from time to time, the “Security Deposit”) in the form of an unconditional, irrevocable standby letter of credit without documents, i.e., no obligation on Sublandlord’s part to present anything but a sight draft, with Sublandlord as beneficiary, drawable in whole or in part, providing for payment in Boston, Massachusetts, on presentation of Sublandlord’s drafts on sight, providing for multiple draws and multiple successors and otherwise both from a bank and in a form reasonably acceptable to Sublandlord (an “LC”). Notwithstanding the foregoing, Subtenant may elect to initially deliver the Initial Security Deposit in cash form, provided that Subtenant delivers an LC to Sublandlord to replace the cash Initial Security Deposit within forty-five (45) days of the effective date of this Sublease, and upon execution Sublandlord’s receipt of such LC, Sublandlord shall promptly return the cash balance of the Initial Security Deposit to Subtenant. If any portion of the Security Deposit is used or applied pursuant to this Section 5, Sublandlord shall provide Subtenant with written notice setting forth the amounts so used or applied and the purpose therefor, and Subtenant shall, within ten (10) days after receipt of such notice, deposit cash or a replacement letter of credit (in form and substance subject to the same requirements as the original letter of credit) in an amount sufficient to restore the Security Deposit to the required balance hereunder at such time. Subtenant’s failure to do so shall be a material default and breach of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) by Subtenant. The Security Deposit shall be held by Sublandlord as security for Sublessee's the faithful performance by Subtenant of Sublessee's obligations hereunder ("Security Deposit")all the terms, covenants, and conditions of this Sublease applicable to Subtenant. If Sublessee fails Subtenant defaults with respect to pay rent any provision of this Sublease beyond all applicable periods of notice and cure, including but not limited to the provisions relating to the condition of the Subleased Premises upon the Expiration Date, Sublandlord may (but shall not be required to) use, apply or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all 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 spend by reason of Sublessee's default or breach, or for Subtenant’s default. The rights of Sublandlord pursuant to this Section are in addition to any loss or damage sustained by Sublessor as a result of Sublessee's default or breachrights which Sublandlord may have pursuant to Section 10 below. If Sublessor so uses any portion Upon the expiration of the initial term (without giving effect to any Extension Periods) hereof or earlier termination of this Sublease, and when all then-existing defaults hereunder have been cured, Sublandlord shall return the Initial Security Deposit, Sublessee shall, Deposit or any balance thereof (without interest) to Subtenant within ten three (103) months of such expiration or termination. Failure of Subtenant to deliver a replacement letter of credit to Sublandlord at least thirty (30) days after written demand by Sublessor, restore the Security Deposit prior to the full amount originally deposited, and Sublessee's failure to do so expiration date of any current letter of credit shall constitute a separate default under this Sublease. Sublessor shall not be required entitling Sublandlord, following written notice and an opportunity to keep the Security Deposit separate from its general accountscure by Subtenant, to draw down immediately and shall have no obligation or liability for payment of interest entirely on the current letter of credit and the proceeds shall constitute a cash Initial Security Deposit. In With respect to any Extension Period, Subtenant shall provide to Sublandlord the event Sublessor assigns its interest Extension Security Deposit applicable thereto. Upon expiration or earlier termination of any Extension Period and when all then-existing defaults hereunder have been cured, Sublandlord shall return the Extension Security Deposit or any balance thereof (without interest) to Subtenant within three (3) months of such expiration or earlier termination. Notwithstanding anything in this Section 5 to the contrary, if the expiration of the initial term or any Extension Period shall also represent the occurrence of the Expiration Date, then upon expiration or earlier termination of this Sublease, Sublessor Sublandlord shall deliver to its assignee so much of the return any Security Deposit as is then held by Sublessor. Within ten or any balance thereof (10without interest) days to Subtenant within three (3) months of such expiration or earlier termination, and after the Term has expired, or Sublessee Subtenant has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has Subleased Premises and all then-existing defaults hereunder 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 been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereundercured.

Appears in 3 contracts

Sources: Sublease (Acorda Therapeutics Inc), Sublease (Civitas Therapeutics, Inc.), Sublease (Civitas Therapeutics, 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 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 of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as 15.1 As security for Sublessee's the faithful performance and observance by Subtenant of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under the terms, provisions, covenants and conditions of this Sublease, or fails Subtenant is simultaneously herewith delivering to perform Sublandlord a check in the amount set forth in Section 1.1 15.2 In the event Subtenant defaults in respect of any of its other obligations hereunderthe terms, Sublessor provisions, covenants and conditions of this Sublease, including, but not limited to, the payment of annual fixed rent and additional rent, Sublandlord may use 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 annual fixed rent and additional rent or other amount then due hereunder and unpaid, for the payment of any other sum as to which Subtenant is in default or for any sum which Sublessor Sublandlord may become obligated expend or may be required to expend by reason of SublesseeSubtenant's default in respect of any of the terms, provisions, covenants, and conditions of this Sublease, including, but not limited to, any damages or breachdeficiency accrued before or after any re-entry by Sublandlord. 15.3 In the event that Subtenant defaults in respect of any of the terms, provisions, covenants and conditions of the Sublease and Sublandlord utilizes all or any part of the security but does not terminate this Sublease as provided herein, Sublandlord may in addition to exercising its rights as provided in Section 15.2, retain the unapplied and unused balance of the principal amount of the security as security for the faithful performance and observance by Subtenant thereafter of the terms, provisions and conditions of this Sublease and may use, apply or retain the whole or any part of said balance to the extent required for payment of rent, additional rent, or any other sum as to which Subtenant is in default or for any loss sum which Sublandlord may expend 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 expend by reason of Subtenant's default in respect of any of the Security Deposit separate from its general accountsterms, covenants, and shall have no obligation or liability for payment conditions of interest on the Security Depositthis Sublease. In the event Sublessor assigns its interest in Sublandlord applies or retains any portion or all of the security delivered hereunder, Subtenant shall forthwith restore the amount so applied or retained so that at all times the amount deposited shall be no less than the security required by Section 15.2. 15.4 In the event that Subtenant shall fully and faithfully comply with all of the terms, provisions, covenants and conditions 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 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, security shall be returned to Sublessee Subtenant upon the earlier of: (a) the Sublease Expiration Date and after delivery of entire possession of the Subleased Premises to Sublandlord; or (b) Sublandlord's receipt of an equivalent amount of security from an assignee or undertenant pursuant to an assignment or underletting permitted by Section 6 of this Sublease. In the event of an assignment of the ▇▇▇▇▇▇▇▇▇ by Sublandlord, Sublandlord shall have the right to transfer any interest it may have in the security to the last assignee and Sublandlord shall thereupon be released by Subtenant from all liability for the return of such security, provided such assignee assumes any responsibilities of Sublandlord with respect to such security, in writing, and upon receipt of written confirmation to Subtenant from the assignee, if any, . Subtenant agrees to look solely to the new sublandlord for the return of Sublessee's interest hereundersaid security; and it is agreed that the provisions hereof shall apply to every transfer or assignment made of the security to a new sublandlord.

Appears in 3 contracts

Sources: Lease Agreement (Bridgepoint Education Inc), Lease Agreement (Bridgepoint Education Inc), Lease Agreement (Bridgepoint Education Inc)

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 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. (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. 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 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

Sources: Sublease (Rubrik, Inc.), Sublease (Rubrik, 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 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 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. 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 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 The parties herein acknowledge that Lessee was the tenant of the Premises pursuant to a Standard Industrial Lease-Net dated January 6, 1995 (the "Former Lease") between Lessee and the ▇▇▇ ▇. ▇▇▇▇▇▇] 1989 Trust (the "Prior Landlord") dated February 8, 1989 which has been terminated and superseded by this Lease. Pursuant to the terms of the Former Lease, Lessee deposited with the Prior Landlord a security deposit, for which Lessee has received a cash payment in full satisfaction of the Prior Landlord's obligation with respect thereto. Prior Landlord has delivered to Lessor funds in the amount of $45,234 (the "Security Deposit") for the account and benefit of Lessee, which Lessor shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) hold as security for SublesseeLessee's faithful performance of SublesseeLessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee Lessee 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 after the expiration of the applicable cure period provided in this Lease, Sublessor Lessor 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 Lessor may become obligated by reason of SublesseeLessee's default or breachdefault, or to compensate Lessor for any loss or damage sustained by Sublessor as a result of Sublessee's default or breachwhich Lessor may suffer thereby. If Sublessor Lessor so uses or applies all or any portion of the Security Deposit, Sublessee shall, Lessee shall within ten (10) days after written demand by Sublessor, therefore and deposit cash with Lessor in an amount sufficient to restore the Security Deposit to the full amount originally deposited, hereinabove stated and SublesseeLessee's failure to do so shall constitute a default under be material breach of this SubleaseLease. Sublessor Lessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment . If Lessee 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 Lessee's obligations hereunder, the Security Deposit, or so much thereof as had has not theretofore been applied by SublessorLessor, shall be returned returned, without payment of interest or other increment for its use, to Sublessee or Lessee (or, at Lessor's option, to the last assignee, if any, of SublesseeLessee's interest hereunder) at the expiration of the term hereof, and after Lessee has vacated the Premises. No trust relationship is created herein between Lessor and Lessee with respect to the Security Deposit.

Appears in 2 contracts

Sources: Lease (Graphic Controls Corp), Lease (Graphic Controls Corp)

Security Deposit. Sublessee with the parties’ execution of this Sublease, Subtenant shall deposit with Sublessor Sublandlord upon Subtenant’s execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars hereof $415,601.68 ($20,250.40“Security Deposit”) as security for Sublessee's Subtenant’s faithful performance of Sublessee's Subtenant’s obligations hereunder ("Security Deposit")in the form of a letter of credit as more particularly identified below. If Sublessee Subtenant fails to pay rent Rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, all beyond applicable notice and cure periods, 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 Rent or any rent other charge in default 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 breachSubtenant’s default, 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 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 its full amount originally depositedamount, and Sublessee's Subtenant’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 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 assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessorshall not bear interest. Within ten (10) days after At the expiration or earlier termination of the Term has expiredhereof and following performance of all of Subtenant’s obligations hereunder (including, or Sublessee has vacated without limitation, vacation of 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 Premises in default of any of its obligations hereunderaccordance with the provisions hereof), the Security Deposit, or so much thereof as had has not theretofore been applied by SublessorSublandlord, shall be returned returned, without payment of interest or other incurment for its use to Sublessee Subtenant (or at Sublandlord’s option, to the last assignee, if any, of Sublessee's Subtenant’s interest hereunder). No trust relationship is created herein between Sublandlord and Subtenant with respect to the Security Deposit. Any deposit under the Master Lease which may be returned by the Master Landlord shall be the property of Sublandlord.

Appears in 2 contracts

Sources: Sublease (Praxis Precision Medicines, Inc.), Sublease (Praxis Precision Medicines, 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. 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. 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. 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 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. 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 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 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

Sources: Lease Agreement (Geerlings & Wade Inc)

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. 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. Upon the 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 ($20,250.40) as security Security Deposit in cash in the amount set forth in Section 1.1, for Sublessee's the faithful performance and observance by Sublessee of Sublessee's obligations hereunder ("Security Deposit")the terms and provisions of the Sublease. If Sublessee fails defaults with respect to pay rent or other charges when due under any of the terms, provisions and conditions of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of draw down on the Security Deposit to the extent required for the payment of any rent Rent, Additional Rent or other amount then due hereunder and unpaid, for the payment of any other sum for as to which Sublessee is in default, or any sum which Sublessor may become obligated expend or may be required to expend by reason of Sublessee's default or breach, or for any loss or damage sustained by ’s default. In the event that Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion of does draw down on the Security Deposit, Sublessee shall, shall within ten five (105) business days after written demand by receiving notice from Sublessor, restore replenish the Security Deposit to by the full amount originally deposited, Sublessor withdrew therefrom and Sublessee's failure to do so within such 5-business day period shall constitute a default under this Sublease. Sublessor shall not be required to keep Provided that no default exists at the Security Deposit separate from its general accounts, and shall have no obligation expiration or liability for payment earlier termination of interest on the Security Deposit. In the event Sublessor assigns its interest in this SubleaseSublease Term, Sublessor shall deliver to its assignee so much return any unapplied balance of the Security Deposit to Sublessee within sixty (60) days after such expiration or earlier termination of the Sublease Term. If at any time after the third (3rd) anniversary of the Commencement Date, so long as is Sublessee has not been in default under this Sublease beyond any applicable notice and cure periods (the “SD Reduction Obligation”), then held by SublessorSublessee may notify Sublessor in writing that it wishes to decrease the Security Deposit to an amount equal to $57,797.75 (the “Reduced Security Deposit”). Within ten (10) business days after of receipt of such notice, Sublessor shall either: (i) confirm in writing that the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof SD Reduction Obligation has been made, whichever satisfied and that the Security Deposit shall last occurbe deemed to equal the Reduced Security Deposit, and provided shall thereafter promptly return to Sublessee is not then in default of any of its obligations hereunder, the amount by which the Security Deposit exceeds the the Reduced Security Deposit, or so much thereof as had (ii) provide Sublessee with satisfactory written evidence that such SD Reduction Obligation has not theretofore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereundersatisfied.

Appears in 1 contract

Sources: Sublease (Adicet Bio, Inc.)

Security Deposit. Sublessee shall deposit with Sublessor upon execution and maintain during the Term the cash sum of Fifty-five Thousand and 00/100 Dollars ($55,000.00) as a security deposit (the “Security Deposit”) which Sublessor shall hold as security for the full and faithful performance by Sublessee of every term, provision, obligation and covenant under this Sublease and subject to the terms and conditions of this Sublease. The Security Deposit shall be paid to Sublessor as follows: (i) $18,000.00 on the Commencement Date, (ii) $18,000.00 on the 30th day after the Commencement Date and (iii) $19,000.00 on the 60th day after the Commencement Date. The Security Deposit may be deposited by Sublessor into an interest-bearing account, which interest shall accrue for the sole benefit of Sublessor and not Sublessee. The Security Deposit shall not be considered an advance payment of Rent (or of any other sum payable by Sublessee under this Sublease) or a measure of HNZW/505210_4.doc/3583-1 Sublessor’s damages in case of a default by Sublessee. Sublessor shall have no obligation to maintain the Security Deposit separate and apart from Sublessor’s general and/or other funds. If Sublessee defaults in respect of any of the terms, provisions, covenants 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 or other charges when due if there is a default under this Sublease, or fails to perform any of its other obligations hereunderRelated Lease, Sublessor may use or may, but shall not be required to, in addition to and not in lieu of any other rights and remedies available to Sublessor, apply all or any part of the Security Deposit to the payment of any sum in default, or any other sum that Sublessor may expend or be required to expend by reason of such default, including but not limited to, any damages or deficiency in reletting the Premises. Whenever, and as often as, Sublessor has applied any portion of the Security Deposit for the payment of to cure a default hereunder or under 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 DepositRelated Lease, Sublessee shall, within ten (10) days after written demand by Notice from Sublessor, deposit additional money with Sublessor sufficient to restore the Security Deposit to the full amount originally depositedthen required to be deposited with Sublessor, and Sublessee's ’s failure to do so shall constitute a default under this Subleasean Event of Default without any further Notice. If Sublessor shall not be required to keep the Security Deposit separate from its general accounts, and shall have no obligation transfers or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in under this Sublease, Sublessor shall deliver to its assignee so much of assign the Security Deposit as is then held by Sublessor. Within ten (10) days after to the Term has expired, or Sublessee has vacated new Sublessor and thereafter Sublessor shall have no further liability for 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 return of any of its obligations hereunder, the Security Deposit, and Sublessee agrees to look solely to the new Sublessor for the return of the Security Deposit. Sublessee agrees that it will not assign or so much thereof as had not theretofore been applied by encumber or attempt to assign or encumber the Security Deposit and that Sublessor, shall be returned to Sublessee or its successors and assigns may return the Security Deposit to the last assigneeSublessee in possession of the Premises at the last address for which Notice has given by such Sublessee and that Sublessor thereafter shall be relieved of any liability therefor, if any, regardless of Sublessee's interest hereunder.one or more assignments of this Sublease or any such actual or attempted assignment or encumbrances of the Security Deposit

Appears in 1 contract

Sources: Sublease Agreement (Adcare Health Systems, Inc)

Security Deposit. Concurrently with the execution and delivery of this Sublease Agreement, Sublessee shall deposit with Sublessor upon execution cash (the “Security Deposit”) in the amount of this Sublease the sum of Twenty One Hundred One Thousand Two Six Hundred Fifty Ninety-Three Dollars and 40/100ths Dollars Eighty-Five Cents ($20,250.40101,693.85) as security for Sublessee's the full and faithful performance of every provision of this Sub-Sublease Agreement to be performed by Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails defaults with respect to pay rent or other charges when due under any provision of this SubleaseSub-Sublease Agreement beyond any applicable notice and cure periods, including but not limited to the provisions relating to the payment of Rent, then Sublessor may, as applicable, use, apply, or fails to perform any of its other obligations hereunder, Sublessor may use or apply retain all or any portion part of the Security Deposit to the extent necessary in Sublessor’s judgment to cure such default and Sublessor may use, apply, or retain such amount for the payment of any rent or Rent and any other amount then due hereunder and unpaid, for the payment of any other sum for which that Sublessor may spend or become obligated to spend by reason of Sublessee's ’s default or breach, or to compensate Sublessor for any other loss or damage sustained that Sublessor may suffer by Sublessor as a result reason of Sublessee's default or breach’s default. If Sublessor so uses any portion amount of the Security DepositDeposit is so used or applied, Sublessee shall, within ten twenty (1020) business days after written demand by Sublessortherefor, deposit cash with Sublessor in an amount sufficient to restore the Security Deposit to its original amount. The amount so demanded shall be considered Additional Rent and the full failure of Sublessee to pay such amount originally deposited, and Sublessee's failure to do so shall constitute be a default under of this SubleaseSub-Sublease Agreement. If Sublessee shall fully and faithfully perform every provision of this Sublease to be performed by Sublessee, Sublessor shall not be required to keep 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 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 expired, or Sublessee has vacated expiration of the Premises, or any final adjustment pursuant Sublease Term. Nothing in this Sub-Sublease Agreement shall be deemed to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default limit the amount of any of its obligations hereunder, damages recoverable by Sublessor to 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: Sub Sublease Agreement (Kubota Pharmaceutical Holdings Co LTD)

Security Deposit. (a) Simultaneous with the execution hereof, Sublessee shall deposit with has paid to Sublessor upon execution $19,326.29 (first month's rent of this Sublease the sum $8,320.00, plus one (1) month C.A.M. of Twenty Thousand Two Hundred Fifty $1,966.25 (3,025 sq. ft. x $.65), plus sales tax of $720.04 and 40/100ths Dollars (Security Deposit of $20,250.40) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"8,320.00). 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 The purpose of the Security Deposit for is (a) to remedy any defaults by Sublessee in the payment of Rent, (b) to repair damages to the Building or the Sublet Premises caused by Sublessee, its employees, invitees, contractors, subcontractors, licensees, subtenants or agents, and (c) to otherwise secure the faithful performance by Sublessee of all of the provisions, covenants and conditions of this Sublease to be kept and performed by Sublessee, during the term of this Sublease or any extension thereof. (b) If at any time during the term of this Sublease, (i) Sublessee should default in the payment of Rent, (ii) Sublessee, its employees, invitees, contractors, subcontractors, licensees, subtenants or agents should cause damage to the Sublet Premises or the Building, or (iii) Sublessee should otherwise fail to keep and perform any of the provisions, covenants and conditions of this Sublease to be kept and performed by Sublessee, Sublessor, at its option, may, in addition to all other rights and remedies which it may have, utilize all or any part of the Security Deposit toward the payment of any rent or other amount then due hereunder and unpaidcost, 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 expense or damage incurred or sustained by Sublessor as a result or for payment of Sublessee's default Rent or breachother amounts due to Sublessor under this Sublease (but Sublessor shall not be required to do so). If Sublessor so uses any portion of elects to utilize the Security DepositDeposit as aforesaid, Sublessee shall, within ten fifteen (1015) days after written demand by Sublessortherefor, deposit cash with Sublessor in an amount sufficient to restore the Security Deposit to its original amount or have issued a letter of credit in form and substance satisfactory to the full Sublessor in an amount originally depositedsufficient to restore the Security Deposit to its original amount. The parties agree that the provisions of this Section shall not operate as a limitation upon the amount of damages to which Sublessor is entitled by virtue of any default by Sublessee or failure by Sublessee to perform all of the provisions, covenants, conditions and Sublessee's failure to do so shall constitute a default under agreements of 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 Sublessee interest on the Security DepositDeposit except as required by law. Sublessor's obligations with respect to the Security Deposit are those of a debtor and not trustee. Sublessor shall have the right to commingle the Security Deposit with Sublessor's general and other funds, to the extent permitted by law. (c) In the event Sublessor assigns its case of an assignment of Sublessor's interest in this Subleasethe Sublet Premises, Sublessor shall deliver to its assignee so much pay over any unapplied part of the Security Deposit as is then held by to 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's successor, 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, Sublessor shall be returned relieved of all liability with respect thereto so long as Sublessor provides Sublessee with written notification of such transfer with acknowledgment of recipient's acceptance of same. The provisions of the preceding sentence shall apply to Sublessee or to every subsequent transfer of the last assignee, if any, of SublesseeSublessor's interest hereunderunder the ▇▇▇▇▇▇▇▇▇.

Appears in 1 contract

Sources: Sublease Agreement (Ramp Corp)

Security Deposit. Upon execution hereof, Sub-Sublessee shall deposit ---------------- with Sub-Sublessor upon execution of this Sublease the sum of Twenty Seventy-Two Thousand Two Hundred Fifty Fifty-Two and 40/100ths no/100 Dollars ($20,250.4072,252.00) as security and for a 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 SubSublessee fails to pay rent or any other charges sums as and 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 (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 Sub-Sublessee is obligated or which will compensate Sub-Sublessor may become obligated by reason of Sublessee's default or breach, or for any loss or damage sustained which Sub-Sublessor may suffer thereby. Any such use, application, or retention shall not constitute a waiver by Sub-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, Sub-Sublessee shall, within ten (10) 10 days after delivery of written demand by from Sub-Sublessor, restore the Security Deposit said deposit to the full amount originally deposited, and its original amount. Sub-Sublessee's failure to do so shall constitute a default under Default of this Sub- Sublease. 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 SubSublessor 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 So much of the Security Deposit 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 SubSublessee (without 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) Sub-Sublessee's interest hereundersurrender of possession of the Sub-Subleased Premises to Sub-Sublessor.

Appears in 1 contract

Sources: Sub Sublease Agreement (Scient Corp)

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 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. (a) To secure the faithful performance by Sublessee of all the covenants, conditions and agreements in this Sublease on the part of Sublessee to be fulfilled, kept, observed and performed including, but not by way of limitation, such covenants and agreements in this Sublease which become applicable upon the termination of the same by re-entry or otherwise, Sublessee shall deposit with Sublessor upon Sublessor, with five (5) days of execution of this Sublease Sublease, a security deposit in the sum amount of Twenty Thousand Two Four Hundred Fifty and 40/100ths Thousand Dollars ($20,250.40450,000.00) as security for Sublessee's faithful performance of Sublessee's obligations hereunder (the "Security Deposit"). If The Security Deposit shall be in the form of the Letter of Credit, as described in Section 7(b) below. Sublessor and Sublessee fails agree that: (a) the Security Deposit or any portion thereof may be applied to the curing of any default that may then exist, without prejudice to any other remedy or remedies which Sublessor may have on account thereof, and upon such application Sublessee shall pay rent or other charges when due provide an additional letter of credit otherwise satisfying the terms of this Sublease to Sublessor within five (5) days of demand the amount so applied which shall be added to the Security Deposit so the same may be restored to its original amount; (b) should the Lease be assigned by Sublessor, the Security Deposit or any portion thereof not previously applied shall be assigned to Sublessor's assignee, and upon such assignee's express assumption of Sublessor's obligations under this Sublease, or fails Sublessee shall release Sublessor from any and all liability with respect to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of the Security Deposit for and/or its application or return; (c) the payment of any rent sum deposited 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 breachportion thereof not previously applied, or for any loss or damage sustained by Sublessor the original Letter of Credit, 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 Sublessorapplicable, shall be returned to Sublessee or without interest within thirty (30) days following the expiration of the Term of this Sublease, except to the last assigneeextent reasonably required to cure any breach by Sublessee of any of its obligations hereunder and provided that Sublessee has vacated the Premises and surrendered possession thereof to Sublessor at the expiration of the Term; (d) in the event that Sublessor terminates this Sublease or Sublessee's right to possession by reason of an event of default under this Sublease by Sublessee, Sublessor may apply the Security Deposit against damages suffered to the date of such termination and/or may retain the Security Deposit to apply against such damages as may be suffered or shall accrue thereafter by reason of Sublessee's default; and (e) in the event any bankruptcy, insolvency, reorganization or other creditor-debtor proceedings shall be instituted by or against Sublessee, or its successors or assigns, the Security Deposit shall be deemed to be applied first to the payment of any Rent due Sublessor for all periods prior to the institution of such proceedings, and the balance, if any, of Sublesseethe Security Deposit may be retained or paid to Sublessor in partial liquidation of Sublessor's interest hereunderdamages. (b) The letter of credit supplied by Sublessee as the Security Deposit shall be an irrevocable, unconditional, standby letter of credit in a form substantially similar to the form attached hereto as Exhibit F and incorporated herein (such letter of credit, together with any renewal or replacement letters of credit delivered or to be delivered by Sublessee under this Section, shall be referred to herein collectively as the "Letter of Credit"). The Letter of Credit shall be issued by a national money center bank mutually acceptable to Sublessor and Sublessee (the "Issuer"). The final form of the Letter of Credit and the form of any replacement Letter of Credit shall be acceptable to Sublessor in its reasonable discretion. The Letter of Credit shall be for an initial term of not less than twelve (12) months and shall be maintained in force at all times from issuance through thirty (30) days following the expiration or earlier termination of this Sublease. If Sublessee fails to deliver to Sublessor either a replacement Letter of Credit or cash in the full amount of the Security Deposit required hereunder at least thirty (30) days prior to the expiration date of an outstanding Letter of Credit, such failure shall be a default under this Sublease (without the requirement of notice) entitling Sublessor, in addition to its other remedies, to draw down all or part of the current Letter of Credit and to then hold such cash proceeds as the Security Deposit in accordance with Section 7(a). Sublessor shall have the right, upon a transfer or assignment of its rights as landlord under this Sublease and concurrent with the return of the original Letter of Credit, to require Sublessee to deliver a replacement Letter of Credit designating Sublessor's successor as the beneficiary, at Sublessor's sole cost and expense. No draw under the Letter of Credit shall be deemed a waiver of, or be deemed to have cured, any default by Sublessee under any provision of this Sublease except to the extent directly applied to cure such default(s).

Appears in 1 contract

Sources: Sublease Agreement (Corgentech Inc)

Security Deposit. Upon execution of this Sublease, Sub-Sublessee shall deposit with Sub-Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars $46,533.62 ($20,250.40hereinafter referred to as the “Security Deposit”) as security for Sublessee's faithful the full performance of every provision of this Sublease by Sub-Sublessee's obligations hereunder ("Security Deposit"). If Sub-Sublessee fails to pay rent or other charges when due under shall fully perform each provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any that portion of the Security Deposit for which has not been used by Sub-Sublessor to apply to any costs, charges or payments owing by Sub-Sublessee to Sub-Sublessor hereunder shall be returned to Sub-Sublessee without interest within thirty (30) days after the payment expiration or earlier termination (except where such termination is pursuant to Section 11) of any rent or other amount then due hereunder and unpaid, for the payment of any other sum for which Sublease. Sub-Sublessor may become obligated deliver the funds deposited hereunder by reason Sub-Sublessee to the purchaser or transferee of Sublessee's default Sub-Sublessor’s interest in the Premises in the event that such interest be sold or breachtransferred, and, in the event the purchaser or for transferee agrees in writing to assume all of the obligations of Sub-Sublessor under this Sublease, thereupon Sub-Sublessor shall be discharged from any loss or damage sustained by Sublessor as a result of Sublessee's default or breachfurther liability with respect to such Security Deposit. If Sublessor so uses an event of default under the Sublease shall occur and continue beyond the applicable notice and cure period, Sub-Sublessee shall, upon receipt of written notice from Sub-Sublessor, promptly pay and restore any portion amounts of the Security DepositDeposit that have been credited against Base Rent or Additional Rent hereunder. If Master Lessor or Sublessor terminates or revokes its consent to this Sublease for any reason other than the default by Sub-Sublessee, and this Sublease terminates as a result, so long as Sub-Sublessee shallis not in default hereunder beyond any applicable notice and cure period and Sub-Sublessee timely vacates the Subleased Premises without any damage thereto, within ten (10) days after written demand by Sublessor, restore Sub-Sublessor shall return 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 Sub-Sublessee within fifteen (1015) days after the Term has expired, following such termination 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 hereunderrevocation.

Appears in 1 contract

Sources: Sub Sublease Agreement (Mast Therapeutics, 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) 4,116.00 as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder. If Sublessee fails falls 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 1 contract

Sources: Sublease Agreement (Lee Pharmaceuticals)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thirty-three Thousand Two Eight Hundred Fifty forty-four and 40/100ths No/100ths Dollars ($20,250.40$ 33,844.00) 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 8.2 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 Interest hereunder.

Appears in 1 contract

Sources: Lease Agreement (Universal Electronics Inc)

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

Sources: Sublease Agreement (MHM Services Inc)

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 Ninety Nine Thousand Two Hundred Fifty Twenty Two Dollars and 40/100ths Dollars Seventy-Six cents ($20,250.4099,222.76) in the form of cash or check in immediately available funds as a security deposit (the "Security Deposit"). The Security Deposit shall be considered as security for Sublessee's faithful performance of Sublessee's obligations hereunder hereunder. In addition, at the time of execution Sublessee shall deposit with Sublessor the first month's rent in the amount of Twenty Four Thousand Eight Hundred Five Dollars and Sixty-Nine cents ("$24,805.69) to be applied toward rent for the period April 15, 2005-May 15, 2005. Sublessor further agrees to apply the Security Deposit")Deposit for the monthly rent payments owed for the last three (3) months of the term of this Sublease. If Sublessee fails to pay rent 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 Deposit, without prejudice to any other remedy which Sublessor may have, 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 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) business 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 or otherwise conveys its interest in this Sublease, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor and, provided that Sublessor has in fact delivered the Security Deposit as aforesaid, Sublessee agrees to look solely to such grantee or assignee for application or return of the Security Deposit from any mortgage or any purchaser of Sublessor's interest at a foreclosure sale of any grantee of a deed in lieu of foreclosure. Within ten thirty (1030) business 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 (Ipix Corp)

Security Deposit. Sublessee Simultaneously with the execution and delivery of this Sublease, Subtenant shall deposit with Sublessor upon execution Sublandlord the amount of this Sublease the sum of Twenty Fourteen Thousand Two One Hundred Fifty and 40/100ths Thirty Three Dollars ($20,250.4014,133.00) in cash (the "Security Deposit") as security for Sublessee's faithful performance by Subtenant of the covenants and obligations hereunder. The Security Deposit shall be held by Sublandlord without interest; no trust relationship shall be deemed created thereby; and the Security Deposit may be commingled with other assets of Sublandlord. If Subtenant defaults in the 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 covenants hereunder, Sublessor may use or Sublandlord may, upon notice to Subtenant, apply all the whole 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 part of the Security Deposit, Sublessee to the extent required for the payment of Base Rent, Additional Rent or other sums due from Subtenant hereunder, in addition to any other remedies available to Sublandlord. In the event Sublandlord shall so apply the Security Deposit, Subtenant shall, within ten (10) days after written demand by Sublessorupon demand, restore the Security Deposit immediately deposit with Sublandlord a sum equal to the full amount originally deposited, and Sublesseeso applied. Subtenant's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep If Subtenant fully and faithfully complies with all the covenants hereunder, the Security Deposit separate from its general accounts, and (or the balance thereof) 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 be returned to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten Subtenant within thirty (1030) days after the last to occur of (i) the date the Term has expiredexpires or terminates, or Sublessee has vacated (ii) surrender of possession of the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has Premises and (iii) Sublandlord's inspection of the Premises and determination that all obligations of Subtenant under this Sublease 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 been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderfully satisfied.

Appears in 1 contract

Sources: Sublease (Lionbridge Technologies Inc /De/)

Security Deposit. Sublessee shall deposit with Sublessor upon execution a letter of this Sublease credit issued by a banking institution of sufficient financial standing (as Sublessor shall reasonably determine) having an office in Newton or Boston, Massachusetts, ▇▇ ▇▇nsas City, Missouri, against which such letter of credit may be drawn in the sum amount of Twenty Thousand Two Hundred Fifty and 40/100ths Forty Thousand Dollars ($20,250.40240,000.00) (such amount, as the same may be reduced in accordance with the provisions hereof, the "SECURITY DEPOSIT"). The letter of credit shall be unconditional, irrevocable and in favor of Sublessor, its successors or assigns, and shall provide that it may be drawn upon "at sight" upon presentation by Sublessor to the issuer of only a statement certified by Sublessor to the effect that a default by Sublessee has occurred under its Sublease with Sublessor and that Sublessee has failed to cure such default within the applicable period, if any, of notice and grace, or that Sublessor is otherwise entitled to draw thereunder pursuant to the terms and conditions of this Sublease. The letter of credit shall provide that it shall remain in force for a period beginning on the Commencement Date and ending January 31, 2011, or for a lesser period provided any letter of credit expiring prior to January 31, 2011 shall be replaced not later than sixty (60) days prior to its expiration by a letter of credit on all of the terms otherwise required hereunder and the failure to timely replace such letter of credit shall be a default with respect to which Sublessor shall have the right to draw the full amount of the letter of credit and retain the same as a cash security deposit. Provided that Sublessee is not in default hereunder beyond applicable notice and cure periods, and provided that Sublessee has provided Sublessor with audited financial statements prepared in accordance with accounting principals generally accepted in the United States of America which provide evidence that the Sublessee has positive net income for the most recent fiscal year, then during each 12 month period in the Term and within thirty (30) days of providing such audited financial statements, the amount of the letter of credit shall reduce by twenty percent (20%) from the preceding year. The Security Deposit shall serve as security for Sublessee's the prompt, full and faithful performance by Sublessee of Sublessee's obligations the terms and provisions of this Sublease. In the event that Sublessee is in default hereunder ("Security Deposit"). If Sublessee and fails to pay rent or other charges when due cure within any applicable time period under this Sublease, or fails in the event that Sublessee owes any amounts to perform any Sublessor upon the expiration of its other obligations hereunderthis Sublease, Sublessor may use or apply all 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 may become obligated by reason of Sublessee's default obligations hereunder. The use 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 application of the Security DepositDeposit or any portion thereof shall not prevent Sublessor from exercising any other right or remedy provided hereunder or under any law and shall not be construed as liquidated damages. In the event the Security Deposit is reduced by such use or application, Sublessee shall, shall deposit with Sublessor within ten (10) days after written demand by Sublessor, restore notice a new letter of credit (supplementing the Security Deposit to existing partially drawn letter of credit which Sublessor shall retain if Sublessor drew less than the full amount originally deposited, drawable thereunder) in the amount drawn by Sublessor under the existing letter of credit 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, otherwise complying with all terms 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 conditions of the Security Deposit letter of credit hereunder. Any remaining portion of the letter of credit (as is then held reduced by Sublessor. Within ten (10any amount drawn thereon pursuant hereto) 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 within thirty (30) days after Sublessee has vacated the last assignee, if any, Premises and complied with all the terms of Sublessee's interest hereunderthis Sublease.

Appears in 1 contract

Sources: Sublease (Management Network Group Inc)

Security Deposit. (a) Upon execution of this Sublease, Sublessee shall deposit with Sublessor upon execution of this Sublease the a sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars equal to two ($20,250.402) months Base Rent as security for Sublessee's the prompt, full, and faithful performance by Sublessee of Sublessee's each and every provision of this Agreement of Sublease and of all obligations of Sublessee hereunder (the "Security Deposit"). If In the event that, Sublessee fails does not exercise the Early Termination Right described in Section 3 hereof, then, if the Sublease is then in full force and effect and there exists no uncured default by Sublessee hereunder, the Security Deposit shall be reduced, and Sublessor shall refund to pay rent Sublessee the difference between the Security Deposit paid and an amount equal to the scheduled Base Rent for the last month of the Term on or before June 30, 2000, and shall retain the balance as security hereunder. Said Security Deposit may be commingled with other charges when funds of Sublessor and no interest or income from said security deposit shall be due Sublessee. In the event of default that is not cured within any applicable notice and cure periods, Sublessor may use, apply, or retain all or any part of the Security Deposit for payment of any (i) Base Rent or additional Rental; (ii) any sum expended by Sublessor on Sublessee's behalf in accordance with the provisions of this Sublease; (iii) any sum which Sublessor may expend or be required to expend by reason of Sublessee's default, including damages or deficiency in the reletting of the Subleased Premises; (iv) failure of Sublessee to indemnify or hold harmless Sublessor as required under this Sublease. The use, application, or fails 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 Agreement of Sublease or by law; and, shall not operate as a limitation on any recovery to perform any of its other obligations hereunder, which Sublessor may use or apply all or otherwise be entitled. If any portion of the Security Deposit for the payment of any rent or other amount then due hereunder and unpaidis 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 retained by Sublessor as for a result of Sublessee's default or breach. If Sublessor so uses any portion of the Security Depositpurpose set forth above, Sublessee shall, agrees that within ten five (105) days after a 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.demand

Appears in 1 contract

Sources: Sublease Agreement (Versata 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 ($20,250.40) 25,933.00, representing the equivalent of one month’s Base Rent, as security for Sublessee's Subtenant’s faithful performance of Sublessee's Subtenant’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 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, or the performance of Subtenant’s obligations. If Sublessor Sublandlord so uses any portion of the Security Deposit, Sublessee Subtenant shall, within ten thirty (1030) days after written demand by SublessorSublandlord, restore the Security Deposit to the full amount originally deposited, and Sublessee's Subtenant’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 thirty (1030) days after the Term has expired, or Sublessee Subtenant has vacated the Sublease Premises, or any final adjustment pursuant to Subsection 6.2 hereof the Master Lease 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 Sublessee's Subtenant’s interest hereunder.

Appears in 1 contract

Sources: Sublease Agreement (Pixelworks 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) 105,735.00 as security for SublesseeSublesee'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 heretofore 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. IF SUBLESSEE IS SUCCESSFUL IN RAISING AT LEAST $18 MILLION AND IS NOT THEN IN DEFAULT OF THIS SUBLEASE, THEN THE SECURITY DEPOSIT SHALL BE REDUCED TO $35,245.00.

Appears in 1 contract

Sources: Sublease Agreement (Turnstone Systems Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty hereof One Million and 40/100ths Dollars 00/100 DOLLARS ($20,250.40) 1,000,000.00), 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 hereunder or otherwise breaches or 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 required to) 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 may suffer thereby, including, but not limited to, the cost of Sublessee's default or breachthe removal of the Existing Racks. If Sublessor so uses or applies all or any portion of the said Security 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 said Security 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 security deposit separate from its general accounts, and Sublessee shall have no obligation or liability for payment of not be entitled to any interest earned on the such Security Deposit. In the event Sublessor assigns its interest in Provided that Sublessee shall have fully and faithfully performed every provision of 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 said Security Deposit, or so much thereof as had has not theretofore been applied by Sublessor, shall be returned to Sublessee within thirty (30) days after the expiration of the Term and after Sublessee has vacated the Premises; Sublessee waives the provisions of Section 1950.7 of the California Civil Code, any all other provisions of law now, or hereafter in force, that may require the return of the Security Deposit, or any portion thereof, earlier than thirty (30) days after the expiration of the Term and after Sublessee has vacated the Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to said Security Deposit. Sublessee hereby waives the provisions of Section 1950.7 of the California Civil Code, and all other provision 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 last assigneePremises; it being agreed that Sublessor may, if anyin addition, claim those sums reasonably necessary to compensate Sublessor for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Sublessee's interest hereunder, or any officer, employee, agent, contractor or invitee of Sublessee.

Appears in 1 contract

Sources: Sublease Agreement (Farmmi, 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

Sources: Lease Agreement (Seattle Filmworks 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 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. Sublessor and Sublessee acknowledge that Sublessee ---------------- has paid to Sublessor a deposit in the amount of Eighty-Three Thousand Seven Hundred Ninety-Four and 90/100 Dollars ($83,794.90) (the "Lock-Up Deposit") which would have been non-refundable to Sublessor if Sublessor and Sublessee had failed to execute this Sublease. Upon execution hereof, Sublessee shall deposit with Sublessor upon execution an additional amount of this Sublease the sum of Twenty One Hundred Seven Thousand Two Seven Hundred Fifty Thirty-Six and 40/100ths 30/100 Dollars ($20,250.40107,736.30), in cash, so that Sublessor shall hold a total amount of One Hundred Ninety-One Thousand Five Hundred Thirty-One Dollars and 20/100 ($191,531.20) 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 three (103) days after written delivery of 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 beyond applicable cure periods, 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 hereunderdefaults.

Appears in 1 contract

Sources: Sublease (Synplicity Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon On the date of execution of this Sublease Sub-sublease by Subtenant #2, Subtenant #2 will pay to Subtenant #1 a security deposit in the sum amount of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security 5,332.71 for SublesseeSubtenant #2's faithful performance of SublesseeSubtenant #2's obligations obligation hereunder (hereinafter "Security Deposit"). If Sublessee Subtenant #2 fails to pay rent or other charges when due under this SubleaseSub-sublease, or fails to perform any of its other obligations hereunder, Sublessor Subtenant #1 may use or apply all or any portion of the Security Deposit for the payment of any rent or other amount amounts then due hereunder and unpaid, for the payment of any other sum for which Sublessor Subtenant #1 may become obligated by reason of SublesseeSubtenant #2's default or breach, or for any loss or damage sustained by Sublessor Subtenant #1 as a result of SublesseeSubtenant #2's default or breach. If Sublessor Subtenant #1 so uses any portion of the Security Deposit, Sublessee Subtenant #2 shall, within ten (10) days after written demand by SublessorSubtenant #1, restore the Security Deposit to the full amount originally deposited, and SublesseeSubtenant #2's failure to do so shall constitute a default under this SubleaseSub-sublease. Sublessor Subtenant #1 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 Subtenant #1 assigns its interest in this SubleaseSub-sublease, Sublessor Subtenant #1 shall deliver to its assignee so much of the Security Deposit as is then held by SublessorSubtenant #1. Within ten (10) days after the Term has expired, or Sublessee Subtenant #2 has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 Paragraph 5(b) hereof has been made, whichever shall last occur, and provided Sublessee Subtenant #2 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 SublessorSubtenant #1, shall be returned to Sublessee Subtenant #2 or to the last assignee, if any, of SublesseeSubtenant #2's interest hereunder.. 3

Appears in 1 contract

Sources: Sub Sublease (Maxxis Group Inc)

Security Deposit. On or prior to the Commencement Date, Sublessee shall deposit with Sublessor upon execution the sum of $230,033.33 as security for the full and faithful performance of every provision of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for to be performed by Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails defaults, with respect to pay rent or other charges when due under any provision of this Sublease, or fails including but not limited to perform any the provisions relating to the payment of its other obligations hereunderRent, Sublessor may use use, apply or apply retain all or any portion part of the Security Deposit said security deposit for the payment of any rent Rent and any other sum in default or other amount then due hereunder and unpaid, 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, 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. Provided Sublessor does not deposit the security deposit in an interest bearing account, Sublessee shall not be entitled to interest on any security deposit. If Sublessor so uses any portion of elects to deposit the Security Depositsecurity deposit in an interest bearing account, Sublessee shallshall be entitled to the accrued interest. If Sublessee shall fully and faithfully perform every provision of this Sublease to be performed by it, within ten or shall timely cure any and all defaults, said security deposit or any balance thereof shall be returned to Sublessee upon the date which is thirty (1030) days after written demand by Sublessor, restore the Security Deposit to expiration of the full amount originally deposited, Sublease Term and Sublessee's failure to do so shall constitute a default under this Subleasevacation of the Premises. Notwithstanding the forgoing and provided that (i) Sublessor shall has not be required to keep the Security Deposit separate from its general accountsthen used, and shall have no obligation applied 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 retained any part of the Security Deposit as is then held by Sublessor. Within ten provided under the terms of this Sublease and (10ii) 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 under this Sublease, Sublessee shall be entitled to receive partial refunds 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 Deposit in the last assignee, if any, amount of Sublessee's interest hereunder$57,508.33 on the first and third anniversaries of the Commencement Date.

Appears in 1 contract

Sources: Sublease Agreement (Web Street Inc //)

Security Deposit. 8.1 Sublessee shall deposit with Sublessor in the attorney trust account maintained by the attorney for Sublessor, upon execution of this Sublease the Sublease, the sum of Twenty Thousand Two Nine Thousand, Seven Hundred Fifty and 40/100ths Thirty Dollars ($20,250.409,730.00) as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit"). . 8.2 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 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 (without interest) or to the last assignee, if any, of Sublessee's interest hereunder. 8.3 In the event that Sublessee pays Sublessor the Rent and Additional Rent when due under this Sublease, and Sublessor then fails to pay the Landlord the Rent and Additional Rent when due under the Lease, the attorney for Sublessor, upon written demand by Sublessee shall return the Security Deposit to Sublessee.

Appears in 1 contract

Sources: Sublease Agreement (Anthra Pharmaceuticals Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Ten Thousand Two Five Hundred Fifty and 40/100ths Dollars ($20,250.4010,500.00) 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 (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 (Qorus Com Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon Upon execution of this Sublease Sublease, Subtenant shall provide Sublandlord an irrevocable letter of credit, in the sum form of Twenty EXHIBIT F and otherwise approved by Sublandlord in the amount of Three Hundred Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40300,000.00), issued by a bank approved by Sublandlord, and with an expiry date of no earlier than February 28, 2002 (or the last day of the 37th month of the Term if that is later). If no monetary default by Subtenant occurs prior to February 1, 2002, Subtenant may substitute a letter of credit, satisfying the same conditions, in the amount of One Hundred Fifty Thousand Dollars ($150,000.00) as with an expiry date no later than the last day of the month following expiration of the Term, and upon delivery of the Substitute Letter of Credit, the initial letter of credit shall be returned. If subtenant exercises its option to extend the term, Subtenant shall replace the then letter of credit with a letter of credit in the amount of Seventy Thousand One Hundred Sixty-Two and 20/100ths Dollars ($70,162.20) plus the then monthly estimated total of Landlord Operating Costs and Taxes and Sublandlord Operating Costs allocated to the Premises and satisfying the same conditions with an expiry date no earlier than the last day of the month following expiration of the extended term. The letter of credit shall provide for partial draws and shall require only a written statement from Sublandlord that it is being drawn upon in connection with this Sublease. The letter of credit or any proceeds realized by draw thereon shall be security for Sublessee's Subtenant’s faithful performance of Sublessee's Subtenant’s obligations hereunder ("Security Deposit")hereunder. If Sublessee Subtenant fails to pay rent Rent or other charges when due under hereunder, or otherwise defaults with respect to any provision of this Sublease, Sublandlord may draw upon the letter of credit, at Sublandlord’s election, in the amount of such default, and if Subtenant fails to accept delivery of the Premises or fails to perform commence to pay Rent on the Commencement Date for the Premises, Sublandlord may draw upon the letter of credit to the full extent thereof, Sublandlord shall hold any amount realized by draw upon the letter of its other obligations hereundercredit as a security deposit (the “deposit”). Sublandlord may use, Sublessor may 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 Sublandlord may become obligated by reason of Sublessee's default or breachSubtenant’s default, 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, therefor deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit said deposit to the full amount originally deposited, hereinabove stated and Sublessee's Subtenant’s failure to do so shall constitute be a default under 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 letter of credit, or if it has been drawn upon, such deposit or so much thereof as had not theretofore been applied by SublessorSublandlord, 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 Sublessee's Subtenant’s interest hereunder) within ten (10) days after the expiration of the term hereof or ten (10) days after the date Subtenant has vacated the Premises, whichever is later.

Appears in 1 contract

Sources: Sublease Agreement (ShoreTel Inc)

Security Deposit. Sublessee (a) On or before the Commencement Date, Sub-Subtenant shall deposit with Sublessor upon execution of this Sublease Sub-Sublandlord a security deposit equal to $254,409.50 for the sum of Twenty Thousand Two Hundred Fifty full and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance of Sublessee's Sub-Subtenant’s obligations hereunder under this Sublease. The security deposit shall be held by Sub-Sublandlord in a segregated interest bearing account ("Security Deposit")or sub-account) and in compliance with applicable laws (interest earned, after deduction of permitted statutory administration fees) shall, provided Sub-Subtenant is not then in default under the terms of this Sublease, be paid to Sub-Subtenant not more frequently than annually after written demand therefore from Sub-Subtenant to Sub-Sublandlord. If Sublessee fails In the event Sub-Subtenant defaults in respect of any of the terms, provisions, and conditions of this Sublease, including but not limited to pay rent or the payment of Fixed Rent and other charges when due provided for herein, Sub-Sublandlord may use, apply or retain the whole or any part of the security deposit to the extent required to cure Sub-Subtenant’s default, for Fixed Rent, Additional Rent, additional charges, or any other obligation, and Sub-Subtenant shall restore the security deposit to the original sum deposited. Provided there has been no default at any time under this Sublease, Sub-Landlord agrees to reduce the security deposit requirement to $127,204.75 effective March 29, 2012. Any such reduction amounts shall be credited by Sub-Sublandlord against the next rental payments due by Sub-Subtenant hereunder. Provided Sub-Subtenant is not in default, the security deposit (less any portions used, applied or fails retained pursuant to perform any the foregoing) shall be returned to Sub-Subtenant upon the termination of its other obligations hereunderthis Sublease, Sublessor may use or apply as provided for herein. In the event Sub-Sublandlord assigns this Sublease, Sub-Subtenant shall release Sub-Sublandlord from all or any portion liability for the return of such security and Sub-Subtenant shall look solely to the new Sub-Sublandlord for such return of the Security Deposit security; provided, that the provisions hereof shall apply to every transfer or assignment made of the security to a new Sub-Sublandlord. (b) In lieu of the cash security deposit provided for in Section 10(a) hereof, Sub-Subtenant may at any time during the payment Term or upon the execution and delivery of this Sublease by the parties hereto deliver to Sub-Sublandlord and shall thereafter, except as otherwise provided herein, maintain in effect at all times during the Term, a clean, irrevocable letter of credit, in form and substance reasonably satisfactory to Sub-Sublandlord, (provided that the form of such letter of credit shall be delivered to and approved by Sub-Sublandlord in draft form prior to its issuance), in the amount of the security required pursuant to this Section 10, issued by a commercial bank reasonably satisfactory to Sub-Sublandlord and having its principal place of business or its duly licensed branch or agency in the City of New York where drafts on the letter of credit may be presented for payment. Draws may be made under such letter of credit without any additional instruments or documentation other than a simple draft. Such letter of credit shall have an expiration date no earlier than the first anniversary of the date of issuance thereof and shall be automatically renewed from year to year unless terminated by the issuer thereof by notice to Sub-Sublandlord given by certified or registered mail, return receipt requested not less than thirty (30) days prior to the expiration thereof. Except as otherwise provided in this Section 10, Sub-Subtenant shall, throughout the Term deliver to Sub-Sublandlord, in the event of the termination of any rent such letter of credit, replacement letters of credit in lieu thereof (each such letter of credit and such extensions or other replacements thereof, as the case may be, is hereinafter referred to as a “Security Letter”) no later than thirty (30) days prior to the expiration date of the preceding Security Letter. The term of each such Security Letter shall be not less than one (1) year and shall be automatically renewable from year to year as aforesaid. If Sub-Subtenant shall fail to obtain any replacements of a Security Letter within the time limits set forth in this Section 10(b), Sub-Sublandlord may draw down the full amount then due hereunder of the existing Security Letter and unpaid, for retain the payment of any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or same as security hereunder. Sub-Subtenant shall have the right to substitute for any loss or damage sustained Security Letter then being held by Sublessor as Sub-Sublandlord a result of Sublessee's default or breach. If Sublessor so uses any portion substitute Security Letter which satisfies all of the requirements of this Section 10(b), provided that Sub-Sublandlord shall not be obligated to relinquish the Security DepositLetter then being held by Sub-Sublandlord until such new Security Letter has been delivered to Sub-Sublandlord. Should Sub-Sublandlord be entitled to draw upon a Security Letter, Sublessee shallthe proceeds thereof may be applied to the same extent as if a cash security deposit had been posted. Should Sub-Sublandlord be entitled to draw upon a Security Letter, then within ten (10) days after written of demand by Sublessortherefor, restore the Sub-Subtenant shall provide either cash, a new Security Deposit Letter or an amendment to the full existing Security Letter so that the Sub-Sublandlord shall be holding in cash security or the undrawn amounts of Security Letters, the amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep set forth above as the Security Deposit separate from its general accounts, and shall have no obligation or liability for payment of interest on the Security Deposit. original security deposit. (c) In the event Sublessor assigns its interest in this of a sale, transfer or assignment of the Original Sublease, Sublessor Sub-Sublandlord shall have the right to require Sub-Subtenant to deliver a replacement Security Letter naming the new Sub-Sublandlord as beneficiary and, if Sub-Subtenant shall fail to its assignee so much of timely deliver the Security Deposit as is then held by Sublessor. Within same within ten (10) Business Days after written request therefor, to draw down the existing Security Letter and retain the proceeds as security hereunder until a replacement Security Letter is delivered. Sub-Subtenant hereby acknowledges and agrees that in connection with any transfer by Sub-Sublandlord or its successors or assigns hereunder of Sub-Sublandlord’s interest in the Security Letter, and the delivery of a replacement Security Letter as provided herein, Sub-Subtenant shall be solely liable to pay any transfer fees charged by the issuing bank to Sub-Sublandlord or the transferee in connection with any such transfer of the Security Letter, as Additional Rent hereunder, within twenty (20) days after the Term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant delivery to Subsection 6.2 hereof has been made, whichever shall last occur, and provided Sublessee is not then in default Sub-Subtenant 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 hereunderan invoice therefor.

Appears in 1 contract

Sources: Sublease Agreement (Fibernet Telecom Group Inc\)

Security Deposit. Sublessee Ah-ha shall deposit with Sublessor MyFamily upon execution of this Sublease Sublease, the sum of Twenty Thousand Two Hundred Fifty $11,250.00, which is prepayment of the first month’s rent, and 40/100ths Dollars ($20,250.40) 11,250.00 as security for Sublessee's Ah-ha’s faithful performance of Sublessee's Ah-ha’s obligations hereunder ("Security Deposit"). On December 1, 2002, Ah-ha shall deposit an additional $5062.50 as Security Deposit in relation to the additional space added to the Premises on that date. If Sublessee Ah-ha fails to pay rent or other charges when due under this Sublease, or fails to perform any of its other obligations hereunder, Sublessor MyFamily 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 MyFamily may become obligated by reason of Sublessee's Ah-ha’s default or breach, or for any loss or damage sustained by Sublessor MyFamily as a result of Sublessee's Ah-ha’s default or breach. If Sublessor MyFamily so uses any portion of the Security Deposit, Sublessee Ah-ha shall, within ten (10) days after written demand by SublessorMyFamily, restore the Security Deposit to the full amount originally deposited, and Sublessee's Ah-ha’s failure to do so shall constitute a default under this Sublease. Sublessor MyFamily 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 MyFamily assigns its interest in this Sublease, Sublessor MyFamily shall deliver to its assignee so much of the Security Deposit as is then held by SublessorMyFamily. Within Provided Ah-ha is not then in default of any of its obligations hereunder, MyFamily shall apply a portion of the Security Deposit in an amount equal to Ah-ha’s obligation for the last month’s Base Rent; and within ten (10) days after the Sublease Term has expired, or Sublessee Ah-ha has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 6b hereof has been made, whichever shall last occur, and provided Sublessee Ah-ha 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 SublessorMyFamily, shall be returned to Sublessee Ah-ha or to the last assignee, if any, of Sublessee's Ah-ha’s interest hereunder.

Appears in 1 contract

Sources: Sublease (Marchex Inc)

Security Deposit. Upon the oral acceptance of this Sublease by Master Lessor, Sublessee shall deposit with Sublessor upon execution Sublessor, in immediately available funds, a security deposit in the amount of this Sublease the sum of Twenty Seventeen Thousand Two Hundred Fifty Fifty-Six dollars and 40/100ths Dollars 00/100 ($20,250.4017,056.00) as security for Sublessee's faithful performance of Sublessee's obligations hereunder (the "Security Deposit"), which Security Deposit shall be held by Sublessor as security for the faithful performance by Sublessee of each of every term, covenant and condition of this Sublease applicable to Sublessee, and not as prepayment of Rent, provided, however, that should Sublessee be in material compliance with the terms of this Sublease on November 1, 2006, the rent due November 1, 2006 shall be deducted from the Security Deposit held by Sublessor. Sublessee shall not be entitled to receive any interest on the Security Deposit. The Security Deposit shall be deposited in the Sublessor's attorney's trust account. If Sublessee fails shall at any time fail to pay rent keep or perform any term, covenant or payment of Rent or any other charges when amounts due under this Sublease, hereunder or fails otherwise fail to perform any of its other obligations hereunder, Sublessor may use may, but shall not be obligated to and without waiving or releasing Sublessee from any obligation under this Sublease, use, apply all or retain the whole or any portion part of the Security Deposit necessary 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 incur by reason of Sublessee's default or breach, or as necessary to compensate Sublessor for any loss or damage sustained which Sublessor may suffer by Sublessor as a result reason of Sublessee's default default. In the event Sublessor uses or breach. If Sublessor so uses applies any portion of the Security Deposit, Sublessee shall, within ten five (105) days after written demand by Sublessor, remit to Sublessor sufficient funds to restore the Security Deposit to the full amount originally deposited, and its original sum. Sublessee's failure to do so remit funds to Sublessor shall constitute a default by Sublessee under this Sublease. Sublessor shall not be required In the event Sublessee complies with all of the terms, covenants and conditions of the Sublease applicable to keep Sublessee, 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 within thirty (30) days from the last assignee, if any, date Sublessor receives possession of the Sublease Premises from Sublessee's interest hereunder.

Appears in 1 contract

Sources: Sublease Agreement (Amazing Technologies Corp.)

Security Deposit. Sublessee Upon execution of this Sublease, Subtenant shall deposit with Sublessor upon execution of this Sublease the Sublandlord the sum of Twenty Thousand Two Hundred Fifty and 40/100ths four thousand six hundred eighty Dollars ($20,250.404,680.00) 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 and such failure is not cured within the applicable cure period under this Sublease, 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 hereunderSubleased Premises.

Appears in 1 contract

Sources: Sublease (Kura Oncology, Inc.)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Twenty-Five Thousand Two Hundred Fifty and 40/100ths No/1 00 Dollars ($20,250.4025,000) 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 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 to the last assignee, if any, of Sublessee's interest hereunder.as

Appears in 1 contract

Sources: Sublease (Corillian Corp)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease hereof the sum of Twenty Five Thousand Two Five Hundred Fifty Seventy Three and 40/100ths Dollars 00/100ths ($20,250.405,573.00) Dollars 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 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 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 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 ’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 note 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 heretofore 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 ’s interest hereunder) within ten (10) days after the expiration of the term hereof, or after Sublessee has vacated the Premises, whichever is later.

Appears in 1 contract

Sources: Landlord Consent to Sublease (Digital Music Group, Inc.)

Security Deposit. Sublessee shall agrees to deposit with Sublessor an amount equal to four (4) months rent ($30,580.00) 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")hereunder. Interest at a commercially reasonable rate shall be paid to Sublessee on a quarterly basis by Sublessor. 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 fifteen (1015) days after the Term has expired, or Sublessee has vacated the Subleased Premises, or and if any final adjustment pursuant to Subsection 6.2 Articles Eight and Thirteen hereof has of the Prime Lease 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 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 (Ebix Com Inc)

Security Deposit. Sublessee Upon execution of this Sublease, Subtenant shall deposit with Sublessor upon execution of this Sublease the Sublandlord the sum of Twenty Thousand Two Hundred Fifty fifteen thousand nine hundred and 40/100ths eight Dollars ($20,250.4015, 908) 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 and such failure is not cured within the applicable cure period under this Sublease, 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 hereunderSubleased Premises.

Appears in 1 contract

Sources: Sublease (Kura Oncology, Inc.)

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 Tenant has deposited with Sublessor upon execution Landlord (or its ---------------- beneficiary, if Landlord is a trustee) the "Letter of this Sublease Credit" described in Article 17 and in the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars form attached hereto as Exhibit E ($20,250.40) the "Security --------- Deposit"), as security for Sublessee's the full and faithful performance of Sublessee's obligations hereunder ("Security Deposit")every provision of this Lease to be performed by Tenant. If Sublessee fails Upon the occurrence of an Event of Default, including, but not limited to, the provisions relating to pay rent the payment of Rent, Landlord may use, apply or other charges when due under this Sublease, retain any part 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 Rent or other amount then due hereunder and unpaid, for the payment of any other sum for amount which Sublessor Landlord may spend or become obligated to spend by reason of Sublessee's default an Event of Default or breach, or to compensate Landlord for any other loss or damage sustained which Landlord may suffer by Sublessor as a result reason of Sublessee's default or breachan Event of Default. If Sublessor so uses any portion of the Security DepositDeposit is to be used or applied, Sublessee Tenant shall, within ten five (105) days after written demand by Sublessortherefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to the full amount originally depositedits original amount, and SublesseeTenant's failure to do so shall constitute a default be an Event of Default under this SubleaseLease. Sublessor Landlord shall not be required to keep the Security Deposit separate from its general accountsfunds, and Tenant shall have no obligation or liability for payment of not be entitled to interest on the Security Deposit. In If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the event Sublessor assigns its Security Deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to the last assignee of Tenant's interest in hereunder) within fifteen (15) days after the expiration or earlier termination of the Term and Tenant's vacation of the Premises. Subject to the terms and conditions of Article 17, if there exists no default hereunder by Tenant, and Tenant shall fully and faithfully perform every provision of this Sublease, Sublessor shall deliver Lease to its assignee so much be performed by it and no 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 pursuant to Subsection 6.2 hereof has been madeapplied and not restored, whichever the Letter of Credit shall last occur, be released by Landlord and provided Sublessee is not then in default of any of its obligations hereunderthereafter, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, Deposit shall be returned reduced to Sublessee or to and consist of the last assigneesum of $53,200. If Landlord gives Tenant the Termination Notice, if any, such Termination Notice shall be accompanied with a return of Sublessee's interest hereunderthe Security Deposit.

Appears in 1 contract

Sources: Lease Agreement (Exodus Communications Inc)

Security Deposit. Sublessee shall deposit Subtenant covenants to deliver to Sublandlord, within five (5) days of the filing of such reports with Sublessor upon execution any agency, full and complete copies of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Subtenant's quarterly financial statements (including, without limitation, any 10K and/or 10Q reports). If such reports are no longer filed for any reason, or if any such report does not clearly disclose that Subtenant's cash balance is equal to or greater than Ten Million Dollars ($20,250.4010,000,000), then Subtenant shall, concurrently with the delivery to Sublandlord of the applicable report (or within five (5) as days after the date such report would have otherwise been required to be filed if such report was still required to be filed), deposit with Sublandlord, by wire transfer of immediately available funds, a security for Sublessee's faithful performance deposit in the amount of Sublessee's obligations hereunder Five Hundred Thousand Dollars ($500,000) (the "Security Deposit"). The Security Deposit shall be held by Sublandlord as security for the faithful performance by Subtenant of all of the terms, covenants, and conditions of this Sublease to be kept and performed by Subtenant during the Sublease Term. If Sublessee fails Subtenant defaults with respect to pay rent or other charges when due under any provision of this SubleaseSublease including, or fails but not limited to, any provision relating to perform any the payment of its other obligations hereundermoney, Sublessor Sublandlord may use or (but shall not be required to) use, retain and 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 Sublandlord may spend or become obligated to spend by reason of SublesseeSubtenant's default or breachdefault, or to compensate Sublandlord for any other loss or damage sustained by Sublessor which Sublandlord may suffer as a result of SublesseeSubtenant's default or breachdefault. If Sublessor so uses any portion of the Security DepositDeposit is so used or applied, Sublessee Subtenant shall, within ten five (105) days after written demand thereof, deposit with Sublandlord by Sublessor, wire transfer of immediately available funds an amount sufficient to restore the Security Deposit to the full amount originally depositedits original amount, and SublesseeSubtenant's failure to do so shall constitute a material default under this SubleaseSublease without any notice or cure period. 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 Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much Any unused 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 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 Subtenant within thirty (30) days following the expiration of the Sublease Term or vacation of the Premises by Subtenant, whichever event occurs last. Subtenant acknowledges and agrees that in the event Subtenant shall file a voluntary petition pursuant to the last assigneeBankruptcy Code or any successor thereto, or if anyan involuntary petition is filed against Subtenant pursuant to the Bankruptcy Code or any successor thereto, then Sublandlord may apply the Security Deposit towards those obligations of Sublessee's interest hereunderSubtenant to Sublandlord which accrued prior to the filing of such petition.

Appears in 1 contract

Sources: Sublease Agreement (SeaSpine Holdings Corp)

Security Deposit. Sublessee (a) Sub-Subtenant shall deposit with Sublessor Sub-Sublandlord upon its execution of this Sublease hereof the sum of Twenty One Hundred Seventy Four Thousand Two Eight Hundred Fifty Seventy and 40/100ths Dollars 00/100 ($20,250.40174,870.00) Dollars as security for Sublessee's faithful performance of Sublessee's obligations hereunder (the "Security Deposit")) for the performance by Sub-Subtenant of all of the terms, covenants and conditions of this Sub-Sublease on Sub-Subtenant's part to be performed. Sub-Sublandlord shall have the right following Sub-Subtenant's default beyond applicable notice and grace periods, without additional notice to Sub-Subtenant, and regardless of the exercise of any other remedy Sub-Sublandlord may have by reason of a default beyond applicable notice and grace periods, to apply that part of said Security Deposit to cure any default beyond applicable notice and grace periods of Sub-Subtenant, and, if Sub-Sublandlord does so, Sub-Subtenant shall, within five (5) days of demand therefor, deposit with Sub-Sublandlord the amount so applied so that Sub-Sublandlord shall have the full amount of the security at all times during the term of this Sub-Sublease. If Sublessee fails Sub-Subtenant shall fail to pay rent or other charges when due under this Subleasemake such deposit, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of Sub-Sublandlord shall have the Security Deposit same remedies for such failure as Sub-Sublandlord has for a default in the payment of any rent Base Rent. In the event of an assignment 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 transfer of the Security Depositleasehold estate and this Sub-Sublease, Sublessee shall, within ten (10) days after written demand by Sublessor, restore Sub-Sublandlord shall transfer the Security Deposit to the full amount originally depositedassignee, and Sublessee's failure to do so in such event, (a) Sub-Sublandlord shall constitute a default under this Sublease. Sublessor shall not thereupon be required to keep automatically released by Sub-Subtenant from all liability for the return of such Security Deposit separate from its general accountsDeposit, and (b) Sub-Subtenant shall have no obligation or liability look solely to the assignee for payment the return of interest on the said Security Deposit. In , and the event Sublessor assigns its interest in foregoing provisions of this Sublease, Sublessor sentence shall deliver apply to its assignee so much every transfer made of the Security Deposit as is then held by Sublessorto a new assignee of Sub-Sublandlord's interest in the Original Sublease. Within ten If Sub-Subtenant shall not be in material or monetary default of the terms, covenants and/or conditions of this Sub-Sublease beyond applicable notice and grace periods, the Security Deposit shall be returned to Sub-Subtenant with interest accrued thereon within thirty (1030) days after the Term has expired, or Sublessee has vacated date fixed as the Premises, or any final adjustment pursuant end of this Sub-Sublease and after delivery of the Subleased Premises to Subsection 6.2 hereof has been made, whichever shall last occur, Sub-Sublandlord in the manner and provided Sublessee is not then in default of any of its obligations hereunder, condition required by this Sub-Sublease and 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 hereunderLease.

Appears in 1 contract

Sources: Sub Sublease (Cytrx Corp)

Security Deposit. Upon execution of this Sublease, Sublessee shall deposit with Sublessor upon execution the sum of Fifty Thousand Six Hundred Eighty-Five and 00/100 Dollars ($50,685.00), which shall be held by Sublessor as a security deposit for Sublessee’s performance of all the terms, covenants 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 or other charges when due defaults under any provision of this Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use (but shall not be required to) use, apply or apply retain all or any portion part of the this 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 spend by reason of Sublessee's ’s default or breach, or to compensate Sublessor for any loss or damage sustained by Sublessor as a result may suffer because of Sublessee's default or breach’s default. If Sublessor so uses any portion of the Security DepositDeposit is so used or applied, Sublessee shall, within ten (10) days immediately after written demand by Sublessordemand, deposit cash with Sublessor in an amount sufficient to restore the Security Deposit to the full amount originally deposited, and Sublessee's failure to do so shall constitute a default under this Subleaseits original amount. Sublessor shall is not be required to keep the Security Deposit separate from its general accountsfunds, and shall have no obligation or liability for payment of all interest earned on the Security Deposit. In security deposit shall accrue to the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much benefit 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 each of its obligations hereunderunder this Sublease, the Security Deposit, or so much thereof as had not theretofore been applied by Sublessorany balance thereof, shall be returned to Sublessee within thirty (30) days after the later of (i) the expiration of the Term or sooner termination of the Sublease; (ii) the date Sublessee vacates the Subleased Premises; or (iii) the date Sublessee will have no further unperformed obligations herein. Sublessee hereby waives the provisions of Section 1950.7 of the California Civil Code (providing that a landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by a tenant, or to clean the last assigneepremises); provided, if anyin so waiving the provisions of Section 1950.7, Sublessee shall not be deemed to have agreed to permit Sublessor to retain any portion of Sublessee's interest hereunderthe Security Deposit in excess of that which would be required to make Sublessor whole (whether prior to or following termination of the Sublease).

Appears in 1 contract

Sources: Sublease (Cadence Pharmaceuticals Inc)

Security Deposit. Sublessee shall deposit Contemporaneously with Sublessor upon the execution of this Sublease Sublease, Subtenant shall pay to Sublandlord, in immediately available funds, the sum of Twenty Thousand Two Hundred Fifty Security Deposit, which shall be held by Sublandlord without liability for interest and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful the performance by Subtenant of Sublessee's its obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due under this Sublease. The Security Deposit is not an advance payment of Rent or a measure or limit of Sublandlord's damages upon an Event of Default. Sublandlord may, or fails from time to perform time and without prejudice to any of its other obligations hereunderremedy, Sublessor may use or apply all or any portion a part of the Security Deposit for the payment of to perform any rent or other amount then due obligation which Subtenant was obligated, but failed, to perform hereunder and unpaid, for the payment of if such failure continues beyond any other sum for which Sublessor may become obligated by reason of Sublessee's default or breach, or for applicable cure period otherwise provided herein. Following any loss or damage sustained by Sublessor as a result of Sublessee's default or breach. If Sublessor so uses any portion such application of the Security Deposit, Sublessee shall, within ten (10) days after written Subtenant shall pay to Sublandlord on demand by Sublessor, the amount so applied in order to restore the Security Deposit to its original amount unless the full amount originally depositeddemand is made after the Sublease is terminated or following its natural expiration. If Sublandlord transfers its interest in the Subleased Premises, and Sublessee's failure to do so shall constitute a default under this Sublease. Sublessor shall not be required to keep then Sublandlord may assign the Security Deposit separate from its general accounts, to the transferee and Sublandlord thereafter shall have no obligation or further liability for payment the return of interest on the Security Deposit. In Following the event Sublessor assigns its interest in this Subleasefirst 12 consecutive months of Subtenant’s timely Rent payments, Sublessor shall deliver to its assignee so much and provided that an Event of Default has not occurred during said 12-month period, Sublandlord will return 50% of the Security Deposit as is then held by Sublessorto Subtenant. Within ten (10) days a reasonable time after the Term ends, provided Subtenant 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 performed all of its obligations hereunder, Sublandlord shall return to Subtenant the balance of the Security Deposit, or so much thereof as had Deposit not theretofore been applied by Sublessor, shall be to satisfy Subtenant's obligations and not returned to Sublessee or Subtenant pursuant to the last assignee, if any, terms of Sublessee's interest hereunderthis Section 6.01.

Appears in 1 contract

Sources: Sublease Agreement (CUI Global, Inc.)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease in addition to Minimum Rents as Specified under Section 6.1, the sum of Twenty Thousand Two Hundred Fifty Fifty-one thousand sixty-two and 40/100ths no/100's (Dollars ($20,250.4051,062.00) 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 is granted approval for assignment and thereafter 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 (Extreme Networks Inc)

Security Deposit. Sublessee (A) Subtenant has deposited with Sublandlord before or simultaneously with the execution of Sublease, a cash deposit or an irrevocable and unconditional letter of credit, in form and substance and with a bank satisfactory to Landlord, in the amount of Four Hundred Sixty Thousand Two Hundred and No/100 Dollars ($460,200.00) as a deposit to secure the prompt performance of Subtenant's obligations hereunder. On or before the Delivery Date, Subtenant shall deposit with Sublessor upon execution Sublandlord a cash deposit or an irrevocable and unconditional letter of credit, in form and substance and with a bank satisfactory to Landlord, in the amount of Nine Hundred Twenty Thousand Four Hundred and No/100 Dollars ($920,400.00) as an additional deposit to secure the prompt performance of Subtenant's obligations hereunder. In the event that Subtenant fails to provide Landlord with such additional Nine Hundred Twenty Thousand Four Hundred and No/100 Dollar ($920,400.00) deposit on or before the Delivery Date, then this Sublease shall automatically terminate on the sum of Twenty Delivery Date, Sublandlord shall retain the Four Hundred Sixty Thousand Two Hundred Fifty and 40/100ths Dollars No/100 Dollar ($20,250.40460,200.00) deposit as security full and complete liquidated damages for SublesseeSubtenant's faithful performance failure to deliver such additional deposit, Sublandlord shall return any advance Rent payment to Subtenant, and the parties shall thereupon be relieved of Sublessee's obligations hereunder ("Security Deposit"). If Sublessee fails to pay rent or other charges when due any and all further liability under this Sublease. (B) If Subtenant provides cash deposits, or fails such deposits may be commingled with Sublandlord's general funds, if permitted by law. Sublandlord shall have the right, but shall not be obligated, to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of such deposits to cure any default, in which event Subtenant shall be obligated to deposit with Sublandlord the Security Deposit amount necessary to restore such deposits to their original amount within five (5) days after written notice from Sublandlord. To the extent not forfeited or otherwise used as provided herein, and provided the Subleased Premises are vacated in good condition, ordinary wear and tear and damage by fire or other casualty excepted, as described in Paragraph 18, the deposits shall be returned, without interest, to Subtenant within thirty (30) days after the expiration or other termination of this Sublease. (C) If Subtenant provides letters of credit, said letters of credit shall be issued by a commercial bank satisfactory to Sublandlord, having banking offices at which said letters of credit may be drawn upon in the Washington, D.C. metropolitan area, and a net worth of not less that One Billion Dollars. Said letters of credit shall be subject to the International Standby Practices 1998, International Chamber of Commerce Publication No. 590, and shall be transferable one or more times by Sublandlord without the consent of Subtenant. Any transfer fees in connection therewith shall be payable by Subtenant. Sublandlord hereby approves PNC Bank as the issuing bank for said letters of credit. Sublandlord shall have the payment right, but shall not be obligated, to draw down all or any portion of said letters of credit to cure any event of default which continues beyond the expiration of any rent applicable cure period. The letter of credit shall provide that it may be drawn down by Sublandlord upon presentation of Sublandlord's draft drawn on the issuing bank. If, during the Preliminary Term or other during any Sublease Year, Sublandlord draws down more than twenty-five percent (25%) of the original aggregate amount of the letters of credit, then due hereunder Subtenant, within fifteen (15) days after written notice from Sublandlord, shall provide Landlord with an additional letter of credit in the amount of the difference between the original aggregate amount of the letters of credit and unpaid, for the payment then-current balance thereof. Not less than thirty (30) days prior to the expiration date of any other sum for letter of credit provided hereunder, Subtenant shall provide Sublandlord with a replacement letter of credit in the same amount (or such lesser amount as may be required under subparagraph 22(d) (except that if Subtenant does not exercise its renewal option with Landlord, no such replacement letter of credit shall be required after the expiration of the twelfth (12th) Sublease Year, and if Subtenant does exercise its renewal option with Landlord, the replacement letter of credit required at the expiration of the twelfth (12th) Sublease Year shall be deposited with Landlord and shall provide that it may be drawn down by Landlord upon presentation of Landlord's draft drawn on the issuing bank). Each letter of credit provided hereunder (except, if Subtenant does not exercise its renewal option with Landlord, that provided during the twelfth (12th) Sublease Year) shall provide that in the event it is not supplemented by a replacement letter of credit or cash deposit on or before thirty (30) days prior to its expiration, then Sublandlord may draw down the full amount of such letter of credit. Sublandlord agrees that if it draws down a letter of credit due solely to a failure of Subtenant to so provide a replacement letter of credit, Sublandlord shall hold the proceeds of same in an interest-bearing account with a financial institution that is insured by the FDIC or any federal successor thereto, until the sooner to occur of (i) Subtenant's provision of such a replacement letter of credit, at which Sublessor may become obligated by reason of Sublessee's default or breachtime such proceeds shall be paid to Subtenant, or for (ii) an event of default by Subtenant of one or more of its obligations under this Sublease which continues beyond the expiration of any applicable cure period, at which time Sublandlord shall withdraw proceeds in an amount equal to the economic loss or damage sustained suffered by Sublessor Sublandlord as a result of Sublessee's default or breachsuch event of default, and the remaining proceeds (if any) shall continue to be held in such account pursuant to the terms hereof. If Sublessor so uses Notwithstanding the foregoing, if Subtenant exercises its renewal option with Landlord, and Sublandlord draws down on the letter of credit provided during the twelfth (12th) Sublease Year due solely to a failure of Subtenant to provide a replacement letter of credit, then Sublandlord shall pay the proceeds of such letter of credit to Landlord, to be held in accordance with the terms of this paragraph. Subtenant hereby agrees to cooperate, at its expense, with Sublandlord to promptly execute and deliver to Sublandlord any portion and all modifications, amendments and replacements to the letters of credit as Sublandlord may reasonably request to carry out the terms and conditions of this Paragraph 22(c). (D) Notwithstanding anything to the contrary herein, Subtenant may reduce the amount of the Security Depositcash or letter of credit security deposit provided hereunder to Six Hundred Ninety Thousand Three Hundred and No/100 Dollars ($690,300.00) [i.e., Sublessee shallsix (6) times the initial monthly Base Rental], within ten provided that Subtenant gives Sublandlord not less than thirty (1030) days after written demand notice of its intent to so reduce the security deposit, which notice is accompanied by Sublessor, restore the Security Deposit to the full amount originally depositedSubtenant's most recent annual audited financial statement, and Sublesseea year-to-date financial statement certified as correct by Subtenant's failure Chief Financial Officer, both of which financial statements show cash and cash equivalents of at least Five Million Dollars ($5,000,000.00) and earnings before interest, taxes, depreciation and amortization of at least One Million Dollars ($1,000,000.00). (E) Sublandlord, in its sole discretion, may permit Subtenant to do so shall constitute replace all or part of the cash or letter of credit deposits with a default under this Sublease. Sublessor shall not be required bond, provided that the bond issuer's creditworthiness and experience as a surety and the form of the bond are acceptable to keep Sublandlord, in its sole discretion. (F) Sublandlord may deliver the Security Deposit separate from its general accountscash, and shall have no obligation letter of credit or liability for payment bond deposits 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 such deposits. This provision shall apply also to any and all subsequent transferors 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 SublesseeSublandlord's interest hereunderin this Sublease.

Appears in 1 contract

Sources: Sublease (Informax Inc)

Security Deposit. On the Rent Commencement Date Sublessee shall agrees to deposit with Sublessor upon execution of this Sublease the sum of Twenty Ten Thousand Two Hundred Fifty and 40/100ths NO/100 Dollars ($20,250.4010,000.00) (the "Security Deposit") as security for Sublessee's faithful performance of Sublessee's its obligations hereunder ("under this Sublease. Sublessor and Sublessee agree that the Security Deposit")Deposit may be commingled with funds of Sublessor and Sublessor shall have no obligation or liability for payment of interest on such deposit. Sublessee shall not mortgage, assign, transfer or encumber the Security Deposit without the prior written consent of Sublessor and any attempt by Sublessee to do so shall be void, without force or effect and shall not be binding upon Sublessor. If Sublessee fails to pay rent any Rent or other charges amount when due and payable under this Sublease, or fails to perform any of its other obligations hereunderthe terms hereof, Sublessor may appropriate and apply or use or apply all or any portion of the Security Deposit for the payment of Rent payments or any rent or other amount then due hereunder and unpaid, for the payment of any other sum amount for which Sublessor may has become obligated by reason as a result of Sublessee's default or breach, or and for any loss or damage sustained by Sublessor as a result of Sublessee's default or breach, and Sublessor may so apply or use the Security Deposit without prejudice to any other remedy Sublessor may have by reason 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 Sublessortherefor, restore the Security Deposit to the full amount originally deposited, and ; Sublessee's failure to do so shall constitute a default under this Sublease. hereunder for which Sublessor shall not be required have the right to keep the Security Deposit separate from its general accounts, and shall have no obligation or liability exercise any remedy provided for payment of interest on the Security Depositin Section 14 below. 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 Provided Sublessee is not then in default of on any of its obligations hereunder, on the first day of the last month of the Sublease term (or renewal period, if applicable), Sublessor shall return the Security Deposit to Sublessee or, if Sublessee has assigned its interest under this Sublease, to the last assignee of Sublessee. If Sublessor sells or assigns its interest in the Subleased Premises, Sublessor may deliver the Security Deposit to Sublessor's successor in interest under this Sublease and thereupon be relieved of any further liability or obligation with respect to 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: Berth and Sublease Agreement (Surebet Casinos Inc)

Security Deposit. Sublessee shall deposit with Sublessor Subtenant shall, upon mutual execution of this Sublease Sublease, deposit with Sublandlord the sum of Twenty Seventy-Six Thousand Two One Hundred Fifty and 40/100ths Twenty-Five Dollars ($20,250.4076,125.00) as security for Sublessee's faithful the full performance of Sublessee's obligations hereunder ("Security Deposit")every provision of this Sublease to be performed by Subtenant. If Sublessee fails Subtenant defaults with respect to pay rent or other charges when due under 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 part of the Security Deposit this security deposit (or any additional security as hereinafter required) for the payment of any base rent, additional rent or any other amount then due hereunder and unpaidsum in default, or for the payment of any other sum for amount which Sublessor Sublandlord may spend or become obligated to spend by reason of SublesseeSubtenant's default or breachdefault, or to compensate Sublandlord for any loss other loss, cost or damage sustained which Sublandlord may suffer by Sublessor as a result reason of SublesseeSubtenant's default or breachdefault. If Sublessor so uses any portion of the Security Depositsaid deposit or additional security is so used or applied, 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 security deposit to the full its original amount originally deposited, and SublesseeSubtenant's failure to do so shall constitute be a default under breach of this Sublease. Sublessor Sublandlord shall not not, unless otherwise required by law, be required to keep the Security Deposit this security deposit (or any additional security as hereinafter required) separate from its general accounts, and shall have no obligation or liability for payment of funds nor pay interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease, Sublessor shall deliver to its assignee so much Subtenant. If Subtenant defaults with respect to any provision of the Security Deposit this Sublease more than twice in any calendar year, Subtenant shall, as is then held by Sublessor. Within additional security for Subtenant's performance of this Sublease and within ten (10) days after written demand therefor, deposit cash with Sublandlord equal to twice the Term has expired, or Sublessee has vacated monthly Base Rent in effect for 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 month in which Subtenant's third 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 hereunderoccurred.

Appears in 1 contract

Sources: Sublease (Mp3 Com Inc)

Security Deposit. Sublessee shall deposit Concurrently with Sublessor upon the execution of this Sublease by ---------------- Subtenant, Subtenant has deposited with Sublandlord the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublessee's faithful performance 34,125.00, the receipt 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 is hereby acknowledged 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 SublessorSublandlord. Within ten (10) business days of the commencement of the seventh month of the Term, Subtenant shall deposit with Sublandlord an additional $8,925.00, thereby providing a total security deposit of $43,050.00. Failure of Subtenant to timely deliver such additional sum of $8,925.00 shall, without notice or grace, be an immediate default hereunder. Such initial sum of $34,125.00 and the additional sum of $8,925.00 are collectively referred to as the "Security Deposit." This sum shall ---------------- be retained by Sublandlord as security for the payment by Subtenant of the Rents and all other payments agreed in this Sublease to be paid by Subtenant and for the faithful performance by Subtenant of the terms, provisions, covenants and conditions of this Sublease. Sublandlord at Sublandlord's option may at the time of any default by Subtenant apply said sum or any part of it towards the payment of the Rent and towards the performance of each and every one of Subtenant's covenants under this Sublease, and for any sum which Sublandlord may spend or be required to spend because of Subtenant's default, including any damages or deficiency in reletting, but such covenant and Subtenant's liability under this Sublease shall thereby be discharged only pro tanto; Subtenant shall remain liable for any amounts that such sum shall be insufficient to pay. Sublandlord may exhaust any or all rights and remedies against Subtenant before resorting to said sum, but nothing in this Sublease shall require or be deemed to require Sublandlord to do so. If Sublandlord applies all or part of the Security Deposit as provided in this paragraph, Subtenant shall, promptly upon demand of Sublandlord, deposit with Sublandlord the amount so applied so that Sublandlord shall have the full Security Deposit on hand at all times during the term. In the event this Security Deposit shall not be utilized for any such purpose, then, provided Subtenant has fully performed under this Sublease and has vacated the Sublease Premises and surrendered all keys to the Sublease Premises, but not if Sublandlord has terminated this Sublease due to Subtenant's default under any provision of this Sublease, it shall be returned by Sublandlord to Subtenant within thirty (30) days after the Term has expired, expiration of the term or Sublessee has vacated the Premises, or any final adjustment pursuant to Subsection 6.2 hereof has been made, whichever shall last occur, determination and provided Sublessee is not then in default payment 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 assigneeall amounts due under this Sublease, if any, of Sublessee's whichever occurs later. Sublandlord will not be required to pay Subtenant any interest hereunderon the Security Deposit and Sublandlord may commingle the Security Deposit with its own funds.

Appears in 1 contract

Sources: Sublease Agreement (Davox Corp)

Security Deposit. Sublessee On or before the Delivery Date, Subtenant shall deposit with Sublessor upon execution deliver to Sublandlord a Security Deposit in the amount of this Sublease the sum of Twenty Fifty Thousand Two Hundred Fifty and 40/100ths Dollars 00/100 ($20,250.4050,000.00) as security for Sublessee's the faithful performance by Subtenant of Sublessee's obligations hereunder ("Security Deposit")all the terms, covenants, and conditions of this Sublease to be kept and performed by Subtenant during the Sublease Term. If Sublessee fails to pay rent a Sublease Event of Default exists, Sublandlord may use, apply or other charges when due under this Sublease, 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 thirty (1030) 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, 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 (Rigetti Computing, Inc.)

Security Deposit. Sublessor and Sublessee acknowledge and agree that, as of the date of this Amendment, Sublessor is currently holding a security deposit from Sublessee [in the form of a letter of credit] in the amount of Fifty-Nine Thousand Two Hundred Eighty-Nine and 76/100 Dollars ($59,289.76) (the "Existing Security Deposit"). Upon the execution of this Amendment, Sublessee shall deposit with Sublessor upon execution of this Sublease the additional sum of Twenty Thousand Two One Hundred Fifty and 40/100ths 00/100 Dollars ($20,250.40150,000.00) as security for Sublessee's faithful performance of Sublessee's obligations hereunder (the "Additional Security Deposit"), which amount shall act as an additional security deposit under the Sublease and shall be held by Sublessor pursuant to all of the terms of Section 6 of the Sublease. If Sublessee fails to pay rent or other charges when due under As of the date of this Amendment, the term "Security Deposit," as used in the Sublease, or fails to perform any of its other obligations hereunder, Sublessor may use or apply all or any portion of shall mean both the Existing Security Deposit for and 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 Additional Security Deposit, Sublessee shall, within ten (10) days after written demand by Sublessor, restore the Security Deposit collectively. Notwithstanding anything herein to the full amount originally depositedcontrary, 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 accountson November 1, and shall have no obligation or liability for payment of interest on the Security Deposit. In the event Sublessor assigns its interest in this Sublease2008, Sublessor shall deliver to its assignee so much of the Security Deposit as is then held by Sublessor. Within ten provided that: (10i) 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, and (ii) Sublessee has not been in default hereunder more than two (2) times during the Term of the Sublease, then the amount of the Additional Security Deposit, or so much thereof as had not theretofore been applied by Sublessor, Deposit shall be returned reduced to Seventy-Five Thousand and 00/100 Dollars ($75,000.00) and Sublessor shall deliver Seventy-Five Thousand and 00/100 Dollars ($75,000.00) of the Additional Security Deposit to Sublessee; provided, however, that if Sublessee or to the last assignee, if any, subsequently defaults in any of Sublessee's interest hereunderobligations hereunder then Sublessor may (provided that Sublessor does not terminate the Sublease as a result thereof), in addition to any other rights and remedies available to Sublessee at law or in equity, require that Sublessee, within five (5) business days of Sublessor's request therefor, deliver an additional Seventy-Five Thousand and 00/100 Dollars ($75,000) to Sublessor in order to replenish the Additional Security Deposit to its original amount of One Hundred Fifty Thousand and 00/100 Dollars ($150,000.00).,

Appears in 1 contract

Sources: Sublease Agreement (Starent Networks, 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 (hereof $20,250.40) 21,307.20 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 became 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 1 contract

Sources: Sublease Agreement (Rockshox Inc)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Sixteen Thousand Two Hundred Fifty Fifty-Two and 40/100ths 50/100 Dollars ($20,250.4016,252.50) 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 when 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: Real Sublease Agreement (Borealis Technology Corp)

Security Deposit. Sublessee shall deposit with Sublessor upon Within ten (10) business days after the execution of this Sublease Sublease, Sublessee shall pay to Sublessor the first month's rent due and provide Sublessor with security in the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars ($20,250.40) as security for Sublesseethe last month's faithful performance of Sublessee's obligations hereunder ("Security Deposit")rent due. 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 the 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 depositeddeposited less any amounts applied to the first months' rent, 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 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 therefore been applied by Sublessor, shall be returned to Sublessee or to the last assignee, if any, of Sublessee's interest hereunderinterest.

Appears in 1 contract

Sources: Sublease Agreement (N2h2 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

Sources: Sub Sublease Agreement (Vicinity Corp)

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

Sources: Sublease Agreement (NTN Communications 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 ($20,250.40) 70,500 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 of 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 event, the 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 the Sublessee's interest hereunder.

Appears in 1 contract

Sources: Sublease Agreement (Homegrocer Com 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

Sources: Office Building Sublease (Vialink Co)

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

Sources: Sublease (Chinook Therapeutics, Inc.)

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 deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty and 40/100ths Dollars (hereof $20,250.40) 9,484.15 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 1 contract

Sources: Sublease Agreement (Richey Electronics 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 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

Sources: Sublease Agreement (Mobius Management Systems Inc)

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

Sources: Lease (Metaldyne Performance Group Inc.)

Security Deposit. Sublessee shall deposit with Sublessor upon Sublessee's execution hereof a sum in the amount of this Sublease the sum of Twenty Six Thousand Two Three Hundred Fifty and 40/100ths Ten Dollars ($20,250.406,310.00) ("Deposit") 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 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, 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 to the its full amount originally deposited, 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 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, or so much thereof as had has not theretofore been applied by Sublessor, shall be returned returned, without payment of interest or other incurment 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 Sublease Premises. No trust relationship is created herein between Sublessor and Sublessee with respect to the Deposit.

Appears in 1 contract

Sources: Sublease (Viant Corp)

Security Deposit. Sublessee shall deposit with Sublessor upon execution of this Sublease the sum of Twenty Thousand Two Hundred Fifty three thousand seven hundred sixteen and 40/100ths 00/100 Dollars ($20,250.403,716.00) 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 as much thereof as had not the 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 (Endocare Inc)

Security Deposit. Concurrently with Sublessee's execution of the Sublease, ---------------- Sublessee shall deposit with Sublessor upon execution a security deposit ("Security Deposit") in the amount of this Sublease the sum of Twenty Eighteen Thousand Two Six Hundred Fifty and 40/100ths Dollars ($20,250.4018,600). The Security Deposit shall be held (and/or applied or returned) by Sublessor as security for Sublessee's faithful performance of Sublessee's obligations hereunder ("Security Deposit")hereunder, and not as prepayment of rent. If Sublessee fails shall at any time fail to pay rent keep or other charges when due under perform any term, covenant or condition of this Sublease, including, without limitation, the payment of Rents or fails those provisions requiring Sublessee to perform any repair damage to the Premises caused by Sublessee or to surrender the Premises in the condition required pursuant to the Sublease, upon expiration of its other obligations hereundersuch time period as is provided hereunder for Sublessee to cure such failure, Sublessor may use may, but shall not be obligated to and without waiving or releasing Sublessee from any obligation under the Sublease, use, apply all or retain the whole or any portion part of the Security Deposit reasonably necessary 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 spend by reason of Sublessee's default or breach, or as necessary to compensate Sublessor for any loss or damage sustained which Sublessor may suffer by Sublessor as a result reason of Sublessee's default default. In the event Sublessor uses or breach. If Sublessor so uses applies any portion of the Security Deposit, Sublessee shall, within ten fifteen (1015) days after written demand by SublessorSublessor specifying the amount and the reasons for application of all or a portion of the Security Deposit, remit to Sublessor sufficient funds to restore the Security Deposit to the full amount originally deposited, and Sublessee's failure its original sum. Failure by Sublessee to do so remit funds shall constitute be a default by Sublessee 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 The Security Deposit, or so much thereof as had not theretofore been applied by Sublessoris left after Sublessor cures any then outstanding defaults, shall be returned to Sublessee or (or, at Sublessee's option, to the last assignee, if any, of Sublessee's interest hereunder) within fourteen (14) days after termination of the Sublease and surrender of the Premises by Sublessee; provided, however, if any portion of the Security Deposit is to be applied to repair damages to the Premises caused by Sublessee, to clean the Premises or to remove alterations and restore the Premises pursuant to the terms of this Sublease, then the balance of the Security Deposit shall be returned to Sublessee no later than thirty (30) days from the date Sublessor receives possession of the Premises. In the event Sublessee receives from Lessor all or any portion of the security deposit paid by Sublessor to Lessor under the Lease pursuant to the last sentence of Paragraph 4 of the Lease, Sublessee shall immediately deliver the same to Sublessor, except to the extent that Sublessor has failed to return the Security Deposit (or such portion thereof not previously applied by Sublessor to cure outstanding defaults of Sublessee) as and when required hereunder.

Appears in 1 contract

Sources: Sublease (Power Integrations Inc)

Security Deposit. Sublessee shall deposit with Sublessor Sublessor, upon execution of this Sublease Sublease, the sum of Twenty Five Thousand Two Four Hundred Fifty Ninety-two Dollars and 40/100ths Dollars 67/100 ($20,250.405,492.67) 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 obligated by reason of Sublessee's default or breach, or for any loss or damage (including attorney's fees) 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) 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) 30 days after the Term term has expired, or Sublessee has vacated the Premises, or any final adjustment pursuant pursuance to Subsection 6.2 6.3 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 therefore been applied by Sublessor, shall be returned to Sublessee Sublessee, or to the last assignee, assignee if any, of Sublessee's interest hereunder.

Appears in 1 contract

Sources: Sublease (Sunbelt Automotive Group Inc)